In QuotedData’s morning briefing 28 October 2024:
- VietNam Holding (VNH) announced that the final number of shares validly tendered for redemption for 2024 is 3,411,748 shares. This reduced number represents approximately 12.57% of shares in issue as at 31 August 2024. All shareholders who validly applied to have their shares redeemed will receive the redemption price of 406.2p, less any redemption fee applicable and direct expenses related to the redemption, on or around 31 October 2024. Following this redemption, the total number of voting rights in the company is 23,676,639 shares.
- Pantheon International (PIN) has agreed to extend its multi-currency revolving credit facility (RCF), which was due to expire in October 2026, by a further two years. Following the extension, the credit facility will have a four-year tenor and a new maturity date of October 2028. The facility has been reduced to £400m (from £500m), with the flexibility to be increased to £700m under the existing structure, subject to the consent of the participating lenders.
- Chrysalis Investments (CHRY) posted a 2.7% (3.99 pence) fall in NAV to 141.26 pence over the quarter to 30 September 2024. A decrease in the fair value of the portfolio accounted for around 1.59 pence, with foreign exchange generating an adverse movement of approximately 1.95 pence. Fees and expenses made up the balance. Over the course of the company’s financial year to September 2024, NAV has risen by 6.61 pence per share, a 4.9% increase. This has been driven by movement in the fair value of the portfolio of approximately 13.44 pence, offset by an adverse foreign exchange movement of 5.59 pence, with fees and expenses making up the balance.
- Patria Private Equity (PPET) reported its estimated NAV at 30 September 2024 was 758.9 pence per share, representing a 1.6% decrease from the estimated NAV at 31 August 2024 of 771.6 pence. The 12.7 pence decrease in NAV per share reflected losses arising primarily from the strength of sterling. The NAV movement also includes the positive effects of the company’s ongoing share buyback programme.
- Literacy Capital (BOOK) reported a NAV total return in the quarter to 30 September of -3.4%, a fall of £9.9m (17.9p per share), resulting in NAV per share of 504.7p and NAV of £303.7m (June 2024: 522.6p and £313.6m). This is the first adverse NAV movement in any quarter since the first quarter of 2020. The NAV decline was primarily due to a reduction in the carrying value of two assets, which were relatively large holdings at the end of the previous quarter (21.1% of NAV on 30 June). The company said that both remain highly profitable investments, which have traded very strongly historically and retain significant potential.
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