QuotedData’s morning briefing 1 March 2023

In QuotedData’s morning briefing 1 March 2023:

• Aquila Energy Efficiency (AEEE/AEET) did fail its continuation vote (as flagged 27 August). By 28 August 2023 (six months after the meeting), the directors will recommend to shareholders whether the company be reconstructed, re-organised or placed into liquidation, having explored all options and determined the best solution including discussing the options with shareholders. A further announcement will be made in due course.
• BlackRock Frontiers (BRFI) says that Sudaif Niaz is joining Sam Vecht and Emily Fletcher as a named portfolio manager of the company. He joined BlackRock in 2015 and is a portfolio manager and research analyst in the EMEA and Frontier Markets research team. He specialises in the Middle-East, South East Asia and Eastern Europe. Prior to joining BlackRock, Sudaif worked at Perella Weinberg Partners and Caravel in New York. He graduated with a BA in economics from Northwestern University and completed his MBA at INSEAD.
• Murray Income Trust (MUT) produced middling results for the 6 months to December 31st with a NAV return of 4% and a share price return of 3.8%, falling short of the benchmark, the FTSE All-Share Index, which was up 5.1%. The dividend yield was 4.3% while the discount widened from 3.8% to 4.1%. For the full year, the NAV total return was -6.0% and the share price total return was -4.1% again missing the benchmark which returned 0.3%. Management noted that the underperformance was in large part caused by underweights to oil and gas along with ”a small number of stock specific factors”, which appear to be the holdings in Marshalls and Watkin Jones. 
• NextEnergy Solar Fund (NESF) announced that its first standalone 50MW battery storage project, nicknamed Camilla, has been selected to provide battery storage capacity in the UK government’s latest capacity market auction. The contracts are expected to earn Camilla £557k over winter 2023 and £576k per annum over 2026 to 2032, adding its existing contract for delivery in winter 2025-26 worth £305k. Under these agreements, Camilla will be ready to support the electricity grid during stress events in winter 2023 and for six winters from October 2026. The contracts will provide a stable and complementary foundation for the operation of the asset, albeit representing only a small percentage of the total revenues the asset is expected to generate in the relevant years.
  
• Mid Wynd International Investment Trust (MWY) announced half year results, with the company shares rising 4% compared to the benchmark return of 3.3% for the MSCI All Country World Index, although NAV return was only 2.6%. The premium for the shares of around 1.4% is a positive with MWY one of the few equity focused investment trusts to find itself in such a position. The holdings which contributed most to the fund’s performance for the period were Mitsubishi UFJ, LVMH Moet Hennessy, Schlumberger, MerckSumitomo, and Mitsui Financial Group.
• Jupiter Green Investment Trust (JGC) posted a reminder to shareholders of their right to subscribe for new ordinary shares on 31 March 2023 at a price of 258.43p, on the basis of one new ordinary share for every ten ordinary shares held.
• Ediston Property Investment Company (EPIC) has let a 21,000 sq ft retail unit at Plas Coch Retail Park, Wrexham, to Marks and Spencer. On completion of landlord works, M&S will sign a 10-year lease on the newly created unit and will pay a market rent which is 27% ahead of the independent valuer’s Estimated Rental Value. EPIC will develop a separate unit of 4,000 sq ft as part of the works, which will provide additional income to the company once let.
• Supermarket Income REIT (SUPR) has appointed Sapna Shah as an independent non-executive director with immediate effect. Sapna has 20 years of investment banking experience advising UK companies, including listed REITs and investment companies, on IPOs, equity capital market transactions and mergers and acquisitions. She was appointed as a non-executive director of The Association of Investment Companies (AIC) in January 2021 and is a member of the AIC remuneration committee. Sapna is a senior adviser at Panmure Gordon Limited and prior to this held senior investment banking roles at UBS AG, Oriel Securities (now Stifel Nicolaus Europe) and Cenkos Securities. 

  We also have results from Riverstone Energy