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QuotedData’s other news 19 February 2020

In QuotedData’s other news 19 February 2020

  • JPMorgan Japan Smaller (JPS) is cutting its management fee – from 1st April 2020, the fee will be charged at 1% on the NAV up to £150m and 0.75% (previously 0.80%) thereafter. Additionally, the £200,000 a year company secretarial fee will be removed from the same date. This is estimated to cut the ongoing charges ratio from 1.09% to 0.99%.
  • AEW UK REIT (AEWU) wants to raise £20m via a placing of new shares at 97p, a 1.8% premium to NAV. It reckons it has a pipeline of £100m worth of mainly industrial property. The placing is only open to professional investors.
  • Foresight Solar announced a drop in its NAV from 109.1p at the end of September 2019 to 103.6p at the end of December. The largest part of the fall related to a downward revision to future power prices – taking off 5.5p. Ofgem’s target charging review knocked off another 1.6p and a “weather incident”, we are guessing a lightning strike, on a new farm took off 1.1p. However, there is still keen interest in the sector and this is driving up values of solar farms – they added back 2.2p for this.
  • M&G Credit Income reported returns of 5.6% for the period from its launch up to 31 December 2019. It proved hard to find attractive opportunities in private debt instruments but the portfolio benefitted from falling yields. Nevertheless, the board thinks the LIBOR +4% dividend target will be difficult to achieve in the short-term. They’ll start at LIBOR +2.75% and try to improve from there.
  • Temple Bar had good 2019 – over the year, the total return on the net assets of Temple Bar was 27.9%, outperforming the total return of the All Share of 19.2%. The full-year dividend was increased by 10%.

We also have results from Herald and a new purchase by Supermarket Income REIT

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