In QuotedData’s morning briefing 5 December 2024:
- Following yesterday’s announcement of a potential continuation vote for Finsbury Growth and Income (FGT), portfolio manager Nick Train spent £223k on 25,000 shares in the company, taking his holding to 5,485,043 shares or 3.5% of the trust.
- Dunedin Enterprise (DNE), which has been in managed wind down for many years, has published a circular calling a meeting to approve a members’ voluntary liquidation, finally calling time on this very successful trust. The last day of dealings will be 30 December, the first cash distribution to shareholders should be on or around 29 January 2025.
- Golden Prospect Precious Metals (GPM) says that in this year’s embedded subscription rights issue, applications were received from shareholders to subscribe for 7,745,478 new ordinary shares at a price of 35.94p per share. Shareholders holding approximately 54.71% of the issued share capital did not apply to take up their subscription rights entitlement, representing a total of 9,355,094 ordinary shares. In accordance with the terms and conditions on which the subscription rights were issued, the company has appointed a subscription trustee, [which will likely exercise the rights, place the stock, and after knocking off its own costs, distribute the proceeds to those shareholders]. Next year’s subscription price for its embedded subscription rights (set with reference to its NAV on 30 November this year) will be 48p. The exercise date will be 1 December 2025.
- Custodian Property Income REIT (CREI) posted a flat NAV over the six month period to 30 September 2024 at 93.6p (March 2024: 93.4p). The value of its portfolio was up 0.4% on a like-for-like basis to £582.4m. EPRA earnings per share for the period increased 3.4% to 3.0p (2023: 2.9p) due to an improvement in occupancy and growth in income generated from PV. The target dividend for the year is not less than 6.0p, meaning the first half year’s dividends were 100% covered by earnings.
- Grit Real Estate Income Group (GR1T) has outsourced the property and facilities management of all of its assets (excluding retail assets in Zambia and Morocco, where Heriot and CBRE will continue as property managers) to Broll Property Group. The company says that the partnership will result in a targeted cost saving of US$1m per annum. This forms part of Grit’s stated objective to reduce ongoing administrative costs as a percentage of total income-producing assets to a ratio of 1.0% in the medium term. The company says the move will enable Grit to focus on its core expertise in impact real estate development and strategic asset management initiatives.
We also have:
