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QuotedData’s morning briefing 04 September 2023

In QuotedData’s morning briefing 4 September 2023:

  • Atrato Onsite Energy (ROOF) has implemented a revolving credit facility. The trust now has a three-year £30m line of credit available to it from NatWest, financed at 1.3% over SONIA.
  • BBGI Global Infrastructure (BBGI) has announced that its investment in Highway 104 in Nova Scotia, Canada has achieved substantial completion. The investment was first announced in March 2020, and connects Sutherlands River and Antigonish in Nova Scotia, with payments being made to BBGI from the government of Nova Scotia. Following this completion, BBGI’s investment portfolio is now 100% operational.
  • Harmony Energy Income Trust (HEIT) has announced the sale of its “shovel-ready” battery energy storage systems development project, Rye Common (99 MW) to Pulse Clean Energy Limited. The proceeds of the sale, coupled with the recycled cash previously allocated to this project represent a 1.5% premium to the carrying value of the Rye Common Project as at HEIT’s 30 April 2023 valuation. The board entertained a possible sale of the project following a more challenging capital raising environment that has remained following the government’s ‘mini-budget’. The board believes that this sale not only validates HEIT’s carrying values, but also demonstrates the high-quality nature of BESS projects developed by the trust.
  • Primary Health Properties (PHP) has appointed Mark Davies as chief executive. He will take over from Harry Hyman at the conclusion of the company’s Annual General Meeting on 24 April 2024. Davies is an experienced FTSE 250 executive having co-founded NewRiver REIT in 2009, which went from IPO to the FTSE 250 in seven years. He was chief financial officer of NewRiver for over 12 years and was also chief executive of Hawthorn Leisure Limited for five years. Mark stood down from the board of NewRiver following the sale of Hawthorn in July 2021 to private equity at a premium price. Over the last 14 years, Davies has raised over £3bn of equity and debt in public and private markets. He is currently the senior independent director at Palace Capital PLC, a London-listed REIT. As part of the handover process Davies will work alongside Harry Hyman for three months up to the 2024 AGM.

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