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QuotedData’s morning briefing 21 October 2022

In QuotedData’s morning briefing 21 October 2022:

  • Dunedin Enterprise (DNE) has announced details of a tender offer that will return up to £41m to shareholders. This follows DNE realising its investment in Incremental and Dunedin Buyout Fund II LP completing the realisation of its investment in RED. Shareholders who successfully tender shares will receive the price that is a 1.0% discount to the NAV per Share as at 30 September 2022 (adjusted for the dividend of 34p per share which has also been announced). The tender price and the basic entitlement (which will be calculated by dividing the £41m by the tender price) will be announced on 1 November 2022, alongside the Company’s NAV per Share as at 30 September 2022.
  • Custodian REIT (CREI) has sold Gosforth Shopping Centre, its only high street shopping centre, for £9.3m. CREI acquired the 73,367 sq ft asset as part of its acquisition of DRUM Income Plus REIT Plc, in November 2021, and the price reflects a 3.5% premium to the £8.975m apportioned value of the asset at that time. Since acquiring the shopping centre, CREI has completed a number of asset management activities which have increased occupancy from 93.6% to 95.7% and grown the rent roll by £78k (8.5%), with the asset producing £0.9m of rental income over the period of ownership. CREI says that it intends to use the sale proceeds to fund its ongoing pipeline of building refurbishments, which is expected to enhance rents and improve the environmental performance of its portfolio.
  • BBGI Global Infrastructure (BBGI) says that the transaction to acquire a 25% minority interest in Center Hospitalier de l’Université de Montréal (CHUM), located in Montreal, Québec, Canada, will not proceed as certain conditions related to the transaction have not been fulfilled. BBGI and the seller, Obrascón Huarte Lain, S.A. (OHL), have formally ended the purchase process.
  • SLF Realisation (SLFR) has announced that it has reached a settlement regarding Borrower 5 within the Ordinary Share Class Portfolio (a US Solar Manufacturer which ceased operating in early 2017 and has not restarted operations since then). The settlement agreement is in regard of a Parental Guarantee from Shunfeng International Clean Energy Limited (the Guarantor), Borrower 5’s Hong Kong listed parent company at the time. The settlement agreement comprises an immediate cash payment of US$3m, of which SLFR will receive US$2.55m and the other lenders will receive US$0.45m.  In addition, within two months, SLFR will receive 100m shares of common stock in the Guarantor, and in one year either US$1.8m in cash or the equivalent value in Guarantor shares of common stock at the Guarantor’s option. The position had a carrying value of £1.03 million as at 30 June 2022.
  • TwentyFour Income Fund (TFIF) has announced the results of its placing. It has placed 45,276,074 ordinary shares into the market at the Placing Price of 94.95p. All 9,582,068 Ordinary Shares that were elected for realisation in the 2022 Realisation Opportunity have been placed into the market and £34.2m has been raised through the issuance of 35,694,006 new ordinary shares under the Placing. As previously announced, participants in the placing will be allocated a proportion of ordinary shares at the redemption price (91.99p) and a proportion at the placing programme price (95.75p), in each case pro rata to the size of their allocation under the placing, resulting in all participants paying the same ‘blended’ placing price (94.95p).
  • Highbridge Tactical Credit Fund (HTCF) has been informed by its auditors, PricewaterhouseCoopers CI LLP, that they have been unable to form an audit opinion on the financial statements for the period ended 30 June 2022. The reason given is that HTCF does not have recent and reliable information concerning the value of its investments in AllBlue Limited and AllBlue Leveraged Limited to support their value. The most recent information available on these investments to the HTCF’s directors, and therefore its auditors, is as at 31 July 2018. This information has so far been used in HTCF’s financial statements issued since that date but, because HTCF realised and distributed the majority of its assets during the period under review, the investment in those two funds is now deemed to be a significant component of HTCF’s balance sheet (it is thought to be approximately 8% of HTCF’s NAV).

We also have annual results from Manchester and London.

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