- Princess Private Equity Holding (PEY) provided a monthly update with NAV growing 0.3%. It also confirmed the first interim dividend payment of EUR 0.365 per share for FY 2023, which is in line with previous guidance to distribute 5% of opening net asset value for each financial year, via semi-annual payments. The first interim dividend will be paid on 2 June 2023, with the corresponding ex-dividend date being 27 April 2023. This announcement follows a tumultuous period for the company which suspended all investment activity late last year due to challenging debt market conditions.
- Dunedin Enterprise Investment Trust (DNE) provided a NAV update as it continues its wind-down process with NAV of 627.0p per share remaining flat throughout the first three months of the year (to 31 March 2023). Based on valuations updated as at 31 March 2023, the company’s unlisted investments were valued at £16.9m. The company also held cash balances of £13.2m and net current assets of £4.4m making total net assets of £34.5m. [We have written about DNE on a number of occasions over the past year as the company manages its wind down that has now extended to over 7 years. The company has maintained its listing so shareholders have retained the option to sell out of their position should they wish to exit sooner however the discount to NAV sits at around 13%. With the company’s assets steadily falling we would question whether it continues to make sense to maintain the listing once DNE’s assets fall into the £10m to £15m range, even if the board is still not quite ready to present liquidation proposals to shareholders.]
- abrdn European Logistics Income (ASLI) agreed a 28,500 sqm lease renewal with Biocoop, a leading organic food distributor, at its highly sustainable warehouse near Avignon, France. The 12-year lease, effective 1 March 2023, will generate annual contracted rent of €2.5m, equating to €86 per sqm and provides for full annual French ILAT indexation with no cap.
- Bluefield Solar (BSIF) announced the successful re-financing of its £110m three-year term loan with NatWest. The original loan had a maturity of September 2023 and has been increased to £130 million and extended in maturity to December 2039. The financing is secured against the UK-based portfolio of 15 operational solar photovoltaic plants. The additional debt of £20m is being used to provide financing for the construction of Yelvertoft, the company’s 48MWp CfD-backed solar PV project in Northamptonshire. Following the transaction, the company’s total outstanding debt has increased to £585 million, including £153 million drawn under its revolving credit facility.
- Greencoat Renewables (GRP) provided a quarterly NAV update. The 0.4c decrease in NAV per share was driven by a reduction in nearer-term forward power prices, partially mitigated by strong cash generation during the period. The company also completed the acquisition of a 22.5% interest in Butendiek, the company’s second offshore wind farm investment in Germany, adding 65MW net capacity.
- NB Global Monthly Income Fund (NBMI) advised that it intends to distribute to shareholders an aggregate amount of £37m by way of a partial compulsory redemption of shares in the capital of the company on 16 May 2023. The company will redeem approximately 25.8% of existing shares of shareholders on the members’ register as at close of business on 16 May 2023.
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