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QuotedData’s morning briefing 12 August 2021

In QuotedData’s morning briefing 12 August 2021:

  • Riverstone Credit Opportunities (RCOI) says its end June NAV was $1.03, unchanged from end December 2020. It has declared dividends totalling 3.5 cents for the first six months of the year. It concluded four deals over the first half of 2021, two of which – a water infrastructure company (Blackbuck Resources) and a lithium-ion battery manufacturer (Imperium3NY LLC) – reflect a focus on the need for capital within infrastructure, infrastructure services and energy transition. Blackbuck was RCOI’s first sustainability-linked loan, whereby the loan pricing steps up if key sustainability targets are not achieved. Riverstone Credit plans to make more of these deals. As of 30 June 2021, the fund had committed almost 75% to investments and had $64.3m net invested (68.3% of net capital available), and a cash balance of over $29m.
  • Empiric Student Property (ESP) says its NAV has increased from 105p to 106.2p over the first half of 2021. It plans to resume making dividend payments towards the end of the year with a payment of 2.5p and 1.5p per year thereafter (which may rise as occupancy levels normalise). Low occupancy (65%) has put pressure on revenue and margins (empty properties attracted higher council tax – which seems unfair in its case). Nevertheless, it managed to make a profit, with earnings per share for the period of 1.16p. A new in-house revenue management system will save about £1.5m a year. It reports bookings of 70% for the 2021/22 academic year at 11 August, compared to 65% as at 12 August 2020. If the current level of bookings continues, it expects occupancy levels at the start of the academic year to be in the region of 75% to 85%.

We also have a surprise announcement from Acorn Income Fund

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