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QuotedData’s morning briefing 19 July 2021

BB Healthcare announces result of issue Dr Daniel Koller to step back from BB Healthcare

In QuotedData’s morning briefing 19 July 2021:

  • BB Healthcare (BBH) has published its half-year results for the six months to 31 May. Its share price total return was 8.3% while its NAV return was 7.1%, both ahead of the MSCI World Healthcare Index which was up 3.9%. BBH’s shares traded, on average, at a 1.2% premium during the period and the company declared an interim dividend of 3.015p. Managers, Paul Major and Brett Darke, said:  “Expectations are for a normalisation in procedure volumes toward the end of the year and this seems to be well priced, in terms of both valuations and consensus expectations. Currently, this seems a realistic goal since vaccines appear sufficiently efficacious to mitigate the risk of novel variants causing additional spikes in the COVID-19 hospitalisation and death rates (the only things that matter to our minds). Second-generation booster vaccines more finely attuned to these variants are likely to be available before year-end, but we may not need them.”
  • Taylor Maritime has proposed a non pre-emptive placing of new ordinary shares to fund the acquisition of six vessels. It is seeking to raise a target of $75m from institutional investors.
  • Dolphin Capital Investors (DCI) has drawn down on the second tranche of its €15m loan facility, representing €13.25m (the first being €1.75m, and which was drawn down on 4 June 2021). €1.5m has been already been repaid through the proceeds generated from the sale of DCI’s interests in the LaVanta project.
  • Derwent London (DLN) has exchanged contracts to sell its 126,200 sq ft freehold interest in Angel Square, Islington to Tishman Speyer for £86.5m, at a “substantial premium” to December 2020 book value. Angel Square consists of three multi-let connected buildings, and the bulk of the space was let to Expedia (67,500 sq ft) and The Office Group (40,700 sq ft) but has recently become vacant.
  • Palace Capital (PCA) has completed the sale of Bridge House, High Street in Weybridge, Surrey, for £3.7m as part of its £30m programme of non-core disposals. The sale was at a 6% premium to book value. Following the latest disposal, Palace has now completed £9.4m of strategic sales since the start of the new financial year in April, reflecting a third of its stated disposal programme by value. Proceeds will be recycled into value-add opportunities in regional towns and cities that display growth fundamentals.
  • Schroder REIT (SREI) has reported a 4.1% increase in net asset value for the quarter to 30 June 2021 to 62.9p per share, thanks in part to a 2.6% rise in the value of its portfolio. With dividends paid in the quarter, the NAV total return was 5.3%. A dividend for the quarter of 0.675p has been declared, a 3% increase quarter on quarter. The ex-dividend date is 29 July.

We also have annual reports from Ruffer and Invesco Asia while Pershing Square rejigs its Universal Music deal.

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