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QuotedData’s morning briefing 20 July 2023

a coffee pot and a mug, good morning from QuotedData

In QuotedData’s morning briefing 20 July 2023:

  • Bellevue Healthcare (BBH) is operating an annual redemption facility as usual this year. However, to be eligible to take part in November/December, you must be holding shares at 2 September 2023. This is to give the company the chance to get the paperwork done for what it fears might be a significant redemption [although with a discount of just 2.8% currently, that might not be the case].
  • Impax Environmental Markets (IEM) has raised €60m of debt by issuing private placement notes – €20m maturing on 1 September 2030 with a floating coupon of Euribor + 1.35%; €30m maturing on 1 September 2033 with a fixed coupon of 4.48%; and €10m maturing on 1 September 2035 with a fixed coupon of 4.63%. The money will be used to repay drawn debt of $32.2m and £25m provided by The Bank of Nova Scotia, London Branch which matures on 6 September 2023.
  • SLF Realisation (SLFR) is handing back 1p per share (£3.5m in total) to ordinary shareholders and 2.5p (£3.5m) to C share holders by way of an issue of B and D shares respectively, which will then be immediately redeemed. This is the company’s 10th distribution.
  • AEW UK REIT (AEWU) announced a 1.5% uplift in NAV to 107.03p per share for the quarter to 30 June 2023, in a further sign of price stability in the UK commercial real estate sector. After many companies reported values stabilisation at the end of March 2023, AEWU was the first to post its NAV for the quarter to the end of June. The value of its portfolio increased 0.7% on a like-for-like basis to £196.5m. NAV total return for the period was 3.4%, including a 2p per share dividend. The dividend was not covered by earnings, with EPRA earnings per share of 1.75p. The company has made several sales and is in the process of redeploying the proceeds that should boost earnings (following yesterday’s acquisition, it has £15m of cash available). A couple of risks to earnings growth exist, however, with Wilko Retail appointing CBRE to advise on a portfolio restructuring affecting AEWU’s Union Street asset in Bristol and Mecca Bingo announcing it would close at the Railway Station Retail Park in Dewsbury. The company’s loan to value was 35.4%, with its £60m of debt fixed at 2.959% until May 2027.

We also have news of an investment by Hg Capital, and an update from TwentyFour Income Fund.

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