In QuotedData’s morning briefing 27 October 2021:
- Henderson International Income (HINT) has published its annual results for the year to 31 August 2021. During the period, its NAV rose by 22.7% (debt at par) and by 23.5% (debt at fair value) while the total return on the ordinary share price was 18.5%. This figure includes total dividends of 6.30p per ordinary share, an increase of 5% on the previous year. This year marks the tenth anniversary of HINT and the tenth increase in annualised dividend growth. These returns compare to a total return of 26.9% for the MSCI World (ex UK) Index (sterling adjusted). The chairman said the portfolio has benefited from the economic recovery, generating considerable capital appreciation plus revenue growth year-on-year. This has been led by a combination of highly cyclical companies rallying on a strengthening economic recovery and high growth companies while more defensive equities have appreciated but have lagged the market. Despite the reinstatement of dividends, higher dividend yield indices have underperformed the broader market again this year. The yield on the HINT’s benchmark is not in line with its income objective. and so the board is reviewing the options to ascertain whether there is a more appropriate index by which to measure performance. Interest rates remain at record lows, and against this backdrop , HINT’s objective of delivering an appealing income from a diversified portfolio of holdings remains highly relevant. It will continue with its existing strategy of identifying companies that are attractively valued, pay a sustainable dividend and have the capacity to grow their earnings and dividends over the medium to long term.
- Schroder Japan Growth (SJG) has posted its annual report and accounts for the 12 months ending 31 July 2021. During the period under review, SJG outperformed, delivering 25.7% in NAV terms, versus a benchmark return of 18%. Its share price performance was even more positive, with a total return of 33.7% over the same period following the implementation of an active buyback programme. Revenue during the year decreased from 5.00p to 4.38p per share. In line with its stated policy the board will continue to pay out substantially all income to shareholders and has therefore declared a final dividend for the year ended 31 July 2021 of 4.30p per share, representing a decrease of 12.2% over the final dividend paid in 2020. Chair, Anja Balfour, said: ‘While the political backdrop remains challenging, with a newly elected Prime Minister and a General Election expected later this year, the outlook for Japanese corporates is positive. Earnings continue to recover as the economy reopens and consensus expectations are that this broad recovery is set to continue as the country gets to grips with its vaccination programme and rebuilds.’
- Urban Logistics REIT (SHED) has published a circular to shareholders with details on its proposed listing on the premium segment of the London Stock Exchange’s main market and the cancellation of admission of its shares on AIM. The board is seeking approval from shareholders for the move and also to adopt an amended investment policy (to satisfy certain eligibility requirements ahead of listing) and to give directors the authority to implement a placing programme giving the company the ability to issue a maximum of 350 million ordinary and/or C shares on a non pre-emptive basis. It is expected that the company will publish a prospectus in connection with admission and the placing programme in mid-November and it is expected that admission will occur on or around 7 December 2021. A General Meeting will take place on 12 November 2021, to seek shareholder approval. Trading in the Ordinary Shares on AIM will be cancelled simultaneously to admission.
- Yellow Cake (YCA) has placed 30,000,000 new ordinary shares with existing and new institutional investors at £3.64 per share via an accelerated bookbuild. Altogether the fund will raise gross proceeds of approximately £109m.