In QuotedData’s morning briefing 30 April 2020, as Shell cuts its dividend for the first time since the Second World War:
- Yellow Cake has extended its $2m buyback programme to 21 July. $985,868 has been deployed so far – about half.
- Urban Logistics REIT has spent £47m of the £136m it raised in March buying seven distribution sites with a net initial yield of 7% and an average warehouse size of 84,2105 sq ft (£68 per sq ft and an average passing rent of £4.96 per sq ft). The sites are in Aberdeen, Huntingdon, Blackpool, Ipswich, Newmarket, Plymouth and Rotherham and are let to Giant Booker (three sites, 31% of the rent), Anglian Water, Hermes Parcelnet and Pegler Plc. The company also confirmed that all its rents have been collected.
- Over 2019, Weiss Korea returned 6.7% in NAV terms, 1.9% ahead of its performance benchmark. This was driven by a narrowing of the discount that its preference share investments trade at relative to the prices of those companies’ ordinary shares. The pound strengthened against the Korean Won, holding back returns. A dividend of 4.1195p was declared. In Korea, COVID-19 has cost 250 deaths but it looks as though the virus has been contained.
- Tetragon cut its quarterly dividend from 18.75 cents to 10 cents and announced a $25m tender offer. The price of a tender will be determined by a reverse Dutch auction. Basically shareholders tell the company what price they are prepared to sell at and the tender is done at the lowest price at which all $25m is used to buy back shares.
- Bluefield Solar said its 31 March NAV was 113..0p, down from 120.75p at the end of December 2019. 6.7p of the fall relates to falling estimates of long term power prices. This is the same issue that The Renewables Infrastructure Group recognised recently and affects all renewable energy generation companies.
We also have an update on the management arrangements for SQN Asset Finance Income