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QuotedData’s morning briefing 29 June 2022

Two new vessels for Tufton Oceanic Assets : SHIP

In QuotedData’s morning briefing 29 June 2022:

  • Tufton Oceanic Assets (SHIP) has applied to introduce an additional market quote for its shares on the London Stock Exchange denominated in GBP Sterling, which will appear alongside the existing US Dollar market quote. There will be no changes to the legal form or nature of SHIP’s shares nor to the reporting currency of its financial statements (which will remain in US Dollars). A new ticker (SHPP) will be introduced for the GBP quote, effective from 1 July 2022. In light of this, the board also announces that future dividends (including the Q2 2022 dividend) will be capable of being paid in GBP Sterling, rather than US Dollars, provided that the relevant shareholder has registered to receive their dividend in GBP Sterling under the Dividend Currency Election.
  • HgCapital (HGT) has announced that one of its investment holdings, Citeline (a provider of special intelligence, data and software for clinical trials) has announced an agreement to merge with Norstella (which helps life sciences companies navigate the complexities of the drug life cycle). The terms of the transaction have not been disclosed but the merger is expected to close in the second half of 2022 subject to customary closing conditions and regulatory approvals. HGT will invest approximately £4.7m in the transaction. 
  • Schroder UK Mid Cap (SCP) has posted its half year report for the six months to 31 March 2022, during which time its NAV fell by 11.4% while its share price was down by 18.2%. This compares with a 9% fall from its benchmark. The company said that trading updates for the companies within the portfolio were generally quite robust and therefore the fall in the share price in large part reflected a deterioration in general sentiment about the domestic UK economy. An interim dividend of 5.0 pence per share has been announced, representing a 32% increase on the interim dividend for last year. The chair said: “All equity markets have been under pressure but the UK has held up better than many given both its compositional mix but also due to its low starting valuation compared to most other markets. Many UK companies, outside of the energy and commodity sectors, have de-rated substantially given the challenging economic backdrop, despite reporting robust earnings thus far in 2022 and trading at already low valuations in a global context. International buyers continue to capitalise on the attractive valuation levels of UK companies through increased merger and acquisition activity, especially in the small and mid-cap space. Real value exists around current levels for trade buyers prepared to take a longer-term perspective and look through the current uncertainties.”
  • Self-storage specialist Big Yellow Group (BYG) has exchanged contracts to acquire a site on Farnham Road in Slough from SEGRO (SGRO). The site falls within the Slough Trading Estate Simplified Planning Zone (SPZ), which means the company does not need to secure a full planning permission to develop its proposed 62,000 sq ft store on the site. As part of the transaction, BYG has also agreed to the surrender of the lease on its existing Slough store on Whitby Road, which is leased from SEGRO. The lease surrender will take effect six months after the completion of the construction of the new store, which is anticipated to open in Summer 2024. The total development cost of the new store is £19m.

We also have the result of VH Global Sustainable Energy Opportunities’ placing and Asset Value Investors raises concerns over Fujitec’s board. Meanwhile, African Opportunity has announced a mandatory redemption and DP Aircraft has announced a fundraising.

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