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QuotedData’s morning briefing 12 September 2022

In QuotedData’s morning briefing 12 September 2022:

  • HgCapital (HGT) has posted its interim results for the six months ended 30 June 2022. During that time, the NAV increased by 1.8% though its share price fell by 20.5%. This compares with its benchmark which also fell by 4.6%. The trust has declared an interim dividend of 2.5p per share to be paid in October. A 13% uplift in the portfolio value during the period under review was driven by strong trading performance and partially offset by an 8% reduction, primarily due to a decline in the trading multiples of publicly listed peers within the comparable basket of companies. Meanwhile £29m of cash was returned to HGT from liquidity events. David Toms of HGT said: “Increasingly, we see this environment as one of opportunity, as short-term valuations create space for greater long-term performance for those who have and will continue to maintain a disciplined approach and strategy.”
  • Greencoat Renewables (GRP) has published its interim results for the six months to 30 June 2022, during which time its investments generated 1,127GWh of electricity and it generated net cash of €92.1m. The period also saw the trust acquire three wind farms, across multiple geographies along with the forward sale acquisition of Erstrask North in Sweden. Wind resource was above forecast, while generation over the period was less than 4% below budget, predominately due to constraints and curtailments in Ireland. GRP has declared total dividends of 3.09 cent per share with respect to the period. The targeted annual dividend is now 6.18 cent per share, up from 6.06 cent per share in 2021, an increase of 2%. GRP paid a quarterly dividend of 1.515 cents per share with respect to Q4, 2021 on 25 February 2022, a second and third dividend of 1.545 cents per share on 1 June and 26 August 2022, with a future dividend payment scheduled for November 2022. The chair said: ‘The Company is clearly benefiting from having access to the widest opportunity set, enabled by our scale and geographic reach, with our core focus remaining the acquisition of contracted wind and solar assets. Whilst Ireland remains a core market, we expect future acquisitions to be weighted towards Europe as the Company continues to diversify. In particular, we expect to see continued growth in our offshore portfolio where we see significant value and potential for acquisitions.’
  • Third Point Investors (TPOU/TPOG) has posted its interim results for the six months to 30 June 2022, during which time its NAV fell by 22.6% while its share price also fell by 18%. The share price discount to NAV reduced noticeably from 14% to 9%, helped in part by accretive discount control management measures. 1.2 million shares were repurchased at a value of approximately $28.2 million, adding 12 cents per share to NAV, while the company completed the successful execution of the March 2022 exchange facility, whereby eligible investors had the opportunity to exchange shares for those in the Master Fund at a 2% discount to NAV. The facility was oversubscribed and resulted in accretion both for those who availed the programme and for the broader shareholder base.
  • Doric Nimrod Air One (DNA) has posted its annual results for the year to 31 March 2022. During the period, the company declared and paid four quarterly dividends of 2.25p per share each, at a rate of dividend payment equivalent to 9p per share. DNA and Emirates have now reached an agreement that at the lease end date, currently expected to be 16 December 2022, DNA will sell the asset to Emirates for £25.30m. The directors intend to distribute the sale proceeds to shareholders, net of any liquidation and other costs and assuming successful completion and no further or unexpected costs or events, as soon as possible. It is currently anticipated that the process for liquidation of the company will, subject to the passing of the required resolution at a general meeting, commence as soon as practicably possible thereafter, following payment of monies to shareholders.
  • CLS Holdings (CLI) announces the results of the tender offer for one in every 40 shares in the company. A total of 10,184,894 shares were tendered, scaled back from 154,132,053 shares that were validly offered, at an aggregate price of £25.5m. This represented around 2.5% of the share capital of the company.

We also have annual results from Mid Wynd International, portfolio updates from VH Global Sustainable Energy Opportunities and NextEnergy Solar and an intention to float from The Sustainable Farmland Trust and Independent Living REIT

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