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QuotedData’s morning briefing 13 December 2021

In QuotedData’s morning briefing 13 December 2021:

  • Triple Point Energy Efficiency Infrastructure (TEEC) has acquired three operational, Feed in Tariff accredited hydroelectric power projects in Scotland for an aggregate consideration of £19.6m (excluding costs). They have a total installed capacity of 2.5MW, and all have five years or more of operational performance history. This investment forms part of the original portfolio of nine assets identified in the IPO prospectus, the first six of which were acquired in November 2021.
  • Taylor Maritime Investments (TMI) has agreed to acquire a 22.6% stake in Grindrod Shipping Holdings, a dual NASDAQ and Johannesburg Stock Exchange listed shipping business, for a cash consideration of $77.9m via a private, off-market acquisition from a wholly-owned subsidiary of Remgro Limited, Grindrod Shipping’s largest shareholder. The acquisition will be internally funded from the sale of two Chinese built vessels for a combined $42.8m of proceeds, cash on the balance sheet and short-term drawings on the company’s revolving credit facility. It is expected to close early next year.
  • International Public Partnerships (INPP) has reached financial close on the Flinders University Health and Medical Research Building in South Australia, which it gained as part of a consortium which included Amber Infrastructure and Tetris Capital. The company’s investment commitment will be secured against its corporate debt facility until March 2025.
  • Foresight Solar Fund (FSFL) has entered into a 10-year Power Purchase Agreement (PPA) over the electricity to be generated at the 98.5MW solar portfolio located in Andalusia, Spain. The portfolio of three assets was acquired by the company on 31 December 2020 and remains on target to start operations in June 2022. The PPA provides the portfolio with a 10-year fixed price for circa 70% of its annual production, increasing FSFL’s earnings visibility while ensuring an attractive and unique opportunity to secure a high proportion of contracted revenues for the portfolio.
  • Chrysalis (CHRY) has raised gross proceeds of £60m pursuant to its recent Placing and the PrimaryBid Offer. Accordingly, under the Issue an aggregate of 25,210,084 new Ordinary Shares have been issued and allotted conditionally upon admission at a price of 238 pence per Ordinary Share.
  • JPMorgan Japan Small Cap Growth and Income (JSGI) has published its interim results for the six months to 30 September 2021. During this period, the trust delivered 7.2% total return of its net assets while the benchmark was up 4.9%. For the year ended 31st March 2021, dividends paid totalled 21.9 pence. For this half year, two dividends of 5.5 pence and 5.8 pence respectively have been declared. Two further dividends will be declared on the first business day after 31st December 2021 and 31st March 2022. The company’s chair said: “There is no doubt that the global recovery is broadening out and gathering momentum, as economic activity returns gradually, if sometimes hesitantly, to normal. The impetus the pandemic has given to Japan’s digitisation efforts is likely to be particularly positive for productivity over the medium term.”
  • Securities Trust of Scotland (STS) has posted its half-year report for the six months to 30 September, during which time its NAV delivered 6.3%, ahead of its Lipper Global – Equity Global Income Index, which returned 6%. Revenue earnings for the period were £3.7m, significantly lower than the £5.45m recorded in the previous equivalent period. STS’s chair said: “The economic background of uncertainty regarding future rates of inflation is a key issue for investors. However, the mangers have a carefully selected group of companies in the portfolio which have attractive margins, good cash flows and most importantly strong market positions with good pricing power. These characteristics should provide security in an inflationary environment to both profitability and shareholder dividends.”

We also have full-year results from JPMorgan Japanese.

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