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QuotedData’s morning briefing 20 May 2022

In QuotedData’s morning briefing 20 May 2022:

  • Ecofin Renewables Infrastructure (RNEW) has announced that its fundraising, which was undertaken as both a placing and REX retail offer, has raised gross proceeds of US$13.1m. US$10.8m was raised through the placing and £1.8m (equivalent to approximately US$2.3m) was raised through the REX Retail Offer. RNEW will issue a total of 12,927,617 new ordinary shares at US$1.015 per share (10,687,323 in relation to the placing and 2,240,294 in relation to the REX Retail Offer). It is expected that admission to the LSE’s main market will become effective at 8am on 24 May 2022, and the new ordinary shares will be entitled to receive the interim quarterly dividend of USc1.4 cents per share declared on 28 April 2022. This dividend is expected to be paid on 10 June 2022. Three of RNEW’s directors participated in the issue. Patrick O’D Bourke subscribed for 50,000 shares, David Fletcher subscribed for 15,311 shares and Louise Vincent Subscribed for 4,899 shares.
  • Schroder Income Growth (SCF) has announced its interim results for the 28 February 2022, during which it provided an NAV total return of -0.5%, which it says compares to a 2.4% total return delivered by the All-Share Index. SCF’s share price total return lagged its NAV slightly, showing a total return of -0.8%. SCF says that both its share price and NAV have been affected by the uncertainty surrounding the conflict in Ukraine on its portfolio. However, since the year end (post 28 February 2022 to 18 May 2022), SCF’s NAV and share price have delivered returns of 2.3% and 1.1 % respectively, versus a return on the All-Share of -0.1%.
  • BlackRock Latin American (BRLA) has announced the result of its 24.99% tender offer. BRLA received valid tenders for 2,844,851 ordinary shares, representing approximately 58.2% of its issued share capital, excluding shares held in treasury. The maximum number of ordinary shares of which tenders will be satisfied is 9,810,979 which has resulted in total excess tenders of 13,033,872 ordinary shares. Shareholders who validly tendered a percentage of their shareholding up to their basic entitlement will be satisfied in full. Shareholders tendering in excess of their basic entitlement will receive their basic entitlement purchased in full plus approximately 19.70895 per cent. of their individual excess tenders. The tender price will be equal to 98 per cent. of the latest published unaudited NAV per ordinary share as at the 20 May 2022, adjusted for the estimated related portfolio realisation costs per tendered share. The final tender price will be announced on 23 May 2022.
  • Custodian REIT (CREI) has acquired two retail units on Winchester High Street covering an aggregate 5,228 sq ft let to Nationwide Building Society and Hobbs for £3.65m. The tenants’ leases expire in April 2028 and December 2031 respectively at an aggregate current passing rent of £249,200 per annum, reflecting a net initial yield of 6.41%. The acquisition was funded from the company’s existing debt facilities, resulting in its loan to value (LTV) increasing to 20.5%.

We also have annual results from ICG-Longbow Senior Secured UK Property Debt and Securities Trust of Scotland, as well as interim results from JPMorgan Japanese.

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