In QuotedData’s morning briefing 6 December 2022:
- Foresight Sustainable Forestry (FSF) has become the first company to officially receive the London Stock Exchange’s Voluntary Carbon Market designation which applies to funds or companies investing into climate change mitigation projects that are expected to yield voluntary carbon credits. Carbon credits mature over time, turning from Pending Issuance Units into verified Woodland Carbon Units. Foresight Sustainable Forestry reckons its existing projects will create about 1m units, maturing between 2030 and 2050. It is not currently the intention to commence the sale or distribution of any voluntary carbon credits in advance of 2030. The intention is to realise the value of carbon credits for the direct benefit of shareholders. Credits may be sold and cash distributed to investors, or where practicable, shareholders may be offered the option to elect to receive distributions “in kind” of carbon credits. The investment policy needs to be tweaked to approve all of this and shareholders will be asked to vote on it shortly.
- Life Settement Assets (LSAA) is encouraged that the auction of Mutual Benefits Keep Policy Trust is scheduled for 8 December. This should help reduce the fund’s legal expenses and give it full control over a number of policies, resolving an issue that has plagued the company since it was listed.
- Civitas Social Housing (CSH) saw its NAV increase 4.1% to 114.84p in the six months to 30 September 2022, equating to a NAV total return of 5.8% when dividends were added. Its portfolio increased in value by 3.2% to £999.5m. Dividends of 2.85p were paid in the period, while earnings were 2.22p per share. The group said dividend cover on a run-rate basis was 94%. Post period end, the company refinanced part of its debt to bring its facilities to 100% fixed or capped. The new hedging arrangement came at a cost of £8.1m. On 1 December 2022, the company signed a new five-year £70.8m facility with a new bank lender. Weighted average interest cost of debt was 3.0% for the period to 30 September 2022 but increases to 3.9% based on the annualised effect of implementing the new arrangements. Weighted average length of debt was 3.53 years and an LTV of 33.7%.
We also have results from Schroder UK Mid Cap, Tritax EuroBox and Schroder European REIT and a call for the board of Home REIT to quit