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QuotedData’s morning briefing 11 August 2021

In QuotedData’s morning briefing 11 August 2021:

  • Round Hill Music Royalty (RHM) has made its first open market acquisition since its IPO by acquiring the music catalogue of Yes guitarist and film score composer, Trevor Rabin. This includes 3,528 cues from films such as Armageddon, Enemy of the State and Bad Boys II and songs such as Owner of a Lonely Heart, which reached Number 1 of the Billboard Hot 100 in 1984. The acquisition includes the publisher’s share and writer’s share of the relevant copyright interests, as well as administrative control enabling Round Hill to control the sync licensing of the catalogue rights. Josh Gruss, chairman and CEO of Round Hill, said: “Trevor Rabin is an iconic songwriter who has authored major hits from his time with Yes, one of the most important progressive rock bands of the 1980s and 1990s, in addition to an irreplaceable portfolio of film score compositions spanning decades representing a lifetime of work from one of the masters of the genre. We believe this is a particularly attractive area in which to be increasing our exposure, as film and TV performance revenues continue to increase in value. It is an outstanding privilege to welcome his catalogue to the Company’s portfolio.”
  • Taylor Maritime Investments (TMI), has successfully contracted to acquire seven Japanese-built geared Handysize bulk vessels, ranging in size from 28k – 37k DWT, for an aggregate consideration of $107.8m in cash. The vessels will be paid for using a combination of the proceeds of the $75m equity issue which TMI undertook in July, its revolving credit facility, existing cash balances and operating cash flows. Delivery of the vessels is expected between September 2021 and January 2022. On average, the vessels have been acquired at below 90% of depreciated replacement cost and all will be charter-free on delivery and therefore available to take advantage of the current strong charter market. CEO, Edward Buttery, said: “Since the equity issue in July, we have been working hard to put shareholders’ capital to work as rapidly as possible. The market is currently very attractive for Handysize vessels, with strong charter rates and a healthy outlook. These additional vessels will reinforce our ability to deliver high quality returns to our investors.”
  • Polar Capital Global Financials (PCFT) has announced the ratio of its C share conversion at 0.6275 new ordinary shares for each C share held on the record date of 12 August 2021, which will be the last day for trading in the C shares. The calculation of the conversion ratio is based on the net assets attributable to the ordinary shares and C shares as at close of business on 9 August 2021. Entitlements will be rounded down to the nearest whole ordinary share while any fractions of new ordinary shares arising on conversion will not be allocated to holders of C shares but will be aggregated and sold for the benefit of the company. On the basis of the conversion ratio, a holder of 1,000 C shares will receive 627 new ordinary shares upon conversion which will rank pari passu with, and will have the same rights as, the ordinary shares. Holders of C Shares will not be entitled to the first interim dividend for the year ending 30 November 2021.
  • Starwood European Real Estate Finance (SWEF) has confirmed it has received the full and final repayment of its €54.2m loan on a resort hotel in Spain. The sponsor of the loan had completed a comprehensive refurbishment of the property in 2020 which was partially funded by the group, and the hotel re-opened as a luxury five-star resort property in May 2021 under a sponsor owned brand. Following repayment of the loan, SWEF’s exposure to the hospitality sector reduces by approximately 19% and it will have net cash on hand of £24.1m. The company’s pipeline of prospective new investments is robust, with a strong likelihood of re-investment of this cash within the medium term.
  • Miton Global Opportunities (MIGO) is offering investors an exit at realisable NAV less 2%. The fund offers this every three years. We do not expect much of a take up as its shares are trading fairly close to asset value.
  • Pershing Square Holdings, Pershing Square LP, and Pershing Square International have bought 128,555,017 shares in Universal Music Group  (7.1% of the company) from Vivendi. The price was about $21.78 per share or $2.8bn in total. This values UMG at €33 billion. The listed hedge fund’s share of the cash consideration is approximately $2.5bn. Pershing Square Holdings and its affiliates have the right to acquire up to an additional 2.9% of UMG at the same price by September 9, 2021. The announcement says that Pershing Square intends to exercise that right.

We also have full-year results from Baillie Gifford US Growth and the sad news of industry veteran, Simon Fraser’s passing.

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