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QuotedData’s morning briefing 2 July 2021

In QuotedData’s morning briefing 2 July 2021:

  • Chenavari Toro Income Fund (TORO) has released its interim results for the six months ended 31 March 2021 (click here to read the report). During the period, TORO provided an NAV total return of 12.27% and a share price total return of 18.51%. TORO declared two dividends in respect of the Period ended 31 March 2021: 1.76 cents per Share paid on 19 March 2021 for the quarter ended 31 December 2020 and 1.80 cents per Share paid on 11 June for the quarter ended 31 March 2021. During the period, TORO’s focus continued to be on the core strategies (public ABS/CLO and direct origination (i.e. securitisation retention)), which have produced the bulk of the return to date since Toro IPO in 2015 (11.1% gross IRR to end March 2021 vs -3% for the non-core strategies). The share of the Direct Origination strategy in the NAV has been increased by 20% since early October to represent 75.8% of the NAV by the end of March 2021 of which Taurus represented 55.5% of NAV.
  • Regional REIT (RGL) has announced that it has completed the sale of the Marston Business Park, Tockwith, Wetherby, for £8.6m. It says that, after capital expenditure, the sale of this multi-let industrial and business park reflects a 36.5% uplift from the acquisition price and is a 4.9% premium to the 31 December 2020 valuation. The net initial yield is 7.2%. The 171,155 sq. ft. property is set in 41 acres and has 24 tenants. Over the period of ownership of this property, several asset management initiatives have been instigated, including the recently obtained planning consent for six individual plots totalling a floor area of some 170,000 sq. ft. on 11.62 acres.

  • JPMorgan Global Growth & Income (JGGI) has announced that, for the year commencing 1 July 2021, it intends to pay dividends totalling 16.96 pence per share, which represents a yield of 4.0 per cent. of the unaudited cum income with debt at fair value net asset value as at the 30 June 2021 of 423.87 pence per share. The 16.96p total dividend represents an increase of 28.9 per cent. over the prior financial year. It is expected that the first quarterly interim dividend, of 4.24 pence per share, will be paid on 8th October 2021 to shareholders on the register at the close of business on 3rd September 2021. The ex-dividend date is 2nd September 2021.

  • Big Yellow has announced that it has exercised its call option to acquire the remaining stake in each of Armadillo Storage Holding Company Limited and Armadillo Storage Holding Company 2 Limited which it does not already own. Armadillo is now owned 100% by the Group.

  • Great Portland Estates (GPE) has announced that it has been granted planning permission for the redevelopment of City Place House (also known as 2 Aldermanbury Square). The proposals, designed by architects Allies and Morrison, are to construct a new 13-storey 320,500 sq ft office-led building which has been designed to meet GPE’s four strategic sustainability pillars as well as targeting Net Zero Carbon. The earliest potential start for the project is in January 2022.

  • Separately, Great Portland Estates (GPE) has announced that its building, The Hickman, located in Whitechapel London, is the first building globally to achieve the SmartScore ‘Platinum’ rating. The Hickman is a redevelopment completed in September 2020, with 75,300 sq ft of highly tech enabled and sustainable workspace. SmartScore was launched by WiredScore in April 2021. It provides a global standard for certification for smart buildings. A SmartScore Platinum building demonstrates cutting edge innovation with the use of market leading technology, processes and automation to deliver world class outcomes to all users of the building and creating the most efficient, inspirational, sustainable and future proofed building. To achieve the rating, owners have to demonstrate that the building has enhanced functionality as well as a technological foundation that makes it future proof.

  • The IPO of Liontrust ESG Trust (ESGT) has been withdrawn. Liontrust says that nearly 2,000 individual private investors “demonstrated their confidence in the investment proposition” and that the level of support was significant, but nonetheless ESGT failed to receive enough investor support in the fundraise, which was targeting £150m. [QD comment: We’re very disappointed to see the IPO of Liontrust ESG being pulled. ESG is clearly flavour of the month and, with this, there is a danger of greenwashing or a proliferation ‘me too’ type funds. However, this offering was not a new product dreamt up to grab AUM, rather it came from a team with a strong track record built up over 20 years of experience in sustainable investing. One of the differentiating factors for ESGT was its small cap focus. As it is not now coming to market, investors who would still like to get exposure this area might wish to consider the two Montanaro funds (Montanaro UK Smaller Companes and Montanaro European Smaller Companies). Both of these have strong ESG and small cap focuses, as well as a management team with strong track records of investing in this space.]

We also have interim results for Polar Capital Global Financials (for a period that its managers describe as an excellent one for financials).

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