Our morning roundup includes Foresight Solar and Foresight Environmental Infrastructure selling a jointly-owned battery storage construction site in Perthshire in line with the recent valuation; Riverstone Energy releases first half results following shareholders’ vote to place it in a managed wind-down; and Primary Health Properties says its unconditional bid for Assura has received 92% acceptances from shareholders.
Foresight Solar (FSFL) and Foresight Environmental Infrastructure Fund (FGEN) have sold their 50% stakes in Lunanhead, a 50MW battery storage construction site in Perthshire to a third party at price in line with the reduced 30 June carrying value. The transaction is expected to complete by the end of next month but will not have a significant impact on either fund, representing less than 0.2% of Foresight Environmental, for example. The funds are exploring options for Clayfords, another 50MW battery project they jointly own which if sold could provide funds for debt reduction and/or share buybacks with both funds trading around 24% below net asset value. Meanwhile, the Sandridge battery storage asset they also jointly own in Wiltshire has been energised and commercial operations will start shortly after final testing. Foresight Solar is continuing to seek buyers for 750MW of operational solar assets. Foresight Environmental said in June it would sell its “growth assets” once they were developed and operational.
Riverstone Energy (RSE), which this week began a managed wind-down following a shareholder vote, publishes half-year results showing a 1.9% rise in net asset value to $15.11 a share. That masks a 8.5% decline in its four decarbonisation assets to leave Riverstone 80% weighted to its three conventional energy assets Onyx Power, Permian Resources and Whitecap Resources. The company says the Trump administration has “introduced growing uncertainty” into the renewables and electric vehicle sectors by rolling back some elements of the previous administration’s Inflation Reduction Act. Meanwhile its strongly pro-conventional energy supply agenda is predicated on returning oil prices to $50 a barrel which “is not sustainable” for much of the US oil industry.
Primary Health Properties (PHP) has received acceptances from 92% of Assura (AGR) shareholders for its unconditional offer and will compulsorily purchase the remainder. Assura shareholders have until 10 September to accept the revised share and cash offer.
Bellevue Healthcare (BBH), the £166m investment trust that launched a strategic review this month, says net asset value slipped 1.7% in July, underperforming its benchmark’s 0.6% gain and extending its decline in the first seven months of the year to 19.3%. In their monthly update, fund managers are encouraged by “multiple positive data points” from the second quarter that have highlighted the “robust fundamentals” of the healthcare sector. “Sadly, the ongoing rhetoric from the White House continues to dissuade generalists from stepping in to increase exposure to the self-evident facets of defensive growth that define this sector.” They add: “Surely it is only a matter of time”.
Crystal Amber (CRS) says Morphic Medical, the medical device company in which the fund is a 96.7% shareholder, has registered its RESET endoscopic, non-surgical treatment for obesity and type 2 diabetes with the UK Medicines and Healthcare products Regulatory Agency (MHRA).
Helical (HLCL), the central London real estate investment trust, says Martina Malone, former global head of capital raising at Prologis, a global logistics property firm, will join its board as a non-executive director on 1 September.
US discount hunter 1607 Capital Partners lifts its stake in Schroder Income Growth (SCF) to 5.1% from 4.9%. The £222m UK equity income trust stands on a 7.9% discount.
Merchants Trust (MRCH) has entered a closed period ahead of half-year results to 31 July that it expects to publish around 24 September.
