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QuotedData’s morning briefing 15 September 2021

Renewables Infrastructure in talks to buy Swedish wind farm 1

In QuotedData’s morning briefing 15 September 2021:

  • The Renewables Infrastructure Group (TRIG) has announced the results of its issue (by way of placing) under the its Share Issuance Programme and PrimaryBid Offer announced on 31 August 2021.TRIG will issue 161,290,323 New Ordinary Shares at 124 pence per share, raising gross proceeds of £200m in aggregate. The issue was significantly oversubscribed and a scaling back exercise has taken place. The purpose of the fund raise was to repay the Revolving Credit Facility which, following the completion of the acquisition of the four solar sites in Iberia announced on 6 September, is expected to be approximately £200m drawn. As a result, the board has taken the decision to size the combined Issue and PrimaryBid Offer at this level.
  • Honeycomb (HONY) has posted its interim results for the six months to 30 June 2021, during which time it delivered an annualised NAV return of 8.7%. Gearing has remained relatively stable with net debt to equity increasing slightly from 59.1% to 66.1% as new assets have been deployed. Meanwhile, the company has met its dividend target of 20p per share per quarter, in line with its target dividend yield of 8% per year. Chairman, Robert Sharpe, said the manager’s decisions early on during the 2020 Covid-19 pandemic, and proactive approach to managing the portfolio, put HONY in a strong position going into 2021. He added: “The company continues to deliver strong performance by investing and partnering with lenders that offer senior secured investment returns, coupled with impact driven investments that align with the manager’s impact goals.”
  • BioPharma Credit (BPCR) has published its half-year report for the six months to 30 June 2021. Total income was a robust $58m while additional liquidity totalled $124m including valuable early pre-payments at significant internal rates of return. The company made two dividend payments over the period totalling $0.0379 per share, referencing net income for the quarters ending 31 December 2020 and 31 March 2021. Meanwhile, BPCR has decided that a Continuation Resolution will be brought forward from the required five year mark within its articles of association and will instead be held at a General Meeting on 30 September 2021, giving investors greater certainty as to its longer term existence. Pedro Gonzalez de Cosio, co-founder and CEO or manager, Pharmakon, said: “We continue to see a robust pipeline of investment opportunities and expect it to continue to grow as new products are approved. We remain focused on our mission of creating the premier dedicated provider of debt capital to the life sciences industry while generating attractive returns and sustainable income to investors. Further, Pharmakon remains confident of our ability to deliver attractive returns that will enable the Company to continue to pay its target dividend yield to its investors.”
  • Baker Steel Resources (BSRT) has published its half-year report for the six months to 30 June 2021. During the period under review, the net asset value per share rose 2.7% to 98.8 pence per share with the share price rising 27.7% to 94.5 pence per share. This compares with the EMIX Global Mining Index  which rose 11.4% in Sterling terms. The market for mining shares was mixed with precious metals shares weaker in line with the reduction in the prices of gold and silver after their strong performances in 2020, whilst base metal and iron ore companies continued to be strong due to robust demand for their products. Chairman, Howard Myles, added: “The company is well positioned for either a continuation of the bull market for commodities or a period of consolidation. In the second half of the year we can look forward to potential IPO’s from two of our core holdings. Although IPO’s provide price discovery and a route towards liquidity, as major shareholders in both companies we can expect to be requested by the sponsoring brokers to enter into lock-ups for a period to ensure an orderly market although if there is excess demand there may be an opportunity to sell part of holdings concurrent with the IPO.”

We also have a new acquisition from Round Hill Music and Tritax EuroBox as well as full-year results from The Investment Company.

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