In QuotedData’s morning briefing 12 January 2023:
- Marwyn Value Investors has recognised a further £5m of recoverable VAT in its NAV (relating to its historic investment in Praesepe, as before). £4.33m or 7.8p per share is added to the ordinary share NAV, £0.53m or 56.7p is added to the 2016 realisation share NAV and £0.03m or 7.8p per share is added to the 2021 realistaion share NAV. These amounts represent the estimated funds to be received from all of the remaining unsettled claims. These remain dependent on final settlement with HMRC and whilst the actual amount received may be different, any difference is not expected to be material. The timing of receipt of cash into the Master Fund also remains uncertain; based on the timeline for the settlement of previous claims, it is currently estimated that these amounts will be received in 2023.
- Home REIT (HOME) has confirmed media reports that two of its tenants, Big Help Group and Noble Tree Foundation, have withheld rental payments to the company and is disputing their rental obligations. The company said that it has seen a “general deterioration in its rent collection position and neither Big Help Group nor Noble Tree Foundation has paid rent contractually due for the quarter to 30 November 2022”. The dispute centres on the lack of promised funds from HOME for refurbishment works. Noble Tree Foundation is thought to have withheld £860,000, according to the Times. HOME said that it was “reviewing all options to obtain payment of overdue rent from its tenants” and was close to recruiting a specialist supported housing property manager that will assist the existing management team with tenant liaison and monitoring, rent collection and underlying asset performance. It is the latest in a string of bad news for the company since it was the subject of a short-seller attack in November 2022. Trading in its shares are currently suspended after it missed the four-month deadline to publish results due to an enhanced audit by BDO.
- Crystal Amber (CRS) has withdrawn its requisition of a meeting at Hurricane Energy. Hurricane made an announcement yesterday which provided a trading, operational, financial and formal sale process update.
We also have news of an acquisition by Supermarket Income REIT