QuotedData’s morning briefing 23 June 2020

Intu set to collapse into administration

In QuotedData’s morning briefing 23 June 2020:

  • Shopping centre investor, intu has warned that, if it cannot reach a standstill agreement with its creditors, some of its shopping centres may have to close for a while. intu says that, at this stage, it is not expected that the duration of a standstill agreement will exceed 15 months. Lenders that have debt secured against individual properties seem to be better off than lenders who provided debt to the main company. Those lenders may end up with a debt for equity swap. It seems unlikely to us that there would be any value for existing shareholders. There may be problems paying shopping centre staff and this is what may force some closures. KPMG are drawing up a contingency plan for administration.
  • We are sad to see that Charles Sunnocks, co-manager of Jupiter Emerging & Frontier income, is leaving Jupiter at the end of June following Jupiter’s purchase of Merian Global Investors. Charlie has been a great help when we have been writing on the trust. We wish him every success in the future.

This morning we have results from two UK smaller companies trusts which outperformed strongly over the year to the end of March – Montanaro UK Smaller Companies and Gresham House Strategic. We also have results from AEW UK REIT, Custodian REIT and Picton.

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