In QuotedData’s morning briefing on 25 November 2021:
- Seraphim Space (SSIT) has made a new $12.5m investment into Astroscale Holdings, the market leader in satellite servicing and long-term orbital sustainability across all orbits. Astroscale closed a $109m series F round which was led by THE FUND Limited Partnership in Japan and backed by a group of investors including Seraphim Space among others. Due to recent trends in the cost of access to space and miniaturised hardware, many well-funded businesses are expecting to launch more satellites into space in the next few years which could lead to further proliferation of artificial debris that poses a threat on the sustainability of commercial operations in space and the future space economy. Current mitigation measures for low earth orbit space debris are suboptimal and include a long-standing guideline for deorbiting satellites within 25 years. Satellites currently have a small failure rate, but with thousands of satellites being launched each year, the risk posed by hundreds of dead satellites to operating spacecrafts is increasing. Astroscale is addressing the issues by offering on-orbit services used to transport, inspect, extend the life of and remove satellites in space to provide assurance and continuation of service for customers.
- Aberdeen Japan (AJIT) has posted its half-year report for the six months to 30 September 2021, during which time its NAV total return was 10.1%, ahead of its Topix benchmark return of 6.5%. The total return share price for the period was 12.1% with dividends reinvested and the discount to NAV per ordinary share narrowed from 9.9% to 8.4% as at 30 September 2021. A final dividend of 9p per ordinary share in respect of the year ended 31 March 2021 was paid to shareholders on 23 July 2021, making a total dividend for the year of 15p. Revenue return per ordinary share over the period under review rose to 3.42p. The board has declared an interim dividend of 6p for the year ending 31 March 2022 which will be paid to shareholders on 30 December 2021.
- Aberdeen New India (ANII) has published its half-year report for the six months to 30 September 2021. During the period, its NAV total return was 19%, and its share price total return was 21.8%. This was slightly behind its MSCI India benchmark total return of 23.4%. The company’s chairman said several factors sustained the market’s momentum, including an improving situation regarding the pandemic and growing confidence in the country’s recovery. Healthy buying interest from retail investors, aided by better access to technology, further propelled share prices while India, given the quality of its private-sector enterprises, benefited as investors rotated away from China over worries around regulatory tightening across multiple sectors there. During the period under review, the discount to NAV narrowed from 13.6% to 11.5% as at 30 September 2021 following ANII buying back into treasury 20,000 ordinary shares, resulting in 58,365,328 ordinary shares with voting rights and an additional 704,812 shares in treasury.
- Odyssean (OIT) has published its half-year report for the six months to 30 September 2021, during which time its NAC rose by 13.5% and its share price was up 26.4%. This compares with a 9.1% increase from its NSCI ex IT plus AIM Total Return Index benchmark. The shares ended the period trading at a modest premium of 3.1%, and on average traded broadly at par over the period. The chair said the majority of the growth in the company since launch has been organic through the strong performance delivered by the Portfolio Manager, although it has taken the opportunity to issue new shares at a premium to net asset value.
- Templeton Emerging Markets (TEM) has posted its half-year report for the six months to 30 September 2021. The six months under review saw an NAV total return of -7.5%, which was below the benchmark index return of -1.0%. Net revenue earnings amounted to 2.16 pence per share while an interim dividend of 1 pence per share will be paid on 10 January 2022, which is same level as last year’s interim dividend of 5 pence per share after taking account of the share split. The manager said: ‘Emerging markets collectively edged down over the six months under review as market sentiment swung between optimism and caution. Although progress in vaccination campaigns and businesses reopening, along with ongoing monetary and fiscal stimulus, aided economic recovery in several parts of the world, others struggled with new COVID-19 variant outbreaks. Many investors were also pricing in the potential for the US Federal Reserve to begin tapering stimulus sooner than expected. China-related concerns, including regulatory curbs and major property developer Evergrande’s debt crisis further capped risk appetite. Inflation was another dominant market theme late in the reporting period as supply chain disruptions and higher commodity prices drove up inflation around the globe.’
- JPMorgan European (JETG) has posted its half-year report for the six months to 30 September 2021. During the period, the total return to shareholders for the company’s Growth shares was +11.2%. This measurement of performance takes into account share price movements and income received by way of dividend and is calculated on the basis of debt at par value. The total return on net assets for the company’s Growth shares was +10.2% (debt at par). The Growth portfolio outperformed the benchmark by 2.0 percentage points on a net asset basis. The total return to shareholders for the company’s Income shares was +7.5%. This measurement of performance takes into account share price movements and income received by way of dividend and is calculated on the basis of debt at par value. The total return on net assets for the company’s Income shares was +7.4% (debt at par). The Income portfolio underperformed the benchmark by 0.8 percentage points on a net asset basis, on a slowing of the recovery in the Income investment style. Revenue return per share on the Growth portfolio for the six months amounted to 5.96 pence per share while revenue return per share on the Income portfolio for the six months amounted to 3.56 pence per share.
- Ediston Property Investment Company (EPIC) has announced the sale of its office building, Midland Bridge House, in Bath, for £5.925m. The net initial yield is 5.7%, which is in line with the 30 September 2021 valuation. The property comprises 18,500 sq ft space and is let to Royds Withy King until March 2029. The sale is in line with the company’s new strategy to sell its office portfolio and to reinvest the proceeds in retail warehouses.
- NewRiver REIT (NRR) published half-year results to the end of September in which EPRA net tangible assets (NTA) was down 13% to 131p. The majority of the fall was down to the £224m sale of its Hawthorn pub business during the period, as well as a 3.1% drop in the value of its retail portfolio. With the sale of the pub business, the group reduced its loan to value (LTV) during the period from 50.6% to 39.4%, which is within its guidance.
We also have annual results from BMO Capital & Income, half-year results from Montanaro UK Smaller Companies and JLEN Environmental Assets and an equity raise from Greencoat UK Wind.