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QuotedData’s morning briefing 6 October 2020

In QuotedData’s morning briefing 6 October 2020:

  • Augmentum Fintech says Seedrs (which was 1.2% of its portfolio at the end of March) is planning to merge with Crowdcube. Also, Tide (11.5% of the portfolio) has been awarded another £25m (on top of the £60m it got in February 2019) of the RBS Alternative Remedies Package (the money set aside by RBS to compensate smaller banks that might have been affected by RBS’s failure to demerge Williams & Glyn).
  • The meeting to put Alcentra European Floating Rate Income into liquidation will be held on 3 November 2020.
  • Supermarket Income REIT is upping the size of its issue from £150m to £200m.
  • Manchester & London is asking shareholders for permission to issue up to 40m shares. At the same time, it is refining its investment policy to:
    • limit exposure to unlisteds (at time of investment) to 10% of gross assets;
    • give it the flexibility to hold between roughly 20 and 100 holdings;
    • allow it to invest up to 20% in one stock;
    • invest up to 75% in five stocks;
    • new limit of 15% in other investment companies; and a
    • tighter maximum limit on borrowing from two times the adjusted total of capital and reserves to two times net asset value as shown on the company’s latest audited balance sheet.
  • Baring Emerging does not need to hold a tender offer. In 2016, it said it would hold an offer if its discount was too wide or if it underperformed. Fortunately, over the past four years the discount has averaged 11.96% and the trust has beaten its benchmark by 2.04%.

We also have news on Gabelli Value Plus+ and Tetragon, annual results from PRS REIT and Target Healthcare REIT, as well as proposed changes to investment policy at Alternative Income REIT.

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