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QuotedData’s morning briefing 1 August 2024 – IIP, HEIT, RICA, CAL, RESI, PSDL, RCP

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In QuotedData’s morning briefing 1 August 2024:

  • Infrastructure India’s (IIP) nominated adviser has resigned. It doesn’t think that it can appoint a replacement. AIM Rule 1 provides it with one month to appoint a replacement nominated adviser. If no replacement nominated adviser is appointed within that timeframe, the admission of the company’s AIM securities will be cancelled. There is no plan to find a replacement and so cancellation of trading is expected to take effect at 07:00 a.m. on 2 September 2024. [Good riddance]
  • Harmony Energy (HEIT) says it has energised its 70MWh Rusholme battery storage project, which is expected to be fully operational in all markets in early August 2024. The Rusholme project is the company’s sixth project to be energised and takes total operational capacity to 625 MWh / 312.5 MW, equating to 79% of the portfolio (by MW). Rusholme will be operated through Autobidder, Tesla’s algorithmic trading platform. The two remaining projects under construction, Wormald Green (66 MWh / 33 MW) and Hawthorn Pit (99.8 MWh / 49.9 MW), remain on track for energisation during Q3 2024.
  • Henry Maxey (CIO at Ruffer LLP) just bought 1.85m shares in Ruffer (RICA) at 271.41p each (just over £5m worth).
  • Capital & Regional (CAL), the shopping centre landlord, has posted a slight increase in NAV to £203.9m (Dec 2023: £202.0m) in the six months to 30 June 2024. On a per share basis, the NAV fell slightly to 88p (from 90p) due to the increased number of shares in issue following the June 2024 scrip dividend. The value of its portfolio increased 0.8% in like-for-like valuations to £374.9m (Dec 2023: £372.8m). Net rental increased jumped 17.1% to £13.7m reflecting the impact of the Gyle shopping centre acquisition. The company is an acquisition target of both NewRiver REIT and private equity firm Praxis, who have until 15 and 16 August respectively to firm up their intentions.
  • Residential Secure Income (RESI) reported a 0.8% fall in NAV to 76.7p per share for the quarter to 30 June 2024. This reflected a 0.4% drop in the value of its portfolio of retirement living and shared ownership homes to £315m. Earnings remain strong and cover its dividend 1.23x.
  • Phoenix Spree Deutschland (PSDL) has reported another 3.3% fall in the value of its portfolio of Berlin rental homes in the six months to 30 June 2024. The portfolio is now worth €646.4m, down 19.2% since its peak in June 2022. The company is continuing to make progress with its strategy to sell individual apartments at wide premiums to their valuation. The average price for all condominium sales stood at a 23% premium to the average per sqm valuation of the portfolio as a whole and a 62% premium to the valuation of the portfolio implied by the current share price.
  • RIT Capital (RCP) has generated a positive NAV return of 4.2% for the first six months of 2024 with positive contributions from all three investment pillars – Quoted Equities, Private Investments and Uncorrelated Strategies. “The board is delighted with the encouraging start that our new JRCM leadership team of Maggie Fanari (CEO) and Nicholas Khuu (CIO) has made. It is early days, but the improvements they are implementing to our portfolio strategy, team and approach, are already starting to bear fruit and leave me with great confidence for the future.

We also have:

Renewables Infrastructure Group sells stake in offshore wind farm to fund share buyback

Pantheon International outlines next phase of its corporate strategy

Henderson Smaller Companies lags rising market

Pershing Square USA launch flops

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