In QuotedData’s other news 1 November 2019
- RM Secured Direct Lending has renewed and amended its revolving credit facility with OakNorth. Under the terms of the amended facility, the company may draw down loans up to an aggregate value of GBP 10.5 million, on materially similar terms as the previous facility. The new facility will expire in November 2020.
- Globalworth Real Estate Investmentshas entered into a new EUR200 million unsecured revolving credit facility with a syndicate of its relationship banks and selected new lenders. The facility has a term of 4.5 years and an additional EUR50 million uncommitted accordion option (can be stretched like an accordion). The terms of the facility have been structured to generally align with the company’s existing Euro Medium Term Note (EMTN) programme.
- Duke Royalty is making a follow-on investment of GBP2 million into its existing royalty partner Lynx Equity (UK) Ltd. This will be put towards the acquisition of Danish manufacturer, Sundby Trapper (a manufacturer of specialised steel staircases and related products which have even ended up in the Norwegian Royal Palace. Based on the increased investment and enhanced exposure of GBP12 million in Lynx UK, Duke will be entitled to higher distributions of GBP1.6 million per annum from Lynx UK, beginning in November 2019. This represents a pro forma cash yield of 13.0% on total invested capital.
- Fidelity Special Values underperformed over the year to the end of August 2019, returning -4.9% against 0.4% for the All-Share Index. The discount widened leaving shareholders with a return of -6.9%. The board believes Alex Wright “has laid the groundwork for future performance. He has used market volatility to recycle capital from mature holdings into earlier stage ideas at distressed valuations and focused on value opportunities in the more defensive segments of the market.”
- JZ Capital Partners has delayed the publication of its half year accounts on fears that its property portfolio is overvalued, it is seeking a new third party valuation of these assets – “the company currently believes the aggregate reduction in valuation could be in the range of US$50 million to US$150 million.” The share price has dropped by more than a quarter on the news.