QuotedData’s morning briefing 18 March 2024 – JPEL, OCI, AIRE, ASLI, CHRY

In QuotedData’s morning briefing 18 March 2024:

  • JPEL Private Equity (JPEL) has released its 31 December NAV, along with its semi annual report. Its NAV per share declined from $1.63 to $1.50, giving it a total NAV of $21.6m. The decline in NAV is primarily due to mark to market adjustments in JPEL’s investment in Blue River Capital I and Genuine Idea Investments as well as the completion of JPEL’s 12th mandatory redemption, which returned $6m to shareholders.
  • Oakley Capital (OCI) announced that Oakley Capital Origin Fund I is investing in Horizons Optical, a provider of medical software used to make premium spectacle lenses. Origin is acquiring a majority stake in the business alongside its CEO Santiago Soler, who will retain his position. OCI comments that Horizons has a strong, historical track record generating double-digit revenue growth. It also notes that Horizons operates in a lens market with strong, long-term growth prospects, underpinned by a growing ageing population and the increased incidence of vision conditions caused by excessive screen time on mobile phones and desktop computers.
  • Alternative Income REIT (AIRE) has appointed a new investment adviser. Martley Capital Real Estate Investment Management Limited has been appointed by way of a deed of novation of the group’s investment advisory agreement and leaves the parties on substantially the same terms and at an unchanged fee.
  • abrdn European Logistics Income (ASLI) has agreed an immediate lease surrender with Arrival for the 27,000 sqm of warehousing it previously rented in Getafe, Madrid, and let 5,131 sqm of the space, at a rent 8.7% above the previous passing rent. Spanish transportation company METHOD Advanced Logistics has signed a three-year lease, with the option of two further years, and will undertake a near term capex programme at its own expense to deliver four new docks in the façade of the building. ASLI said that there was also strong leasing interest in the adjoining 6,000 sqm unit. Under the terms of the agreement with Arrival, no surrender premium has been received.
  • Chrysalis Investments (CHRY) has passed its continuation vote at its AGM and EGM held on 15 March 2024. The outcomes included 97% of shareholders voting in favour of continuing the trust and 99% voting in favour of its new fee structure. The passing of these resolutions at the meeting is a key development, as CHRY’s management have spun out of Jupiter Asset Management to form their own investment firm, with shareholders effectively signalling their support for the new venture. [We weren’t in much doubt about this outcome given the improvement in NAV performance recently and the light at the end of the tunnel on disposals.]

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