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QuotedData’s morning briefing 2 July 2020

In QuotedData’s morning briefing 2 July 2020:

  • Schroder Oriental Income Fund says that shareholders overwhelmingly approved a resolution to shift the fund’s tax domicile from Guernsey to the UK. 99.78% of those voting approved the measure. The company should soon become a UK investment trust.
  • Under fire Gabelli Value Plus+ reported a 25% fall in NAV over the year ended 31 March 2020, which compares to just a 2.5% drop in the S&P 500 Index. The company’s value style accounted for some of this – the Russell 3000 Value Index fell by 14.0% but the portfolio underperformed this significantly. Shareholders lost 32.7% as the discount widened. All eyes now turn to the continuation vote being held on 30 July.
  • The deadline for professional investors to commit to Gore Street Energy Storage’s fundraise has been extended to 3pm on Monday 6 July. The new ordinary shares will still be eligible for the dividend announced on 19 June 2020 in respect of the period from 1 January to 31 March 2020. The timetable for retail investors to participate via the PrimaryBid platform remains open until 3.00 p.m. today.
  • LXI REIT says it has collected 84% of rents due for the June to September quarter; a further 6% was already subject to agreed deferral and repayment plans; a further 4% is subject to ongoing negotiations with tenants; and a further 6% has been granted as temporary concessions (being predominantly the agreed terms of the Travelodge Hotels Limited CVA as announced on 19 June 2020). In addition, the arrears in respect of the March quarter day have been settled in line with the agreed terms of the Travelodge CVA as announced on 19 June 2020.
  • LondonMetric Property has collected/is collecting 95% of its June quarter rent, a further 3% is expected to be received imminently and the remaining 2% is in discussions, less than half of which is expected to be forgiven. The company intends to increase its first quarterly dividend for the financial year ending 31 March 2021.

Regional REIT has announced good results from a number of asset management initiatives. Hipgnosis has launched its latest fundraise. Aberdeen Frontier Markets has thrown in the towel. Aberdeen New Dawn has announced results.

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