In QuotedData’s morning briefing 18 October 2023:
- NB Global Monthly Income Fund (NBMI) provided an update for the month end September 30. The company noted that the managed wind-down of the portfolio, as described in the circular of 20 December 2022, has been in effect since the EGM shareholder approval of 27 January 2023. In the period between 27 January and 29 September 2023, a total value of £120.4 million of portfolio assets were distributed via means of compulsory redemptions being approximately 66.7 % of NAV as of 27 January 2023. Further progress has been made in realising assets since the last announced compulsory redemption with the objective of maintaining shareholder value.
- Town Centre Securities (TOWN) reported a 12.6% fall in the value of its property portfolio in annual results to 30 June 2023, contributing to a 14.7% drop in EPRA net tangible assets (NTA). Earnings per share was stable at 6.2p, while the company has paid/declared dividends for the year of 5.0p. Despite the reduction in portfolio valuation, the group’s loan to value (LTV) reduced to 45.8% (from 46.2%) through debt repayments from asset sales. Chairman and chief executive Edward Ziff said that the company’s attentions would now turn to opportunities to selectively acquire assets and invest in its development programme, following its disposal programme.