In QuotedData’s morning briefing 11 February 2025:
- CT Managed Portfolio Trust (CMPG / CMPI) has a new two-year unsecured revolving credit facility with The Royal Bank of Scotland International Limited (London Branch) for £10m. This replaces a £5m unsecured term loan which had a fixed interest rate of 2.78% and a £5m unsecured revolving credit facility, both of which matured yesterday.
- The Renewables Infrastructure Group (TRIG) has announced a 5.7p fall in its NAV, to 115.9p as at 31 December 2024. The main driver of this was an adjustment to “operational assumptions”, which we believe is the same low average wind speed issue that knocked Greencoat UK Wind’s NAV recently. Hopefully, this is a one-off adjustment. Simultaneously, the trust said that its 2024 dividend of 7.47p was covered 1.0x after repaying project level debt. It has raised its target for 2025 to 7.55p and expects that to be covered about 1.1x. The share buyback programme has been upped from £50m to £150m.
- Patria Private Equity’s (PPET) end 2024 NAV was 782.2p, down 0.1% from the end November level. The move relates principally to moves in the value of the pound. Over December, PPET received £27.8m of distributions and £58.3m in secondary sale proceeds, while paying £19.8m of drawdowns to fund existing commitments and £5.9m to fund a new direct investment.
- Pantheon Infrastructure (PINT) says Tony Bickerstaff has joined its board as a new non-executive director. From February 2022 until recently, Tony was the CFO of Cadent Gas Limited, the UK’s largest gas distribution network. He became a non-executive director of Wincanton Plc in September 2020, and chair of the audit committee in March 2021. Prior to this, Tony was the CFO of Costain Group Plc, the FTSE All-Share infrastructure solutions company. He was also a non-executive director and chair of the audit and risk committee at Low Carbon Contracts Company Limited, set up to administer the Government’s investment in the generation of low carbon electricity, from November 2014 to October 2020. Before that, Tony held a number of senior management and financial positions at the Taylor Woodrow Group and served as the finance director for the construction division between 2001 and 2006. Tony is a Fellow of the Association of Chartered Certified Accountants (ACCA). He’ll be chair of the trust’s audit and risk committee when Patrick O’Donnell Bourke is promoted to chair of the board.
- The sale of PRS REIT (PRSR) has moved a step closer, with the board announcing that it has received several non-binding proposals to acquire the company. The majority of these proposals were pitched within a price range representing a premium to the current share price of 109.2p and a discount to the latest published NAV of 133.2p (at 30 June 2024). The board says that it intends to invite a subsection of parties to enter into a confirmatory due diligence process which is expected to be completed no later than March 2025.
- Warehouse REIT (WHR) has agreed to change its investment management agreement, with the basis of its fee calculation switching from NAV to the lower of NAV and market capitalisation, effective from 1 April 2025. Based on the current share price of 80.3p, this would result in an annual saving of £2.1m and a boost in earnings of 0.5p per share. There will be a transition period to this new fee arrangement, with the fee in first financial year only (ending 31 March 2026) being subject to a floor of no lower than 70% of EPRA NAV.
- Shareholders of Social Housing REIT (SOHO) voted in favour of changing its investment policy to allow exposure to one approved provider to make up 35% of gross asset value (from 30%). This will allow it to adequately deal with a non-performing tenant (My Space), which is explained in more detail here.
We also have:
Brown Advisory US Smaller cuts fee and introduces conditional tender offer
Did you read these stories yesterday?
