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QuotedData’s morning briefing 20 October 2021

In QuotedData’s morning briefing 20 October 2021, it is very busy for a Wednesday:

  • Drum Income REIT (DRIP)’s shareholders have overwhelmingly approved the absorption of the trust into Custodian REIT. Court approval for the scheme is expected on 1 November; Drum’s shares will be suspended on 3 November and delisted on 4 November; and the new Custodian shares issued as a result of the deal should start trading on 4 November. [In our opinion, there was nothing much wrong with Drum Income Plus REIT except for its size and lack of free float. It’s a shame that this could not be rectified but this deal is probably the best outcome for investors.]
  • Shareholders in Marwyn Value Investments (MVI) are to be given a chance to have their shares redesignated as realisation shares. 2021 realisation shares won’t get dividends of participate in new investments. Their realisation pool may make follow on investments in existing holdings over the first three years. As the assets in the realisation pool are sold off, they’ll get capital returned to them. They have to wait until the manager is happy to sell those investments, however – there is no accelerated run off of the assets in the realisation portfolio. [One major attraction though is that the ordinary shares are currently trading at a 32.4% discount. That implies an almost 50% upside as the assets are liquidated.]
  • CVC Credit Opportunities (CCPE/CCPG) says 24,443 of its Euro shares will be converted to Sterling shares and 3,612,888 Sterling shares will be converted to Euro shares in its latest conversion opportunity. [A statement on the relative prospects for Sterling versus the Euro?]
  • SME Credit Realisation (SCRF) will return about £15.1m by way of a compulsory redemption of shares at the current NAV (93.27p). About 18.9% of shares outstanding will be redeemed. Shareholders on the register on 27 October will get cash on or after 5 November.
  • Big Yellow (BYG) has planning permission for its development planned in Bath Road in Slough. Construction on the 90,000 sq ft facility will start in summer 2022 with a planned opening date of winter 2023.
  • Tufton Oceanic Assets (SHIP) has sold the Handysize Bulker Dragon for $16.2m. The vessel is, taking its charter into account, being sold for 119% of depreciated replacement cost (“DRC”). It was acquired for 74% of DRC in 2018. The fund’s remaining six Bulkers are all built in Japan with an average age of 9.5 years, are fuel efficient versus their peers (and Dragon) and have all been acquired in the past 12 months below DRC. These vessels earn a net unlevered yield approximately 3 percentage points higher than Dragon.
  • Supermarket Income REIT (SUPR) raised gross proceeds of £200m through a significantly oversubscribed issue of 173,913,043 New Ordinary Shares at 115 pence. The issue had been increased from an initial target of £100m.

We also have a statement from EP Global Opportunities, a shake up at JPMorgan European, a major merger in the sector, an acquisition by BBGI, a trading statement from Gore Street Energy Storage, a response from the board of Gresham House Strategic to Gresham House, results from Target Healthcare and an open letter to the board of Third Point.

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