In QuotedData’s other news 22 July 2019:
- LXI REIT has agreed a new £100m revolving credit facility, provided by Lloyds Bank plc at 1.55% per annum over LIBOR. This complements the company’s existing 10-year, 12-year and 15-year term loan facilities with Scottish Widows. The new facility has an initial term of three years, which may be extended by up to two years and is on a non-recourse basis to the company, secured against a defined portfolio of assets held through a wholly owned subsidiary. Once fully drawn, this will maintain the loan-to-value ratio at 30%, in line with its medium term target and below its maximum level of aggregate borrowings of 35%. LXI will hedge the underlying interest rate.
- Woodford Investment Management appears to have sold its entire 15.97% stake in Crystal Amber – the deal was done on 17 July. The company bought back 500,000 shares on that date. The balance must have been placed with other investors but no announcement has been made as to who.
- Herald’s interim results, covering the six months ended 30 June 2019, showed growth in net asset value per share of 17.2% in the first half of 2019 with the regional portfolios outperforming their relevant indices in the UK and the US. The North American portfolio returned 27.6%, with the performance benefiting from a remarkable number of takeover bids during the period. In contrast, cash and treasuries, which were relatively helpful in the weak fourth quarter of 2018, proved a drag. The cash levels were slightly higher than the manager planned, largely because of the continued spate of takeovers of portfolio companies.
- Miton UK Microcap reported that, for the year ended 30 April 2019, the AIM All-Share Index fell by 6.7% and the SmallCap Index (excluding Investment Trusts) Index fell 5.3% – the trust underperformed by some margin, returning -19%. The report blames Brexit; outperformance of growth stocks; and, in particular, the trust’s holding in Yu Group, which “under-recorded bad debts, and also over-estimated the volumes of its new customers.” – it fell by 90%, taking 4.5% off the NAV.
We also have news of trading within the portfolios of Yew Grove REIT, Primary Healthcare Properties and Target Healthcare REIT. Plus news that Woodford Patient Capital is spending money once again, possibly adding to its debt pile.