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QuotedData’s morning briefing 8 October 2020

In QuotedData’s morning briefing 8 October 2020:

  • Schroder UK Public Private Trust (formerly Woodford Patient Capital) acknowledges the potential uplift to its NAV to come from the merger of Seedrs and Crowdcube. Like Augmentum, Schroder UK Public Private is an investor in Seedrs.
  • Hg Capital Trust has secured a £200m multicurrency revolving credit facility. this boosts available liquid resources to £398m which compares to outstanding commitments of £759m [but remember these funds are always managed to be overcommitted because not all of the commitments will be drawn down and money should flow back from the existing portfolio ahead of drawdowns. If they didn’t do this, there would always be a huge cash drag on returns.]
  • Gabelli Merger Plus returned 1.0% in NAV terms and -7.7% in share price terms over the year ended 30 June 2020.
  • The launch of Tellworth British Recovery & Growth Trust will not proceed. It said that, while the investment proposition and investment team have been very well received by discretionary wealth managers and intermediary retail platforms the overall level of demand was insufficient to meet the minimum fund size.

We also have more bad news for JZ Capital, results from JPEL Private Equity and TR European and a change of direction for the Investment Company.

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