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QuotedData’s morning briefing 4 October 2021

In QuotedData’s morning briefing 4 October 2021:

  • Seed Innovations (SEED) has invested a further £150,000 in South West Brands, a London-based company seeking to establish itself as a multi-brand consumer goods group developed specifically for the CBD industry. The investment is by way of a second 12-month, 8% convertible loan note as part of a funding round by SWB to raise £300,000. The investment takes the total amount invested by SEED in SWB to date to £450,000. Ed McDermott, CEO of FastForward, said: ‘South West Brands have made considerable progress since our last investment with the successful launches of two consumer brands which have received a very positive reception from users to date.’ In the event of an IPO of SWB, SEED will receive one warrant for every four shares received pursuant to this convertible loan note at the IPO price.
  • In accordance with the terms outlined in its prospectus of April 2021, US Solar Fund (USF) shall pay its investment manager, New Energy Solar Manager, 10% of the investment management fee by way of ordinary shares of the company. USF will apply an amount equal to the management share amount to the purchase on behalf of the investment manager of shares for cash in the secondary market. The manager purchased 221,176 management fee shares on 1 October 2021 at an average price of $1.01, reflecting the amount due for the period from 1 July 2020 to 30 June 2021.
  • Taylor Maritime Investments (SHIP) has announced the delivery of two geared bulk carriers that were committed for purchase following the July equity raise (and announced on 11 August 2021). These two ships are of well-known designs from respected Japanese yards and rate above average for their peer group in terms of carbon intensity. This increases TMI’s total delivered fleet to 21 vessels. As announced on 3 September, both vessels are fixed on two year charters to a leading global commodity group, at average annualized unlevered gross cash yields of over 20%.
  • CatCo Reinsurance (CAT / CATC) provides an update regarding the ongoing US and Bermuda government enquiries into loss reserves recorded in late 2017 and early 2018 by Markel CATCo Investment Management, the investment manager: “on 27 September 2021, the SEC notified Markel that it has concluded its investigation and it does not intend to recommend an enforcement action against Markel CATCo. On 28 September 2021, Markel was advised by the U.S. Department of Justice (“DOJ”) that it has concluded its investigation and will not take any action against Markel CATCo
  • Augmentum Fintech (AUGM) has made a $5.0m investment into Wematch as part of its $19.4m Series B fundraising (led by Deutsche Börse, with participation from Illuminate Financial). Existing investor J.P. Morgan is also participating in the round. Wematch is a capital markets trading platform that helps financial institutions transition liquidity to an orderly electronic service, improving productivity and de-risking the process of voice broking. Their solution helps traders find liquidity, negotiate, trade, optimise and manage the lifecycle of their portfolios of assets and trade structures. Wematch is focused on structured products such as securities financing, OTC equity derivatives and OTC cleared interest rates derivatives. Wematch is headquartered in Tel Aviv and has offices in London and Paris. Its software is used by 40 banks, 17 fund managers and more than 1.000 traders across Europe, and since 2020 the US.
  • Shareholders in Genesis Emerging Markets approved the transition to Fidelity Emerging Markets by 72.3% to 27.7%, enough to carry the day. That was quite a big vote against, however, and more than the maximum size of the tender offer which suggests that there may be an overhang of selling shareholders.

We also have news of a property swap involving SEGRO and Schroders and fundraising by Greencoat Renewables

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