In QuotedData’s morning briefing 12 November 2024:
- 3i Infrastructure (3IN) announced its interim results for the six months to 30 September 2024. The company generated a NAV total return of 5.1% for the period and is on track to deliver its dividend target of 6.33p, 6.3% higher than the previous year which is to be paid on 13 January 2025. The company also noted that on 7 October 2024, it received a binding offer for its 33% stake in Valorem from AIP Management and certain other co-investors. Subject to acceptance of the binding offer and the receipt of regulatory clearance, it expects the transaction to complete in Q1 2025. At the point of exit, it expects the investment in Valorem to have generated a 21% gross annual IRR and 3.5x gross multiple of invested capital. The expected net proceeds of €309 million are 15% above the March 2024 carrying value and 31% above the September 2023 carrying value (which was before the sales process began). Once received, the proceeds will be applied to reduce 3i Infrastructure’s outstanding RCF balance.
- Picton Property (PCTN) has reported a 0.3% uplift in NAV to 96p in the six months to 30 September 2024, as portfolio values stablised with a 0.8% like-for-like increase to £721m. EPRA earnings of £11.2m, or 2.1p per share, were 11.6% higher than the same period in 2023, which covered dividends for the period of 1.85p by 111%. NAV total return was 2.2% and share price total return was 17.4% over the six-month period to September 2024.
- BioPharma Credit (BPCR) says that Immunocore has repaid its loans in full early. That meant the fund received US$1,014,063 of accrued interest and prepayment fees on the outstanding $25m loan.