In QuotedData’s morning briefing 3 October 2024:
- Miton UK Micro Cap (MINI) says 31,083,534 shares or 40.4% of its issued share capital, has been put forward for redemption in its annual redemption facility. A statement from the board says “The board continues to believe that the company will be able to generate attractive returns for shareholders in the future. In light of the level of redemption requests received, the board will engage with shareholders over the coming weeks with regards to the future direction of the company. Any retail shareholders wishing to participate should contact the company via [email protected]. Further updates will be provided when appropriate.” [This is clearly bad news for the trust and marks the level of despair/disinterest that has overwhelmed the very small end of the UK stock market. Ironically, it might mark the nadir, as rates fall and efforts are made to stimulate demand for small caps – we’ll see, hopefully Miton UK Micro Cap will be around to see that too.]
- Tufton Oceanic Assets (SHIP) says it has agreed for its two Chemical Tankers, Orson and Golding, to commence up to three-year time charters to a leading operator of Chemical Tankers securing a minimum of c.$25m of EBITDA for SHIP. The time charters will have a fixed rate for two years yielding c.20% return and a floor/ceiling rate structure for the third year.
- Starling Bank, one of Chrysalis’s largest holdings, has been fined £28,959,426 by the FCA for failure’s in Starling’s financial sanctions systems and controls, related to its very rapid expansion in recent years. Starling Bank confirmed that it fully accepts the findings, and regrets and apologises for the events and shortcomings that led to the FCA’s Final Notice. David Sproul, chairman of Starling Bank, said: “I would like to apologise for the failings outlined by the FCA and to provide reassurance that we have invested heavily to put things right, including strengthening our board governance and capabilities. We want to assure our customers and employees that these are historic issues. We have learned the lessons of this investigation and are confident that these changes and the strength of our franchise put us in a strong position to continue executing our strategy of safe, sustainable growth, supported by a robust risk management and control framework.” [The investigation has been going on a while and was made public some time ago. It should already be reflected in CHRY’s valuation of Starling.]
We also have: