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QuotedData’s morning briefing 29 July 2021

In QuotedData’s morning briefing 29 July 2021:

  • Chrysalis Investments (CHRY) has sold its stake in Embark Group to Scottish Widows, part of Lloyds Banking Group for £390m. Existing shareholders of Embark, including Chrysalis, will retain its Rowanmoor SIPP and SSAS administration business. Chrysalis first invested in Embark in July 2019 and invested further follow-on capital in May 2020. The sale price represents an estimated IRR of 63%. The uplift on valuation is already reflected in Chrysalis’s NAV.
  • Aberforth Split level Income (ASIT)’s results for the year to 30 June 2021 look spectacular – a 94.4% return on the ordinary share NAV, a 97.7% return on the ordinary share price and a 61.9% return on total assets. By contrast, the Numis Smaller Companies ex Investment Companies Index returned 49.8%. The company’s zero dividend preference shares geared up the returns on the ordinary shares and the period represents the recovery from the market panic last March, renewed interest in the UK and a resurgence of value stocks post the vaccine news last November. Dividend income was impacted and, although the company dipped into its revenue reserves (using 0.15p per share of an opening 0.86p per share), the total dividend for the year still fell by 28% to 3.05p.
  • CIP Merchant Capital said yesterday that it made a 2.3x cash-on-cash return from its investment in Proactis. CIP paid an average of 32.82p for its 2,825,000 shares in that company and sold them to a bid (by Cafe Bidco) at 75p per share.
  • Assura (AGR) has cut the size of its revolving credit facility from £225m to £125m. It isn’t using it and its A- credit rating allows it to borrow at attractive rates.
  • Residential Secure Income (RESI) says that it is on track to pay dividends that are fully covered by earnings in the current quarter. For the quarter ended 30 June, the dividend cover was 90%, up from 82%.
  • Ground Rents Income (GRIO) is cutting its dividend by 24% to 3p per year. problems with its Beetham Tower investment in Manchester rumble on.

We also have news of investments by International Public Partnerships and EPE Special Opportunities

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