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QuotedData’s morning briefing 1 July 2021

In QuotedData’s morning briefing 1 July 2021

  • LXi REIT (LXI) has raised gross proceeds of £100m as part of its placing after announcing its intention to raise £75m on 24 June. The placing was significantly oversubscribed and therefore a scaling back exercise was implemented. A further £4m of gross proceeds pursuant to the PrimaryBid offer was raised. The board will issue a total of 75,187,970 new ordinary shares at 133p per share and 2,781,955 new ordinary shares pursuant to the PrimaryBid offer at the same issue price. The new shares will rank pari passu in all respects with the existing ordinary shares, including the right to receive all dividends and other distributions declared, made or paid by reference to a record date after the date of issue. Investors in the placing will not be entitled to receive the interim quarterly dividend for the quarter ended 31 March 2021 but will be entitled to receive that for the three-month period to 30 June 2021. Stephen Hubbard, chairman of LXi REIT, said the proceeds of this fundraise will allow LXI to capitalise in the near-term in its pipeline of sale and leaseback, and other long income, forward funding opportunities. He said:The properties in the pipeline have been sourced in the vast majority of cases off-market and are diversified across a range of defensive and structurally supported sub-sectors and let to high-quality tenant covenants. These are expected to be accretive and further strengthen and diversify our portfolio. We look forward to updating shareholders as we execute on these attractive investment opportunities.”
  • Caledonian (CNN) has announced the termination of its proposed sale of St Margaret’s House, 151 London Road, Edinburgh to Drum Property Group Limited. Under the missives in relation to the proposed disposal, Drum was required to obtain a pre-let agreement for the student accommodation to be built on part of the property by 30 June 2021, which has not proved to be possible and as such the agreement has now lapsed. The board of Caledonian will re-market the property for sale. A book value of £11m was attributed to St Margaret’s as at 30 June 2020 in the last audited accounts published.
  • Octopus Renewables Infrastructure (ORIT) has revealed that construction of the Ljungbyholm Wind Farm in Sweden – the trust’s first investment – has completed and it is now fully operational. The onshore wind farm project was acquired by ORIT from OX2 in March 2020 as a construction ready project. The 48MW wind farm, which is located in the Kalmar province in southern Sweden, consists of 12 4MW Nordex turbines, is expected to produce 150GWh of electricity per year and has an expected operational life of 30 years. Phil Austin, chairman of ORIT, said: “This project was ORIT’s first investment and our first construction project. We are delighted that it is now fully operational, having been completed on budget and on schedule – a testament to the skill and experience of our Investment Manager despite the challenges of Covid-19. With the completion of Ljungbyholm, we now have 291MW of operational renewable energy assets in our portfolio, across Sweden, France and the UK, producing long term sustainable income for our shareholders.”
  • Third Point Investors (TPOU) is a beneficiary of yesterday’s IPO of SentinelOne, a cybersecurity company. The manager says that at yesterday’s $42.50 listing price, the IPO added about 1.9% to the NAV.
  • We also note that, in a follow up to our recent QD view on Chinese private equity. Didi (Xiaoju Kuaichi) IPO’d in New York on 30 June, raising $4.4bn and valuing the company at $67.5bn or $73bn on a fully-diluted basis. This is quite a bit below the $100bn that the company was said to be looking for. We don’t know yet what impact this has on the NAVs of Fidelity China (FCSS) and Scottish Mortgage (SMT)
  • Dolphin Capital (DCI) announced today that it will undertake a strategic review focused principally on: the investment portfolio and realisation processes; the investment management arrangements;  corporate governance; operating costs; and cash flows. A continuation vote planned for September will likely be delayed until the fourth quarter of 2021, so that the directors can factor in the results of the review.

We also have news of Gresham House Energy Storage’s new pipeline, change of management at Genesis Emerging Markets and an update on the proposed combination of BH Global and BH Macro. Meanwhile, International Public Partnerships acquires a police headquarters in Germany.

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