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QuotedData’s morning briefing 6 June 2022

In QuotedData’s morning briefing 6 June 2022:

  • Atrato Onsite Energy (ROOF) has posted its interim results for the period from its launch on 16 September 2021 to 31 March 2022. ROOF raised £150m at IPO in November 2021, and has since avoided 18 tonnes of CO2 equivalent. Installed operation capacity ended the period at 976kW  while total generation during the period was 77,000kW. In April, the trust declared its first interim dividend of 1.76 pence per Ordinary Share, which represents the first payment under its annualised dividend target of 5 pence per Ordinary Share for the financial period ending 30 September 2022.
  • Lowland (LWI) has posted its results for the six months to 31 March 2022, during which time it recorded a 0.7% decline in Net Asset Value, compared with an increase of 4.7% from its benchmark. Recovery in income continued with Earnings per Share rising to 1.72p, against a comparable 1.28p, though this is still below the 2019 pre-pandemic level of 2.22p. LWI has declared its second interim dividend of 1.525p, bringing the total for the year so far to 3.05p, compared with 3.00p last year adjusting for the split. The managers said: ‘Investors have plenty of concerns at a macro level. Stagflation, where inflation is high and economic growth is low, is being talked about. However, it is because it is being talked about that expectations for future returns from equities are low. Share prices are already reflecting to a large degree the very real problems. Valuations for many companies are at reduced levels using a historic perspective, yet many of the companies in the portfolio are well managed with strong balance sheets and good operating margins.’
  • Schroder UK Public Private (SUPP) holding Rutherford Health, a private oncology provider, has announced it will be winding up. SUPP’s investment was valued at £22.8m as at 31 March 2022. As it is uncertain if the liquidation process will result in proceeds for the company, SUPP’s AIFM will write-off the book value of the holding effective as at 6 June 2022, the date of the concurrent announcement of the indicative unaudited daily NAV per share. The managers said: “Since assuming portfolio management of the company, the Schroders team has spent a significant amount of time working with Rutherford to improve its financial situation and operational performance, but regrettably today’s sad announcement could not be avoided. While there were a number of factors contributing to Rutherford’s failure, the flawed expansion strategy pursued by the company in the initial development phase from 2015 to 2019 laid the ground for an ultimately unsustainable funding need. We put in a  new leadership team which vigorously pursued multiple options over the last months to seek to preserve value for shareholders but ultimately could not correct the inherited severe underlying challenges in the business.’ [This was for some time (thanks to Woodford) the trust’s largest holding.]
  • Aberdeen New Dawn (ABD) has changed its name to abrdn New Dawn, the ticker remains unchanged.
  • Diverse Income (DIVI) says it has received valid redemption requests for 6,049,458 ordinary shares. The redemption price is 110.36p. It is expected that despatch of payments in respect of the valid redemption requests will be made on or around 16 June 2022.
  • Investors approved the Honeycomb/Pollen Street combination 85.3% to 14.7%. The combined entity will no longer be an investment company and we will cease to cover it.

We also have full-year results from Odyssean and a half-year report from Edinburgh Worldwide.

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