In QuotedData’s morning briefing 13 November 2024:
- GCP Infrastructure (GCP) released an investor report for the three month period to 30 September 2024. The company noted that the net asset value was, as previously announced, 105.22 pence per ordinary share adding that it is in active due diligence and negotiations on disposals of material components of its investment portfolio and does not wish to risk such processes through publication of further detail on the constituent movements in the NAV since 30 June 2024. Further attribution of the NAV movements will be published as part of the company’s forthcoming annual report and accounts, due to be published in December. During the quarter there was a net repayment of the company’s revolving credit facility, and at 30 September 2024, the company had £57m (30 June 2024: £65 million) outstanding, representing a net debt position of c. £45m (30 June 2024: c. £51m).
- Augmentum Fintech (AUGM) announced that it is leading a USD7.0m funding round with a USD4.0m investment into UAE-based Pemo. Founded in 2022, Pemo (www.pemo.io) provides an expense management and business payments solution, via corporate cards, to SME businesses in the UAE, where SMEs spend USD122bn annually and where currently only 1.7% of payments are on corporate cards. Pemo recently surpassed USD1.4bn in transactions and works with over 4,000 businesses.
- Capital Gearing Trust (CGT) announced its interim results for the six months to 30 September 2024. The company delivered a NAV total return of +2.4%. This compares with the consumer price index return of +0.9%. The share price total return over the period was +3.1% as the discount ended the six-month period at the slightly lower level of 1.8% compared with 2.4% as at 31 March 2024. All parts of the portfolio contributed positively but most of the return came from the risk asset and the corporate credit holdings. Commenting on the outlook for the trust, the manager noted: ”Our risk asset weightings have increased from 28% at the start of the period to 33% at the end but that could well be at the high point in this cycle. We are taking profits in several positions that have performed well, and as such, dry powder now sits at 31% of the portfolio. This will help to ensure that the portfolio could withstand the stern test that may be coming our way, and will provide optionality to redeploy these resources into yield-seeking assets as the risk environment moderates.”
We also have:
Baillie Gifford China introduces performance-triggered tender
Stock selection continues to drive consistent and impressive returns for AVI Global Trust
