In QuotedData’s morning briefing 11 November 2021:
- Third Point Investors (TPOU) looks sets to benefit from the IPO of Rivian Automotive. It invested $10m in the electric vehicle maker in January 2021, followed by a subsequent $167m investment in the company’s convertible note financing in July 2021. Third Point added to its position in the IPO and, based on yesterday’s closing price has made 1.4x its money. Separately, the Third Point board has acknowledged AVI’s requisition and will put the question of whether Josh Targoff should remain as a director of the company to shareholders at the EGM planned for 1 December 2021.
- JZ Capital Partners (JZCP)’s interim accounts warn that “Due to the uncertainties that the company will not have sufficient liquidity to repay its senior debt facility (due 12 June 2022), loan notes (due 11 September 2022) and redeem its ZDP shares (due 1 October 2022) there are material uncertainties which cast significant doubt on the ability of the company to continue as a going concern.” The directors have prepared the accounts as though the company will continue, assuming that a combination of asset disposals and the possibility of restructuring and extending the debt will solve its problems. [Holders of the zero dividend preference shares should watch events closely and examine any proposal put forward by the company with a fine toothcomb. They should be prepared to say no to any proposal that compromises their rights.]
- Recently-listed Castlenau Group (CGL) is issuing 6.4m shares in exchange for an ‘in specie’ transfer of investments by two investors with accounts managed by Castlenau’s investment manager. The investors are exchanging shares in Dignity plc, Hornby plc, and Phoenix SG Limited for shares in Castlenau.
- Primary Health Properties (PHP) has acquired the Lambgates Health Centre, Glossop, for £5m.The property is a modern, purpose-built primary care facility which is fully let to a GP practice providing 100% government backed income. The lease has an unexpired term of over 20 years which is accretive to the overall portfolio WAULT and the lot size is in line with the portfolio average. PHP’s portfolio now comprises a total of 518 assets, of which 20 are in Ireland, with a contracted rent roll of over £139m.
- Assura has announced a proposed placing of up to 267,554,740 new ordinary shares to raise gross proceeds of £190m. It is also conducting a retail offer of up to the sterling equivalent of €8m of new ordinary shares through the PrimaryBid platform. The group has an acquisition pipeline of 22 properties, worth £102m, in legal hands and a development pipeline of new primary care facilities of £480m.
- Assura also posted interim results for six months to September 2021, which saw EPAR NTA increase 2.1% to 58.4p, with its portfolio up 6% to £2,595m. EPRA earnings were up 7% to £40.9 m, EPRA EPS of 1.5p (2020: 1.4p).
- Home REIT has deployed a further £62.6m of the proceeds raised in the company’s £350m equity issue in September 2021, meaning it has now deployed £229m of the net proceeds. The 19 portfolios it has purchased in today’s announcement comprise 173 properties located across England and 829 beds, bringing the total to over 6,500. They are let on an average lease length of 25 years at low and sustainable rents, on new, unbroken, full repairing and insuring leases to 12 different specialist registered homeless charities. The leases are subject to annual upward-only rent reviews, index-linked to the Consumer Prices Index, with an annual collar and cap of 1% and 4% respectively.
We also have results from Schroder Oriental Income, maiden result from Home REIT and interims from Urban Logistics REIT.