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QuotedData’s morning briefing 10 February 2022

In QuotedData’s morning briefing 10 February 2022:

  • Odyssean’s (OIT) response to yesterday’s announcement by Strategic Equity Capital is that it “believes that the SEC Proposals represent a missed opportunity to create a leading and growing, premium investment trust of greater scale differentiated from the wider UK small cap sector.” There’s no indication that it intends to pursue the matter further.
  • 6.9m euro shares and 10.9m sterling shares in CVC Credit Opportunities were tendered back to the company at the end of December 2021.
  • BMO Managed Portfolio has a new unsecured loan facility agreement for £5m for a three-year term at a fixed rate of 2.78% with The Royal Bank of Scotland International Limited (RBSI). This replaces an existing £5m facility which matures today and is being used to gear the income portfolio. In addition, it has also renewed its £5m unsecured revolving credit facility with RBSI with a new three-year deal.
  • Foresight Solar (FSFL) says its NAV for end December 2021 was up by 3.9p to 108.1p. 2.7p of this was down to inflation. [It might be reasonable to expect to see NAV uplifts for many of the other similar funds in the renewable energy sector.] The company says “If inflation continues to increase ahead of forecast, this is expected to have a further net positive impact on the company’s NAV during 2022“.
  • Following yesterday’s announcement, LXI REIT got the full £250m it was looking for from its latest share issue.
  • Custodian REIT (CREI) posted a NAV total return of 8.5% for the quarter to the end of December 2021. This consisted of a 7.3% increase in NAV to 113.7p per share (30 September 2021: 106.0p) and dividends for the period of 1.375p (a 10% increase from the previous quarter). The group is targeting an annual dividend for the year ending 31 March 2022 of no less than 5.25p and 5.5p for the year ending March 2023. The NAV increase was partly down to the issuance of new equity for the corporate acquisition of Drum Income Plus REIT. EPRA earnings per share fell to 1.3p from 1.6p the previous quarter due to portfolio disposals and some vacancy in the portfolio. The property portfolio is now valued at £637.9m (30 Sept 2021: £565.3m).
  • Conygar Investment Company (CIC) has completed the disposal of its retail park in Cross Hands, Llanelli for £18.25m. The net proceeds are expected to be utilised in progression of the company’s development at The Island Quarter site in Nottingham. CIC purchased the 10-acre site in 2015 and constructed and fully let the 92,000 sq ft scheme to operators including Lidl, B&M Retail, Iceland’s Food Warehouse, Costa Coffee and Pets at Home with annual net rental income of £1.3m. The sale is at a 2.8% premium to the September 2021 year end valuation.

We also have news of a new purchase by Taylor Maritime and plans from Alternative Liquidity to raise more money

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