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QuotedData’s morning briefing 3 December 2021

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In QuotedData’s morning briefing 3 December 2021:

  • Augmentum Fintech (AUGM) has said that, if abrdn’s proposed acquisition of AUGM’s portfolio company interactive investor goes ahead based on its understanding of the terms of the transaction, this implies a valuation for AUGM’s investment in interactive investor of £42.4 million (30 September 2021: £36.7 million) subject to final adjustments, which would represent an increase of 3.2p over the last published NAV per ordinary share (unaudited) as at 30 September 2021 of 147.7p. AUGM has also said that this would represent an increase of 2.7p over the AUGM NAV per ordinary share after performance fee (unaudited) as at 30 September 2021 of 142.1p. AUGM acquired its interest in interactive investor in March 2018 as part of the seed portfolio at IPO, at a valuation of approximately £3.8 million; and the realisation will represent a multiple of 9x cost and an IRR of 87%. While completion of the transaction is subject to the customary regulatory approvals, AUGM say that it expects the transaction to complete in the second quarter of 2022.
  • TR Property (TRY) has announced its interim results for the half year ended 30 September 2021. During the period, TRY provided an NAV total return of 15.6%, 4.6% ahead of its benchmark’s total return of 11.0%. The share price total return was 22.1% as the discount, which the shares traded at in March 2021, virtually disappeared over the subsequent six months. The decision to increase the interim dividend to 5.30p reflects the Board’s confidence that revenue will return to pre- pandemic levels over the next eighteen months.
  • Ruffer Investment Company (RICA) has announced that it has raised total gross proceeds of approximately £40.9 million with the issue of 13,787,221 shares through its Open Offer, Offer for Subscription and Intermediaries Offer (as set out in RIA’s prospectus published on 15 November 2021).
  • BMO UK High Income (BHI) has announced its interim results for the six months ended 30 September 2021. During the period, BHI provided NAV and share price total returns of 4.4% and 10.2% respectively, while its benchmark returned 8.0%. The B share price total return for the six months was +16.4%. BHI says that the distribution yield on its ordinary shares and B shares were 5.1% and 5.2% respectively, which it says compare against a yield on the All-Share of 3.1%.
  • Urban Logistics REIT (SHED) has raised £250m through an oversubscribed issue, exceeding its £200m target. A total of 147,058,824 new ordinary shares will be issued at a price of 170 pence. The group will use the proceeds to acquire assets from its £400m investment pipeline.
  • Industrials REIT (MLI) has reported a 7.5% increase in EPRA net tangible assets (NTA) per share to £1.58 in the six months to 30 September, reflecting a like-for-like portfolio valuation growth of 7.5% to £574.0m. Adjusted earnings per share was 3.45 pence for the period (2020: 3.40 pence), fully covering a dividend of 3.375 pence per share. The board has maintained its guidance for a full year dividend of at least 6.75p. Operationally, the group is on track to be a 100% focus UK multi-let industrial (MLI) landlord by March 2022, with 92.5% of total portfolio now MLI, compared to 74.3% at March 2021.

We also have VH Global Sustainable Energy Opportunities expansion of its south Texas terminal storage assets; the results of Octopus Renewables Infrastructure’s placing and REX Retail Offer; and details of Downing Renewables and Infrastructure’s new loan agreements.

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