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QuotedData’s morning briefing 2 October 2023 – ICG, TMI, PEY, AERI, MWY, AIRE, SERE, JLEN

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In QuotedData’s morning briefing 2 October 2023:

  • India Capital Growth Fund (ICG) has announced that its investment manager, Ocean Dial Asset Management, has been acquired by AssetCo. As a result ICG will come under the River and Mercantile brand in due course, which will increase the resources available to ICG.
  • Taylor Maritime Investments (TMI) has announced that its subsidiary Grindrod Shipping will reduce its capital and distribute $32.4m in two tranches, $26.7m of it will be received by TMI, in line with its 83.2% ownership. TMI expects to use this cash to further reduce its debt and for general corporate purchases.
  • Princess Private Equity (PEY) reported a 0.6% NAV increase in August.
  • Aquila European Renewables (AERI) has announced that it has commenced trading on the Euronext Growth Dublin Index.
  • Mid Wynd International (MWY) has appointed Lazard as its investment manager and Juniper Partners as its alternative investment fund manager, as well as the company secretary and administrator.
  • Alternative Income REIT (AIRE) posted a 12.7% fall in NAV to 84.16 pence per share in annual results to 30 June 2023, primarily due to a 9.2% reduction in the value of its portfolio (which was impacted by an upward yield movement across the wider UK real estate sector). Positively, EPRA earnings per share increased 7.7% to 6.75p, comfortably covering its dividend of 6.045p (which was up 9.9% on the previous year). Loan to value was 36.8% (significantly below its 60% loan covenant, whilst interest cover ratio was 614.5% – again comfortable headroom to the lender’s interest cover covenant of 250%. The loan matures in October 2025 and is fixed at a weighted average interest cost of 3.19%.
  • Schroder European REIT (SERE) has completed a five-year debt refinancing secured against the company’s five-asset Dutch industrial portfolio. The refinancing is based on a margin of 2.0%, which is 0.15% below the existing margin. Reflecting the competitive terms offered by four different banks, the company has elected to extend the facility by a further €4.5m, to €13.8m, by adding two unlevered industrial assets in Alkmaar and Venray as security. The new facility has been fixed at 5.3% being the five-year euro swap rate (3.3%) plus 2.0% margin. The debt is accretive given the net initial yield of the Dutch industrial portfolio is 6.2%. Following this transaction, the company’s debt totals €85.5m across seven loan facilities. The loan to value is 31% (23% net of cash). The weighted average loan term increases by nine months to 2.6 years and the blended all-in interest rate increases 30 basis points to 2.9%. The company has two debt expiries in 2024 and is in ongoing discussions with lenders.
  • JLEN Environmental Assets (JLEN) says that its board and investment manager believe that the discount to NAV at which JLEN’s shares are currently trading materially undervalues the company, and so represents an attractive investment opportunity [and we agree with them]. Consequently, share buybacks form an important part of the board and manager’s capital allocation considerations. Any decisions regarding share repurchases will, at that time, depend on the rating of JLEN’s shares and will include an assessment of the implied risk / return of share buybacks against that of other investment opportunities, alongside the potential long-term implications for the company.

we also have an update from SLF Realisation and good news for Pershing Square

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