In QuotedData’s morning briefing 24 February 2022:
- Pantheon International (PIN) has posted its interim results for the six months to 30 November 2021. Over the period, the trust delivered 22.1% NAV increase and a 17.6% increase in its share price, while it continued to benefit from a supportive exit environment with realisations primarily to strategic buyers and other private equity managers. Distributions received during the half year to 30 November 2021 totalled £198.1m, equivalent to a distribution rate of 24% of the opening attributable portfolio. After funding £77.1m of calls, net cash inflow from the portfolio was £121m.
- abrdn UK Smaller Companies Growth (AUSC) has released its half-year report for the six months to 31 December 2021, during which time its NAV increased by 12.4% and its share price was up by 10.1%.The revenue return per share for the period under review increased by 24.9% to 4.26p, with underlying dividends from investee companies rising by 23.9% on a per share basis compared to the same period last year. Dividends per share received by the Company are back in line with where they were in December 2019, pre-pandemic. The board has declared an interim dividend of 2.70p per share to be paid on 8 April 2022 with an associated ex-dividend date of 10 March 2022. Based on its current forecast for earnings and subject to there being no unforeseen circumstances, the board expects to maintain the full year dividend at the same level as last year and to start the process of replenishing revenue reserves which have been depleted over the last two years.
- Schroder UK Public Private (SUPP) portfolio company Atom Bank has raised more than £75m in new equity priced at 70p per share as it continues to grow its profitability and drive towards an IPO. This funding round will provide Atom with the capital to maintain its growth trajectory and the impact will be reflected in the next NAV update for SUPP which is expected to be provided to the market in April. Managers Tim Creed and Roger Doig said: “We are delighted to see the progress that Atom has made over the last 12 months. Schroder UK Public Private has been an early supporter of Atom and this successful fundraise underpins the quality of the business and the commercial progress achieved over the last year. We remain highly confident in Atom’s ability to generate significant further shareholder value for the Company in the mid- and long-term.”
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LXi REIT (LXI) has acquired two further assets for £26m, bringing its total spend since its £250m capital raise earlier this month to £170m. The company has acquired, by means of a pre-let forward funding transaction, a 45,000 sq ft Tesco foodstore (75% of the total value) and a 22,000 sq ft Home Bargains (25% of the total value) in Houghton le Spring. Tesco Stores Limited (the principal UK trading company of the Tesco group) has signed an unbroken 20-year lease with five yearly uplifts in line with CPI inflation, while TJ Morris Ltd (the principal group company of Home Bargains) has signed an unbroken 15-year lease, which increases five yearly upwards only in line with open market value. The second acquisition was a convenience store in Horncastle that is pre-let on a new 25-year lease to Co-Operative Food Group Limited (with a one-off break right at year 15), with fixed rental uplifts of 2.5% per annum compounded every five years.
We also have full-year results from Riverstone Energy and Greencoat UK Wind.