In QuotedData’s morning briefing 28 February 2025:
- JPMorgan Global Growth & Income (JGGI) has published its interim results for the six-months ended 31st December 2024. Highlights from the results include: JGGI provided an NAV total return of 2.7% and a share priced total return of 2.4% – both underperforming its benchmark, the MSCI AC World Index, which returned 6.5% (all in sterling terms); For five years cumulative ended 31st December 2024, NAV total return of 106.9% and a share price total return of 101.9%, both significantly ahead of the benchmark’s 70.8%; Third interim dividend of 5.7p declared on 21st February 2025 and will be paid on 9th April 2025. Final interim dividend of 5.7p to be declared in May 2025 and paid in June 2025; JGGI issued 30.7m shares through regular issuance in the half year raising £176.7m; and JGGI announced a proposed combination with Henderson International Income Trust (HINT), which would leave the Company with combined net assets of £3.4bn and an ongoing charges of 0.42%.
- Octopus Renewables Infrastructure Trust (ORIT) has signed a new £100m five-year term loan facility with three of its existing lenders – Santander, National Australia Bank and Allied Irish Banks – who are all making equal commitments. The new facility will be used to pay down a portion of ORIT’s existing and more expensive revolving credit facility (RCF) debt and is secured against ORIT’s UK onshore wind and solar assets which benefit from a high level of fixed revenues. ORIT has secured an all-in hedged interest rate of 5.3%, which is a 1.2 percentage point decrease in costs from the existing RCF, which has an all-in rate of approximately 6.5%. ORIT says that, as of today’s date, it has £151.2m drawn on the RCF, but, after a portion of this has been paid down, the drawn amount will be reduced to around £53m. ORIT is currently in the process of extending the tenor of the RCF and reducing its commitment size from £270.8m in order to decrease commitment fees and further reduce costs.
- Pantheon International (PIN) has published its interim results for the six months ended 30 November 2024, in which it describes the period as a busy one in which it has been implementing Step 3 of its corporate strategy that aims to stimulate demand for its shares. PIN says that it has been assessing stakeholder needs, which is helping guide its corporate and marketing plans; Focusing on governance – it has recruited three highly experienced new NEDs from the private equity sector – Tim Farazmand, Candida Morley and Tony Morgan. Zoe Clements formally took over as Audit Chair during the period; set up a strategic sub-committee of the board has been set up to look at strategy and it is expecting an update to be largely in place before the AGM – this includes continuing to refine PIP’s corporate, leverage and investment strategy, and the construction of PIN’s portfolio; engaging external partners to work alongside PIN to deliver a marketing plan, alongside its strategic objectives, which includes an educational programme designed to help to remove obstacles to increasing market demand for PIN’s shares; and a capital allocation policy has been implemented, following the large buyback programme in the previous financial year. During the period, PIP made £12.7m of share buybacks which have been accretive to the NAV. During the period, PIN’s NAV per share grew by 2.3% (net of fees). Valuation gains across the portfolio and NAV accretion from share buybacks were partially offset by unfavourable currency movements, given that PIP’s portfolio is predominantly US$-denominated. PIN says that currency movements tend to balance out over the long term.
We also have:
BlackRock American Income proposes tender and investment policy change
Riverstone Energy sees value drop in both conventional and renewable energy sectors
BlackRock American Income underperforms as continuation vote looms
