QuotedData’s morning briefing 22 July 2024 – CYN, BPCR, ONWD, TMI, BCPT

In QuotedData’s morning briefing 22 July 2024:

• CQS Natural Resources Growth and Income (CYN) has declared its fourth interim dividend of 1.82p per share for the year ended 30 June 2024 (2023: 1.82 pence per share). It has also declared an additional special interim dividend of 1.00p per share, reflecting the fact that underlying core revenue income from its portfolio continues to be strong. These will be paid on Monday, 2 September 2024 to shareholders on the register on Friday, 2 August 2024, with an ex-dividend date of Thursday 1 August 2024.
• Separately, CYN has announced that Mrs Louise Hall and Mrs Seema Paterson are to be appointed as independent non-executive directors with effect from 1 August 2024. Mrs Helen Green will retire as chair and non-executive director and Mr Alun Evans will retire as non-executive director at the conclusion of the December 2024 AGM. Following Mrs Green’s retirement, Mr Christopher Casey will succeed her as chair of the board and Mrs Paterson will succeed Mr Casey as chair of the audit committee. Mrs Hall and Mrs Paterson will also be appointed as members of the company’s audit committee, management engagement committee and nomination committee. Mrs Hall spent over 30 years as an investment manager at Investec Wealth and Investment, a private client wealth management firm, ultimately sitting as an executive director on the board and running its largest office. Since retiring from full time work, Mrs Hall has sat on the Save the Children investment committee and been chair of governors at a girls’ school in Dorset. More recently, Mrs Hall has become an independent non-executive director at wealth management firm, JM Finn. Mrs Paterson is a chartered accountant, having qualified in 1999 with Arthur Andersen in London. Mrs Paterson has also worked in mergers and acquisitions at Société Générale and in corporate finance at Collins Stewart. She is currently chief financial officer and board director of This Works Products Limited, a private equity owned wellness and beauty brand with operations across the world. Mrs Paterson also serves on the board of Resurgo Trust, a youth employment charity based in London.
• BioPharma Credit (BPCR) has highlighted that the UK CMA (Competition and Markets Authority) has given clearance for the proposed acquisition of LumiraDx by Roche. It understands from LumiraDx that it is working with Roche towards finalising the acquisition closing.
• Onward Opportunities (ONWD) has announced the acquisition of a minority equity interest in The Mission Group Plc (TMG), an AIM-quoted digital marketing and communications group. On 10 July 2024, ONWD acquired 6.3% of TMG for an aggregate consideration of £1.16m, which was funded from its existing cash balances. ONWD says that TMG is a group of digital marketing and communications agencies that employees more than 1,100 people across 25 locations on 3 continents representing a blue-chip client base. In the year ended 31 December 2023, TMG reported revenues (operating income) of £86.3m and adjusted profit before tax of £4.2m. As at 31 December 2023, TMG had audited net assets of £76.4m.
• Taylor Maritime Investments (TMI) has announced that, following the receipt of the High Court of the Republic of Singapore’s approval on 16 July 2024, the selective capital reduction (click here to see our coverage of the original announcement) of its subsidiary, Grindrod Shipping Holdings Ltd. will take effect once the court order has been lodged with the Singapore Registrar (ACRA Lodgements). This is expected to take place on 16 August 2024. Other than the ACRA Lodgements, there are no other outstanding conditions to the Selective Capital Reduction becoming effective. Following this, all of the ordinary shares of Grindrod Shipping held by shareholders, comprising 3,479,225 shares, other than shares held by its subsidiary, Good Falkirk (MI) Limited, will be cancelled. As a result, Grindrod Shipping will become a wholly owned subsidiary of TMI through Good Falkirk (which will own 100% of the shares in Grindrod Shipping – up from 82.33%). Trading of Grindrod Shipping’s shares on the Nasdaq will be suspended with effect on and from 15 August 2024 and trading of Grindrod Shipping’s shares on the JSE will be suspended with effect on and from 16 August 2024. The Record Date for the cash distribution is 20 August 2024 with the payment date expected to be 21 August 2024.
• Balanced Commercial Property Trust (BCPT) has sold another office as it continues its strategy to reduce exposure to the sub-sector. It has sold 17A Curzon Street, in London’s West End. Following completion, BCPT’s portfolio exposure to the office sector will reduce to 16.0% by capital value (based on 31 March 2024 valuations), down from 29.6% as at 30 June 2023. 17A Curzon Street is a multi-let office of 10,800 sq ft, and the company said that it was crystalising value created from its refurbishment strategy, which set a record rent for the building. The price achieved represents a relatively narrow 2.3% discount to the 31 March 2024 valuation. BCPT has now sold seven offices since the start of December 2023 for a total of £129.5m at an average discount of 4.1% to the then-preceding valuations. Following completion of the sales, BCPT is expected to have cash of approximately £120m. The board does not currently expect to announce any further sales in the near-term.

We also have:

• Bluefield Solar Income’s signing of its phase 2 of its strategic partnership with GLIL Infrastructure
• Ruffer’s year end manager review