In QuotedData’s morning briefing 12 November 2020:
- Further to its announcement on 17 September, Securities Trust of Scotland has provided an update confirming:
- Troy Asset Management Limited has been formally appointed as the Company’s investment manager
- James Harries is the named fund manager
- A discount control mechanism has been introduced that aims to ensure that the shares trade consistently close to their net asset value in normal market conditions
- PATAC Limited has been appointed as the Company’s alternative investment fund manager, company secretary and administrator. A new custodian and depositary have also been appointed.
- The Company’s registered address has changed to 28 Walker Street, Edinburgh EH3 7HR
- More information can be found at the trust’s new website: www.stsplc.co.uk
- Picton Property Income has published interim results for the six months ended 30 September 2020. Its NAV per share at the period end was 93p, unchanged from 31 March 2020. It says that, to date, 93% of the September quarter’s rent has been collected or is expected to be received under monthly payment plans. It is also increasing its dividend by 12% to 2.8p per share effective November 2020.
- Urban Logistics REIT (SHED) has released interim results for the six months ended 30 September 2020. Its NAV per share at the period end was 140.60p, up by 2.5% from 137.19p as at 31 March 2020. The company says that “more than 99% of rent demanded has been collected on time in 2020”. on 8 August 2020, SHED cancelled its share premium account transferring £228.8 million to its capital reduction reserve, thereby increasing its distributable reserves substantially. The company says that, as at 30 September 2020, it had distributable reserves of £230.5 million providing substantial cover for future dividend payments.
- BlackRock Throgmorton has issued, or re-issued from treasury, 11,527,194 shares over the past 12 months and is considering a single potential issue of equity by way of a placing. The company currently has remaining shareholder authority, granted at the last AGM, to issue up to 3,307,686 new shares on a non pre-emptive basis. The company is also considering asking shareholders for permission to issue a further 10% of its issued share capital, on a non pre-emptive basis. Any new issuance would be at a premium (to cover costs). The NAV would not be diluted.
We also have news of the outcome of a strategic review at Regional REIT.