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QuotedData’s morning briefing 8 December 2022

Hipgnosis Songs Fund: SONG

In QuotedData’s morning briefing 8 December 2022:

  • Hipgnosis Songs (SONG) has published its interim accounts. Net cash generated from operating activities rose by 6.9% to $45.5m, but the interest paid rose to $15.0m from $10.7m and the fund incurred additional borrowing costs of $6.2m as it fixed the cost of its debt. A weaker US dollar means that the operative NAV has fallen from 164.1p at 30 September to 149.8p at 6 December. The annual dividend target is maintained at 5.25p.
  • SDCL Energy Efficiency’s (SEIT) NAV has been hit by higher discount rates, falling by 2.3p to 106.1p over the six months ended 30 September 2022. The manager notes that “While the higher interest rate environment in the latter part of the period produced short term headwinds for our valuations, it has also created attractive investment opportunities“.
  • VPC Speciality Lending (VSL) has received a request dated 6 December 2022, seeking to requisition a General Meeting to consider certain changes to its investment policy and share capital structure. The requisition was signed by Global Value Fund Limited, Staude Capital Value Fund LP and Metage Funds Limited, holders of (in aggregate) more than 5% of VSL’s voting rights.

We also have results from Henderson European Focus, Finsbury Growth & Income, BlackRock Frontiers, and Barings Emerging EMEA Opportunities, plus new acquisitions by VH Global Sustainable Energy and RTW Venture

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