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QuotedData’s morning briefing 10 December 2021

QuotedData Morning briefing

In QuotedData’s morning briefing 10 December 2021:

  • Miton Global Opportunities (MIGO) has announced that it has changed its name to MIGO Opportunities Trust, in order to make it easier 1) for potential investors to find and identify the company, which it says has increasingly become known as MIGO, and 2) promoting its success in the interests of all shareholders. The ticker and ISIN code remain unchanged.
  • SDCL Energy Efficiency Income Trust (SEIT) has published its interim results the six-month period ended 30 September 2021. Key highlights are as follows:
    • Net asset value (“NAV”) at 30 September 2021 of £943.6 million, up 36% from £693.8 million at 31 March 2021
    • NAV per shar at 30 September 2021 of 104.5p, up 2.0% from 102.5p at 31 March 2021
    • Total NAV return: 4.7% in the six-month period and 7.1% p.a. since IPO
    • Profit before tax of £23.0m in the period to 30 September 2021, up 34% (September 2020: £17.2 million)
    • Interim Dividends: declared in the period of 2.81p per share, covered by earnings per share and cash from investments
    • Target aggregate dividend: on track to deliver 5.62p per share for year ending 31 March 2022, in line with previous announcements on target dividend
    • Investment cash flows from the portfolio during the period of £27.2 million were in line with expectations, providing cash cover of 1.2 times for interim dividends paid during the period
    • Portfolio Valuation of £785 million at 30 September 2021, up 42% from £553 million at 31 March 2021
    • New investments and commitments of £208 million in period. Since 30 September 2021, additional investments of £41 million
    • Successful capital raising of £250 million in September 2021 with proceeds used to repay approximately £70 million of revolving credit facility (“RCF”) debt and to commit to new investments
    • Admitted to the FTSE 250 index as the Company’s market capitalisation surpasses £1 billion, increasing marketability and liquidity for shareholders
  • Standard Life Investments Property Income Trust (SLI) has completed two purchases totalling £22.79m, financed out of existing cash reserves. The first is a forward funding of an industrial development in St Helens for a total commitment of £15.05m. The scheme is pre-let to St Helens Borough Council for a 15-year term with five-yearly index-linked rent reviews generating a net initial yield of 4.25%. The unit will be used as a research and development facility, focussing on improving the environmental impact of glass manufacture. The second acquisition is an industrial unit in Washington let to Griffith Textile Machines Ltd until September 2035. The purchase price of £7.735m reflects a net initial yield of 5.75%. Included with the building is a 3.5-acre development site, providing SLI with value enhancing development opportunities.

We also have HgCapital Trust’s investment in Pirum Systems, annual results from Aberdeen Standard Equity Income, the results ThomasLloyd Energy Efficiencies‘ IPO, annual results from Edinburgh Worldwide and results from River & Mercantile UK Micro Cap.

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