In QuotedData’s morning briefing 28 May 2021:
- UK Mortgages (UKML) has provided an update this morning in which it says that it has completed the sale of the second portfolio of loans originated by the Coventry Building Society that had been securitised in the Malt Hill No.2 transaction. In February 2021, UKML’s board said that it would distribute the proceeds (net of expenses and future commitments) of the sale of Malt Hill No. 2 through a tender offer. It now says that, having carried out a full review of the Company’s liquid resources, future cash requirements, commitments and costs, it has concluded that the May Tender Offer will comprise a capital return of £20,000,000. This will be for up to 13.0% of UKML’s shares at a price of 75p per share, which represents a 7.0 per cent. discount to NAV as at the Latest Practicable Date.
- Yew Grove REIT has moved up to the main market of Euronext Dublin as of today.
- Drum Income Plus REIT (DRIP) has published its interim results for the six months ended 31 March 2021. As at 31 March 2021, DRIP’s NAV was 68.97 pence per share, a fall of 5.5% since 30 September 2020. This fall is the result of a reduction in the market value of the investment portfolio. Interim Dividends were suspended for the last 3 quarters of 2020 in order to preserve cash, but have resumed in 2021 at the lower level of 0.75p per quarter. During the period, DRIP collected circa 90% of the rent and service charges due and payable.
- BMO Commercial Property Trust (BCPT) has disposed of a solus retail warehouse located in East Kilbride, Scotland for a total consideration of £19million, which reflects an increase of 7.2% over the last external valuation of 31 March 2021. The property is let to B&Q Limited for one of its large format stores on a lease due to expire in November 2029.
- Aquila Energy Efficiency raised £100m from its IPO. 69,303,942 ordinary shares will be issued under the placing, 27,170,039 will be issued under the offer for subscription and 3,526,019 will be issued under the intermediaries offer. First day of dealings is 2 June 2021. The shares will be quoted in both sterling and euros. Tickers are AEET for sterling and AEEE for euros.
We also have details of Strategic Equity Capital’s contingent tender offers in 2022 and 2024, VH Global Sustainable Energy Opportunities investment in Brazilian solar, Civitas Social Housing’s acquisition of 10 supported living properties across Hertfordshire, Essex, Suffolk and Wales, Ashoka India Equity’s fundraising, a dodgy website purporting to be related to Volta Finance, Edinburgh Investment Trust’s first set of annual results under Majedie, and Harbourvest Global Private Equity’s annual results.