In QuotedData’s morning briefing 9 November 2023:
- Murray Income says it will pay three interim dividends of 9.5p in December, March 2024 and June 2024. Up from 8.25p for the previous financial year. The directors are trying to rebalance the trust’s quarterly dividends in order to accelerate payments to shareholders. As a result, the board expects that the fourth interim dividend per share, to be announced in August 2024 (which in 2023 was 12.75p), will be at least 9.5p, which would represent total dividends for year ending 30 June 2024 of 38.0p up marginally from 2023’s 37.5p.
- JZ Capital Partners (JZCP) says that although no significant realisations have been achieved over the six months ended 31 August 2023, its board anticipates potential near-term realisations that would enable the company to repay its $45m senior credit facility and, subject to retaining sufficient funds to cover existing obligations and support certain existing investments to maximise their value, to plan to commence to make distributions to shareholders.
- Henderson Opportunities (HOT) says that with effect from 20 October 2023, its performance fee arrangements have been removed. The management fee will continue to be charged at 0.55% of net assets per annum payable quarterly at a rate of 0.1375% based on net assets at the end of the previous quarter.
- The merger of Asia Dragon (DGN) and abrdn New Dawn (ABD) is complete. 52,895,670 new Asia Dragon shares have been issued and the fund has expanded by £214.7m. abrdn New Dawn shareholders got 0.675514 new shares for every share that they held.
- abrdn Equity Income Trust (AEI) has negotiated a change to the terms of its management fee. With effect from 1 October 2023, the fee will be a flat 0.55% per annum of NAV. Prior to 1 October 2023, the fee was charged at a rate of 0.65% of the first £175m and 0.55% on the balance. Based on the net assets at 6 November 2023 of £142.7m, the change will amount to a 15.4% reduction in the fee payable as compared to the existing fee arrangement.
- Home REIT (HOME) has sold a portfolio of 153 properties, representing 6.5% of the company’s portfolio by number, for a total of just over £24.3m at a series of public auctions this week – at a huge 65% discount to the price the company paid for them. The properties were identified by new investment manager AEW as being in poor condition, largely vacant and requiring significant capital expenditure in order to be brought up to specification. Of the properties exchanged for sale, 73 properties were subject to leases with tenants in liquidation which will be surrendered prior to completion. The proceeds of the sale will be used to reduce the company’s borrowings and provide working capital.
- Regional REIT (RGL) has completed the sale of its Venlaw and Elmbank Gardens offices at Charing Cross, Glasgow for £6.25m. This represents a substantial uplift of 26.3% against the most recent valuation at 30 June 2023. The 51,775 sq ft of office and ancillary leisure space comprises 23 individual units let on 13 separate leases. The purchaser intends to redevelop the office space for student and residential use. The proceeds will be used to reduce the company’s debt.
- Urban Logistics REIT (SHED) reported a slight decrease in EPRA net tangible assets (NTA) of 0.5% to 161.69p per share over the six months to 30 September 2023. The value of its portfolio was stable at £1.1bn, while net rental income jumped 12.1% compared to the same period last year to £28.5m. Adjusted earnings per share was 3.46p (Sept 2022: 3.38p), while it paid a dividend of 3.25p. The estimated rental value (ERV) of the portfolio was £73.8m (up 1.4%) providing a 23% reversion to contracted rent of £60.0m. On 10 lettings/rent reviews concluded in the period, rent grew 10%. The company has a loan to value (LTV) of 29.3%, with £354m of debt and a weighted average maturity of 6.0 years. The weighted average debt costs was 3.9% for the period, 97% hedged or fixed to term.
We also have results from Schroder Oriental Income, an update from Foresight Sustainable Forestry , a new investment by Schroder Capital Global Innovation, and corporate news from Downing Strategic Micro Cap