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QuotedData’s morning briefing 19 October 2023 – HTCF, RSE, ABD, PIN, AERI, ASLI, AEWU

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In QuotedData’s morning briefing 19 October 2023:

  • Highbridge Tactical Credit (HTCF) will compulsorily redeem almost all of its shares on 1 November 2023 and then go into liquidation.
  • Round Hill Music (RHM) shareholders overwhelmingly approved the takeover by Concord Bidco. The shares will stop trading before the market opens on 31 October and shareholders should get their cash around 14 November.
  • Riverstone Energy (RSE) says its end September NAV was $15.57, 21% higher than that in June. This was due to gains in the Permian Resources and Hammerhead investments, which were partially offset by declines in the fair value of Enviva and FreeWire.
  • The pre liquidation dividend on abrdn New Dawn (ABD) ahead of its merger with Asia Dragon, is 2.7p per share. The liquidation of the company is expected to occur on 8 November 2023.
  • Pantheon International (PIN) has agreed a new £500m equivalent ($487.7m and €115.7m) multi-tranche, multi-currency revolving credit facility comprised of £400m, expiring in October 2026 with an ongoing option to extend, by agreement, the maturity date by 364 days at a time; and £100m, expiring in October 2024. State Street Bank & Trust Company, RBS International plc, Mizuho Bank Ltd. and RBC Europe Limited, are joining the syndicate alongside two existing relationship lenders, Lloyds Bank Corporate Markets plc and State Street Bank International GmbH (Credit Suisse dropped out). There’s a commitment fee of between 0.70% and 1.15% per annum on the undrawn portion of the loan facility. The rate of interest payable on the drawn portion is the aggregate of the relevant benchmark rate plus 2.95% (for the 2026 facility)  or 2.25% (for the 2024 facility). As at 19 October 2023, Pantheon International had £125m of drawings under the previous £500m facility which this replaces.
  • Aquila European Renewables (AERI) scored highly in its 2022 GRESB assessment (a measure of ESG attributes), achieving a score of 92 out of 100 (2021: 88 out of 100), higher than the average of its peer group.
  • abrdn European Logistics Income (ASLI) has been awarded a maximum five stars in the 2023 Global Real Estate Sustainability Benchmark (GRESB – the largest global ESG benchmark for real estate and infrastructure investments) awards, achieving first place in its peer group of funds investing in European warehouses. The company scored 89 points out of 100, up from 86 points in 2022. This compares to the peer group average score of 81 points and an overall GRESB average of 75 points.
  • AEW UK REIT (AEWU) reported a 0.7% uplift in the value of its portfolio on a like-for-like basis to £219.4m for the quarter to 30 September 2023. NAV was down 0.9% to 106.0p per share due to the negative impact of acquisition costs during the quarter. The company is now practically fully invested and the recent purchases – an NCP car park in York and an office in Bath – are expected to be NAV accretive. The acquisitions also meant that earnings increased to 1.84p per share (from 1.75p the previous quarter), but it is still not covering its 2p quarterly dividend. The company said that it expects further earnings growth in the coming quarters through new lettings. The company’s loan to value (LTV) was 35.7% at 30 September 2023, with all debt fixed at a cost of 2.959% until 2027.

We also have news of a strategic review from Hipgnosis Songs Fund, an update from Gresham House Energy Storage, a purchase by Cordiant Digital Infrastructure, and a bid by Syncona for one of its holdings

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