In QuotedData’s morning briefing 5 August 2024:

• Dunedin Enterprise (DNE) has announced that Dunedin Buyout Fund III LP has entered into a legally binding agreement for the realisation of its investment in EV, a provider of high-performance video cameras and quantitative visual analytics to the global energy industry. The investment in EV was valued, net of carried interest, at £2.6m at 30 June 2024 and proceeds from the sale will amount to £2.6m, consisting entirely of capital. The transaction is subject to regulatory approval and is expected to complete by the end of 2024. DNE says that, following completion of the EV realisation, its board intends to send shareholders a proposal for a members’ voluntary liquidation of the company as envisaged in the chairman’s statement published in March.
• Seraphim Space (SSIT) has published its monthly ‘SpaceTech Sector Newsletter’. It says that its Q2 2024 Index report showed that private capital continues to be deployed into the space domain at pace, evidenced by four consecutive quarters of investment recovery. This quarter, US$2.41bn private capital was invested, an increase from the previous quarter’s US$2.39bn, bringing the total investment over the past 12 months to $8.5bn. It adds that investment in SpaceTech has continued to outperform general venture capital significantly (Q2 2024 set a record for SpaceTech deals closed in the quarter (174), contributing to a total of 528 deals over the trailing 12-month period). It has also provided updates on a number of portfolio companies. The main headlines are a follows:

  • AST SpaceMobile announces first five commercial satellites have been completed and are ready for shipment

  • Astroscale UK secures contract for final phase of in-orbit demonstration

  • D-Orbit expands into the US

  • LeoLabs wins contract to support UK’s Project Tyche

• BlackRock Throgmorton (THRG) has announced that Mr Glen Suarez, a non-executive director of THRG, has tendered his resignation and will step down from the board with effect from 9 August 2024. He said that increasing demands of his other business commitments meant he could no longer give his role on the board the time and focus it deserves.
• John Le Poidevin, a non-executive director of Twenty Four Income Fund (TFIF) has bought 94,679 shares at £1.05 per share, taking his holding to 354,800 shares.
• Mobius Investment Trust (MMIT) has published its interim results for the six months ended 31 May 2024. The NAV per share and share price of MMIT decreased by 1.0% and 0.2% respectively, on a total return basis, over the six-month period to 31 May 2024, with the NAV reaching a high of 152.9p on 15 February 2024 and closing at 141.7p. MMIT traded at an average discount to NAV of 8.0% during the period, closing at a discount of 7.6%. MMIT’s chair, Maria Luisa Cicognani, says that in the first few months of 2024, IT software spending fell short of expectations as companies delayed projects and adopted a cautious stance in the face of interest rate uncertainty. This affected some of the trust’s portfolio holdings such as EPAM Systems. In addition, towards the end of the period, some Indian holdings were affected by market volatility ahead of the Indian election results, resulting in a negative net asset value return per share of -1.8% over the period for the trust, -1.0% on a total return basis. However, she adds that, as we move into the second half of the year, India has resumed its rally and demand for software services appears to be picking up, with Gartner predicting that global IT spending will total $5.06 trillion in 2024, an increase of 8% from 2023. MMIT’s board says that it has been particularly reassured by the management team’s reports from their research trips, as companies have shared their positive outlook for the second half of the year, as well as some more encouraging news. MMIT’s NAV per share increased by 3.6% between 31 May 2024 and 31 July 2024.