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QuotedData’s morning briefing 9 September 2022

In QuotedData’s morning briefing 9 September 2022:

  • Riverstone Credit Opportunities Income (RCOI) has announced that it is upsizing its investment in Hoover Circular Solutions, a sponsor-backed company that is a global leading specialty rental provider of containers and mobile asset management solutions across the energy, industrial, refining, and petrochemical industries. In October 2020, RCOI participated in a recapitalisation of the borrower, with the equity sponsor investing over US$90m of new cash equity to completely refinance the capital structure. At closing on 1 October 2020, US$7.4m was committed by RCOI and US$3.8m was still outstanding as of the recent quarter end 30 June 2022. On 1 September 2022, RCOI was able to invest an additional US$8.0m of equity in this first lien, floating rate investment.

  • Fair Oaks Income (FAIR) has published its interim results for the six months ended 30 June 2022 and has provided the following highlights:
    • The Company’s Net Asset Value (NAV) return per 2021 share was -5.3% (30 June 2021: +17.1%) for the six month period ended 30 June 2022 on a total return basis (with dividends reinvested). The NAV return per realisation share was -5.0% (30 June 2021: +17.0%) for the six month period ended 30 June 2022 on the same basis.

    • As at 30 June 2022, the Company’s total market capitalisation was US$266m, comprising US$225m of 2021 shares and US$41m of realisation shares.

    • The Company’s 2021 shares closed at a mid-price of US$0.5750 on 30 June 2022 (30 June 2021: US$0.6675). The 2021 shares traded at an average discount to NAV of 5.51% during the six month period ended 30 June 2022 (30 June 2021: 1.76%).

    • The Company’s realisation shares closed at a mid-price of US$0.6500 on 30 June 2022. The realisation shares traded at an average discount to NAV of 3.22% during the six month period ended 30 June 2022.

    • The Company declared dividends of 5.00 US cents per 2021 share and realisation share in the six month period ended 30 June 2022.

  • Vietnam Enterprise Investments (VEIL) has published its interim results for the six months ended 30 June 2022. During the period, its NAV fell 20.1%, which was slightly better than the VN Index, which fell 21.2%. The report says that despite the various global headwinds we face, the Vietnam’s economic picture remains largely unblemished. However, the tightening of bond issuance regulations together with the crackdown on a high profile executive in the property sector for stock market manipulation, all dampened local investor sentiment in sectors such as banking, real estate and construction, as well as materials and resources.
  • Seraphim Space Investment Trust (SSIT) has participated in the series D Funding round for Taranis, an AI-powered crop intelligence provider. The round was led by Inven Capital, a European climate tech fund. SSIT was a new investor in Taranis, as was Farglory Group. Reportedly, there was strong backing from existing investors including Vertex Growth, Viola Ventures, Vertex Ventures Israel, La Maison Partners, Hitachi Ventures. Since starting in 2015, Taranis has worked with the world’s top agricultural retailers and crop protection companies, serving millions of acres for customers in the United States, Brazil, and Europe. Taranis’ crop intelligence platform uses leaf-level imagery and advanced machine learning (reportedly trained by the industry’s largest crop dataset containing over 200 million AI-data points). In the most recent growing season, Taranis is said to have delivered millions of actionable insights to agricultural advisors and growers. Its platform is designed empower its clients’ decision making, simplifying their crop management, and improving their bottom lines.
  • ScotGems’ (SGEM) shareholders approved its liquidation yesterday. The manager has realised 100% of the value of the portfolio. The only unrealised investments are depositary receipts in Fix Price Group, a retailer with exposure to the Russian market, which are currently incapable of being traded due to legal restrictions imposed in response to the war in Ukraine. They are currently held at nil value for accounting purposes. The liquidators expect to make an initial distribution of the cash proceeds of the liquidation, less the costs of the proposals and the amount attributable to the liquidation fund, on or around 13 September 2022. It is expected that this initial distribution will be 79p per share.
  • Harworth Group (HWG) has completed the sale of its Kellingley development site in Selby, North Yorkshire, to HPREF I Konect Investments SARL, for £54.0m.

We also have manager changes at BlackRock Latin American.

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