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QuotedData’s morning briefing 20 August 2021

In QuotedData’s morning briefing 20 August 2021:

  • EP Global Opportunities (EPG) has announced its interim results for the half-year ended 30 June 2021. At the half-year end, EPG’s NAV was 314.6p, an increase of 2.0% from the 31 December 2020 NAV of 308.4p. After taking account of the final dividend of 6.0p per share that was paid in May 2021 it resulted in a total NAV return for the six months of 4.0%. The Company retained a defensive investment strategy, during the period, in the light of historically high valuations. The share price at the end of June 2021 was 291.0p, an increase of 2.5% on the year-end share price of 284.0p. The share price total return, including the 6.0p dividend reinvested, was 4.6%. At 30 June 2021, the Company’s shares were trading at a discount of 7.5% to the NAV, a marginal improvement when compared to the 7.9% discount at the previous year end (EPG continues to buy back shares with the aim of reducing the discount). EPG generated revenue per share of 2.8p for the first six months of 2021, which was a 20% reduction on the 3.5p generated in the same period last year. The principal reason for the reduction is income was due to the defensive investment strategy of the Investment Manager. Dividend income reduced following the sale of several investments with the sales proceeds held in cash deposits which in some instances generate a negative return.
  • GCP Asset Backed (GABI) has announced that its £50 million Revolving Credit Facility (RCF) with Royal Bank of Scotland International Limited, which was due to mature in August 2021, has been extended by 24-months on the same terms as the previous facility. An additional 12-month extension option has also been included to be approved at the lender’s discretion upon expiration in August 2023. GABI says that the facility is drawn by £20.2 million.
  • KCR Residential REIT has announce that it has refinanced of its freehold property at Heathside, Golders Green, London, which forms part of its Osprey Retirement Living portfolio. The strategy at the building, where KCR holds 29 of the 37 residential units on long leasehold, is to selectively acquire long-leasehold units in the block, subject to pricing, refurbish the units to a high level and let them in the open market subject to assured shorthold tenancies (minimum six months tenancies). A new five year debt facility of £2.375m has been provided by Secure Trust Bank Plc with a  variable interest rate (currently 3.70%). Funding has been taken out via the K&C (Osprey) Limited subsidiary where the Heathside asset is held. Funding has been used to refinance the existing Proplend facility and provide additional capital to support ongoing Group activities, including the acquisition of an additional flat at Heathside.
  • KKV Secured Loan (KKVL) and Secured Income Fund (SSIF) have announced separately that they have both reached an agreement with their portfolio manager, KKV Investment Management Ltd, to amend their respective Investment Management Agreements (IMA) and for both of these IMA to terminate with effect from midnight on 31 December 2021.
  • BlackRock World Mining (BRWM) has announced its interim results for the half-year ended 30 June 2021. During the period, BRWM provided an NAV total return of 17.4% and the share price total return of 18.9%. IN comparison, BRWM says that its reference index, the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, returned 16.5%. BRWM’s managers say that demand for commodities has not only recovered to pre-pandemic levels but in some cases is already well above. In addition, they say that it seems increasingly likely that the path to net zero over the next 20 to 30 years will see trillions of dollars invested into commodity heavy infrastructure to help deliver the transition away from a carbon driven global economy.
  • Partners Group, the investment manager of Princess Private Equity (PEY) has agreed to sell Straive, formerly known as SPi Global, a leading global provider of technology-driven content and data solutions, to funds affiliated with Baring Private Equity Asia. The transaction values Princess’ stake in Straive at approximately $18.7m. This compares to a carrying value of $17.9m at 30 June 2021.

We also have interim results from Temple Bar, Bill Ackerman’s letter to Pershing Square Tontine Shareholders regarding a lawsuit that has been filed against the company, and LXI REIT’s acquisition of £80m of assets.

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