In QuotedData’s morning briefing 25 May 2023:
- Gresham House Energy Storage (GRID) raised £50m from its placing and retail offer. Less than its £80m target but not a bad result in the current environment. 32,154,341 shares will be issued at a price of 155.5p. 30,584,387 of these shares will be issued via the placing and 1,569,954 shares will be issued via the retail offer.
- International Public Partnerships (INPP) says that since 31 December 2022, sterling strength is likely to have a minor negative impact (less than 0.5%) on its next NAV. However, higher than expected inflation will be a net positive. In May it invested a further £13.7m in toob, which now has a fibre network covering about 140,000 premises across Southampton and other towns in the South of England.
- Atrato Onsite Energy (ROOF) says it is in advanced discussions about securing a revolving credit facility. All its IPO proceeds have been committed and it has a pipeline of potential opportunities worth £340m. [If conditions were better, it would no doubt be looking for additional funding from investors.] The end march NAV was 93.8p, up from 92.8p. Lower power prices haven’t had much of an impact as it sells most of its power under long term contracts. The overall discount rate used to value its future cash flows has fallen to 6.2% from 6.6% “a result of the macro-economic environment stabilising and certain installation projects reaching key milestones.”
- Round Hill Music (RHM) says revenue in the form of Net Publisher’s Share (NPS) and Net Label Share (NLS) for the first quarter of 2023 was $10.1m, up 91% on the first quarter of 2022. the majority of this income growth was due to acquisitions last year. However, like for like revenues were up 20%, with adjusted income from publishing rights up 22% and adjusted income from masters rights up 14%. Income from the Carlin interest increased by $1.0m, or +200%, due to the improved collections of uncollected digital income from its sub-publisher which collects in territories outside the US, UK and Nordic countries. Sync income was up 74% to $2.1m.
- Picton Property (PCTN) reported a 16.7% fall in NAV to 100p per share in preliminary annual results, equating to a total return (including dividends) of -13.9%. It paid dividends of 3.5p, which were fully covered by earnings of 3.9p per share. The group’s portfolio was down 9.8% over the year to £766m, due to outward yield movement (to 5.0%) in response to higher interest rates. The portfolio’s reversionary yield was 6.7%, with the portfolio’s reversionary income potential of £12.5m (£5.3m from letting the vacant space, £4.2m from expiring rent-free periods or stepped rents and £3.0m where the rent is below market level). LTV was 27%, with a weighted average interest rate of 3.8%. More than 95% of the borrowing is fixed until 2031/32.
We also have news of a potential liquidation of Momentum Multi Asset Value, results from Shires Income and a new investment for Marwyn Value Investors