- Castelnau Group (CGL) announced that further to the issue of new ordinary shares in connection with its acquisition of Dignity, announced on 5 May 2023, the company will issue a further 7,479 ordinary shares in connection with the listed share alternative pursuant to the statutory squeeze out.
- The board of Strategic Equity Capital (SEC) has announced that the acquisition of portfolio company Medica Group by Moonlight Bidco Limited has become effective, it has received proceeds of £30.75 million, equating to a £12.95 million realised total return and generating a return of 1.67x aggregate historical cost.
- CC Japan Income & Growth confirmed that Harry Wells will retire as chairman at the company’s AGM in March 2024 and senior investment director, Peter Wolton, will step down from the board on 10 October 2023. Both Mr Wells and Mr Wolton have served on the board since listing in December 2015. June Aitken, who joined the board in February 2022, will become chair following Harry Wells’ retirement. The company also noted that John Charlton-Jones will join the board with effect from 1 October 2023.
- AEW UK REIT (AEWU) has acquired a mixed-use asset in York city centre for £10.02m, reflecting a net initial yield of 9.3%. The 99,769 sq ft asset is multi-let to five tenants. 75% of the income is received from National Car Parks Ltd (NCP), which has occupied the 297-space car park since 2005 and has a further nine years remaining on its lease. The lease benefits from a 2027 rent review which will increase rent payable in line with the Retail Price Index, uncapped, resulting in a forecast reversionary yield in excess of 10%. NCP is one of the UK’s largest car park operators with an estate of approximately 189,000 spaces over 642 sites. The company is owned by Park24, a Japanese based multi-national parking operator, and the Development Bank of Japan. Another four tenants occupy the ground and first floor retail and office accommodation fronting onto George Hudson Street. The site totals 0.8 acres and is located inside the York City Wall, bordering the historic centre of the city, within the “Micklegate Quarter” and within a 10-minute walk of key visitor attractions, including York Minster, the Yorkshire Museum and the York Dungeon. Following purchase, cash available for deployment in to high yielding pipeline assets is £15.0m.
- The Investment Company says that its NAV on 18 July 2023 was 348.38p. Accordingly, the Tender Price and Issue Price are 337.76p and 348.38p respectively. The Tender Price represents a 3.0% discount to NAV, reflecting the proportion of costs which will be borne by existing shareholders. The issue price represents a 3.1% premium to the Tender Price and the estimated post-transaction NAV. Michael Weeks has resigned from the board and David Horner has been appointed as a non-independent non-executive director. Following this, the total number of voting rights of the company will be 1,837,205, giving it a market cap of about £6.1m.
We also have reports from Herald Investment Trust and Polar Capital Technology