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QuotedData’s morning briefing 13 October 2020

Seneca Global Income & Growth - On track for zero discount policy Seneca Global Income & Growth - Holding steady as cycle turns SIGT

In QuotedData’s morning briefing 13 October 2020

  • Seneca’s manager changing hands – Seneca Global Income & Growth says Momentum Global Investment Management plans to buy Seneca Investment Managers. The board is happy with this move as the two share a similar investment approach.
  • SDCL Energy Efficiency has launched an £80m placing – it hopes to issue 76.2m shares at 105.0p (a 5.4% discount to last night’s 111p close and a 4% premium to NAV. The company has £100m of investments under exclusivity including an established operational European regulated energy network in a major Western European city, and a pipeline of follow-on investments from the Company’s existing portfolio. Plus a further £150m at advanced stages of due diligence including a portfolio of commercial and industrial on-site solar projects in the USA and further investment in combined heat and power projects for commercial, industrial and public sector buildings in the UK.
  • FastForward Innovation has raised 2m by placing 23.5m shares at 8.5p. It has also issued one warrant for every two placing shares which have a two-year life and allow the holder to subscribe for stock at 12.75p per share. This issue was done at a 4% discount to NAV and a 12.8% discount to the closing price. [Issuing at a discount is unacceptable in our view as it represents a transfer of value from existing holders to new ones. This was structured as a placing so private shareholders were not even able to participate.]
  • Tiger Royalties and Investments has issued 25m shares and invested £131,250 to fund a new company that will have exclusive rights to list nine Manganese exploration licenses in south-central Botswana, close to the town of Jwaneng, covering 4,043 sq km.
  • JPMorgan Indian has negotiated a fee cut – with effect from 1st February 2020, the annual investment management fee, currently 1% per annum on gross assets up to £300m and 0.75% on gross assets over £300m, will be charged at an annual rate of 0.75% on the first £300m of gross assets and 0.60% on the remainder.

We also have an intention to float announcement from Round Hill Music Royalty Fund

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