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QuotedData’s morning briefing 17 May 2021

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In QuotedData’s morning briefing 17 May 2021 –

  • Baillie Gifford European Growth’s (BGEU’s) interim results to 31 March 2021 brought a total NAV return of 8.7%, which it says compared with a total return of 12.2% for the FTSE Europe ex UK index, in sterling terms. BGEU#s shareholder return over the same period was 11.7%. Portfolio changes saw two holdings (Novozymes and U-Blox) sold and seven new positions (Allegro.eu, Dassault Systèmes, FinecoBank, Avanza Bank, AUTO1, Wizz Air and HelloFresh) initiated. BGEU was able to issue an aggregate of 2.4m shares, on a non-dilutive basis, over the period.
  • Tufton Oceanic Assets (SHIP) announced the divestment of two Handysize Bulk Carriers for $20.5m, with the realised internal rate of return (IRR) materially exceeding the targets expressed in the company’s 2018 prospectus. This will be the SHIP’s third divestment. Whilst it aims to hold its investments over the longer term, it will sell investments where this generates additional value. The vessels were acquired for less than 70% of depreciated replacement cost in 2018 and early 2020. SHIP expects to redeploy the proceeds promptly in a tanker with similar economics to the vessel Golding acquired earlier this year at 70% of depreciated replacement cost.
  • JZ Capital Partners (JZCP), an investor in US and European microcap companies and US real estate, announced that it has entered into an amendment agreement with its senior lenders to agree to amend the terms of its senior facility agreement which will, among other things, extend the maturity date of the senior facility by one year until 12 June 2022 and permit JZCP to repay its convertible unsecured loan stock (CULS) due 2021 when they become due on their maturity date of 30 July 2021, notwithstanding that the CULS are subordinated to the senior facility. JZCP also announced that it has entered into a note purchase agreement with David W. Zalaznick and John (Jay) Jordan II (the founders and principals of the company’s investment adviser, Jordan/Zalaznick Advisers) pursuant to which JZCP has agreed to issue loan notes in the amount of US$31.5m, with an interest rate of 6% per annum (being the same interest payable on the CULS) and maturing on 11 September 2022 to the JZAI founders.
  • BH Global (BHGG) provided an update last Friday afternoon with regard to the possible combination with BH Macro (BHMG), which we initially covered on 12 April (click here to read more). BHGG said the following: “It is anticipated that heads of terms setting out the framework of the scheme proposal will be signed in the coming days. The company’s largest shareholders have signalled their support in principle for the scheme proposal; and given that it is envisaged that investors will be provided with the opportunity to exit as much or as little of their shareholdings for cash as they wish at a level commensurate with that which they would achieve under the tender offer proposal approved by shareholders last month, they have also indicated that they are supportive of the company proceeding with the scheme proposal instead of that tender offer. The board remains cognisant of the timeframe within which the tender offer was expected to be undertaken, and will seek to structure the Scheme Proposal in such a way that exiting shareholders will receive cash as closely in line with that timeframe as is practicably achievable.”

We also have an update from Cordiant Digital Infrastructure, as it looks to grow to finance its actionable pipeline of more than £1.2bn, and the outcome of Acorn Income‘s strategic review.

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