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QuotedData’s morning briefing 18 December 2020

QuotedData's Morning briefing

In QuotedData’s morning briefing 18 December 2020:

  • Ecofin U.S. Renewables Infrastructure Trust has announced that its IPO has raised gross proceeds of $125 million. Commitments under the Placing and applications under the Offer for Subscription have been satisfied in full at the Issue Price of $1.00 per Ordinary Share. It is expected that Admission will become effective and that unconditional dealings in the Ordinary Shares will commence at 8.00 a.m. on Tuesday 22 December 2020. The Company intends to invest in a diversified portfolio of mixed U.S. renewable energy assets benefiting from supportive government incentives and the availability of fixed longer-term revenue contracts (10-25+ years).
  • Gore Street Energy Storage Fund (GSF) has announced its interim results for the six months ended 30 September 2020. During the period, GSF’s share price increased by 7.9% from 97.3p to 105.0p, while its NAV per share increased by 2.9% from 94.6% to 97.3p. GSF declared a dividend of 2.0p per share for the period and remains committed to delivering an annual dividend in line with its target of 7% of NAV, which is a minimum of 7.0p per share.
  • Infrastructure India (IIP) has announced its interim results for the six months ended 30 September 2020. During the period, IIP’s NAV per share fell by 15.9% to 15.3p (31 March 2020: 18.2p) which brings its fall over one-year to 30.1% (30 September 2019: 21.9p). The announcement says that the decrease in the NAV was a result of the devaluation of INR against GBP and COVID-19 related revisions to business assumptions underpinning the asset valuation of its holding Distribution Logistics Infrastructure Limited (DLI), in particular the delays to completion schedules due to the pandemic. There was also a negative impact on NAV due to an increase in net debt from accrued interest.
  • Hammerson (HMSO) has announced that it intends to seek admission of its entire issued ordinary share capital to the secondary listing segment of the Official List of the Irish Stock Exchange (Euronext Dublin). It also intends seek admission to trading on the main market for listed securities of Euronext Dublin. The Company says that is seeking a secondary listing given the importance and scale of its investor base and operations in continental Europe and the Republic of Ireland.  This will enable it to maintain an efficient holding structure across its portfolio and guarantee an EU equivalent trading venue for Hammerson’s shares once the Brexit transition period ends.
  • Shareholders approved Highbridge Tactical Credit’s managed wind down and the first distribution of about 25% of its capital will be made next February.
  • GRIT managed to raise $9.8m from its placing – it will issue 15m shares at $0.65 each. M&G was one of the investors who put up the money. Bronwyn Corbett, CEO of GRIT, commented: “We are pleased with the response from high calibre investors to our placing, underpinned by the support of our shareholder M&G, the proceeds of which will further increase GRIT’s corporate liquidity position as the Group continues to make positive strides in its asset recycling initiatives and financing arrangements. Our improved financial strength positions us well for the recovery in economies where we operate as the Group continues to focus on delivering its investment strategy and attractive, secure and sustainable income and capital growth from our high-quality portfolio over the short and longer term.”

We also have HgCapital Trust’s investment in the Nordic underground infrastructure mapping company Geomatikk Group, BBGI Global Infrastructure’s investment in the Samuel De Champlain Bridge Corridor, River & Mercantile UK Micro Cap’s annual results (it strongly outperformed its benchmark), Schroder Real Estate’s acquisition of the Stanley Green Trading Estate in Cheadle, South Manchester along with a co-located development site, and British Land’s draw down of its 500-year headlease with Southwark Council and its first let at Canada Water.

New this afternoon: We have JLEN Environmental Assets investment in a portfolio of five biomethane compressed natural gas (CNG) refuelling stations for HGVs.

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