In QuotedData’s morning briefing 10 August 2021:
- Literacy Capital (BOOK) says that Butternut Box, a business providing healthy, fresh dog food on a subscription to dog owners’ doors, has finalised a funding round to raise further equity to support the continued growth of the business. As at 30 June 2021, Butternut Box was Literacy Capital’s 3rd largest underlying investment and represented 5.8% of NAV. The transaction values Butternut Box at a 122% uplift to its carrying value at 30 June 2021, the estimated uplift from this transaction relative to Literacy Capital’s net asset value at 30 June 2021 is approximately 7.1%, or 13p per share. Had Butternut Box been valued at this valuation at 30 June 2021, the company estimates that Literacy Capital’s net asset value per share at that date would have been 196.1p.
- RM Infrastructure Income (RMII – formerly RM Secured Direct Lending) had 40% of its portfolio in loans that fit its new investment remit at 30 June 2021. Its NAV has risen to 95.25p and it is paying quarterly dividends of 1.625p. Having consulted with shareholders, the board felt there was no point in offering a liquidity opportunity in June. Instead, the board determined that the next liquidity opportunity will be put to shareholders in three years’ time. However, should the shares trade at an average discount over the six-month period commencing on 1 October 2022 and ending on 31 March 2023, the board will seek to bring the liquidity opportunity consultation forward by 12 months, to two years’ time.
- NextEnergy Solar’s NAV slipped slightly over the three months ended 30 June. The main factors were: operating performance (+2.1p per ordinary share), changes to short-term inflation assumptions (+0.8p), and an increase in power price forecast assumptions (+0.2p), the revaluation of new assets (-0.6p), movement in residual value (-0.4p), and normal routine distributions (-1.3p). Short-term forward UK baseload power prices continue to strengthen and the fund is aiming to lock these in over the medium term through its forward hedging strategy. However, future power price estimates are currently lower than the figures used in the March 2021 NAV calculation, signalling a slight reduction to power price estimates from 2027 onwards and a potential further fall in the NAV.
- CVC Credit Partners European Opportunities says 3,468,577 Euro shares and 1,732,113 Sterling shares were validly tendered – the fund will shrink accordingly.
- KKV Secured Loan says that a package of loans secured against shipping vessels to a single borrower have been refinanced with another provider for $35m. $16.61m and $18.39m will be allocated to the ordinary and C share class portfolio respectively. As at 31 December 2020, the loans had carrying values of £8.94m ($12.28m) and £10.15m ($13.94m) respectively. The loans were marked as Borrower 8 within the ordinary portfolio and Borrower 47, 48 and 51 within C share portfolio. This is good news and means more money available for distribution to shareholders.
We also have results from Diverse Income, an update on BB Biotech and an acquisition by Tritax EuroBox