In QuotedData’s morning briefing 27 February 2023:
- Life Science REIT (LABS) announces the letting of part of the ground floor of Building One at Oxford Technology Park to Arcturis Data Limited, a healthcare technology company applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases. The lease was completed on 5,509 sq ft of office space at a rent of £28.66 per sq ft, for 10 years with a break clause and rent review at the end of the fifth year. With this letting, overall occupancy of the completed space at the park increases a further 7.4% to 86.3%. LABS is looking to complete the development of a further 262,000 sq ft of space at Oxford Technology Park (Buildings Six – Eleven) during the next 18 months.
- Octopus Renewables Infrastructure Trust (ORIT) has refinanced and increased its multi-currency revolving credit facility (RCF). The committed £270.8m RCF has a three year term to 24 February 2026 and can be drawn in GBP, EUR, AUD and USD. The RCF has an interest rate of 2.0% above SONIA (or equivalent reference rate for other currencies) and an improved margin compared with the previous facility’s margin of 2.3%. It also has an uncommitted accordion feature allowing the facility to be increased in size by up to a further £150m. The facility has been provided by a group of four lenders: National Australia Bank, NatWest, Santander and Allied Irish Banks. As of 24 February 2023, the company had drawn £88.2m of the RCF.
- 24 February 2023 marked the one year anniversary of a Taylor Maritime (TMI) vessel being unable to leave a Ukrainian port in the Black Sea due to Russia’s invasion of Ukraine. Consequently, in accordance with the terms and conditions of its marine insurance, a constructive total loss was agreed with the vessel’s insurers and the trust no longer owns the vessel. The net proceeds have been received by the trust and cover its carrying value. The net proceeds will be applied to reduce debt. As reported on 9 March 2022, all twenty-one crew members were safely repatriated to India.
- NB Global Monthly Income (NMBI) intends to distribute £35m to shareholders by way of a partial compulsory redemption of shares at NAV (81p per share) on 13 March 2023. The company will redeem 19.49% of existing shares as at close of business on 13 March 2023.
- In September 2022, the TwentyFour Income Fund (TFIF) announced that its minimum annual dividend target would increase from 6p to 7p per share. Today, it says there will be a further increase it its minimum annual dividend target from 7p to 8p per share with minimum quarterly dividends increasing from 1.75p per share to 2p per share. This change is effective immediately and the company will continue to distribute all its annual net income to shareholders through a final balancing dividend. [Rising interest rates are not bad news for everyone]
We also have an update from Gore Street Energy Storage and results from Greencoat Renewables