In QuotedData’s morning briefing 15 May 2025:
- LMS Capital’s (LMS) plan to implement a managed realisation of its assets was approved by shareholders yesterday.
- Murray International (MYI) has had to restate its NAV announcements from 3 April 2025 to 6 May 2025 after its latest dividend was charged to the current year revenue account rather than being deducted from accumulated revenue reserves, resulting in an overstated capital position. [It won’t have much impact as the ‘cum income’ NAVs – which we use everywhere and are the industry standard – are unaffected.]
- Bluefield Solar’s (BSIF) quarterly NAV fell by about 3p to 123.01p. Independent power price forecasters are saying that extra renewable capacity on the grid in the late 2020s will bring down power prices. Solar generation was 9% above forecast after an especially sunny March. However wind generation was well down (-20%) on expectations down to low wind speeds and equipment failure. Bluefield has identified a systemic defect with a particular model of central inverters used in approximately 4.5% of the portfolio and is working to fix that (the impact was negligible – about -0.08p per share). The board continues to explore strategic initiatives to address the share price discount and to continue to seek to maximise value for shareholders.
- In Baillie Gifford European’s (BGEU) interims, the chairman highlights the company’s lagging NAV performance relative to its benchmark (over 10 percentage points behind) over the first six months of the four-year performance measurement period for a conditional tender offer.
- North Atlantic Smaller Companies (NAS) will split its shares on a 10 for one basis with effect from 13 June.
- Custodian Property Income REIT (CREI) has sold two office buildings in Cheadle for an aggregate £6.9m. 5500 Lakeside, which is 66% let, was sold for £4.0m in line with the 31 December 2024 valuation, while the disposal of Wienerberger House, which is fully let, was achieved at a 10% premium to the valuation. The assets had both been acquired as part of portfolio acquisitions in November 2021 and May 2016, respectively.
- Regional REIT (RGL) has updated on its disposal programme. The regional office landlord says that 40 assets are on the block worth around £106.2m. One of these is currently contracted for sale at £2.5m, three are under offer totalling £8.6m, and a further five are in negotiation with buyers worth £8.9m. The company has 19 assets on the market worth £41.7m, while a further 12 potential disposals totalling £44.5m are being prepared for the market.
We also have:
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