In QuotedData’s morning briefing 27 September 2021:
- Seraphim Space (SSIT) has invested $25m into Isotropic Systems, a leading developer of transformational broadband terminal technologies which is looking to redefine satellite communications. Isotropic’s Series B funding round raised more than $35m and other participants included strategic and deep-tech venture capital investors, such as AEI HorizonX, Promus Ventures, and Firmament Ventures. Isotropic will use the funding to accelerate its production phase in time to support new constellations and satellites launching in GEO, HEO, MEO and LEO orbits from 2022 onwards, and has expanded its workforce by 40% over the last five months. James Bruegger, investment manager, said: ‘Since listing on 14 July, Seraphim Space has already deployed in excess of £20m from its initial fundraise into its portfolio companies and has multiple other transactions that are expected to close in the near term.’
- Octopus Renewables Infrastructure (ORIT) has posted its interim results for the six months to 30 June 2021. During the period the company’s NAV reduced slightly from £343.9m to £340.6m or 97.3 pence per ordinary share, principally driven by updated tax, inflation and foreign exchange assumptions. The operating income in the six months to 30 June 2021 was £6.8m, with profit of £4.75m or 1.36 pence per ordinary share. The fourth interim dividend of 1.06 pence per ordinary share in respect of the period to 31 December 2020 was announced and paid while two further interim dividends were announced. ORIT is on track to deliver its target of a 5 pence per ordinary share total dividend for FY 2021 and intends to adopt a progressive dividend policy for subsequent financial years.
- Merchants (MRCH) has released its half-year report for the six months to 31 July 2021, during which time it delivered an NAV increase of 19.8%, ahead of its benchmark return of 12.6%. The chairman, Colin Clark, said the ongoing recovery has been led by strong pockets of recovery from the effects of the pandemic and in the UK in particular, the apparent efficacy of the national vaccination programme. A second quarterly dividend of 6.8p per ordinary share, payable on 11 November 2021 has been declared. Clark added: ‘The world remains a strange place. Some days one might be forgiven for thinking we were ‘back to normal’ whilst other times we are issued stark reminders of the ongoing pandemic which we are very much still struggling to get to grips with on a global scale. Economic recovery, whilst positive, is also bringing with it the spectre of rising inflation as governments throw the weight of policy behind supporting their economies and input prices rise. Markets seem to be acting in a reasonably stoic manner though and for some time now the question around recovery seems to have been one of trajectory and timescale rather than ‘if’.’
- Life Settlement Assets (LSA) has announced its results for the half-year to 30 June 2021. The NAV increased by 5.7% while total maturities during the period were $26.8m, more than double the figure during the same last year. The company successfully acquired a number of small portfolios of fractional policies increasing the number of wholly owned policies by 13, with a face value of $2m. Michael Baines, chair, said: ‘The life settlement market has been largely unaffected by the Covid-19 pandemic, and we have been encouraged by the first half results, which reflect a continuation of long-term trends in maturities. The strengthening of our portfolio through successful acquisitions of portfolios of fractional policies, and through protecting our interests where appropriate, have resulted in a continued improvement in the breadth and quality of our asset base. The completion of the share class merger also marks the final stage in the simplification of the share capital structure of the company, positioning the business well for the second half of the financial year.’
- Workspace Group (WKP) has exchanged contracts to acquire Stapleton House, also known as ‘The Old Dairy’, in Shoreditch, for £43.38m. The property provides 57,000 sq ft of net lettable space adjacent to Workspace’s business centre, The Frames, which opened in 2017 following a major refurbishment project. The Old Dairy is currently 80% let and is being acquired at a net initial yield of 4.9% and a capital value of £761 per sq ft. The acquisition is being funded from existing facilities.
- PRS REIT has announced its intention to raise £75m through a placing of new shares. It intends to place 72,815,533 new ordinary shares at a price of 103p, which is the same price as the company’s closing price on 24 September 2021 and a discount of 6.79% to the company’s closing share price of 110.5p on 17 September 2021 (being the last business day prior to the announcement that the company was exploring raising additional capital). It is also a 4.2% premium to the unaudited adjusted net asset value (NAV) as at 30 June 2021 of 98.9p per share. It said it would use the proceeds to acquire an investment pipeline comprising six sites, with the potential for 670 new homes providing a total estimated rental value (ERV) of around £6.5m per annum. Admission of the shares is expected to occur on or around 4 October 2021.