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QuotedData’s morning briefing 30 June 2021

In QuotedData’s morning briefing 30 June 2021:

  • International Public Partnerships is looking to raise money by issuing shares at 165p, a 15% premium to the end December 2020 NAV (adjusted for the 3.68p dividend declared since). The company has £56m of drawings on its debt facility and upcoming investments worth about £100m, including its investment in the Beatrice offshore transmission project. The company is also preferred bidder on a number of similar transactions namely Rampion and East Anglia One OFTOs, which represent about a further £135m of additional investment. the current target is to raise about £100m at this time. Separately, the management fee will change so that the investment adviser gets 0.8% on amounts above £2.75bn (down from 0.9%).
  • UIL says that it will change the way that it calculates its net asset value so that its investment in Somers Limited is valued at its NAV rather than its share price. Had this approach been used yesterday, for UIL’s NAV as at 28 June 2021, the NAV of 395.11p would have increased to 435.09p. Somers’ discount is about 15%. UIL justifies this on the grounds that there are few transactions in Somers’ shares and UIL has also stated that it intends to reduce the discount later in the year.
  • As previously announced, Karl Sternberg, Alliance Trust’s senior independent director, is today stepping down from Alliance Trust board. Sarah Bates, who joined the board on 3 March 2021, succeeds Karl in that role. In addition, Chris Samuel, who joined the board with Karl in 2015, has confirmed that he will not be seeking re-election at the company’s next Annual General Meeting. These changes reflect the company’s normal board succession planning.
  • Marwyn has announced results for 2020 [on the last possible day that it could get away with that]. If you were wondering why the NAV went up last year, it was because of increased online sales from its Le Chameau investment.
  • Marwyn wasn’t alone in this – we also have results for 2020 from Secure Property Development and Investment – its NAV fell from 20p to 17p (the blame is attributed to COVID) – and Dolphin Capital Investors, where the NAV fell from 17p to 16p “principally due to valuation write-downs on certain portfolio assets and other operational, corporate, finance and management expenses“. [We would say that if a listed company drags out reporting to its shareholders for six months it is either embarrassed about its results, not sufficiently organised or contemptuous of its investors.]
  • LXI REIT has increased the target size of its placing from £75m to £100m to reflect additional demand. The result will be announced tomorrow.
  • Aberdeen New Dawn has renewed the £20m revolving element of its £40m loan facility with the Royal Bank of Scotland International. The facility, which is unsecured, now consists of a £20m loan which was drawn in full on 14 December 2018 and fixed for five years to 14 December 2023 at an all-in rate of 2.626%; a three year £20m multi-currency revolving credit facility maturing on 28 June 2024. The total borrowings are unchanged and amount to approximately £32.7m, comprising the fixed rate loan and a sterling equivalent of approximately £12.7m drawn down in a combination of Hong Kong Dollars, US Dollars and Sterling.

We also have results from Civitas Social Housing, news of a fundraise by Urban Logistics and a revised objective for BlackRock North American.

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