In QuotedData’s morning briefing 13 April 2021:
- Augmentum Fintech (AUGM) has sold its holding in Dext (formerly Receiptbank). The UK-headquartered digital bookkeeping platform is being acquired by Hg (HGT) for £10.5m. The investment was valued at cost (£7.5m) and made Augmentum an IRR of 30.5%. Separately, Augmentum has made a further follow on equity investment of €2m (£1.7m) into Grover, the German technology rentals platform. This funding round implies a value to Augmentum’s holding in Grover of approximately £12.9m (an uplift of approximately £3.2m).
- Murray International (MYI) has agreed terms on the issuance of a £50m 10-year Senior Unsecured Loan Note at an annualised interest rate of 2.24%. The proceeds will be used to repay the company’s £50m revolving credit facility with The Royal Bank of Scotland. An additional £150m will also be available for drawdown for a five-year period. The board’s current intention would be to only draw this down to repay any of the existing debt.
- BH Global (BHGG) notes the announcement made by BH Macro regarding the possibility of a combination of the two companies (following Investec’s comments). The BH Global board notes that the manager has indicated that it is supportive of discussions between the two companies. In light of this, the board believes it appropriate to revisit the subject with its largest shareholders.
- A number of property companies have reported rent collection figures for the quarter to the end of June 2021:
- Land Securities says it has collected £67m of the £110m billed for the quarter – a collection rate of 60.9%. It added that for the year March 2020 – March 2021 it has received 84% of rent due.
- Derwent London has received 87% of rent, with its office portfolio (91% of the portfolio by income) paying 91%. Retail/hospitality brought the overall figure down, with 24% of rent received.
- Schroder European REIT (SERE) has said it is likely to breach a debt covenant held on the Seville shopping centre (which it owns 50% of). The group said the bank that is financing the property has indicated it will instruct a new valuation of the asset to formally test the loan-to-value (LTV) covenant in June 2021. Based on SERE’s most recent independent valuation, the 60% LTV covenant is likely to be breached, it said. The loan is secured solely against the Seville property, with no recourse back to the group or any other property. SERE said it was working with its lending partner regarding next steps.
We also have news of a fundraise by US Solar and results from North American Income Trust