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QuotedData’s morning briefing 11 May 2023

230511 wkof Krishna Shanmuganathan

In QuotedData’s morning briefing 11 May 2023:

  • Krishna Shanmuganathan is to replace Norman Crighton as chair of Weiss Korea Opportunity (WKOF) when Norman steps down from the board at the AGM on 20 July 2023. Separately, holders of just 41,496 shares elected to take advantge of the company’s latest realisation opportunity.
  • Ecofin Advisors, LLC has bought 60,879 shares in Ecofin US Renewables (RNEW) at an average price of $0.79 – investing its management fee for the quarter ended 31 March 2023.
  • Foresight Sustainable Forestry (FSF) planted 955,000 trees over the six months ended 31 March 2023. This contributed to a 3.5p uplift in its NAV over that period, to 108.5p.
  • abrdn Property Income Trust (API) has reported a 2.8% fall in NAV to 82.4p in the quarter to 31 March 2023. The group’s portfolio fell slightly by 0.4% on a like-for-like basis in the period and is now worth £437.0m. During the quarter the company signed several leases, which when they complete, will bring the portfolio vacancy level down from 9.8% to 5% (half of that vacancy is a development project). The company also acquired a supermarket for £18.3m during the quarter. API’s loan to value ratio was 28.7%, with two debt facilities with RBSI, an £85m term loan (fully drawn) and a £80m revolving credit facility (RCF) of which £50m was drawn as at 1 May 2023 (as at 31 March the company had £110m term loan and £25m RCF drawn). A dividend of 1p was declared for the quarter, with dividend cover of 88.6%. The company has agreed a 10 basis points (bps, equivalent to 0.1%) reduction in the fee payable to the investment manager, effective from 1 January 2023. The fee has been reduced to 60bps of gross asset value below £500m, and 50bps above £500m.

We also have news on an investment by BioPharma Credit and an NAV update from Bluefield Solar.

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