In QuotedData’s morning briefing 14 December 2022:
- International Biotechnology Trust (IBT) has announced that there has been a material adjustment to the valuation of an investment from the unquoted portfolio managed by SV Health Managers LLP in which IBT is invested. As such, IBT’s NAV will therefore increase by £2.5m (US$3.1m) which corresponds to a 6p uplift in the NAV per share. IBT says that this will be incorporated into today’s unaudited net asset value (calculated on the AIC basis).
- Miton UK MicroCap (MINI) has published its interim results for the six months ended 31 October 2022. During the period, MINI provided NAV and share price total returns of 29.0% and -31.8%, while the Numis 1000 Index (the aggregate return of the smallest 2% of the UK stock market) returned -19.5%. MINI says that, as during the October 2022 stock market recovery, microcap share prices did not participate to any meaningful degree.
- JPEL Private Equity (JPEL) has announced its eleventh Mandatory Redemption to US dollar equity shareholders. JPEL says that the amount of the redemption will be US$8.5m or 16.2% of NAV at 30 September 2022 (approximately 23.4% of JPEL’s market capitalization at 13 December 2022). The US$8.5m capital return (the equivalent of approximately 4.9m US dollar equity shares) will be by way of a pro rata compulsory redemption of US dollar equity shares. This will be at a price equal to the prevailing NAV per US dollar equity share of US$1.73 as at 30 September 2022 (the being the most recent NAV per US dollar equity share available at the date of the announcement). It will apply to US dollar equity shareholders on the register of members as at close of business on 21 December 2022. JPEL’s board says that it will revisit the options for returning capital once JPEL’s NAV approaches approximately US$30m. It says that, as global markets continue to be affected by well documented macroeconomic factors, the JPEL portfolio may be impacted, similar to other private equity funds, in timing, valuation, or amounts of realisation activity. As such, distributions in 2023 are likely to be unpredictable.
- Town Centre Securities (TOWN) has completed the sale of its surface level car park at Port Street, Manchester to Select Property Group for £12.95m. The book value of this car park at 30 June 2022 was £12.75m. The proceeds from the sale were used to repay bank borrowings.
We also have:
- Annual results from JPMorgan Japanese
- Annual Results from River and Mercantile UK Micro Cap
- Annual results from Ediston Property
- Travelodge lease extensions for LXI REIT
- Interim results from abrdn New Dawn