In QuotedData’s morning briefing 8 October 2021:
- Biopharma Credit’s listing on the International Stock Exchange (TISE) has been cancelled with effect from today.
- Marwyn Value Investors (MVI) has announced its results from the Zegona tender offer (previously announced on 8 September – click here to read more). In summary, the Marwyn Funds were able to tender 98.2% of their Zegona shareholding, generating proceeds of £45.4 million attributable to the Company’s ordinary shares (representing £0.813 per ordinary share) and £6.7 million attributable to the Company’s realisation shares (representing £1.815 per realisation share). Receipt of the proceeds is expected by 14 October 2021. MVI says that, as it has already made returns to shareholders significantly in excess of the 50% of net capital gains as set out in the Ordinary Share Distribution Policy, no cash return is due to ordinary shareholders from the Zegona tender offer. The proceeds will be used to support the dividend policy and support the existing portfolio of Marwyn acquisition vehicles (AdvancedAdvt, Marwyn Acquisition Company, Marwyn Acquisition Company II and Marwyn Acquisition Company III) and Silvercloud Holdings. The exit via the tender represents a 1.4x cash multiple and 8.1% IRR for the Marwyn Funds over the life of their investment so far.
- JPMorgan American (JAM) has announced that it has raised an additional US$35m of long-term debt, through the issue of a fixed rate, senior unsecured privately placed note. The note, which was funded on 7th October 2021, was for US$35m in total, matures in 2032 and has a fixed coupon of 2.32%. The net proceeds from the issue will be used in part to repay JAM’s short-term indebtedness, with the balance available to be invested as and when opportunities arise. JAM’s short-term debt facility will also remain in place, providing further investment flexibility.
- Secure Income REIT (SIR) reports that 100% of the £44.2m of rents due between July and October 2021 have been collected – including £17.6m due from Alton Towers operator Merlin Entertainments, which represents the total amount due from agreed deferred payments from June and September 2020.
- Student accommodation giant Unite (UTG) says 94% of its 73,000 student bed spaces let for 2021/22 academic year, ‘slightly below’ expected 95%-98%. Voids are concentrated in cities where it expects universities to have lost market share due to higher grading during the pandemic boosting demand for leading universities.
- BMO Real Estate (BREI) reported a NAV total return of 9.1% in the year to 30 June 2021. Revenues were steady at £16.9m (£17m). Rent collection since the onset of the pandemic is 96.3%, while collection for the current year to June stands at 97%.