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QuotedData’s morning briefing 4 October 2022

Mobius Investment Trust MMIT

In QuotedData’s morning briefing 4 October 2022:

  • Mobius Investment Trust (MMIT) is offering investors a voluntary redemption opportunity as at 30 November 2022. However, performance has been good and the shares are trading close to NAV so we doubt that there will be much take up of the offer. Redemption requests have to be submitted by 2 November, the value of the fund (less costs associated with the offer) is worked out based on prices at 30 November, cash should get sent out around 14 December. If the directors choose, they can opt to set up a separate redemption pool of assets.
  • Aquila European Renewables Income Fund (AERI) has secured a power purchase agreement (PPA) for the solar PV project Jaén, which is part of its Greco solar PV portfolio. Jaén has entered into a five year pay-as-produced PPA with Statkraft Markets GmbH at “an attractive price”, whilst hedging 70% of P50 production. The pricing terms are confidential. The Greco portfolio is currently under construction, with Jaén expected to complete construction between late 2022 and early 2023, and Guillena expected during the second quarter of 2023.
  • ICG Enterprise Trust (ICGT) is investing €10m directly (€14m on a look through basis if you include the trust’s investments in other funds involved in the deal) into KronosNet. The company is being formed via a business combination of Konecta and Comdata, to create the sixth largest player in the customer experience business process outsourcing (BPO) market. KronosNet will help global clients in a variety of end industries such as financial and insurance, technology, telco, retail and e-commerce, utilities, industrial and healthcare. The new company will serve more than 500 large corporates across Europe and America with the local expertise of over 130,000 employees.
  • Baillie Gifford China Growth (BGCG) underperformed the MSCI China All-Shares Index by 5.3% over the six months ended 31 July 2022, returning -10.7%. Oddly, any reference to what happened to the share price is buried deep within the report. Fortunately, the shares moved from trading at a 4.1% discount to trading at a 0.2% premium at 31 July. Unfortunately, they have since moved to an 11.5% discount.

We also have news of new investments by Riverstone Credit and HgCapital Trust, plus an update from SDCL Energy Efficiency

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