In QuotedData’s morning briefing 3 October 2023:
- Rockwood Strategic (RKW) confirmed the resolution for a share sub-division was passed at its recent AGM. On 11 October 2023 this will result in each ordinary share of capital of the company being sub-divided into ten new ordinary shares. The aggregate value of the shareholdings will remain the same. Additionally, the share sub-division will not have any impact on the company’s net assets as no change in the total aggregate nominal value of the company’s issued share capital will occur. The company also provided a trading update ahead of publication of its unaudited results for the six months ended 29 September 2023. Net Asset Value Total Return for the period was -5.5% compared to a decline in the FTSE AIM All Share Index of -10.3% and an increase in the FTSE Small Cap (ex-ITs) Index of 2.9%. Total Shareholder Return in the Period was -2.5.
- Great Portland Estates (GPE) has signed a new £250m unsecured term loan at a headline margin of 175 basis points (equivalent to 1.75%) over SONIA with three existing banks – NatWest, Lloyds Bank and Bank of China. The loan has an initial three-year term that can be extended to a maximum of five years at GPE’s request, subject to bank consent. GPE has put in place an interest rate cap to protect against any further increases in rates whilst preserving the benefit of any reductions. As a result, more than 90% of the group’s debt is fixed rate or hedged. Following this financing, the group has cash and undrawn credit facilities in excess of £470mn. This will support the delivery of the group’s near-term development programme and the repayment of the group’s £175m private placement debt maturity in May 2024.
We also have an annual report from Ruffer and an update from Henderson High Income and Henderson Diversified Income.