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QuotedData’s morning briefing 7 April 2022

In QuotedData’s morning briefing 7 April 2022:

  • Augmentum Fintech (AUGM) is getting a boost from a series C financing round for Grover (a Berlin-based consumer tech platform). Grover has raised $330m in equity and debt. Augmentum will write up the value of its stake by £24.1m (more than double – Augmentum first invested in Grover in October 2019, leading an €11m round with an investment of €6m, and has invested a further €3m since the initial investment). In combination with abrdn’s purchase of ii (interactive investor), the implied valuations would represent an increase of 16.6p over the last published NAV per ordinary share (unaudited) as at 30 September 2021 of 147.7p, and an increase of 14.3p over the NAV per ordinary share after performance fee (unaudited) as at 30 September 2021 of 142.1p.
  • Aberdeen Standard Equity Income Trust says that its name changed, with effect from 6 April 2022, to abrdn Equity Income Trust. The shares will trade under the new name on the London Stock Exchange from 8.00 am on 8 April 2022. The ticker will change to AEI from ASEI with effect from 8 April 2022.
  • JZ Capital’s (JZCP) NAV has increased from $4.16 to $4.40 following the sale of Flow Control Systems. It also increases the chances that JZ Capital will benefit from extra proceeds from its sale of a portfolio of US businesses in 2020. The way that the deal was structured, the fund got $90m up front and can get a share of the proceeds of the portfolio but only after the other investors have been paid out $132.6m. After the Flow Control sale, they’ve been paid $97.1m and so need another $35.5m under that part of the arrangement. Once they’ve had that, JZ Capital gets 95% of all distributions (up to a total inflow of $67.6m) and then 37.5% of all distributions.
  • Apax Global Alpha intends to commit $40m to the AMI Opportunities Fund II, the successor fund to the AMI Opportunities Fund, focused on investment opportunities in Israeli mid-market companies.
  • Atrato Onsite Energy (ROOF) says its NAV at end March was 97.4p. The fund launched on 23 November 2021, raising £150m. While the pipeline is said to have grown, to date only £24.3m has been committed/invested. The company says that the net proceeds of its IPO will be substantially invested or committed within 12 months of IPO. [The shares are trading on a 14% premium. That seems a bit high given the slow progress to date.]
  • Greencoat Renewables (GRP) has bought the 21MW Soliedra wind farm from Alfanar Global Development for an undisclosed price. The wind farm is located in Soria, in the region of Castilla y Leon, Spain and consists of six GE- 137 turbines that have been operational since May 2021. GE will continue to provide long term operations and maintenance services. Soliedra wind farm is selling power in the open market, but has the flexibility in the future to sell the electricity produced via a corporate PPA. Following the acquisition, Greencoat Renewables’ total borrowings will represent 40% of Gross Asset Value (gearing of 66.7%).
  • Workspace Group (WKP) says occupancy at its London flexible office portfolio has reached normalised pre-COVID levels at 89.6%. This follows an uplift in occupancy in the first quarter of 2022 of 3% and 7.8% in the year to 31 March 2022. The group made an average of 127 lettings per month in the quarter (up on 11 in the same period last year) and saw average monthly enquiry levels of 957 (2021: 910). It also says that like-for-like rent per sq ft across the portfolio was up 1.3% in the quarter to £36.39 and total rent roll up 3.5% to £111.0m.

We also have results from Merchants Trust, North American Income and Dunedin Income Growth, plus a new valuation methodology for Lindsell Train, a proposed new investment objective for Rockwood Realisation, and a proposed equity raise by Supermarket Income REIT

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