In QuotedData’s morning briefing 4 October 2024:
- Following Atrato Onsite Energy’s (ROOF’s) announcement yesterday that it has entered into a conditional agreement to sell its entire portfolio of solar assets (click here to see our coverage of that announcement), ROOF has published a circular and notice of general meeting at which it will seek the necessary shareholder approvals to allow the transaction to proceed. The general meeting is expected to occur on 22 October with an anticipated completion date for the transaction of early to mid-November.
- Schroder British Opportunities (SBO) has made a new private equity investment in Acturis Ltd, which it describes as a leading SaaS provider for brokers, insurers, and managing general agents across the general insurance market. Acturis was founded in the UK in 2000 and has grown to support over 100,000 individual users in more than 40 countries. The company, which has won multiple industry awards for its products, has seen strong organic and inorganic growth in recent years, following expansion into Germany, France, Canada, Ireland, and the United States, in addition to the development of products and services to meet the growing demand for electronic trading of insurance policies. The capital invested will be used to support Acturis’ expansion and innovation efforts. This will be SBO’s eleventh private equity investment, with the private equity portfolio comprising of ten investments. SBO gained exposure to Acturis via Schroders’ long-standing investment partner, Astorg, a European private equity firm, that will partner closely with Acturis to drive the company’s international growth.
- On 24 June 2024, Triple Point Energy Transition (TENT) announced the disposal of its combined heat and power (CHP) Portfolio – which comprises loans to Harvest, Glasshouse and Spark Steam – through a refinancing by P3P Partners LLP amounting to, in aggregate, £17.5m. The disposal comprised an immediate payment of £14.5m received in June 2024, together with three subsequent payments of £1 million, due to be received on 30 September 2024, 30 June 2025 and 30 September 2026, under a promissory note agreement. TENT has announced that the first instalment of £1m due on 30 September 2024, was only partially paid and so it has “reserved all its rights under the promissory note agreement”. TENT is in active discussions regarding a payment plan with P3P Partners in respect of all amounts due under the promissory note, and will provide an update once discussions have concluded.
- North Atlantic Smaller Companies (NAS) has sold Performance Chemicals for approximately £11.6m. The company, which is held in NAS’s unquoted portfolio, had a cost basis of approximately £230,000. The sale is at a modest uplift from the August Dollar valuation and NAS says that there will be a further uplift of about US$1m “should the earn out be achieved and the escrows released as expected”.
- The activist investor Saba Capital has entered into a total return swap in relation to The North American Income Trust (NAIT) in relation to 8,090,059 NAIT shares (equivalent to 6.28% of its issued share capital).
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