In QuotedData’s morning briefing 20 August 2024:
- Polar Capital Global Financials (PCFT) has been promoted to the FTSE 250 Index, replacing Redrow which has been taken over by Barratt Developments.
- Triple Point Social Housing REIT (SOHO) has completed the transfer of all 38 properties previously leased to struggling housing association Parasol (representing 9.7% of the rent roll) to Westmoreland Housing Association. Parasol had been paying just 60% of full lease rent. Following the completion of the transfer, the company said that it expects rent collection to increase to between 75% to 85% of the existing lease rent during a 12 month stabilisation period and thereafter up to at least 90%. This should help ensure that dividends paid by the company are fully covered by earnings. Westmoreland, which manages 950 specialised supported housing homes, had previously come under the scrutiny of the Regulator for Social Housing but the current management team (appointed in 2020) has restructured the company, delivering four years of annual surplus and growing turnover to over £15m per annum whilst steadily increasing its cash position.
- Invesco Perpetual UK Smaller Companies (IPU) says that its special dividend offer was well oversubscribed – 12,450,815 shares looking to be cashed in versus a maximum of 3,382,692 that could get the dividend in exchange for relinquishing their shares (the mechanics of this were described in our weekly show on 19 July 2024). Applications will be scaled back accordingly. Cash should be distributed on 8 October 2024.
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