In QuotedData’s morning briefing 1 April 2025:
- AVI Japan Opportunity (AJOT) has expanded its debt facility with the Bank of Nova Scotia to JPY 6.6bn (about £34.5m) from JPY 2.93bn. Maximum gearing is expected to be approximately 15% of its net assets, based on the total net assets as of 28 March 2025, and within its investment policy restriction of not exceeding 25% of net asset value at the time of drawdown. [This reflects the significant cash influx that the trust is expecting as a result of recent takeover offers – see our recent note for more details. It will now be able to use its gearing to offset this, allowing it to be effectively fully invested.]
- Gore Street Energy Storage (GSF) says its manager Gore Street Capital Limited has created a new 100% owned subsidiary Gore Street Investment Management Limited, secured approval from the FCA for that subsidiary to perform regulated activities, including permission to manage unauthorised alternative investment funds, and transferred the listed company’s alternative investment fund management agreement from the parent to the subsidiary. [that does not mean much to GSF in practice, but it will be interesting to see if this is a precursor to something else.]
- Worseley Investors (WINV) is a UK small cap fund with a large investment in an Italian multiplex cinema near Curno in Bergamo. That property lost its key tenant – UCI Italia – in January and ceased to receive rent following that date. However, it has now secured a new tenant Notorious Cinema, an Italian company, for it to operate the cinema complex. Notorious is a wholly owned subsidiary of Notorious Pictures S.p.A., whose shares are listed on the Euronext Growth Milan market, and which through its group of companies is an international movie producer and distributor and one of Italy’s leading cinema operators. The contracted rent is €500,000 per annum, growing by €25,000 over the next two years and three-quarters of the Italian inflation rate in subsequent years. However, Notorious has agreed to refurbish the building and, in exchange, from 1 September 2025 until 31 August 2030, the annual rental payable will be reduced each year by €108,000. The lease will have an initial termination date of 31 August 2035. Notorious has a unilateral right to renew the lease for a further eight years under the same terms and conditions. Worsley is pursuing a case against UCI for compensation.
We also have:
Great year for Pantheon Infrastructure followed by first exit
Did you miss from Friday:
Foresight Environmental Infrastructure extends buyback programme to £30m
SDCL Energy Efficiency Income delivers stable income and reaffirms dividend target
3i Infrastructure income ahead of expectations, portfolio continues to perform
RTW Biotech Opportunities reports strong 2024 and outlines bullish 2025 outlook
BlackRock Latin American hit hard by tough year for the region’s equities
Petershill Partners announces special dividend following premium asset sales
