In QuotedData’s morning briefing 30 July 2020:
- Secured Income Fund’s latest factsheet discloses that it extended loans accounting for 27.5% of its portfolio by 12 months in response to COVID-related pressures on the borrowers. This extends the weighted average maturity of the portfolio from 2.58 years to 2.89 years. Shareholders just voted to wind down the fund.
- Greencoat UK Wind’s half-year numbers show a drop in NAV. The greatest impacts were a 5p hit from lower power price forecasts, largely offset by a 4p benefit from lowering the discount rate used to value the assets from 7.5% to 7.2%.
- Value and Income reports a 21.8% fall in NAV and -30.7% share price return for the year ended 31 March 2020. The dividend was increased though, by 2.5% to 12.1p. The maturity of the company’s £15m 11% debenture in March 2021 (which has already been refinanced at 3.1%) will free up substantial income for the trust. The equity portfolio underperformed (returning -23.7% against -18.5% for the All-Share). The property portfolio did relatively well – the trust has no retail property left in the portfolio. However, as at early June, 64% of the March quarter’s rent had been paid with 36% on agreed payment plans, including 8% from Adelie Foods, the tenant at Milton Keynes which went into administration on 28 May 2020.
- Aberforth Split Level reported a -36.2% return on the ordinary share NAV and -35.1% in share price terms over the year to the end of June 2020, as market falls and an underperforming portfolio were amplified by the gearing provided by its zero dividend preference shares. Asset cover on the zeros fell to 2.3x from 3.1x. The final dividend has been maintained but the board is warning of a dividend cut in the new financial year – as a young company, the trust has low levels of revenue reserve.
We also have a half year trading update from Custodian REIT we also have results from JPMorgan Brazil