In QuotedData’s morning briefing 11 June 2020:
- Princess Private Equity confirms that the sale of its stake in European retailer Action has been completed for initial proceeds of €80.9m – this money has been received. Princess is also due deferred consideration of up to a further €9.1m, by no later than June 2023. There is no effect on the NAV which already reflected the exit valuation of Action. The company now has cash of €107m but €80m of this is money drawn down under the its credit facility.
- VPC Speciality Lending will propose a continuation resolution at its AGM in 2021 if the company’s NAV return for the period from 1 April 2020 to 31 March 2021 is less than 4%. In addition, shareholders will have a 100% exit opportunity immediately following the 2023 AGM if the NAV return for the period from 1 April 2020 to 31 March 2023 is less than 24%. Finally, if the discount over the first quarter of 2023 is wider than 5% on average, shareholders will have an exit opportunity for a quarter of the shares in issue.
We also have results from JLEN Environmental Assets and Syncona.