In QuotedData’s morning briefing 12 July 2021:
- JPMorgan Global Core Real Assets (JARA) has called and funded a further $10,051,474 of its committed capital. This was called by its global transport income strategy and completes the planned exposure to this sector, further increasing JARA’s dividend cover given the high yielding nature of the strategy. Following this, JARA will be fully invested with the only material uncalled commitment being a $0.7m allocation to the infrastructure strategy, which is expected to be called shortly. This deployment sees almost all capital raised from both the IPO and subsequent share issuances called and invested.
- FastForward Innovations (FFWD) will change its name to Seed Innovations following the resolution to do so passing at the company’s EGM last week. The change will take effect on the AIM market of the London Stock Exchange from 8am tomorrow (13 July) and its ticker will change to SEED. Ed McDermott, CEO of FFWD, said: “The new brand image mirrors the company’s interest in investing further and capitalising on our knowledge in the health, wellness, and medical cannabis arenas. We have seen significant investor interest in the cannabinoid sector and have participated in a number of new issues of late. We anticipate this trend to continue and believe we are perfectly positioned as the leading investor in the space.”
- Regional REIT (RGL) has sold Arena Point office, Leeds for £10.65m, an uplift of 15.8% against the 31 December 2020 valuation. The office will be demolished to make way for a 43-storey student accommodation tower. This sale and the previous sale of adjoining buildings has secured profits after all costs for the site of £9.3m and a geared internal rate of return (IRR) of 24.6%. The sales proceeds will be recycled into the group’s pipeline of higher yielding office opportunities.
- LXI REIT has collected 100% of the rent due for the quarter ending September 2021 and reaffirmed its intention to pay a quarterly dividend of 1.5 pence per ordinary share for the second quarter of the financial year, which is expected to be declared in November 2021 and fully covered by net rental income for the quarter. The company is targeting a dividend for that financial year of 6.0 pence, representing a 4.3% increase on the company’s pre-COVID dividend rate of 5.75 pence per share.
- Taylor Maritime Investments (TMI) has allotted 9,000,000 ordinary shares of no par value as part consideration for the acquisition of a Supramax vessel which was agreed at the time of the trust’s IPO, forming part of its seed portfolio. The allotment of the shares is conditional on, inter alia, completion of the acquisition and comprises 50% of the acquisition consideration with the remaining 50% to be satisfied by the payment of US$9m in cash. The shares will rank pari passu with the trust’s existing ordinary shares and admission is expected to occur at 8am on 14 July when the acquisition is expected to complete.
We also have the outcome of Gresham House Energy Storage’s placing, half-year results from Independent Investment Trust and an acquisition by Aberdeen Standard European Logistics Income.