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QuotedData’s morning briefing 19 May 2020

In QuotedData’s morning briefing 19 May 2020

  • The Renewables Infrastructure Group is planning a fundraise through an issue of shares at 120p (a 5.8% discount to the share price and a 4.3% premium to NAV – more if you adjust for the 5p per share hit from power price falls discussed on 22 April). As usual, ordinary shareholders don’t get the chance to participate – fee free to complain to the company. The size of the issue is undetermined but TRIG would need £50m to pay off its revolving credit facility and there is an extra £35m of construction commitments to fund over 2020 and 2021.
  • Trading in the shares of Dragon Ukrainian Properties and Development has been cancelled on AIM today.
  • Aberdeen Standard Equity Income is to use revenue reserves to make part of its dividend payments but has decided to pay total dividends of 20.6p this year versus its original target of 21.4p and a total last year of 20.5p. At present, the plan is that on top of the two interim dividends of 5.2p that have already been declared, a third of 5.2p will be paid in September and the fourth dividend will be 5p. Additionally, its gearing facility has been halved to £20m and the bank is charging more – 1.3% over LIBOR rather than 1% over LIBOR.
  • Tritax EuroBox reports a 3.5% increase in its EPRA NAV over the six months ended 31 March 2020 – as the chairman says “The logistics sector in Europe is well-placed to thrive and we have constructed a resilient business, with first-class assets in excellent locations, financially strong tenants and a robust balance sheet, making us well placed to weather the economic disruption arising from COVID-19.”

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