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QuotedData’s morning briefing 19 May 2021

In QuotedData’s morning briefing 19 May 2021 –

  • Barings Emerging EMEA Opportunities (BEMO) first-half results period to 31 March 2021 saw it complete its transition from a Russia and hydrocarbon-focused Central and Eastern Europe fund to one including the Middle East and North Africa (MENA), and Sub-Saharan Africa regions. Russia is now BEMO’s number two (29.8% of the fund) market behind South Africa (31.9% of the fund). We covered the shift in strategy last October, including our take, which you can access by clicking here. On the result’s side, the interim period saw the total return over the six month period come in at 22.7%, compared to the benchmark’s (MSCI Emerging Markets EMEA index) 16.5%. MENA-based holdings, such as the banking group Al Rajhi and telecoms operator STC, led performance.
  • Crystal Amber (CRS), the activist investment fund, sent the board of Hurricane (an oil exploration and production company) a requisition notice requiring it to convene a general meeting at which CRS will propose resolutions to remove Steven McTiernan, Dr David Jenkins, John van der Welle, Sandy Shaw, and Beverley Smith as directors and to appoint John Wright and David Cruik to the board as non-executive directors. CRS, which owns 14.7% and has provided financing totalling more than £25m since 2013, says that the board of Hurricane had previously presented the company as a strategic asset of national importance yet has failed to reconcile its earlier estimates of the value of its West of Shetland portfolio with its latest, downbeat assessment. CRS adds that the Hurricane board has failed to protect shareholders’ interests and engage effectively.
  • Regional REIT has increased its quarterly dividend by 7% following strong rent collection figures. The group has declared a dividend of 1.60 pence per share for the first quarter of 2021, up on the 1.50pps previously but still down on the 1.90pps pre pandemic. Rent collection rates for the first quarter now stand at 96.1%.
  • LXI REIT has published strong annual results, with a NAV total return of 5.6% (NAV was up 1.1% and the group paid a dividend of 5.55p per share).
  • KKR’s bid for John Laing Group came in at 403p, a 27% premium to the share price before the approach was announced.

We also have annual results from JZ Capital Partners and news of an acquisition from LondonMetric.

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