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QuotedData’s morning briefing 26 August 2022

In QuotedData’s morning briefing 26 August 2022:

  • Greencoat UK Wind (UKW) has completed the acquisition of a net 12.5% stake in Hornsea 1 offshore wind farm, as previously announced on 16 May 2022 (click here to read our coverage of the announcement).
  • JZ Capital Partners (JZCP) has announced that, subject to the satisfaction of certain conditions, its subordinated 6 per cent. loan notes maturing on 11 September 2022, that were issued to David W. Zalaznick and John (Jay) Jordan II (the founders and principals of JZCP’s investment adviser), have been extended on an interim basis to 30 September 2022 before being further extended to 30 September 2023. It has also been agreed that, subject to the satisfaction of certain of those same conditions and following JZCP’s senior facility agreement provided by WhiteHorse Capital Management, LLC (the senior facility) being paid off in full in due course, JZCP will make mandatory redemptions from time to time of the Subordinated Loan Notes from the net cash proceeds generated from certain realisations achieved by the Company. The Company will continue to be able, subject to compliance with certain financial tests of the Senior Facility, to make voluntary redemptions of the Subordinated Loan Notes. All other terms of the Subordinated Loan Notes (including their interest rate at 6 per cent. per annum payable semi-annually) will remain unchanged and the Subordinated Loan Notes will continue to be fully subordinated to the Senior Facility. (Click here to read our commentary on the original issue – it makes interesting reading!)
  • CT Private Equity Trust (CTPE) has announced its interim results for the six months ended 30 June 2020. During the period, CTPE provided an NAV total return of 4.3% and a share price return of -8.4% (the differential reflecting an increase in the discount from 23.6% at 31 December 2021 to 33.3% at 30 June 2022). The report says that the very strong flow of realisations seen in 2021 has moderated somewhat but it remains at very healthy levels and dealflow in the year so far has remained very good. The chairman, Richard Gray, says that, against this background, it is with cautious optimism that the board notes that CTPE has made further gains for shareholders in the first half. He says that much of this is down to the focused endeavours of CTPE’s investment partners and the management teams of the underlying companies.
  • NB Distressed Debt has announced its interim results for the six months ended 30 June 2020. All three of the companies’ share classes are being wound down and, as at 30 June 2022, the Company had returned a total of $132.8m or 106.7% of NBDD investors’ original capital of $124.5m, $290m or 80.7% of NBDX investors’ original capital of $359.4m and £57.4m or 51.8% of NBDG investors’ original capital of £110.8m. The chairman, John Hallam, says that, the board is currently in what it hopes to be the final stages of harvesting a number of investments and will keep investors informed as sales occur. He says that it is the board’s intention to fully harvest NBDD’s investments during the next 12 months, subject to market conditions. 
  • Following approval of a revised investment policy at its AGM, Triple Point Energy Efficiency Infrastructure has now changed its name to Triple Point Energy Transition. The fund’s ticker has also been changed – from TEEC to TENT.
  • Boussard & Gavaudan has announced its interim results for the six months ended 30 June 2020. From 1 January to 30 June 2022, BGHL’s NAV for the Euro and Sterling shares decreased by 3.26% and 2.81%, respectively, and the share price increased by 0.43% and 5.26%, respectively, for each currency share class. As at 12 August 2022 (the last practicable date prior to publication of the interim report) the share price discount to NAV for the Euro shares stood at circa 16.29%. The chairman, Andrew Howat, says that the company began the year with the expectation of being able to enter multiple transactions including but not limited to, merger and acquisitions, spin-offs and buy-back of shares of minority shareholders in companies. He says that the bulk of the transactions were postponed due to the deterioration of the economic environment, the Ukraine political situation and the lack of clarity on inflation. 
  • Dunedin Enterprise (DNE) says that Dunedin Buyout Fund II LP has entered into a legally binding agreement to realise the investment in RED, the provider of SAP contract and permanent staff.  The transaction is subject to funding and regulatory approvals and is expected to complete in the second half of 2022. DNE’s investment in RED was valued at £23.7m in its preliminary unaudited NAV as at 30 June 2022 (published on 1 August 2022) and proceeds from the sale are expected to amount to £23.7m, consisting of capital of £19.7m and income of £4.0m. Additionally, there are future potential proceeds from an earn-out arrangement which are dependent upon RED achieving profit targets in the year to 31 March 2023. DNE’s board says that, following funding and regulatory approvals being received, it intends to announce a distribution to shareholders.

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