In QuotedData’s morning briefing 14 May 2020:
- Symphony International has reported a 38.4% fall in NAV to 60.4 cents over the first quarter of 2020. It sold the remainder of its stake in IHH Healthcare, freeing up $4.6m, got $7.5m in from its sale of land in Niseko (the Japanese ski resort) and, over 2020, sold 80m shares in MINT, its hotels and restaurants investment, releasing $46m. It was the collapse of MINT’s share price that triggered most of the NAV drop. Symphony’s shares were trading on a 50% discount at the end of March. The money has been used to cut its bank borrowing to $20m from $73m.
- NextEnergy Solar has sold its interest in two subsidy-free assets under development (totalling 115MW) to a subsidiary of NextPower Development Ltd. The fund will get £11.5m and the announcement says the investment was profitable. The statement says ” the board concluded that these two… assets… no longer meet the company’s financial targets” and the company “may sell further subsidy free assets under development from its portfolio to subsidiaries of NextPower or to other third-party buyers as the secondary market for subsidy free assets develops and matures.” This is an interesting move and most likely reflects falling long-term power prices and the promise of new subsidised solar plants in the UK – to read more about that, see our note on JLEN Environmental Assets which was published this morning.
- The BBC has a story on the impact of COVID-19 on music royalties which could have implications for Hipgnosis Songs.
We also have a plan for scrip dividends from Duke Royalty, a trading update from Sirius Real Estate and results from Aurora