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QuotedData’s other news 18 June 2019

In QuotedData’s other news 18 June 2019

  • Primary Healthcare Properties is launching a £150m convertible bond issue and using the money to repay its £75m, 5.375% senior unsecured bonds due 2019. The new convertibles will mature in July 2025, issued at par and are expected to carry a coupon of between 2.625% and 3.125% per annum payable semi-annually in arrears. Subject to certain conditions, the bonds will be convertible into ordinary shares at a premium of between 15% and 20% above the volume weighted average price of a share on 18 June 2019.
  • BBGI is raising up to £75m via a placing of shares. The deal is only open to professional investors and they will bid for shares at whatever price they are prepared to pay. [We’d expect the price to be between the NAV 133.5p and the share price on 17 June, 160.5p.]
  • Aberdeen Standard European Logistics Income, which has just bought another warehouse, see below, says it will publish a prospectus to enable it to raise more money. It says its offer will be open to the public.
  • Montanaro UK Smaller Companies beat the Numis Smaller Companies (ex Investment Companies) Index by 1.7% over the year ended 31 March 2019 (+0.5% versus -1.2%). A small widening of the discount meant that the return to shareholders was -1.1%. The company has a policy to pay quarterly dividends equivalent to 1% of the NAV (with effect from September 2018). 1.43p was paid on 23 November 2018. A further 1.17p was paid on 22 February 2019 and 1.29p on 24 May 2019 with another dividend due in August for the financial quarter ending June 2019.

We also have news of a fee cut at JPMorgan US Smaller Companies, a new investment for Aberdeen Standard European Logistics, results from Yellowcake and NextEnergy Solar, and results, finally, from RDL Realisation.

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