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QuotedData’s morning briefing 16 December 2020

In QuotedData’s morning briefing 16 December 2020:

  • Ruffer backs Bitcoin – in a surprise move, the trust says “One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company’s exposure to gold. The exposure to bitcoin is currently equivalent to around 2.5% of the portfolio. We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies. Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.” [This is a first for the sector and may be seen as a bit controversial given the volatility in the value of bitcoin and its recent rapid appreciation – roughly doubling in price since early September.]
  • At International Biotech’s AGM yesterday, 22.7% of shares voting opposed a resolution to disapply pre-emption rights on the issue of up to 20% of IBT’s share capital. [This is quite frankly daft given that IBT and its shareholders would be better off if IBT was bigger and any issuance would be done at a premium to NAV, enhancing the NAV for pre-existing shareholders. It smacks of a box-ticking attitude to corporate governance rather than someone thinking their decision through.]
  • Round Hill Music Royalty raised $46.6m (46.1m shares at $1.01 each) from its placing.
  • NB Private Equity has sold its largest investment, ProAmpac. It will get $44m in cash and retain a stake in this company. It is also expecting $5.4m from the liquidation of NB Crossroads Fund XVIII. the money will be used to reduce the fund’s borrowings.

We also have news of some purchases by Urban Logistics and a trading update from CEIBA.

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