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QuotedData’s morning briefing 24 June 2021

In QuotedData’s morning briefing 24 June 2021:

  • The Apax Digital Fund, in which Apax Global Alpha (APAX) is a limited partner, has invested in Revolution Prep, a national provider of online academic tutoring and test preparation services. APAX is expected to invest approximately €3.6m in the company on a look through basis. The investment will be used to support the company’s growth priorities, driving improvements across its product platform, an expansion into new partner schools and tutoring segments, and growing market share across geographies.
  • JPMorgan Global Emerging Markets Income (JEMI) has amended its investment management fee arrangements following a review. With effect from 1 August 2021, the fee will be charged at the rate of 0.75% per annum (previously 0.9% per annum) on the net asset value of the company’s portfolioThe fee will continue to be calculated and paid monthly.
  • Chrysalis says that it has made a £35m follow-on investment into Starling Bank as part of Starling’s Series D £322m fundraise. This deal values Starling at £1.3bn. The bank has grown its deposit base from £1bn to £6bn in a year.
  • The take up of BH Macro’s tender offer was lower than we expected – 1,334,099 Sterling shares and 125,163 US dollar shares were tendered, 8.84% and 5.98% of these lines of stock respectively. It is now full steam ahead with the merger with BH Global.
  • Blackstone has upped its cash offer for property company St Modwen (SMP) to 560p per share (from 542p in May 2021) that values the company at £1.272bn. The final offer has been recommended by the board and represents a 21.1% premium to its EPRA net tangible asset (NTA) value. Shareholders will vote on the offer on 21 July.
  • Big Yellow Group (BYG) has raised £100m from a placing of 7,751,938 new ordinary shares in the company. The placing price of 1,290 pence represents a discount of 0.9% to the closing share price of 1,302 pence on 23 June 2021. The proceeds will fund two strategic acquisitions, which along with its existing development pipeline, has the potential to generate in excess of £40m of net operating income over the short to medium term, it said.

We also have full year results from Chelverton UK DividendSDCL Energy Efficiency Income and AEW UK REIT, interim reports from Aberdeen Emerging Markets and BlackRock Income and Growth, a new C share placing from Round Hill Music and a proposed placing of shares by LXI REIT.

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