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QuotedData’s morning briefing 4 December 2023 – GSF, SEQI, SYNC, SBO, INOV, IGC, JLEN, SEIT

In QuotedData’s morning briefing 4 December 2023:

  • Gore Street Energy Storage Fund (GSF) has announced that its investment manager, Gore Street Capital, has been selected as the co-manager of Japan’s first dedicated fund for grid storage batteries, with the Tokyo Metropolitan Government as the cornerstone investor, contributing £10.6m to the fund.
  • Sequoia Economic Infrastructure Income Fund (SEQI) has provided an update on its investments in Clyde Street and Bulb Energy. SEQI has a senior secured interest in a hotel in Clyde Street, Glasgow, Scotland. While the hotel did open in 2023, a portion still remains unavailable. As a result, the investment adviser has successfully petitioned the Court to appoint specialists from Interpath Advisory to act as interim managers and subsequently administrators to optimise the asset realisation process, while also securing any additional capital need. The investment adviser will be taking a conservative view on value and a downward valuation adjustment will be applied to this position, to be published at a later date. In respect to Bulb energy, following a partial settlement of claims with the Joint Energy Administrators of Bulb, SEQI expects to receive a distribution of £25m in cash from Bulb. In certain limited circumstances, a portion may be deferred until or shortly after September 2025, although if that occurs the amount will increase from £16m to £18.4m. The distribution will take the total recoveries from the defaulted loan to Bulb to £50.3 million, compared to the principal amount outstanding at the time the Special Administration took effect of £55 million.
  • Syncona (SYNC) has provided an update on the clinical trails of Beacon Therapeutics, a holding of SYNC, for its AAV viral vector-based gene therapy for X-Linked Retinitis Pigmentosa. The results are positive, with robust and statistically significant improvement in retinal sensitivity, as well as no clinically significant safety events related to the therapy.
  • Schroder British Opportunities (SBO) released its half year results for the year ending 30 September 2023. Over the period its NAV per share fell by 2.5% to 104.66p per share, though its share price increased by 6.9%. At period end, the portfolio consisted of 9 private companies (65% of NAV) and 23 public companies (27% of NAV). The public equity portfolio detracted from NAV performance over the period, down (4.9%), while the private portfolio was a contributor, up 2.9%. Standout contributors included EasyPark, Pirum (both private companies), and Bytes Technology (public).
  • Schroders Capital Global Innovation Trust (INOV) provided its quarterly update today. Over the three month period INOV’s NAV fell by 5.1% to 23.46p per share. Performance over the quarter was impacted by losses in its holdings in Atom Bank, Genomics and Federated Wireless. Both INOV’s public and private equity holdings detracted from performance, its public holdings costing the trust (1.1%) and its private (4.3%). 24% of INOV is held in public equities, and 67% in private, as of 30 September.
  • India Capital Growth (IGC) has provided details for its 2023 redemption facility. It confirms the redemption point on 29 December 2023, for shareholders of ordinary shares held at 6.00 p.m. on 29 September 2023 and held continuously since then to request redemption at an exit discount of 3 per cent. The board also noted the success of its £5m share buyback programme, implemented on 1 November 2023, with IGC’s discount narrowing to (4.9%) from (13.5%).
  • JLEN Environmental Assets Group (JLEN) has announced that it has purchased the remaining 30% shareholding in Bio Collectors Holdings Limited (BCH) for a total consideration of £8.0m, taking its ownership in the business to 100%. BCH holds the rights and operational assets that make up an anaerobic digestion plant and the Bio Collectors waste collections business. This acquisition will allow JLEN to consolidate its control of BCH, creating the potential for JLEN to deliver operational synergies across its portfolio of food waste anaerobic digestion plants, as well as simply increasing its exposure to an investment that is expected to deliver attractive returns. The JLEN team notes the timeliness of this acquisition, as Bio Collectors and Codford, JLEN’s food waste plant in Wiltshire, are both expected to benefit from a recent DEFRA announcement stating that separate food waste collections will be required in England for businesses by 31 March 2025 and for all households by 31 March 2026.
  • SDCL Energy Efficiency Income Trust (SEIT) has published its 6 month results for the period ending 30 September 2023. Over this period SEIT’s NAV per share fell to 90.6p, down from 101.5p at March. The primary driver of this fall in NAV came from the increase in the discount rate applied to the strategy, which reduced the NAV by 11.9p per share. The performance of SEIT’s investments and macroeconomic environment and were both positive contributing 3.3p and 0.2p respectively. The discount rate was increased by 1% over the period, with SEIT now using a weighted average unlevered discount rate of 8.7%. The trust declared a 3.12p dividend over the period and is on track to pay its target dividend of 6.24p per share for the current financial year, with the trust generating a 1.1x dividend cover for the 6 months.

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