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QuotedData’s morning briefing 16 November 2023 – BSIF, SYNC, PSH, GCL, NCYF, GPM, CYN, NRR, GPE

mostly cloudy skies over two rows of solar panels in a field

In QuotedData’s morning briefing 16 November 2023:

  • Bluefield Solar (BSIF) reports that its NAV fell by 3.3p over the third quarter of 2023. The main contributing factors to this were slight underperformance in generation during the quarter, due to lower than expected irradiation, and advanced quarterly payments connected to corporation tax and the Electricity Generator Levy (taking off about 4p in total). Offsetting that were uplifts from inflation (1.9p), and upwards revaluations of construction and development projects (1.1p). The company also paid a 2.3p dividend.
  • Martin Murphy is stepping down as chair of Syncona (SYNC)’s management company with Chris Hollowood taking on the role of interim chair and CEO. Martin co-founded Syncona with the Wellcome Trust in 2012. Melanie Gee, Syncona’s chair, said “The board are pleased with the strategic progress Syncona has made and with how the senior team, led by Chris, are operating against a challenging market backdrop with a continued focus on maximising value for our shareholders”.
  • Pershing Square (PSH) has announced a new $250m share buyback programme, on top of the $1.24bn that it has bought back to date since May 2017. The programme is expected to last until the next AGM but may end earlier.
  • CQS (UK) LLP – manager of Golden Prospect (GPM), CQS New City High Yield (NCYF), Geiger Counter (GCL) and CQS Natutral Resources Growth and Income (CYN) – is being acquired by Manulife Investment Management. There are no planned changes to the investment management teams.
  • NewRiver REIT (NRR) has refinanced its revolving credit facility (RCF). The new £100m facility (which has a £50m accordion available) replaces the previous £125m (plus £50m accordion) facility. Maturity has been extended from August 2024 to November 2026 with option to extend the facility by two additional one-year terms (to November 2028), subject to lender approval. The annual cost of the debt has reduced as the headline margin and quantum have both been reduced. The new facility is with the existing lenders of the previous RCF, being Barclays, HSBC, NatWest and Santander.
  • Great Portland Estates (GPE) reported a 14.1% drop in EPRA net tangible assets (NTA) to 650p per share in the six months to 30 September 2023. The group’s portfolio of central London offices was valued at £2.3bn, down 10.3%, as investor sentiment for the office market continues to struggle. Rental values were up by 1.8%; offset by yield expansion of 43 basis points (0.43%). EPRA earnings per share was up 4.4% to 4.7p, covering the interim dividend of 4.7p. The company has upgraded its portfolio rental value growth guidance to 2.5% to 5.0% for the financial year, with prime offices rental growth guidance of 3% to 8%.

We also have news of a disposal by Foresight Solar

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