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QuotedData’s morning briefing 30 June 2020

Banks too cheap to ignore

In QuotedData’s morning briefing 30 June 2020:

  • Polar Capital Global Financial declared a 2.4p interim dividend, in line with its commitment to maintain distributions to shareholders despite regulatory blocks to bank’s dividends.
  • Redefine Properties has sold its 29.42% stake in RDI REIT to affiliates controlled by Starwood Capital Group. RDI REIT’s shares rose strongly on he back of the news.
  • Fondul Proprietea extended its credit facility by two years – the maximum it can draw down is RON45m and it is permitted to borrow up to RON100m in total.
  • British & Amercan’s results for 2019 (much delayed by COVID) showed a fall in its NAV from 23p to 19p. It isn’t paying a final dividend (and will no longer be an AIC dividend hero). All hopes are pinned on a resurgence in the price of biotech stock Geron (its largest investment). Running costs for 2019 were £623k while the total NAV is £6.5m.
  • Greg Konieczny, co-manager of Mobius Investment Trust alongside carlos Hardenberg and mark Mobius, is leaving the investment management firm. QuotedData’s James Carthew recently wrote an article on the trust for Citywire.
  • NB Global Floating Rate Income Fund says that it is considering “strategic changes to the company’s investment policy and certain other policies” but hasn’t given us much more than that – watch this space, maybe.

We also have results from Civitas Social Housing and NextEnergy Solar, and news of a writeup in the value of one of Syncona’s investments, Freeline.

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