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QuotedData’s morning briefing 15 June 2021

In QuotedData’s morning briefing 15 June 2021:

  • RTW Venture, who we had on the weekly show last Friday, said yesterday that it is planning to issue new ordinary shares at a price of US$2.07. This is an 11.9% premium to the last NAV. The results of this should be out later today.
  • CIP Merchant Capital (CIP) has acquired a further 150,000 shares of 1p each in Ixico, its artificial intelligence data analytics holding, for a total consideration of approximately £120,000. This takes the company’s total holding to 3,374,500 shares, representing approximately 7.03% of Ixico’s issued share capital. For the six months to 31 March 2021, Ixico achieved revenue of £4.9m, gross profit of £3.3m and a net profit attributable to its equity holders of £840,000. At the end of March, the company had cash and cash equivalents of £7m and net assets of £10.4m.
  • BlackRock Frontiers (BRFI) has released its interim report for the six months to 31 March, in which it revealed it had achieved a share price return of 46.7% and an NAV return of 37.7% as its shares moved to a small premium. This compares to just 12% for its MSCI Frontier Markets Index. The company also announced an interim dividend of 2.75 cents per share. Managers, Sam Vecht and Emily Fletcher, said a well-received election result in Q4 of 2020 saw a major market upturn, while greater vaccine optimism also helped. They said: “South East Asian economies such as Indonesia and the Philippines rebounded as improving domestic growth was acknowledged by the market. Elsewhere, Latin America surged as commodities rallied on an improving growth outlook and tight supply/demand dynamics, while parts of Emerging Europe also saw healthy gains on the back of strong local stimulus support. While during recent years, despite strong growth, frontier markets have been out of favour, we believe that in a post-COVID-19 world awash with record liquidity, investors will remember the considerable attractions of our investment universe.”
  • Menhaden says it will change its name to Menhaden Resource Efficiency – to better reflect its investment objective of generating long-term shareholder returns, predominantly in the form of capital growth, by investing in businesses and opportunities that are demonstrably delivering or benefitting significantly from the efficient use of energy and resources. [Presumably, the hope is that by better communicating what the trust is doing, its 29% discount might narrow. However, we still don’t really see the point of an £84m market cap trust with 24% of its portfolio in Alphabet (Google), almost 10% in Microsoft and then a weird mixture of railway, port services, telecoms and aerospace companies. It just isn’t obvious what it is trying to achieve, especially when you compare its portfolio with those of Impax and Jupiter Green.]
  • AEW UK REIT (AEWU) has received all unpaid rent due to it from two “well-funded national tenants” that had refused to pay during the coronavirus pandemic, amounting to just over £1.2m, after taking legal action. It has also reached agreement on the legal costs and been paid the outstanding rent arrears that had fallen due for payment since the legal claims were issued.

We also have full-year results from Montanaro UK Smaller Companies and commentary on BB Biotech up stakes in a number of its high conviction stocks.

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