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QuotedData’s morning briefing 10 August 2022

In QuotedData’s morning briefing 10 August 2022:

  • abrdn European Logistics Income (ASLI) has signed the purchase agreement for the acquisition of the recently completed warehouse extension at Waddinxveen, in the Netherlands, for a total net purchase price of €4.9m. ASLI exercised its right of refusal over this development located directly next to the existing warehouse bought in 2018. The lease runs concurrent with the original, with over 11 years remaining, and will generate additional rent of around €250,000 per annum, reflecting a yield of 5%. Additionally, ASLI has agreed a new 5 year lease with ADER at Unit 3, part of Phase II at its Gavilanes site, Madrid. ADER provides distribution services to companies in the freight and logistics sector and is consolidating its operations in the Gavilanes area with the leasing of this second, 7,375 sqm building. The annual contracted rent of almost €470,000 per annum is fully CPI indexed and in line with expectations.

  • CLS Holdings (CLI) has posted its interim results for the six months to 30 June 2022. Profit after tax for the period was £17.3m, equivalent to earnings per share of 4.2p. The increase was as a result of: higher net rental income of £52.8m, smaller FX losses of £200k; lower current tax charge of £1.2m and lower deferred tax charge of £1.8m following the conversion of CLS’ UK operations to a REIT. EPRA earnings per share were 5.8p, 7.4% up on last year. In October, the group will pay an interim dividend for 2022 of 2.60 pence per share, an increase of 10.6% compared to the 2021 interim dividend, and in line with the revised dividend policy announced in May 2022 of 1.20x to 1.60x EPRA earnings dividend cover.
  • Marwyn (MVI) has updated investors on the status of its VAT reclaim. In November 2012, Le Chameau Group (formerly Marwyn Management Partners) sold its holding in Praesepe, a company operating in the gaming industry. At the time of the sale there was an ongoing dispute between the gaming industry and HMRC on the principle of fiscal neutrality. The basis of the dispute was that some similar forms of gambling were treated differently for VAT purposes and test cases were pursued by The Rank Group Plc and Done Brothers (Cash Betting) Ltd. Based on these test cases, Deloitte LLP and PricewaterhouseCoopers LLP were engaged by Praesepe plc to submit VAT reclaims to HMRC on a contingent fee basis. £1.35m was claimed from HMRC. Including interest due and after deducting all applicable fees, taxes and other expenses, the total cash amount now received is £1.061m, of which approximately £0.915m is attributable to ordinary shareholders, £0.112m is attributable to 2016 realisation shareholders and £0.006m is attributable to 2021 realisation shareholders. These amounts will be reflected in NAV calculations as at 31 July 2022. There could be more to come but given the uncertainty involved, nothing has been accrued in the NAV for this.
  • Civitas Social Housing (CSH) says that its NAV increased to 111.89p from 110.3p over the three months ended 30 June 2022. A first quarterly dividend of 1.425p puts the trust on track to deliver 5.7p for the year (up from 5.55p). The average net initial yield used to value the portfolio fell from 5.28% to 5.25%. Buybacks added 0.06p to the NAV.

We also have an annual report from CT Global Managed Portfolio.

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