Half-year results from 10%-yielding Foresight Solar, a first quarter update from Cordiant Digital Infrastructure, plus a new broker for North Atlantic Smaller Companies and share buying by the boss of Molten Ventures.
Foresight Solar (FSFL) has received indicative offers from bidders for its Australian portfolio and will “carefully consider” whether to sell and return some of the cash to shareholders labouring under a 27% discount to net asset value, or to retain the “stably operating plants” that account for nearly 18% of its mostly UK-focused 969MW/MWh portfolio. The process has been delayed by rising bond yields, which have increased finance costs and weighed on the valuation of assets, and by the growing problem of solar plants being curtailed with their energy supply rejected because of grid constraints and technical problems. This was the main news in half-year results which were mostly pre-announced in last month’s second quarter update. NAV per share declined to 108.5p from 114.9p at 31 December and from 111p on 31 March largely due to falling power price forecasts, although the company said its active power price hedging strategy and better-than-expected irradiation levels meant the 10%-yielder’s dividends should be covered 1.3 times by earnings this year.
Cordiant Digital Infrastructure (CORD), the £727m investment company investing in communications platforms in Poland, Czech Republic, Ireland, Belgium and the US, says earnings grew 9.6% to £41.3m in the three months to 30 June with portfolio company revenue up 9% to £85.3m in what is the first quarter of its 2026 financial year. The progress was driven by contract wins, cost control, contractual increases in revenue, and the addition of Datacenter United in Belgium to the portfolio in March. This leaves the 4.6%-yielder’s dividend target of 4.35p per share 4.7 times covered by earnings and 1.7 times covered by adjusted funds from operations. Once again the company complained of the undervaluation of its shares trading 26% below net asset value (NAV), which it said was unjustified, but expressed hope the wide discount would narrow as market conditions stabilised. There was no update on the NAV which is revalued twice a year.
North Atlantic Smaller Companies (NAS), the £491m global small-cap trust run by Chris Mills at Harwood Capital, has appointed Panmure Liberum as its sole corporate broker, replacing Winterflood.
Molten Ventures (GROW), the £624m technology venture capitalist trading on a 48% discount, says chief executive Ben Wilkinson, who took over last October, spent just over £51,000 buying 14,686 shares at £3.47.
Great Portland Estates (GPE), the London office real estate investment trust, says Moody’s has confirmed that GPE’s Baa2 long-term issuer rating and stable outlook remain unchanged following periodic review. The company said this reflects GPE’s strong balance sheet, market positioning and resilient business strategy.
