In QuotedData’s morning briefing 23 April 2021:
- Fidelity Special Values (FSV) has released its interim results for the six months ended 28 February 2021. During the period, FSV provided an NAV total return of 24.3% and a share price total return of 36.5%, which it says compares to a total return of 12.0% for its All-Share Index Benchmark. The board is recommending an interim dividend of 2.17 pence per share, an increase of 3.3% from last year’s interim dividend. Holdings in Halfords Group, Aviva, Mitie, AIB Group and M&C Saatchi contributed to key performance. Alex Wright, FSV’s portfolio manager, says that UK equities, and in particular value stocks, remain attractively valued in a global context.
- Henderson Far East Income (HFEL) has released its interim results for the six months ended 28 February 2021. During the period, HFEL provided NAV and share price total returns of 7.4% and 6.8% respectively. In comparison, it says that the All-World Asia Pacific ex Japan Index returned 17.5% and the MSCI AC Asia Pacific ex Japan High Dividend Yield Index returned 12.8% (both on a sterling adjusted basis). HFEL declared two interim dividends during the period, delivering a 1.8% increase on the same period for the prior year and, at 28 February 2021, HFEL’s ordinary shares yielded 7.3%. HFEL funded the dividends for the year ended 31 August 2020 entirely from revenue and added a small amount to the revenue reserve, which remains in excess of £17m. Its chairman says that this leaves the Company well placed to maintain its dividend track record.
- KKV Secured Loan Fund (KKVL) has released its interim results for the six months ended 31 December 2021. During the period, KKVL provided NAV total returns of 9.2% and 3.4% for its ordinary shares and C-shares respectively. The report says that there was a significant reduction in the expected credit loss due to the improved performance of a loan which had a £nil net carrying value as at 30 June 2020. Post period end (in February 2021), the borrower bought back their debt at a price of 60c (on the US Dollar). Net proceeds were $24.3 million.
- Ashoka India Equity (AIE) has announced that it has published a shareholder circular to convene a general meeting to be held on 24 May 2021. The primary purpose of the general meeting is to give AIE the ability to allot new ordinary shares on a non-pre-emptive basis and to allow the implementation of a new share issuance programme.
- CVC Credit Partners European Opportunities has announced that, following a review of its dividend policy, the Company will be increasing its annual dividend by 0.5 pence per Sterling Share / 0.5 cents per Euro Share to 5 pence per Sterling Share / 5 cents per Euro Share, with effect from the dividend payments for quarter ended 30 June 2021, to be paid in Q3 2021. The revised policy reflects a yield of approximately 5% based on the current prices of both the Company’s Sterling and Euro Shares.
- The Schiehallion Fund (MNTN) has announced the results of its C share placing (announced on 23 March 2021). The placing, which was significantly oversubscribed, has raised gross proceeds of US$700m. After scaling back, MNTN has issued 700m C shares, which is the maximum permissible under the terms of the placing. The Net Asset Value per C Share immediately following Admission is not expected to be less than US$0.99.
We also have Gore Street Energy Storage’s £135m capital raise and a significant legal win for AEW UK REIT on unpaid rents.