In QuotedData’s morning briefing 22 February 2023:
- The merger between Capital & Counties (CAPC) and Shaftesbury (SHB) has been cleared by the Competitions and Markets Authority (CMA). The merger is expected to complete on 6 March 2023. CAPC and SHB shareholders approved the merger at the respective shareholder meetings held on 29 July 2022.
- Primary Health Properties (PHP) has posted a 3.5% drop in EPRA net tangible assets (NTA) to 112.6p in the year to 31 December 2022. The value of its portfolio of GP surgeries was down 2.2% in the year to £2,796m, a yield shift of 18 basis points (0.18%) to 4.82%. Adjusted earnings per share was up 6.5% to 6.6p, while its dividend was up 4.8% to 6.5p (the 27th consecutive year of dividend growth). The portfolio had a contracted rent roll of £145.3m (a 3.3% increase, with 89% of the rent funded by government bodies), with occupancy at 99.7%. The weighted average unexpired lease term (WAULT) was 11.0 years. Loan to value was 45.1%, with cost of debt increasing 30 basis points (0.3%) to 3.2%. Weighted average maturity of the debt was 7.3 years. Harry Hyman, Chief Executive, commented: “The ageing and growing demographic of the UK and Irish populations means that the health services in both countries will be called upon to address more long-term, complex and chronic co-morbidities. Consequently, the Government needs to respond and invest in new structures to deliver more healthcare in primary care and community settings and away from over-burdened hospitals. PHP stands ready to play its part in delivering and modernising the real estate infrastructure required to meet this need.”
- UK Commercial Property REIT (UKCM) has secured new leases on 116,200 sq ft of space at its Ventura Park industrial estate in Radlett, Hertfordshire. The units have been taken by two new occupiers following the departure of the previous tenant on 17 January 2023, with one moving in the following day. The leases secure £2m of rent per annum in aggregate which, in addition to the premium over the previous passing rent, is ahead of ERV. The deals increase the weighted average lease term of Ventura Park from 5.75 years to 7.4 years and has taken occupancy to 94.4%. Location Collective, the UK’s third largest film studio operator, has agreed to take the 86,000 sq ft Unit B on a 15-year lease and is due to take occupation in April 2023. The company intends to refurbish the site into a high specification film studio facility. As part of the agreement, UKCM will install LED Lighting throughout the unit and an electric Variable Refrigerant Flow temperature control system in the office to improve the EPC rating from an E to a B. Aerospace Reliance Ltd, a global supplier of aircraft maintenance materials, took occupation of the 32,000 sq ft Unit 7 on the 18 January, the day after it became vacant, having agreed a 10-year lease. Unit B already has an EPC rating of B.
- The managers of Menhaden Resource Efficiency (MNH), Ben Goldsmith and Luciano Suana, will provide an update to investors via the Investor Meet Company platform on 28th February 2023 at 2:00pm GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation. Click here for details of how to register.
- Amedeo Air Four Plus (AA4) has announced details of a return of capital by way of a partial compulsory redemption of shares as well as an increase in the Company’s quarterly dividend. Under the terms of the restructured leases with Thai Airways agreed in December 2021, from January 2023 AA4 receives fixed monthly rent rather than power by the hour rental receipts. As a result of this and the commercial circumstances facing AA4, its Board has approved the distribution to shareholders of an aggregate amount of £28m by way of a compulsory redemption on 1 March 2023 (for shareholders on the register as at close of business on 28 February 2023). AA4 will redeem one share for every eight existing shares, resulting in the redemption of approximately 43,414,185 shares in aggregate and, reflecting this, the redemption will be effected at 64.50p per share. In addition, AA4’s dividend will be increased to 1.75p per share (from 1.5p per share) per quarter from the next quarter with the next dividend to be declared in April 2023.
- The voluntary liquidation of Blue Planet Investment Trust (BLP) was approved at a general meeting on 21 February 2023. This included approval for the appointment of the Joint Liquidators, with immediate effect. The Joint Liquidators will make distributions to Shareholders in due course.
We also have:
- Annual results from The Renewables Infrastructure Group
- Details of NextEnergy Solar’s proposed energy storage strategy