In QuotedData’s morning briefing 11 August 2023:
- Confirmation from RM Infrastructure Income (RMII) that its board has received a proposal from GCP Infrastructure Investments, as referred to in its announcement on 10 July 2023, regarding a potential partial combination with GCP Infrastructure. The proposal would be effected by way of a scheme of reconstruction of RMII, and the associated transfer of certain assets of RMII to GCP Infrastructure, in exchange for the issue of new shares in GCP Infra to RMII shareholders. It is expected that RMII’s existing CBIL assets would not be subject to the potential combination and would remain in RMII, to be realised in a timely and effective manner for RMII shareholders. This latest announcement follows announcements today from both GCP Infrastructure Investments and GCP Asset Backed Income regarding a proposed merger between those two trusts (see below).
- ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) has announced that, following further partial repayments of the Northlands Loan (bringing the receipts since 31 January 2023 to approximately £9m), it will be making a further return of capital to shareholders of 7.40p per ordinary share (£8,976,405 in total). This return of capital will be effected by way of an issue of redeemable B shares to existing shareholders pro rata to their shareholding, followed by the subsequent redemption of those B shares. The estimated unaudited NAV per share as at 30 April 2023 was 57.67 pence per ordinary share. The estimated unaudited NAV per ordinary share as at 30 April 2023 adjusted for the return of capital would be 50.27 pence per ordinary share. Post the return of capital, the company will have returned an amount of 44.90 pence per ordinary share to shareholders being £54,464,947 in total. Further properties within the Northlands portfolio are under offer for sale and their completion at the amounts offered will see the loan repaid in full together with interest and exit fees. LBOW says that UK commercial property market conditions remain difficult due to high interest rates, high inflation and low property transaction volumes. However, LBW says that its manager is actively seeking to expedite repayment of the remaining loans and secure the best returns for shareholders. It is unable to provide further detail at present to protect sensitive commercial negotiations but will make further announcements in due course. LBOW will also provide an update in respect of each loan with the release of its interim results.
- Murray International (MYI) says that Bruce Stout plans to retire in June 2024 after 20 years in the driving seat. Martin Connaghan and Samantha Fitzpatrick, who have worked with Bruce since 2001 and have been increasingly involved in the management of MYI, will take on the job of running the portfolio.
We also have:
- The proposed merger of GCP Infrastructure and GCP Asset backed Income
- The proposed merger of Atlantis Japan Growth Fund with Nippon Active Value Fund
- An update from ThomasLloyd Group refuting allegations from the board of ThomasLloyd Energy Impact