In QuotedData’s morning briefing for 13 March 2023:
- Gresham House Energy Storage (GRID) has announced a trading update for its portfolio for the 2022 calendar year, in advance of its annual results, to be published in April. GRID reported 20% like-for-like growth in underlying portfolio EBITDA in 2022, with EBITDA in excess of £48mn. This equates to an unaudited NAV total return of 39.1% in 2022. A 7p per share dividend will be paid for 2022, covered 1.3 times.
- Several trusts have produced released updates concerning their exposure to the collapse of Silicon Valley Bank. Currently, Syncona said that while only 0.2% of NAV is held in the bank, it reports that some of its portfolio companies have indirect exposure to the bank, equal to c.6% of NAV. In Augmentum Fintech’s case, it has no direct exposurbut two holdings (accounting for 2.6% of the portfolio) have balances with SVB UK. HSBC has acquired SVB UK for £1 and it looks as though customers of SVB UK will be unaffected. The team at Polar Capital Financials wrote a blog post about SVB’s problems which you may find interesting.