In QuotedData’s morning briefing 12 January 2022:
- ICG Longbow Senior Secured UK Property Debt Investments (LBOW) has received repayment in full of the £16.2m GMG loan, following a sale of the underlying property. The repayment is accompanied by interest and exit fees of approximately £800,000 in aggregate. The board is consequently pleased to announce that it has resolved to return an amount of 14.00 pence per ordinary share to shareholders, being £16,982,389 in total based on the current number of ordinary shares in issue. This return of capital will be effected by way of an issue of redeemable B shares to existing shareholders pro rata to their shareholding on the record date set out below and the subsequent redemption of those B shares.
- Schroder UK Public Private (SUPP) has made a €12m investment in leading renewed electronics marketplace, Back Market, as part of its $510m Series E funding round. The round was led by Sprints Capital and SUPP invested alongside the co-investment partner via a single asset fund, Sprints Capital Ellison LP. This investment is in line with the Company’s focus on backing innovative businesses with disruptive innovation, significant global growth potential, high quality management teams and supported by highly reputable co-investors. SUPP has committed to improving its sustainability profile and the investment in Back Market is in line with SDG 11 “Make cities and human settlements inclusive, safe, resilient and sustainable”, specifically Target 11.6 “ By 2030, reduce the adverse per capita environmental impact of cities”, SDG 12 “Ensure sustainable consumption and production patterns”, specifically Target 12.4 “By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle”, Target 12.5 “By 2030, substantially reduce waste generation through prevention, reduction, recycling and reuse”, and SDG 13 “Take urgent action to combat climate change and its impacts”. SUPP’s managers said: “In a rapidly evolving electronics market where sustainably conscious consumers are increasingly opting for recycled products as an alternative to new technology, Back Market is very well placed for continued strong growth. By prolonging the life of millions of consumer electronics devices, Back Market is also set to have a considerable impact on reducing the overall environmental impact of this important industry. We look forward to supporting the company on its journey over the coming years”.
- Helical (HLCL), the London office developer and investor, has announced its intention to convert to a real estate investment trust (REIT) with effect from 1 April 2022. Following conversion, Helical will be exempt from UK corporation tax on the profits of its property activities that fall within the REIT regime in the year ending 31 March 2023 and beyond (the rate of UK corporation tax increases from 19% to 25% from April 2023).
We also have a proposed placing from both JLEN Environmental Assets and abrdn European Logistics Income.