In QuotedData’s morning briefing 12 March 2021:
- Jupiter US Smaller Companies (JUS – soon to be Brown Advisory US Smaller Companies) has announced its annual results for the six months ended 31 December 2020. During the period, JUS’s NAV per share rose by 17.8% but, according to the company, this was less than the 24.8% gain of the sterling-adjusted Russell 2000 Total Return Index, the Company’s benchmark. The Chairman, Gordon Grender, says that the underperformance of the benchmark of 7.0% is not altogether surprising given the Fund Manager’s conservative investment style and the very strong rally in the US smaller companies market since November. However, performance compared to the benchmark was better in December.
- Kistos Plc has announced that it has entered into a binding share purchase agreement, subject to customary conditions precedent, to acquire the entire issued and outstanding share capital of Tulip Oil Netherlands B.V. (TON) from Tulip Oil Holding B.V. The total upfront consideration for the Acquisition, subject to completion adjustments, is EUR 220 million, which is to be funded through a combination of cash, the assumption by Kistos of an existing bond instrument, the issue of a new debt instrument and the issue to the Seller of equity in Kistos. Kistos will also issue warrants over EUR 5 million of ordinary shares at a premium of 30% to the price of any equity placing to the seller. In addition, contingent consideration of up to EUR 163 million is payable on certain development milestones.
We also have annual results from European Assets Trust (it outperformed its benchmark), results from LMS Capital (it lost money during its first year of internal management), and news of Fitch Ratings assigning an investment grade credit rating to Tritax EuroBox.