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QuotedData’s Morning briefing 7 November 2022

In QuotedData’s Morning briefing 7 November 2022:

  • ICG Enterprise Trust (ICGT) has announced a $15m commitment to Clayton, Dubilier and Rice Fund XII . This is ICGT’s second commitment to funds managed by CD&R, following a $10m commitment to CD&R XI in 2020.  CD&R is a global investment firm, headquartered in New York, that executes a consistent investment strategy across North America and Europe, focusing on market-leading businesses in the business services, consumer/retail, financial services, healthcare, industrial, and technology sectors. CD&R focuses on delivering operational performance improvements, strategic change and growing productivity to create long-term sustainable value.
  • NextEnergy Solar Fund (NESF) has published its first standalone sustainability report. The report goes into details around NESF’s ‘sustainability journey’, its proprietary approach to biodiversity, and its industry leading ESG initiatives, that deliver a real environmental and social impact. The report covers its 2022 financial year, articulating how NESF builds its sustainability strategy around the three pillars of its Sustainability Framework: climate change, biodiversity, and human rights; and how the United Nations Sustainable Development Goals act as reference points for NESF’s progress against the Company’s high-level ESG goals. The full report can be read here.
  • Marwyn Value Investors has announced a change in its investment committee, following the retirement of Mark Brangstrup, one of its members. James Corsellis, Chief Investment Officer, will continue on the investment committee alongside Marwyn Partners, Antoinette Vanderpuije and Tom Basset, with the ongoing support from a team of eight investment professionals based in London and Jersey. Separately, the company confirms that it won its VAT case with respect to Praesepe, it is expected that cash in excess of £3m will be received by the Master Fund in the coming weeks.
  • UK Commercial Property REIT (UKCM) has reported a 10.1% drop in NAV to 101.5p for the quarter to 30 September as real estate values decline on the back of higher interest rates and economic uncertainty. With its quarterly dividend (of 0.85p), the group’s NAV total return for the period was -7.9%. Its portfolio fell 7.1% in value in the quarter driven by its industrial portfolio (62.3% of wider portfolio) which dropped 10%. Earnings per share was down 12% to 0.73p (June: 0.83p). The group is one of the lowest geared in the real estate sector, with LTV at 16.0%. Its drawn debt has a blended interest rate of 3.16% per annum, of which 75% is fixed rate. The weighted maturity is 5.2 years.
  • JPMorgan Russian (JRS) has issued an announcement to confirm that there are currently no plans to issue shares or raise capital, even in the event that the current prohibitions on the trading of and receipt of dividends on Russian securities are lifted. The board says that is conscious of the company’s existing shareholders pre-emption rights and that its duty is to promote the success of the company for the benefit of the members as a whole. [This should alleviate the concern of shareholders worried that their Russian exposure was going to be dliuted, but brings back into focus the question of why bother with a £17m emerging Europe, Africa and Middle Eastern fund.]

We also have an update on Cordiant’s acquisition of Emitel

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