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QuotedData’s morning briefing 4 November 2021

In QuotedData’s morning briefing 4 November 2021:

  • Tufton Oceanic (SHIP) plans to issue up to 28,057,140 shares at $1.39 via a placing. The money raised will be used to fund the purchase of additional ships. The number of shares is 10% of the existing issued share capital. The issue price is 1.4% discount to the closing share price of $1.41 on 3 November 2021 and a 3.1%. premium to the unaudited NAV as at 30 September 2021 of $1.348, adjusted for the interim dividend of two cents declared on 21 October 2021.
  • Ecofin Advisors, LLC says that it now has a 6.87% stake in Ecofin US Renewables (RNEW) or 8,585,051 shares, aligning itself with other investors in the fund. 85,050 of those shares were received by it in lieu of management fees – it takes 15% of its fee in shares which it must then hold for 12 months.
  • Just 514,135 (0.09%) of BB Healthcare’s shares have been submitted to its redemption facility.
  • abrdn China (ACIC) says that 43,351,363 shares (94.3% of shares outstanding) were submitted to its tender facility. The tender offer was limited to 15% of the shares in issue and just 6,894,773 shares will be bought back. The tender price will be announced on 9 November 2021. [This looks like a similar situation to that of Fidelity Emerging Markets. The fund has work to do to convince investors of its merits. You can hear Nicholas Yeo talking about the fund here.]
  • Standard Life Investments Property Income Trust (SLI) reported a 5.4% increase in net asset value to 93.1p for the quarter to 30 September 2021, resulting in a NAV total return for the period of 6.5%. Its portfolio valuation increased 4.7% on a like-for-like basis.
  • Custodian REIT (CREI) has upped its target quarterly dividend by 10% to 1.375p per share (from 1.25p) starting the quarter ending 31 December 2021. Target annual dividends is now 5.25p for year ending 31 March 2021 and 5.5p for year ending March 2022. In an update the group said its NAV increased 4.2% to 106.0p per share in the quarter to 30 September 2021, and its NAV total return for the period was 5.5%.
  • GCP Student Living (DIGS) said in a corporate update that it expects its sale of the business to go through by the end of the year, despite the Competition and Markets Authority looking into it. Meanwhile, the group’s EPAR net tangible assets notched up 1.7% to 198.29p per share in the quarter to 30 September 2021.
  • Fellow student accommodation specialist Empiric Student Property (ESP) said that it has achieved 81% revenue occupancy across its portfolio for the academic year 2021/22 (AY20/21 70%) – in line with its guidance range of between 75% to 85% revenue occupancy. It added that UK students now represent 46% of bookings, with 27% Chinese and 27% other international. This compares to a pre-pandemic breakdown of around one third each for UK, Chinese and other international. As previously announced, the group has recommence dividend payments, which were suspended in March 2020 due to the COVID pandemic. It will pay 2.5p on 3 December 2021 and added regular dividend payments are expected to be re-instated from 1 January 2022, paid quarterly.
  • UK Commercial Property REIT (UKCM) has acquired West Gate, a 98,000 sq ft office building on Hanger Lane in West London, which is let to Kantar UK Limited for 10 years, for £35m. The group said the asset presents a number of redevelopment options as part of the medium term business plan with a conversion to industrial being the most likely option given the property’s close proximity to Park Royal, one of Europe’s largest urban industrial areas.
  • UKCM also made a NAV announcement, in which its NAV per share grew 4.8% in the quarter to 30 September 2021 to 94.5p. This reflects a NAV increase in the year to date of 9.0%. NAV total return for the quarter was 5.5% (15.1% for the year to date). Its portfolio value increased by 4.7% to £1.3bn on a like-for-like basis.

We also have news of a new investment by Syncona and Derwent London.

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