In QuotedData’s morning briefing 3 June 2021:
- Round Hill Music Royalty Fund says that Josh Gruss, CEO and chairman of its manager, has opted to receive 2m shares in Round Hill Music Royalty Fund in exchange for his interest in the catalogues that the fund acquired recently. Josh is handing over 950,000 of these to establish a scholarship to support students at Berklee College of Music in Boston and gifting 50,000 shares to the National Museum of African American Music in Nashville. The other 1m will be subject to a lock-in arrangement.
- Life Settlement Assets is issuing 6,102,725 new A shares in exchange for its B shares. The B share listing has been cancelled with effect from today.
- TwentyFour Select Monthly Income’s latest tender offer for its shares saw 732,969 shares tendered.
- BH Macro has published details of a tender offer for up to 40% of its shares based on the NAV at the end of June with cash coming back to shareholders who want it around the end of July. There will be no opportunity to convert between its different share classes for the next three months as things progress towards the merger with BH Global (details of which were announced yesterday).
- Scottish American will issue £15m of debt in the form of private placement notes with a fixed coupon of 2.23%, a funding date of 25 June 2021 and a repayment date of 25 June 2036.
- NewRiver REIT (which owns 33 small shopping centres, 19 retail parks and 637 pubs) reported a drop in the value of its portfolio of 13.6% to £974m, in full year results to the end of March 2021. This was primarily behind a 24.9% fall in EPRA net tangible assets (NTA) to 151p per share. Income was down from £68m to £47m, while £81m of sales kept its loan to value ratio (LTV) fairly steady at 50% (2020: 47%).
- London flexible office provider Workspace reported COVID affected full year results in which EPRA NTA was down 13.8% to £9.38 per share. Net rental income was down 33% (£40.5m) to £81.5m, which included £19.9m of rent discounts given to occupiers. Occupancy dropped by 11% to 81%, while the value of its portfolio fell by £250m to £2.32bn (mainly from older premises). LTV is good at 24% (2020: 21%) and cash reserves are up from £166m to £434m.
We also have acquisitions by Home REIT and Octopus Renewables Infrastructure and results from Triple Point Energy Efficiency and Aurora.