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QuotedData’s morning briefing 27 April 2023

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In QuotedData’s morning briefing 27 April 2023:

  • Literacy Capital (BOOK) says its 31 March 2023 NAV was 467.3p, up 11.1% over the first three months of the year from 420.6p at the end of December. RCI (+£18.6m) was again the most significant contributor in the quarter, driven by strong organic growth. Kernel Global added £8.4m as it was sold for £19m, a 48.9% premium to its previous carrying value [a further reminder that valuations of listed private equity assets tend to be conservative].
  • NB Distressed Debt (NBDD / NBDX / NBDG), which is in a protracted wind up process, has published results for 2022. The best indicator of its returns is that ordinary shareholders now have cash back or NAV left in the fund equivalent to 116% of their original investment, down from 118% last year as the NAV fell, the figures for the extended life class were 103% versus 101% and for the new global share class 78% versus 72%. The chairman says “currently we are in what we hope to be the final stages of harvesting a number of investments and we will keep investors informed as they occur, as appropriate when material. It is our intention to fully harvest NBDD during the next 12 months, subject to market conditions.”
  • JPMorgan China Growth & Income (JCGI)’s co-investment manager, Howard Wang, will be relocating to JPMorgan’s Taipei office with effect from 1st May 2023. For regulatory reasons, Howard will cease to be listed as an investment manager of the company and will instead be listed as an investment adviser. Rebecca Jiang, based in Hong Kong, who has been a manager since 2017, will become lead investment manager. Li Tan, also based in Hong Kong and an employee since 2011, will be added as a named manager alongside Rebecca.
  • abrdn Property Income Trust (API) has leased 21,500 sq ft of office space across four floors of 54 Hagley Road in Birmingham. The letting to UK Curriculum and Accreditation Body (UK CAB) will be for a period of 10 years at an initial rent of £429,750 per annum and accounts for 14% of the group’s overall portfolio vacancy. Completion of the lease is subject to API completing a package of works to the property that are scheduled to finish in July. The company has two further lettings under offer at 54 Hagley Road (accounting for a further 11,600 sq ft of space) which the company hopes will exchange in the coming weeks.
  • CEIBA Investments (CBA) has agreed to internalise the investment management contract away from abrdn plc. Sebastiaan Berger, the lead fund manager of CBA and a current employee of abrdn, will move to CEIBA as chief executive together with the existing management team. 4K Keys Limited, a company owned by the management team, that currently provides consulting services to abrdn in connection with the management of CEIBA, will be appointed to provide strategic consulting services focused on generating cash flows from the real estate assets of the company’s subsidiaries. There will be no change to the board of directors of the company as a result of the internalisation. Subject to contract, the internalisation is expected to become effective on 30 June 2023. The internalisation will “substantially reduce the operating costs of the company”. abrdn will remain a significant shareholder of the company.

We also have some UK solar news, with planned disposals by NextEnergy Solar and a purchase by Downing Renewables and Infrastructure

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