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QuotedData’s morning briefing 1 October 2020

In QuotedData’s morning briefing 1 October 2020:

  • Octopus Renewables Infrastructure Trust is buying four solar PV sites in Andalucia, which are expected to be ready to build by January 2023. The assets will have a total installed capacity of 175MWp and are expected to become operational in early 2024. The company is not taking any development risk and will acquire the portfolio only once it is construction ready. The cost, including grid access rights, is €37.8m. With this acquisition, the company has now committed 85% of the funds raised at IPO.
  • Pollen Street Secured Lending has now formalised the appointment of Waterfall as its investment manager. A new AIFM (Mirabella Financial Services LLP) has been appointed and Waterfall Asset Management is the delegated portfolio manager. Waterfall’s fee is 0.75% of NAV and it is paying for the AIFM. Waterfall can also earn a performance fee of 10% of all money paid to shareholders above 105% of the current NAV. The performance fee could be huge but in respect of the period commencing on 14 August 2020 up to and including 31 March 2021, total fees payable to Waterfall and Mirabella are capped at £2.0m. The old manager is being paid cash in compensation for the rest of its notice period. The board thinks this will make it easier to get a takeover bid across the line but says, if not, Waterfall will run off the portfolio and cash will be handed back to shareholers.
  • SDCL Energy Efficiency Income Trust has invested £2m in six operating assets, including chillers and bespoke energy-efficient air compressors that are installed at the premises of five leading industrial counterparties in Singapore, including subsidiaries of large multinational institutions. The total remaining portfolio life is six years and 10 months. This could be the first of many investments in Asia.
  • Witan Pacific says that 17,401,665 shares or 26.38% of its issued share capital were tendered at 387.8956p per share. These will be held in treasury. [This is quite a bit higher than we were expecting but now the Baillie Gifford marketing machine will look to reissue these shares to new investors in what will shortly become Baillie Gifford China.]
  • KKV Secured Loan has asked KPMG to review the values of assets representing £94m of the NAV of the ordinary share pool and c.£51m* of the NAV of the C share pool.
  • New Star Investment Trust has reported an NAV total return of 0.8% for the year ended 30 June 2020. Investments in technology and gold mining  were positive but these were offset by poor performance by UK equities and a relatively low investment in global bonds. Polar Capital Global Technology was the funds best investment.

We also have results from Strategic Equity Capital and Vietnam Holding, and investments by Merian Chrysalis and Oakley Capital

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