In QuotedData’s morning briefing 1 September 2022:
- London & Associated Properties (LAS) has posted its half-year report for the six months to 30 June 2022. During this time, the company increased its net assets by 17% to £34.2m and its shares now trade at 40.04p per share. LAS moved further away from traditional retail through the selling of several of its retail centres and increased its industrial portfolio with acquisitions in Warrington. The property portfolio continued seeing strong performance with group occupancy levels of 97.6% by rental income. The company said: “We sold a number of ex-growth properties [which] did not meet our criteria and banks have demonstrated consistently that they are not prepared to lend at commercially acceptable rates on assets of this type. Following these disposals, our portfolio is much more readily fundable and well positioned to maintain and grow future income. Future acquisitions will follow this strategy. We also refinanced a large portion of the existing portfolio.”
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Grit Real Estate Income (GRIT) has concluded phase 2 of the acquisition of a controlling interest in Gateway Real Estate Africa (GREA), increasing its stake to 35.01% from 26.29%. GREA is the leading development company in Africa focusing on impact real estate and developing smart business solutions for multinational tenants. The completion of this transaction would provide GRIT’s shareholders with enhanced income and capital growth. The acquisition provides GRIT with control of its own accretive development pipeline and further strengthens it’s ability to fully service its tenants’ real estate needs whilst creating positive and sustainable impacts and value to the local people and communities we serve across Africa.
- Symphony International Holdings (SIHL) has posted its interim results for the six months to 30 June 2022. During the period, the trust’s NAV fell by 1.24% which it attributes to a decrease in the value of unlisted investments, predominantly due to a depreciation in Asian currencies relative to the US dollar and weaker market valuation parameters used in the valuation of investments. The chair said there remains considerable uncertainty in financial markets due to high inflation, geopolitical tensions including the war in Ukraine and Sino-US relations, ongoing effects of Covid-19 and the more recent outbreak of monkeypox. He added: “With interest rate increases to combat inflation by the US Federal Reserve and other central banks, there is growing concern of recession as global growth slows. While we believe our businesses will be affected by global events in the short term, we remain cautiously optimistic that Symphony’s portfolio companies will continue to grow given sector characteristics and concentration in faster growing developing countries in Asia, such as India, Vietnam and Thailand.”
- JPMorgan Global Growth & Income (JGGI) has announced that it has acquired substantially all of the net assets from The Scottish Investment Trust (SCIN) in consideration for the issue of 133,919,647 new ordinary JGGI shares in connection with the reconstruction and voluntary winding up of SCIN.
The number of Scheme Shares to be issued was calculated based on a FAV per JGGI share of 4.586955 pence and a FAV per SCIN share of 9.283098 pence, producing a conversation ratio of approximately 2.023804 JGGI shares per SCIN share rolling over, each calculated in accordance with the scheme, as set out in the shareholder circular published by the Company on 5 August 2022. The scheme shares were admitted to trading on the London Stock Exchange at 8.00am on 1 September 2022.
In accordance with the terms of the Scheme, following the passing of the SCIN Resolution at the Second SCIN General Meeting held on 31 August 2022, JGGI will be substituted as issuer and sole debtor of the SCIN Bonds (of which £82,827,000 in aggregate principal amount remain outstanding), and will assume the rights and obligations of SCIN under the SCIN Bonds and the Amended and Restated Trust Deed. Following the Substitution, it is intended that the SCIN Bonds will remain listed and traded on the London Stock Exchange.
We also have a proposed placing from SDCL Energy Efficiency Income.