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QuotedData’s morning briefing 27 March 2020

In QuotedData’s morning briefing 27 March 2020:

As normal life continues to be impacted by the outbreak of covid-19, we have seen a number of updates from companies detailing their responses.

  • Strategic Equity Capital has announced that it is moving its management contract to a new joint venture between Gresham House Asset Management and Aberdeen Standard Investments. However, investors may be comforted that the portfolio managers, Jeff Harris and Adam Khanbhai are also moving to the new investment manager. Greater marketing resources, in the face of a wide discount despite good performance, appear to be the key reason for the move.
  • Business as usual for Tufton Oceanic Assets, which has bought a handysize bulk carrier.
  • Keystone has tweaked its gearing policy in the light of recent market volatility.
  • Supermarket Income REIT has collected all of its expected rent for the latest quarter and has re-affirmed its commitment to its third quarterly dividend.
  • The sun has been shining for Foresight Solar. Its update says that there has been no operational disruption linked to covid-19; it has conducted a full review of all key service providers and has confidence in the resilience of their business continuity plans; there is currently no evidence to suggest that Covid-19 will materially affect its operational or financial performance; and it has re-affirmed its FY 2020 dividend target of 6.91 pence per share.
  • The managers of Chenavari Toro Income Fund sound relatively upbeat. In their update they say that volatility and dispersion are expected to continue for some time, but that their “fundamental long/short dynamic approach, coupled with convexity”, should allow them to generate alpha whilst protecting the downside.
  • GCP Student Living’s update says that it intends to pay its third interim dividend but expects “materially reduced revenues” for the final term of the current academic year. It says that the closure of universities due to covid-19 is likely to hit income and that should the disruption continue through the remainder of the 2020 calendar year,  it expects rental income from the 2020/2021 academic year to be materially affected.
  • U and I Group, the specialist regeneration developer and investor, has sold three retail assets for a combined £22.4m. The assets were non-core retail assets, outside its focus geographies (London City Region, Manchester and Dublin).
  • Elsewhere, Infrastructure India has provided an update. the Indian government has ordered a complete national lockdown of non-essential activity for a minimum of 21 days, which has significant consequences for the logistics sector and on IIP’s largest asset, Distribution Logistics infrastructure Limited.

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