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QuotedData’s morning briefing 9 October 2023 – OIG, AEWU, AGR

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In QuotedData’s morning briefing 9 October 2023:

  • Oryx International Growth (OIG) provided an update on the proposed bids for its holdings in Tribal Group, Pendragon, and Smoove. The offer for Tribal Group represents an approximate 41% premium to the recent share price and would return circa £14.8m in cash to OIG upon completion, representing an IRR of 24.6%. OIG’s Smoove holding would return circa £1.6m upon completion. These two bids will add approximately 30p per share to the end of September NAV. Pendragon has received multiple bids from three parties and the situation is ongoing.
  • AEW UK REIT (AEWU) has sold a high-street retail holding at 208-220 Commercial Road and 7-13 Crasswell Street, Portsmouth, for £3.9m, reflecting a net initial yield of 9.9% and a 22% premium to the 30 June 2023 valuation of £3.2m. Following the completion of two new lettings to Kokoro and Specsavers earlier this year, the property is now fully let. This, coupled with the risk of the main tenant, Nationwide Building Society, being significantly over-rented, prompted the decision to sell, the company said.
  • Assura (AGR) has refinanced its revolving credit facility (RCF). The new facility – provided by Barclays, HSBC, NatWest and Santander – is increased from £125m to £200m and now matures in October 2026 (with an option for two one-year extensions). The margin is 135 basis points (with ratchet based on leverage) and the company can draw the facility in both GBP and EUR. The RCF now also includes sustainability-linked KPIs and commitments. Achievement of these KPIs will result in the margin being adjusted up or down by 5 basis points.

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