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QuotedData’s morning briefing 5 July 2021

In QuotedData’s morning briefing 5 July 2021 –

  • Fair Oaks Income (FAIR) announced that FOIF II LP (Master Fund II) has made two investments in the majority equity of new US CLOs. These investments reinvest the sale proceeds of CLO mezzanine debt which were acquired opportunistically in the spring of 2020. Both new CLOs include ESG-related investment criteria. Further details are as follows:
    • Master Fund II entered into a binding contract to acquire, in the primary market, $24.5m notional of equity notes in Rockford Tower CLO 2021-2, a new CLO backed by a portfolio of US broadly-syndicated secured loans.
    • Master Fund II has also entered into a binding contract to acquire, in the primary market, $29.0m notional of equity notes in Wellfleet CLO 2021-2, a new CLO backed by a portfolio of US broadly-syndicated secured loans.
  • Octopus Renewables Infrastructure (ORIT) noted that further to its announcements over March and June 2021, and its prospectus published on 10 June 2021, it has been notified that the acquisition of its investment manager, Octopus Renewables Limited, by Octopus Energy Group (the Octopus Reorganisation) has completed. ORIT notes that there is no change to its leadership or people as a result of the Octopus Reorganisation and that the company’s investment management team remains the same.
  • Taylor Maritime (TMI), the recently listed specialist dry bulk shipping investment company, provided a trading update. An independent valuation of its delivered fleet of 17 vessels, as at 30 June 2021, indicates an increase in value from $208.7m to $230.6m, equivalent to an increase of 10.5% since 7 May 2021 when the company’s IPO prospectus was published. The undelivered seed fleet of six vessels has increased in value from $81.3m to $90.8m, equivalent to an increase of 11.7%. The two additional vessels acquired (although not yet delivered) following the IPO, as announced on 16 June 2021, increased in value from $26.5m to $28.3m, equivalent to an increase of 7.1%. [The update says that, since 7 May 2021, net time charter rates have increased by over 30%. The statement says that the implied dividend cover from the delivered fleet alone is approximately 2.7 times (based only on the earnings of the 17 delivered vessels). This is expected to rise materially once the remaining eight vessels are delivered.]
  • Secured Income Fund (SSIF) announced on 11 May 2021 that it had been informed by its manager, KKV Investment Management, that Dawn Kendall, chief investment officer, was to take a temporary leave of absence, with the expectation that Dawn would be in a position to return by mid-July. SSIF announced this morning that its manager has advised the board that Dawn’s leave of absence has been extended to mid-September 2021.
  • BB Healthcare (BBH) announced the appointment of Kate Bolsover as a non-executive director of the company with immediate effect. Kate will also be appointed as a member of the audit and risk committee and the management engagement committee.
  • FastForward Innovations (FFWD) announced that it has invested €3m in Eurox Group (Eurox), a Germany-based, European vertically integrated medical cannabis company. FFWD expects to hold 8.85% of Eurox following the issue of new shares resulting from the financing round. Eurox provides FFWD with direct exposure to a company focused on the German medical cannabis market, which it says is by far the largest in Europe.

We also have annual results from Hipgnosis and an intention to float announcement by HydrogenOne Capital Growth.

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