In QuotedData’s morning briefing 29 October 2021:
- EP Global Opportunities (EPG) has announced further details of its tender offer, first announced earlier this week. The board has proposed that the tender will be for up to 20% of the shares of the company and will be at a discount of 2% to net asset value per share (plus costs and expenses of the tender). Shareholders will be entitled to tender up to 20% of their holding of shares and to apply to tender more than their basic entitlement to the extent that other shareholders do not take up their full basic entitlement. This is conditional on shareholder approval.
- The board of Alternative Liquidity (ALF) has said that further to receipt of a distribution of $2.59m from the Vision Special Credit Opportunities ELT Fund, it has been resolved to return an amount of 1.5 cents per share to shareholders, being $2,199,655.81 in total based on the current number of shares in issue. This return of capital will be effected by way of an issue of redeemable B shares to existing shareholders pro rata to their shareholding on the record date and the subsequent redemption and cancellation of those B Shares.
- Octopus Renewables Infrastructure (ORIT) has entered a call option agreement for the acquisition of two onshore wind farms in Finland. The company has paid a deposit of £45m, which is interest bearing and will be refundable should the acquisition not complete. The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning. The acquisition under the option agreement is expected to take place in late 2021. Chris Gaydon, investment director, said; ‘We are really pleased to announce the company’s plans to acquire these wind projects in Finland, especially due to their near-term completion, contributing two high quality, income generating assets to the portfolio. We look forward to updating the market on the progression of the option agreement in due course.
- Industrial REIT (MLI – formerly Stenprop) has announced a trading update for the third quarter of 2021, where it says it has achieved a 27% weighted average uplift on rent in new lettings and 17% on lease renewals, averaging 21% across all leasing transactions (26 new and 27 renewals) with 70% of the leases signed including at least a 3% annual uplift in rent throughout the term of the lease. At quarter end (30 September) 86 leasing transactions under offer on over 415,980 sq ft of space, of which 254,814 sq ft related to new lettings and 161,166 sq ft to renewals. Seven new multi-let industrial (MLI) estates totalling £36.5m were acquired this quarter as well as the significant disposal of Trafalgar Court office in Guernsey.
We also have full-year results from Henderson Far East Income, Asia Dragon and Grit Real Estate.