In QuotedData’s morning briefing 3 August 2021:
- Vietnam Holding (VNH) proposes to hold a tender for up to 30% of its issued share capital. To be eligible to participate, shareholders must have owned the share on 2 August. Shareholders will be asked to approve the tender at a meeting scheduled for 31 August 2021 and payment will be made on 13 September 2021. The tender price will be set at a 2% discount to the NAV at the date of he completion of the tender offer after adjusting for the costs associated with the tender offer. [Vietnam Holding is the best-performing of the three Vietnamese funds over the past 12 months and the fifth best-performing of all conventional investment companies over that period, having posted an NAV return of 88.7%. Its share price has not kept pace, however and, as at last night, the shares were trading on a 24% discount to NAV. The manager remains enthused about the long term prospects for Vietnam and the fund.]
- Ecofin US Renewables (RNEW) has issued 25,568 shares to its manager to cover 15% of its management fee for the quarter ended 30 June 2021, in line with its management contract. The manager is locked in for 12 months.
- LMS Capital (LMS) has not yet progressed its Romanian oil & gas investment (as mentioned in its last results) but says it will persevere and also commit capital to back Cavera (a team with a track record of developing property in London’s West End), a separate team working on a niche strategy based on regenerating income producing mixed use assets in regional UK town and city centres, and a portfolio of late stage private equity.
- VPS Speciality Lending says its NAV will increase by about 1.5% as a result of a deal to combine VPC Impact Acquisition Holdings Sponsor II, LLC and FinAccel.
- Countering the recent trend, Foresight Solar Fund’s NAV is up sharply – from 91.9p at end March to 98.0p at end June. The company has been locking in higher UK power prices with the percentage of fixed revenues for the company expected to increase to 75% of total revenues in 2021, 74% in 2022 and 57% in 2023. Higher inflation added 0.9p and refinancing an Australian asset added a further 0.7p.
- Ground Rents Income Fund (GRIO) has sold Beetham Tower in Manchester to a private investor for a nominal consideration. The disposal releases GRIO from all current litigation and freeholder obligations relating to the property, which has been weighing on GRIO’s performance for a number of years. Originally acquired in 2012, a defect was identified at the property in 2014 and in 2019 the High Court passed a judgement requiring GRIO to perform the repair (following the collapse of the original contractor, Carillion Construction, which would otherwise have been legally responsible for funding the repair). The repairs would have cost GRIO £2.9m.
We also have annual results from BMO Managed Portfolio