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QuotedData’s morning briefing 6 May 2022

In QuotedData’s morning briefing 6 May 2022:

  • Round Hill Music Royalty Fund (RHM) has announced the conversion ratio that is to be used to convert its C Shares into new ordinary shares, which is based on the respective unaudited estimated economic net asset values of the ordinary share pool and the C share pool calculated as at 29 April 2022. The C shares will convert into new ordinary shares on the following basis of 0.8829 of a new ordinary share for every C share held. The Conversion will take effect on 11 May 2022 and dealings in the new ordinary shares will commence at 8am on that day, while the C-share class will be suspended at the same time. The total number of new shares arising on conversion will be 76,371,067. Shareholders will not be entitled to a fraction of a new shares arising on conversion.  Instead, their entitlement will be rounded down to the nearest whole number of new shares and fractional entitlements will be aggregated and sold with the proceeds retained for the benefit of the Company.
  • Apax Global Alpha (APAX) has announced an increase to its multicurrency evergreen revolving credit facility (RCF) agreement with Credit Suisse AG, London Branch. The amended RCF increases the funds available to APAX from €140m to €250m reflecting the increased NAV and the greater proportion of the invested portfolio in private equity. The margin remains unchanged at 230 bps (over the respective risk free rate or Euribor depending on currency drawn). The RCF remains undrawn as at today’s date. APAX says that the RCF will be used in accordance with its investment policy to finance or refinance its general corporate purposes, including short-term financing of investments such as the drawdown on commitments to Apax Funds.
  • Separately, APAX has announced the results of its AGM, where all of the resolutions have passed with ease. However, it is noteworthy that the resolution to re-elect Chris Ambler as an independent non-executive Director of the Company saw 11.94% of the votes cast being against his re-election. The four remaining directors all had votes cast against their re-election as being less than 1% of the total votes cast.
  • Riverstone Energy (REL) has announced a $20 million investment in Anuvia™ Plant Nutrients’ US$65.5 million in Series D funding. REL co-led the round with associated Riverstone Entities and Piva Capital, which contributed $4 million and $10 million, respectively. Anuvia will use the financing to increase production capacity at its U.S.-based eco-friendly manufacturing facility and expand commercialisation of its SymTRX™ XP line of field-ready bio-based fertilizers for large-scale agriculture. Also joining the Series D round are Morgan Stanley Investment Management, LK Advisers Limited (Mittal Family Office), along with existing investor Pontifax Global Food and Agriculture Technology Fund. REL says that the funding announcement comes at a time when the U.S. Department of Agriculture (USDA) has pledged $250 million to support “innovative American-made fertilisers,” underscoring the need to reduce dependence on traditional fertilisers sourced internationally.
  • Taylor Maritime Investments (TMI) has declared a special interim dividend in respect of the period to 31 March 2022 of 3.22 US cents per ordinary share. This takes the total dividends declared for the period from IPO to 31 March 2022 to 8.47 US cents per ordinary share, representing a dividend yield on the initial issue price of approximately 10% on an annualised basis. TMI says that “The Board’s approval of a special dividend reflects excess cash generation in what continues to be a historically strong market and we are delighted to be able to return this capital to shareholders in a timely manner.” The payment for dividends remains in US Dollar, however, dividends can be paid in sterling, provided that the shareholder has registered to receive their dividend in sterling under the Company’s Dividend Currency Election.
  • Geiger Counter (GCL) has announced that it has received applications from existing shareholders to subscribe for 17,376,023 new ordinary shares at a price of 37.84p per share. As GCL has previously announced, there is a cap of Euro 8 million on the value of ordinary shares that can be issued at the subscription price, and so each successful applicant has had the number of shares they have applied for scaled back to approximately 76.67 per cent of the number applied for. A total of 13,322,132 ordinary shares will therefore be issued to the successful applicants on the basis of one new ordinary share for every five existing ordinary shares registered in the name of the successful applicants on the record date (at 6pm on 3 May 2022).
  • EJF Investments (EJFI) has announced the results of its rollover offer to convert existing 2022 ZDP shares into new 2025 ZDP shares. The rollover offer was announced on 4 April 2022, in conjunction with a placing programme for up to 70m new ordinary shares and/or new C shares and up to 25m new 2025 placing ZDP shares. EFJI says that valid elections were received from 2022 ZDP shareholders in respect of a total of 10,021,292 2022 ZDP Shares (representing approximately 66.8 per cent. of the total number of 2022 ZDP Shares in issue). Subject to the satisfaction of the conditions of the Rollover Offer, 10,996,857 new 2025 rollover ZDP shares will be issued, on the basis of each 2022 ZDP share converting into 1.09735 new 2025 rollover ZDP shares. Application will be made for the new 2025 rollover ZDP shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange. Dealings are expected to commence at 8.00am on 10 May 2022.
  • Diverse Income Trust (DIVI) has a redemption facility through which shareholders are entitled to request the redemption of all or part of their holding of ordinary shares on an annual basis. Reflecting this, DIVI has announced that it has received valid redemption requests for the 2022 redemption point in respect of was 6,049,458 ordinary shares, representing 1.671% of the issued share capital. DIVI says that a further announcement will be made shortly after the 2022 redemption point (this being 31 May 2022), setting out the details for the redemption.
  • Witan has published the results of its AGM on 5 May 2022, where all of the resolutions have passed with ease. However, it is noteworthy that the resolution to re-elect Mrs S E G A Neubert as a director of the Company saw 38.63% of the votes cast being against her re-election. The next highest was Mr P T Yates at with 5.89% of the votes cast being against his re-election. Otherwise, the six remaining directors all had votes cast against their re-election as being less than 2% of the total votes cast.

We also have Oakley Capital’s investment in Vice Golf.

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