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QuotedData’s morning briefing 2 February 2021

In QuotedData’s morning briefing 2 February 2021:

  • BlackRock World Mining has revalued its investment in OZ Minerals Brazilian Royalty from $23.6m to $30.1m, adding 2.7p to its NAV.
  • BlackRock Throgmorton Trust has appointed Merryn Somerset Webb as a non-executive director with effect from 24 March 2021. Merryn is the editor-in-chief of MoneyWeek, the UK personal finance magazine and writes extensively on financial matters and features regularly on radio and television. She is also currently a non-executive director of Murray Income, Baillie Gifford Shin Nippon and Netwealth Investments. She was formerly a non-executive director of Montanaro European Smaller Companies.
  • In connection with its proposed move to a premium listing on the stock exchange, PRS REIT has agreed to limit its gross committed (but unspent) construction costs to 25% of its gross asset value (at the time of commitment). This figure was about 11% at the end of 2020. It also plans to reduce the limit on investment in a single development site or investment site from 20% to 10% of the gross assets. This needs shareholder approval and there is a meeting planned for 23 February.
  • City of London has redeemed its £30m 8.5% Debenture Stock 2021 [that’ll help out the income account.]
  • Polar Capital Financial’s shareholders approved the re-issue of 68.1m shares from treasury without first offering them to existing shareholders (96.9% for versus 3.1% against).
  • Baillie Gifford China is planning to ask its shareholders to approve the issue of another 20% of its issued share capital.
  • Raven Property placed all the shares that it needed to find homes for as Invesco sells out – see our earlier story.
  • RDI REIT has sold 127 Charing Cross Road for £59.25m, a 1% premium to the value at end August 2020 and equivalent to an initial yield of 3.1% and a capital value of £1,481 per square foot. The company bought it in March 2016 for £42.6m and so has made a decent profit from it. This was helped by securing planning permission to add three more floors.

We also have news of substantial progress at Round Hill Music. Plus trading updates from Civitas Social Housing and Target Healthcare REIT, a new investment by LondonMetric and an update on Lok’nStore‘s development pipeline.

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