In QuotedData’s morning briefing 17 June 2022:
- River & Mercantile UK Micro Cap (RMMC) has published its interim results for the six months ended 31 March 2022, during which it provided an NAV total return of -23.53%, significantly underperforming its benchmark, the Numis Smaller Companies plus AIM ex Investment Companies Index, which provided a total return of -10.28%. The manager, George Ensor, says that there was only one holding that made a significant positive contribution to performance during the period (Capital, a provider of drilling and mining services to gold miners in Africa, gained 32% on the back of continued strong trading). He also says that, unfortunately, there is a long list of companies that significantly underperformed in the period (the most significant being Joules, Allergy Therapeutics, Brand Architekts, RA International, Ince Group, Cake Box, ActiveOps, Science in Sport, Mind Gym and Kooth).
- Bellevue Healthcare Trust (BBH) has announced that it has increased the size of its multi-currency revolving credit facility (RCF) from an aggregate value of US$235m to US$280m. The facility, which is provided by The Bank of Nova Scotia, London Branch, will expire in December 2024. BBH says that its borrowing policy is unchanged.
- Greencoat Renewables (GRP) has announced that it has renewed its investment management agreement (IMA) with Greencoat Capital LLP. The principal changes to the IMA are 1) an additional tier has been added to the cash fee structure, which will see a reduction in the fee charged in respect of GRP’s NAV over €1,750m to 0.75 per cent. And 2) it will run for a further five-year term, commencing on 25 July 2022. Otherwise, GRP says that All other material terms remain in line with the previous IMA.
- Standard Life Investments Property Income Trust has changed its name to abrdn Property Income Trust. Reflecting this, its ticker has changed from SLI to API.
We also have Octopus Renewables Infrastructure’s acquisition of a ready-to-build solar PV farm in Cambridgeshire, as well as Emmanual Gauvadan’s plans to knobble the independence of Boussard and Gavaudan Holding’s board.