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QuotedData’s morning briefing 7 July 2021

Hipgnosis Songs Fund: SONG

In QuotedData’s morning briefing 7 July 2021 –

  • KKV Secured Loan (KKVL) is to return £10.6m to ordinary shareholders and  £9.7m to C shareholders. This return of capital will be effected by way of an issue of redeemable B and D shares to existing shareholders.
  • FastForward Innovations (FFWD) topped up its investment in South West Brands with a further £50k. South West Brands is a London-based company that is seeking to establish itself as a multi-brand consumer goods group developed specifically for the CBD industry. FFWD’s total investment stands at £300k.
  • News from yesterday:
    • Further to its announcement on 16 June 2021, Hipgnosis (SONG) said its placing had been oversubscribed, exceeding the target amount of £150m. The board increased the placing size to £156m. Merck Mercuriadis, Founder of SONG and The Family (Music) Limited (SONG’s manager), said: We will deploy this immediately into our pipeline of songs and I am incredibly appreciative of the incredible songwriters who have entrusted us with their iconic works. We will now have a portfolio of almost $2.5bn of extraordinarily successful and culturally important songs, which offers a massive opportunity for us to add value with our song management which manages these songs with bandwidth and responsibility.”
    • Geiger Counter (GCL) released interim results covering the period to 31 March 2021, noting the following: “The strong recovery in the company’s NAV and share price that we saw in the six-month period to 30th September 2020 has continued into 2021 and as at 31 March 2021 the NAV has increased by a further 107.9% and the share price has gone up by 99.5%. We believe there have been two major factors behind this; firstly, climate related government policies that recognise the significant benefits of nuclear power have at long last been announced around the world in order to meet carbon emission goals and secondly, uranium purchasing has increased with recent indications that utilities are beginning to sign longer-term contracts which will help sustain the improving trend in U3O8 pricing and the positive momentum in related equity prices.”
  • LondonMetric (LMP) has signed two new lettings in its logistics portfolio totalling 260,000 sq ft. At its Bedford Link development, LondonMetric has let 172,000 sq ft to Carlton Packaging, one of the UK and Europe’s leading e-commerce packaging suppliers, at a rent of £1.33 million per annum (£7.70 per sq ft), which is subject to five-yearly rent reviews at the higher of CPI plus 1% or open market. At Grange Park, Northampton, following a minor refurbishment, LondonMetric has re-let 86,000 sq ft to My 1st Years, a supplier of baby and children’s gifts, at a rent of £0.65 million per annum (£7.50 per sq ft), representing a 29% uplift versus the previous passing rent. The rent is subject to five-yearly reviews of CPI plus 1%. Both lettings are on 15 year lease terms, with 10 years to break.
  • Stenprop (STP) has acquired Bradley Hall Trading Estate, Wigan, for £20.6m, reflecting a net initial yield of 6.43% and a capital value of £67.40 per sq ft. The property comprises 275,079 sq ft of terraced multi-let units ranging in size from 344 sq ft to 28,896 sq ft. It is 100% let to a diverse range of local and national businesses and generates a total annual passing rent of £1.4 million, equating to an average rent of £4.61 per sq ft on the built units and £0.61 per sq ft on the yard areas.

We also have an update from Octopus Renewables Infrastructure following its £150m raise and news of three investments by BBGI Global Infrastructure and an accompanying placing announcement.

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