In QuotedData’s morning briefing 16 March 2023:
- Highbridge Tactical Credit Fund (HTCF) recently received final distributions from Highbridge Multi Strategy Master Fund and Highbridge Tactical Credit Master Fund. There will now be a compulsory redemption of about 95% of the outstanding shares, made at the December 2022 NAV of £2.6368 per share. There will also be a 2.24p per share payment in respect of the 2019 Exit creditors, but nothing is coming to the original 2016 Exit creditors since there is not sufficient cash available to make it economically viable. Afterwards, the only remaining assets will be minimal cash balances and a residual interest in the AllBlue Funds, which are in liquidation. BlueCrest has appealed the £40m fine levied against it by the FCA. The outcome of that appeal will have a big impact on the eventual payment. The board has decided that it is no longer of any value to produce quarterly NAVs, on the basis that the company is only holding cash and an interest in the AllBlue Funds, with an uncertain carrying value. It will delay placing the company into liquidation and will retain the London Stock Exchange listing until October 2023. However, the board is exploring the possibility of issuing a new separate share class that would raise capital to pursue a new investment strategy which would be managed by Highbridge.
- Secured Income Fund (SSIF), which is in gradual wind down mode, said that the entity behind an SME loan portfolio had entered into administration in December, having failed to repay the loan when it fell due in September 2021. Currently, it is still making interest and capital payments. The carrying value of this loan at the end of December was £1.63m (the second-largest in the portfolio). The trust’s NAV is down to 18.4p or £9.79m. Once it falls below £7m, the company will de-list from the stock exchange.
We also have results from Schroder Asian Total Return, AVI Japan Opportunity and Empiric Student Property, plus a quarterly update from Downing Renewables, Home REIT reviewing its choice of investment adviser, and a strategic review by Ediston Property