In QuotedData’s morning briefing 10 March 2022:
- ScotGems (SGEM) says that yesterday, it received notice to terminate the investment management agreement from its manager, First Sentier Investors (UK) Funds Limited. The termination will not take effect until a replacement manager is appointed, subject to a maximum period of six months from today’s date. The board says that it continues to consider its options with respect to the future of the company and will communicate further with shareholders when a decision has been reached. [We were disappointed to report the impending demise of Jupiter Emerging & Frontier Income yesterday, but we doubt many would mourn ScotGems if it decided to give up and return cash to shareholders at this point. It is the worst-performing of the global emerging funds, trades on a 19% discount and, with net assets of £47m is probably sub-scale].
- Templeton Emerging Markets (TEM) confirms that the five Russian stocks it holds – Lukoil, Yandex, VK, Sberbank and Gazprom – are valued at zero in its NAV.
- All change at CVC Credit Partners European Opportunities (CCPE)? It is reviewing its investment policy. The board is also considering increasing the target dividend, amending the target total return, and is reviewing the parameters of the company’s contractual quarterly tender mechanism.
- Tetragon Financial (TFG) is planning a $50m tender for its shares via a modified Dutch auction (shareholders bid the price they would be prepared to sell shares at and the transaction happens at the lowest price that absorbs all of the $50m). The price range is $8 to $9.75. The tender offer expires on 7 April. [Morningstar says that the NAV is estimated at $29.51. Ongoing shareholders will see an NAV boost from this transaction but it will have hardly any impact on the company’s egregiously wide discount.]
- After yesterday’s announcement from Taylor Maritime (TMI) – that one of its vessels is stuck in a Ukranian port – Tufton Oceanic (SHIP) says today that none of its vessels have been affected by the war.
- Tritax EuroBox (EBOX) announced that Fitch Ratings has upgraded its senior unsecured rating to BBB from BBB-. Fitch has also affirmed the group’s Long-Term Issuer Default Rating (IDR) at BBB- with stable outlook.
- Schroder European REIT (SERE) posted a NAV increase of 0.8% for the quarter to 31 December 2021 to 150.4p per share. With dividends paid (1.85 euro cents), NAV total return for the period was 2.1% and 4.5% for the year. The group’s portfolio valuation increases 2.2% on a like-for-like basis in the quarter to €221.4m.
- Home REIT says that Jamie Beale, part of the management team at Home REIT Advisors Limited, will shortly leave the investment adviser for personal reasons. Gareth Jones, who has acted alongside Jamie since the company’s inception as fund manager and CFO, remains in this role and will continue to be supported by the wider team at the investment adviser, including Charlotte Fletcher as head of transactions.
We also have news of an acquisition by Gore Street Energy Storage, and results from F&C, LMS Capital and Secure Income REIT