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QuotedData’s morning briefing 30 May 2023

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  • JPMorgan China Growth & Income (JCGI) announced its half year report for the year ended 31 March 2023. During this period, JCGI delivered a total return on net assets of 7.9% (in sterling terms), compared to the benchmark return of 7.3%. This positive performance follows a challenging time for the company in the last financial year ended 30 September 2022 where NAV and share price performance was -36.7% and -38.5% respectively. Despite the rough going over the last few years, the company has made positive absolute returns and outperformed the benchmark over three, five and ten year periods. Over the ten years to end March 2023, it made an average annualised return of 9.8%, versus a benchmark return of 5.7% on the same basis.
  • US Solar Fund (USF) provided a NAV update for the quarter ended 31 March 2023. USF’s NAV at 31 December 2022 was $320.0 million or $0.963 per ordinary share. Adjusting for cash flows during the period, the NAV at 31 March 2023 is $318.1 million or $0.958 per ordinary share, a fall of 0.52%. The company also announced that its Q1 2023 dividend of 1.29 cents per ordinary share is in line with its annual dividend target.
  • Drumz PLC (DRUM) (formerly Energiser Investments) announced that its subsidiary, Acuity Risk Management Ltd, an industry leader in cyber and IT risk management, has signed a new partnership with award-winning cyber security service provider Nettitude. Nettitude will be joining Acuity’s network of partners as a reseller of STREAM integrated risk manager.
  • Aquila European Renewables (AERI) provided an update to shareholders ahead of its inaugural shareholder continuation vote, which is due to take place at the company’s annual general meeting on 14 June 2023. Following completion of the solar project Guillena (part of the Greco portfolio) in Spain, as announced on 12 May 2023, AER’s portfolio is now fully operational with total operating capacity of 464 MW. The board strongly believes that there remains an attractive and sizeable opportunity to deploy incremental capital to help fund the build-out of the very substantial construction pipeline (over 10 GW in European geographies) developed by Aquila Capital. It is the ambition of the board to build a larger-scale portfolio to further enhance the investment proposition for current and future shareholders.
  • Augmentum Fintech (AUGM) has appointed its joint brokers Peel Hunt LLP and Singer Capital Markets Securities Limited to manage an irrevocable programme which was announced at the company’s last annual general meeting on 14 September 2022 and grants a general buy back authority of up to 14.99% of the company’s issued ordinary share capital.
  • Sirius Real Estate (SRE) has completed the early refinancing of its next major debt expiry, a €58.3m facility with Deutsche Pfandbriefbank. A new seven-year, €58.3m facility with an all-in fixed interest rate of 4.25% will replace and redeem the existing facility upon its expiry on 31 December 2023 and will run until December 2030. The refinancing extends the group’s total weighted average debt expiry from 3.3 years to 5.0 years, while the weighted average cost of debt will increase from 1.4% to 2.1%. The group has a total of €975.1m of outstanding debt, €735.0m of which is unsecured.

We also have an update from Home REIT, and annual reports from Jade Road Investments and  Edinburgh Investment Trust


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