In QuotedData’s morning briefing 8 April 2021:
- Schroder UK Public Private has slashed the value of its Rutherford Health investment to £34m from £81m. The statement says “The valuation of Rutherford Health has been reduced to reflect slower than expected commercial progress and increased risk to the business outlook for equity holders.” This offsets good news on the sale of Kymab to Sanofi. With a few other smaller moves, the net effect is to cut the NAV from 43.8p to 35.0p. [This is a big blow to shareholders in the trust, which, before this, seemed to have turned a corner. Rutherford Health recently announced an agreement with Equitix Investment Management whereby Equitix will invest £40m in exchange for the freehold of the Rutherford cancer centre in South Wales and security over the group’s other centres. The money is being used to eliminate Rutherford’s other debt and invest in its development pipeline. To us, the implication seems to be that the board and manager of Schroder UK Public Private believe that Rutherford will struggle to service that investment.]
- SEGRO says that, in respect of UK rents payable in advance on 25 March, it has received 89% of the £52m rent due and expects to collect most of the rest by the end of the quarter. This compares to 70% rent collection this time last year. 97% of rents for the previous quarter have been collected, 1% is subject to a deferred payment plan and 2% is outstanding.
- Highcroft Investments reported a 6% fall in its NAV over 2020 to 1104p per share and a 13.8% fall in its adjusted earnings per share to 67.7p, having collected 94% of the rents due. The total dividend for the year was increased by 18.7% to 57p. It helped that high street retail accounted for just 7% of the total portfolio by the year end, with a further 26% in retail warehouses, which fared a little better. No assets were bought or sold and debt finished the year at a loan to value of 33%.
We also have results from Aberdeen Asian Income and news of a letting at British Land