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QuotedData’s morning briefing 13 July 2021

In QuotedData’s morning briefing 13 July 2021:

  • The Third Point Investors board has responded to AVI’s requisition and says that it will not convene the requested meeting as legal advice it has received says that “the resolution proposed in the Communication would fall under the legal definition of ineffective”. Basically, the argument is that the resolution needs to be a special resolution (requiring a 75% majority to pass) rather than an ordinary resolution (requiring a 50% majority to pass). Triple Point Investors has a clause (section 132) in its Articles which prevents shareholders forcing any action on the company by way of an ordinary resolution. The board then sets out its case as to why it has already done enough to control the discount and says that the proposal to hold quarterly exit opportunities runs the risk of reducing the trading float and overall size of the company.
  • VH Global Sustainable Energy Opportunities has exchanged contracts to acquire its second US$ 20m project development tranche in Brazil. The capital investment will be used to fund seven distributed solar generation projects, which will provide over 26MW of energy to a multinational telecommunications company. This tranche forms part of a larger US$ 63m commitment announced on 28 May 2021.
  • British Land has acquired a retail park in Thurrock, close to the M25 motorway, for £82m and plans to redevelop it into an urban logistics scheme. British Land, which owns a portfolio of offices and retail assets, is turning its hand to logistics development to take advantage of the favourable demand-supply characteristics in that sector. The group also gave an operational update showing promising statistics emerging across its retail parks portfolio. In the seven weeks since indoor hospitality reopened in England (from 17 May), footfall was 96% of the same period pre-pandemic and sales was 99%. Rent collection rates have also improved across the group, with rates for the current quarter at 85% (99% office, 71% retail – with further 11% paying monthly) versus 72% for the first quarter of 2021 and 76% for the second quarter at the same number of days after rent fell due.

We also have news of a new investment by Hg Capital

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