In QuotedData’s morning briefing 7 December 2021:
- ICG-Longbow Senior Secured UK Property Debt (LBOW) plans to hand back 6.5p per share (£7.9m) to shareholders. The capital return will be effected via an issue of redeemable B shares (issued in proportion to an investor’s holding of ordinary shares and then bought back and cancelled). The capital return is being financed by the repayment of the £7.8m Knowsley loan and a partial repayment of £0.9m of the Quattro loan. The NAV at end October was 92.7p and, following the capital repayment, it will be 86.2p. After this return of capital, the fund will have handed back 12.0p per share to investors. Payment is expected around 24 December.
- Liontrust Asset Management is buying Majedie Asset Management. Majedie Investments (MAJE) has a 17.6% stake in Majedie Asset Management which the bid values at £22.37m. Additionally, there is a deferred consideration of up to £5.68m payable in a mixture of shares and cash in 2025. The Company will reflect this new valuation in its daily net asset values and will update shareholders with further information when available.
- HydrogenOne Capital Growth is investing £9.05m in NanoSUN, a supplier of mobile hydrogen storage and refuelling systems. In total, the company is raising £12m. From the announcement: “NanoSUN’s novel mobile Pioneer Hydrogen Refuelling Stations provide a flexible and low cost connection between hydrogen customers such as truck stops, and concentrated hydrogen supply sources. The Pioneer units are filled with hydrogen at source, and transported to customer sites, where they provide storage and refuelling facilities, all in a single, re-fillable system. The resultant offering to customers is more flexible and lowers structural costs by some 60% than traditional systems, by combining distribution and dispensing equipment into a single unit.”
- Urban Logistics REIT (SHED) will today start trading on the premium segment of the London Stock Exchange’s Main Market. Admission to the premium segment of the Main Market. Trading in the existing ordinary shares on AIM will be cancelled simultaneously.
- Life Science REIT (LABS) has completed the acquisition of three buildings at the Cambourne Business Park near Cambridge for £38.7m, reflecting a net initial yield of 5.6%. Cambourne Business Park is approximately eight miles west of Cambridge and is part of the cluster of science and technology parks that have evolved from the innovative scientific research output of the University of Cambridge, one of the world’s leading universities. The three buildings, which total more than 100,000 sq ft of office and MedTech space, comprise two two-storey units and one three-storey unit and are let to tenants that include a major European MedTech company. Occupancy is currently over 83% and the property benefits from a 24 month rental guarantee on currently unoccupied space. The property currently generates £2.27m of contracted rent per annum, including guarantees, and has a weighted average unexpired lease term (WAULT) of 5.39 years.
We also have results from Tritax EuroBox and Schroder European REIT.