In QuotedData’s morning briefing 11 September 2024:
- Dunedin Enterprise Investment Trust (DNE) announced its interim results for the half year ended 30 June 2024. The company delivered a NAV total return of 2.1% while shares rose 1.8%. Since the company’s managed wind-down was approved by shareholders in 2016 it has distributed £147m to shareholders and delivered a NAV total return per share of 166.2% and, in terms of share price, 288.5%. This is well in excess of the company’s benchmark indices.
- VH Global Sustainable Energy Opportunities (GSEO) announced its interim results for the six months to June 30. The NAV total return was down 5.1% while shares rose 1.7%. The primary driver of the decrease in NAV was unrealised foreign exchange movements on the company’s investments. Net cash flows from the underlying projects remain robust, covering the cash dividend 1.1 times. In line with the dividend target for the year ending 31 December 2024 of 5.68p per ordinary share, the company has paid a quarterly dividend of 1.42p per share with respect to Q1 2024 as well as a dividend of the same amount per share with respect to Q2 2024, giving a total of 2.84p per share for the period, compared to 2.76p per share for the first half of 2023, an increase of c.3%.The board noted that it is disappointed to see the company trade on a discount to NAV of 31.8%, although it does believe this discount materially undervalues the company, especially considering the covered 7.5% dividend yield based on the share price as at 30 June 2024.
- Big Yellow Group (BYG) announced the sale of land surplus to requirement adjacent to its Battersea, London store for £30.91m for residential development.
