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QuotedData’s morning briefing 30 November 2020

In QuotedData’s morning briefing 30 November 2020:

  • The Renewables Infrastructure Group raised £200m from its placing last week, and plans to issue 160m shares. The issue was oversubscribed. Technically, it might still not happen as the issue was done on the expectation that shareholders approve the issue of these shares at an EGM to be held on 14 December. That should be a formality, however. The new shares would then start trading on 15 December.
  • Henderson Alternative Strategies’ shares have been suspended from listing ahead of its voluntary liquidation.
  • Gore Street Energy Storage is proposing to issue up to 60m new ordinary shares by way of an initial placing, offer for subscription and intermediaries offer at 100p per share (a discount of approximately 7.8 %to the closing middle market share price of 108.5p on 27 November and a premium of approximately 3.6% to the last reported NAV. Following this initial issue, the directors intend to implement a programme of subsequent issues of up to 250m ordinary shares. The company has a pipeline of projects totalling 1.3GW.
  • Aseana’s planned demerger is still waiting on the approval of its lenders and the guarantors of its medium term notes. the deadline has been extended to 11 December 2020. Ireka Corporation’s shareholders have approved the deal. The sale of two land plots to Ireka for $4m is waiting on the release of charges by the bank.
  • Capital & Counties has received £105m of the deferred consideration for its sale of Earls Court. The final payment of £15m is due to be received in November 2021. the money will be used to reduce its borrowings against its Covent Garden estate. With everything else that it is up to, Capco’s net debt should be approximately £700m (25% LTV). On the same basis, net debt for Covent Garden would be approximately £475m and its LTV would be 23% (30 June 2020: 36%).
  • Baillie Gifford European has agreed to issue €30m of long-term, fixed rate, senior, unsecured privately placed notes with a fixed coupon of 1.57% to be repaid 8 December 2040. The coupon will be payable semi-annually. The funding date is 8 December 2020. The board has agreed to cap any drawings from The Northern Trust Company overdraft facility at €15m. The combined 45m of debt works out to gearing of about 8.5% on NAV at 27 November.

We also have news of an acquisition by Custodian REIT, interim results from Civitas Social Housing and the completion of a battery storage project by Gresham House Energy.

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