In QuotedData’s morning briefing 14 April 2020:
- Oil bounces a bit as OPEC announces production cuts
- Ashoka India Equity said that Manoj Garg, a member of the team managing the trust, has relocated from Mumbai to Singapore and will no longer be involved in the management of the fund.
- Aberdeen Asia Focus Income has renewed a £40m revolving credit facility with Scotiabank Europe for 1 year. The facility is in addition to an existing £10m fixed rate term loan facility with Scotia, which is due to mature in March 2021. HKD212.5 million and US$ 7.16m has been drawn down under the facility at all-in rates of 3.13774% and 2.2135% respectively. Total gearing at 8 April 2020 was equivalent to £37.9m or 11.7%.
- Triple Point Social Housing REIT says it collected 98% of rents due last month and the balance is expected over the next few days. Inflation uplifts to rent came through as expected. The balance sheet has 31% loan to value and the company has undrawn/uncommitted loan facilities and cash of £43.8m. Three new developments have completed so far this year. A fourth should be finished shortly. A further seven are under construction, which may be subject to some COVID-19 related delay but Triple Point Social Housing is not exposed to cost overruns.
- Axiom European Financial Debt generated a return on NAV of 16.98% over 2019 (its best year since launch) and paid a 6p dividend as usual. The manager said this of COVID-19 “While it could eliminate a significant share of banks’ 2020 profits, it does not, in our opinion, represent a significant risk to banks’ capital.”
We also have results from Martin Currie Global portfolio, news of a new investment by Gresham House Energy Storage and an update from Sirius Real Estate