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QuotedData’s morning briefing 17 March 2023

  • Blackstone Loan Financing Limited (BGLF / BGLP) announced the results of its shareholder consultation for the purpose of addressing potential policy amendments in light of the prevailing and persistent discount to net asset value at which the company’s shares trade. There were no significant changes resulting from the meeting, however, the board will propose a change to the company’s investment policy to allow direct investment in primary market CLOs managed and controlled by the investment adviser. This will be put forward at the time of the company’s AGM expected to be held in July. The shareholder consultation also discussed various potential exit opportunities. There was variation in feedback with no consensus whether such an exit opportunity should be offered. In general, there was no consensus for the creation of a run-off share class to sit alongside a continuing share class given the potential reduced liquidity of both such share classes.  There was some appetite, but not consensus, for the entire fund being placed into runoff.
  • Tufton Oceanic Assets (SHIP) announced its interim results for the six-month period ended 31 December 2022. Portfolio operating profit was strong at US$27.0m (vs. US$17.4m in the financial period ending 31 December 2021) but NAV total return over the financial period was negatively impacted by unrealised losses in bulkers and the remaining containership, falling -0.6%. Full-year returns were more positive however, up 7.7% in 2022. After a challenging 6 month period, the investment manager expects the bulker market to improve from 2Q23, aided by the easing of Covid-related restrictions in China and strong supply-side fundamentals. This is reflected in an increase in the target annual dividend from $0.080 to $0.085 per share with management highlighting strong visible cash flows from increased charter cover, diversification and continued supply-side recovery as the key drivers. 

We also have news of a boardroom row at Scottish Mortgage

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