In QuotedData’s morning briefing 1 September 2023:
- Greencoat UK Wind (UKW) has announced that it has completed the acquisition of South Kyle wind farm, in Scotland, from Vattenfall Wind Power Ltd. The transaction was first announced on 27 April 2020 (click here to read our coverage of this) with payment for the subsidy-free project due once it began commercial operations. South Kyle is located 5km to the east of Dalmellington on the boundary of Dumfries & Galloway and East Ayrshire in Scotland. It consists of 50 turbines with aggregate generating capacity of 240MW and a grid connection of 235MW.
- Gore Street Energy Storage (GSF) has announced the publication of its second ESG and Sustainability Report. GSF says that the new report reflects a significant year of growth for the company, which expanded its energy storage portfolio to c. 1.2 GW across five different grids. GSF has, therefore, expanded its reporting to cover Germany, Texas and California, where new assets were added in 2022 and early 2023. The report details GSF’s performance in areas such as greenhouse gas emissions, avoided CO2 emissions, renewable electricity stored, biodiversity impacts, waste, and gender diversity. The report also includes a climate risk assessment for the newest asset in California, which updates on the portfolio’s changing exposure to physical climate risks. GSF’s approach to issues inherent to its supply chain activities, such as human rights in mining and the disposal of batteries, is also detailed. The report will be available on the company’s website: https://www.gsenergystoragefund.com/content/investors/shareholder-literature
- Cordiant Digital Infrastructure (CORD) has announced that no elections were received to exercise its subscription shares for the August 2023 conversion date. Reflecting this, 6,434,884 subscription shares remain in issue and CORD’s voting rights remain unchanged (excluding its 1,050,000 shares held in treasury, CORD has 772,509,707 ordinary shares in issue). [QD comment: With CORD’s ordinary shares trading at a c. 36% discount to NAV, there were never going to be any subscription shares exercised – it would be far more cost effective for shareholders to buy shares at the prevailing share price – 72.6p at the time of writing – than the exercise price of 129.5p per share (which also exceeds CORD’s NAV). The next subscription date is February 2024, where the subscription price will still be 129.5p per share (it is adjusted for cumulative dividends paid to ordinary shareholders up to the subscription date). Unless things change radically, it is hard to see any subscription shares being exercised then.]
- Hammerson (HMSO) has announced that it has priced a £100m increase (or “tap”) of its existing £200m 7.25% coupon bonds maturing in 2028, resulting in an outstanding notional amount of £300m. The new bonds will have the same terms and conditions as the existing bonds. The new bonds will be placed with an existing large institutional investor. Hammerson says that it will use the proceeds for general corporate purposes including a tender offer for its £350m 3.5% bonds maturing in 2025 and £300m 6.0% bonds maturing in 2026 that has just been announced.
We also have:
- ThomasLloyd Energy Impact’s announcement regarding the second EGM requisitioned by the manager
- Triple Point Social Housing’s sale of four properties in line with book value
- The retirement of John Bennett, manager of Henderson European Focus