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QuotedData’s morning briefing 16 July 2021

QuotedData Morning briefing

In QuotedData’s morning briefing 16 July 2021:

  • Polar Capital Technology Trust (PCT) has announced that it now expects to announce its annual results for the year ended 30 April 2021 on Wednesday 21 July 2021 (previously scheduled for Thursday 15 July 2021). There will be a conference call for analysts on the day of the results at 9.00am and details are available from phoebe.a.pugh@camarco.co.ukA copy of the presentation will be made available on the Company’s website  http://www.polarcapitaltechnologytrust.co.uk from 7.30am on the day of announcement.
  • Hipgnosis highlighted yesterday’s publication of the House of Commons’ Digital, Culture, Media and Sport (“DCMS”) Select Committee’s report into the Economics of Music Streaming. Merck Mercuriadis said: “This is an impressive report from the DCMS Committee. In a short space of time our members of parliament have been able to distil why the songwriter and artist are not being remunerated properly with some accuracy and we both applaud and support their efforts. We are particularly focused on their recommendations that there be a full reset of streaming in law that gives songwriters and artists a fair share of the earnings, and that further to this the Government refer the case to the Competition and Markets Authority to undertake a full market study into the economic impact of the major music groups’ dominance. This is essential to ensure that the unhealthy control that the major recorded music companies have over streaming negotiations is addressed and to expose the fundamental flaws that exist within the music industry. Our wish is that this will lead to songwriters being paid fairly and equitably and in a manner that recognizes that without the song we have no music industry. Ultimately if we are to make streaming truly fair for songwriters and artists it is critical that they are given a direct seat at the negotiating table, have exclusive rights, not merely a right to remuneration, and are paid in line with the share taken by record labels.”
  • The PRS REIT has completed its 4,000th new rental home for its portfolio. It takes the total estimated rental value (ERV) of its portfolio to around £37.7m. At 30 June 2021, the group had 1,096 homes under construction as it progresses towards its target of 5,200 homes, with an ERV of around £50.0m per annum.
  • SEGRO has sold a portfolio of six Italian urban warehouses for €127.5m to AXA IM Alts, on behalf of clients. The warehouses were developed by SEGRO-Vailog for a global online retail company to support the growth of its distribution network in Italy. The portfolio has a total floor space of 56,000 square metres and the warehouses are located in Florence, Burago, Padua, Parma and Verona. Five of the sales have already completed and the sixth will complete later this year following practical completion of additional works.
  • Alternative Liquidity says it is working with Waverton on launching a new share class. Waverton would then manage the associated portfolio.

We also have SDCL Energy Efficiency Income’s investment in a green gas project in Indiana, the results of Round Hill Royalty’s C share placing, news of the issue of €400m in green bonds by Lar España, and the failure of UK Residential REIT‘s IPO.

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