QuotedData’s morning briefing 30 July 2021

QuotedData's morning briefing

In QuotedData’s morning briefing 30 July 2021:

  • Premier Miton Global Renewables (PMGR) has released its interim results for the six months ended 30 June 2021, during which it provided an NAV total return of 4.9% and a share price total return of 8.4%. Its total assets return was 4.2% and so the superior performance of the NAV was due to the gearing provided by its zero dividend preference shares, which amplify this return (positive or negative). The superior share price return reflects a narrowing of the discount during the period. The trust says that, in comparison, the FTSE Global Core Infrastructure 50/50 Index returned 6.3% in the half, the S&P Clean Energy Index recorded a negative return of 16.8%, while global equities, measured by the FTSE All-World Index gained 11.4%. PMGR says that the transition of the Company to being completely invested in renewable energy is almost complete, with only one holding left that predominantly uses fossil fuel to generate electricity (OPG in India) and this will be disposed of when trading conditions permit.
  • GCP Infrastructure (GCP) has announced that, on 27 July 2021, it amended its existing revolving credit arrangements to increase the commitment on the three-year tranche from £140 million to £165 million. This was achieved through the introduction of a new lender, Clydesdale Bank Plc. The expansion of the three-year tranche replaces the short-term tranche that expired, and was repaid in full, at the end of June 2021. The interest and commitment fees, under the RCF, remain unchanged.
  • Scottish American (SAIN) has released interim results for the six months ended 30 June 2021, during which it provided an NAV total return of 11.3%. The main driver of total returns was the trust’s global equity portfolio, which delivered an 11.0% total return over the first half, as confidence in the economic recovery from the pandemic continued to build.  Notable contributors included two of SAIN’s logistics holdings, UPS and Kuehne + Nagel. Both companies benefited from the rapid rebound in global trade, as companies sought to respond to pent-up consumer demand. The property portfolio delivered a 12.9% return, with a big contribution from the sale of its largest holding, a data centre in Milton Keynes, at a large premium to its book value. Within the bond portfolio, the income return was offset by a modest decline in the capital value, driven by rising inflation and interest rate expectations. Earnings per share also increased, from 6.09p to 6.74p. SAIN’s revenue per share over the period was 6.74p compared to 6.09p for the equivalent period last year. SAIN has declared a second interim dividend of 3.075p which, when taken with the first interim dividend, gives a total dividend so far of 6.125p, which represents an increase of 2.1% over the amount paid for the equivalent period in 2020.
  • Law Debenture (LWDB) has published its results for the half-year ended 30 June 2021, during which it provided an NAV total return of 16.7%, which it says compares to an 11.1% for its benchmark (the FTSE Actuaries All-Share Total Return Index). LWDB’s board says that its intention is to increase the 2021 dividend from the 2020 level of 27.5 pence per share. It also says that the Independent Professional Services business (IPS) has entered its fourth consecutive year of both revenue and earnings per share growth, and there has been an increase in the valuation of the IPS business by 10.1% year to date to £149.7m.
  • Polar Capital Global Financials Trust has announced the timetable for the conversion of its C shares into ordinary shares:
    • Record date for the interim dividend for the Ordinary Shares: 6 August 2021
    • Calculation Date: 9 August 2021
    • Conversion Ratio Announced: 0700 on 11 August 2021
    • Conversion Record Date and C Share register closes: 1800 on 12 August 2021
    • Suspension of dealing in C Shares: 0730 on 13 August 2021

We also have the merger of Aberdeen Emerging Markets and Aberdeen New Thai with the plan to focus on China.

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