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QuotedData’s morning briefing 21 April 2020

In QuotedData’s morning briefing 21 April 2020, as US oil prices go negative for the first time:

  • Yesterday Big Yellow announced plans to raise up to £80m via a placing of shares. It wants the money to buy land to expand its portfolio. It has 13 development sites, three of which are soon to complete (adding 205,000 sq ft)  and the remaining 10 need £85m to develop (adding 880,000 sq ft). This morning it said it had raised the money – it will issue 8,335,043 new shares at 983p a 1% discount to the previous closing price.
  • Temple Bar said it had served notice on its manager.
  • GCP Asset Backed Income has increased the discount rate used in calculating its NAV to reflect the heightened risk to the portfolio. It says that all its borrowers are paying on time, however. One borrower, a community facility housing a variety of small businesses, has been severely affected by the pandemic. However, it has a debt service reserve large enough to meet all its payments until March 2021.
  • Waterfall’s deadline to make a bid for Pollen Street Secured Lending has been extended to 19 May 2020.
  • Target Healthcare REIT is paying its dividend but has increased the notice period for its manager.
  • Baker Steel Resources announced results.

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