In QuotedData’s morning briefing 5 July 2022:
- NextEnergy Solar Fund (NESF) has signed a two-year extension to its existing £70m revolving credit facility (RCF) with Santander UK. The revised facility comes with a margin of 160bps (1.6%) over SONIA, including an uncommitted option to extend the facility term for an additional twelve months if required. As of 1 July 2022, the company had £48m available for immediate drawdown plus a £25m accordion facility (additional funds available if needed), to progress solar and battery storage assets, and the remaining NextPower III ESG commitment. Drawn short term credit facilities currently constitute £97m of the company’s £483m total debt capital structure. Borrowings are 42% of gross asset value, which as of the 31 March 2022 was £1.15bn.
- Martin Currie Global Portfolio Trust (MNP) has agreed a fee cut with its AIFM (Franklin Templeton Investment Trust Management Limited). With effect from 1 July 2022, the investment management fee will be 0.45% of net asset value, reduced from 0.5% per annum for the first £300m of net asset value (currently about £250m) and 0.35% on any balance. In addition, the AIFM has agreed that it will no longer charge a separate company secretarial fee, which in the accounting year to 31 January 2022 amounted to £56,000 plus VAT and was subject to an annual increase at the rate of UK inflation. The statement says that currently the combined effect amounts to a reduction of approximately 14% in annual fees, and results in a simpler cost structure.
- Ediston Property Investment Company (EPIC) has completed the sale of its Mecca Bingo leisure asset in Telford, which is let to Rank Group Gaming Division Limited on a lease which expires on 28 September 2022, for £5m. The sale price is 67% above the most recent valuation of the property (at 31 March 2022). The property was acquired by an owner-occupier. The sale completes the company’s investment strategy to sell all of its office and leisure assets and to reinvest the proceeds in retail warehouses.
In addition, Round Hill Music has made a statement on the copyright board decision