Seraphim Space (SSIT) says ICEYE, the €2.4bn (£2.1bn) Finnish satellite constellation operator that is its largest holding at 34.7% of net asset value, has won a €1.7bn contract with Germany’s armed forces through its joint venture with Rheinmetall, the German defence and automotive technology group. The contract to deliver space-based reconnaissance capabilities is expected to “materially strengthen ICEYE’s commercial position and validate SSIT’s investment thesis in the growing importance of space-based data for global security and defence.” Seraphim Space Manager chief investment officer James Bruegger adds: “This landmark contract reinforces ICEYE as the global leader in sovereign space-based intelligence and highlights a major shift in defence strategy by European governments from reliance on legacy systems to resilient, AI-enabled satellite constellations.” SSIT shares rose 5.3p to 100.5p, extending their impressive advance to 81% this year.
James Carthew, head of investment company research at QuotedData, said: “Another good piece of news from ICEYE has succeeded in driving Seraphim’s share price back over £1 for the first time since early 2022. The NAV, though, is at least 20% – probably more now – higher than that. It seems strange that the current euphoria around SpaceX is not translating into a higher rating for SSIT.”
DL Invest is not giving up on its bid to halt the wind-down of Abrdn European Logistics Income (ASLI). The Polish logistics group and 18% ASLI shareholder has replied to the real estate investment trust’s rejection of its proposal to consult investors on changing course and pursuing a growth strategy. It said the board was wrong to base its decision on the views of an undisclosed group of shareholders holding 25% of the shares. “This group does not constitute a majority and should not determine irreversible strategic decisions that materially affect the value of the company for all shareholders. While we acknowledge that the managed wind-down strategy was previously approved by shareholders, that decision was taken in a different market environment and with a different shareholder base.” It said the continued disposal of assets at levels unlikely to reflect long-term market value, without giving shareholders the opportunity to consider alternatives, “is inconsistent with UK best practice in corporate governance and with the board’s duty to act in the interests of all shareholders.”
Shares in Starwood European Real Estate Finance (SWEF), a debt fund three years into a wind-down, fell 6p, or 6.5%, to 86p after the company sells a loan secured on central Dublin offices that accounted for 18.7% of its £52.4m portfolio. The loan has been sold at the previously written-down value of €4.8m to Blackstone with €2.8m of the purchase price funded by SPT Real Estate Capital, an affiliate of fund manager Starwood Capital Group.
Aberdeen Diversified Income and Growth (ADIG) is on track to put forward proposals for a voluntary liquidation in the first quarter of next year. This follows sales of a further four of its fund investments and private market assets which have raised £3.4m and unlocked £700,000 of cash.
Conygar Investment (CIC), the £21m AIM-listed property developer jumps 2p, or 6%, to 36p after restructuring its £43.6m loan facility for the development of Winfield Court student accommodation in Nottingham. Barclays has agreed to extend the final repayment date a year to 23 December 2026 in return for a £3.9m repayment, cancellation of the £900,000 undrawn facility and the provision of additional security in the form of its 1 TIQ restaurant and events venue at The Island Quarter in the city. This reduces the loan to value covenant to 60%. Annual results for the year to 30 September will be published in January.
Macau Property Opportunities (MPO), the real estate fund facing the threat of liquidation after defaulting this week on a £1.5m loan, passed its annual continuation vote at yesterday’s annual general meeting with near unanimous support.
Weiss Korea Opportunity Fund (WKOF) is to be liquidated by auditors Grant Thornton and its shares delisted from AIM following votes at an extraordinary general meeting yesterday.
