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QuotedData’s morning briefing 12 November 2021

QuotedData Morning briefing

In QuotedData’s morning briefing 12 November 2021:

  • Capital Gearing (CGT) has announced its annual results for the six months ended 5 October 2021. At 5 October 2021, CGT’s NAV per share was 4,894.6p, compared to 4,590.2p at 5 April 2021. Including dividends reinvested in the period, this represents a total return of 8.2% over the past six months and 12.1% over the last twelve months. Whilst CGT does not have a formal benchmark, other than to beat the RPI index over the medium term, the performance has exceeded the rise of 7.7% in the MSCI UK Index over the past six months, but has lagged the 24.1% return from this index over the past year as equities bounced back strongly after the initial collapse at the start of the pandemic. The RPI has risen by 4.9% over the last year. CGT says that returns over the last six months have been boosted by strong performance from the equity portfolio, notably the property funds, which have predominantly inflation-linked income-based returns.
  • Separately to its interim results announced above, Capital Gearing (CGT) has also announced a change in its accounting reference date to 31 March. The next set of audited financial statements of the Company will cover the period to 31 March 2022. The change follows a review by the board of the annual reporting timetable, which concluded that using a period end which coincides with monthly and quarterly reporting is more appropriate than the historic basis, which coincided with fiscal year end.
  • Partners Group, the investment manager of Princess Private Equity (PEY), has agreed, on behalf of its clients, to sell Pacific Bells, a leading franchisee of the Taco Bell brand in the US, to Orangewood Partners, a long-term focused private investment firm. The transaction values PEY’s stake in Pacific Bells at approximately US$18.6m, which compares to a carrying value of US$18.4m (EUR15.9m) at 30 September 2021.

  • Assura Group (AGR) has announced that its placing has raised gross proceeds of approximately £182m. The placing, which was oversubscribed, was announced and completed on the same day – 11 November 2021. A total of 267,554,740 new ordinary shares, representing approximately 10% of AGR’s existing issued share capital will be issued at 68.0p per share. This comprises the Directors’ subscription (194,117 Ordinary Shares), a total of 263,350,195 shares placed with institutional investors and a total of 4,204,545 shares to be issued to retail investors who subscribed in the offer made via the PrimaryBid platform. The placing price represents a discount of approximately 1.4% to the intraday price on 11 November 2021 at 12:00pm and 16.4 per cent premium to AGR’s EPRA NTA of 58.4p. AGR says that it consulted with a number of its major shareholders prior to the placing and has respected the principles of pre-emption through the allocation process insofar as possible. As we noted in yesterdays daily briefing, AGR has an acquisition pipeline of 22 properties, worth £102m, in legal hands and a development pipeline of new primary care facilities of £480m. [QD comment: We are very pleased to see that retail investors have been given the opportunity to participate in this capital raise via the PrimaryBid offer. We have frequently bemoaned the fundraisings that open and close on the same day, and are sewn up with institutional capital, as not being equitable for retail investors.]
  • In its monthly report issued on 9 November 2021, Ruffer Investment Company (RICA) said “As indicated in the Annual Report, the Company’s board is preparing to offer new shares to
    existing and new shareholders. Further details will be published shortly and all shareholders will be
    notified. The offer will be open to both retail and institutional investors.”

We also have annual results from Schroder Income Growth (it markedly outperformed its benchmark and is providing its 26th year of dividend growth).

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