Pantheon Infrastructure (PINT) has agreed to invest $55m (£41m) in Terra-Gen, a US renewable energy platform, through a co-investment vehicle managed by Igneo Infrastructure Partners, an Australia-based global fund manager owned by Mitsubishi UFJ Financial Group in Japan. The developer and operator of utility-scale solar, wind and battery storage infrastructure has its main operation in California but has development projects in Texas and New York.
Matthew Read, senior analyst at QuotedData, said: “This looks like a sensible addition to Pantheon Infrastructure’s portfolio. Terra-Gen gives PINT exposure to a sizeable US renewables platform with an existing 4GW operating base, largely contracted with investment-grade offtakers, and a substantial 16GW development pipeline. That combination of contracted cashflows and growth potential is exactly the sort of profile that infrastructure investors should want.”
BlackRock Smaller Companies (BRSC) says the five-for-one share sub-division approved by shareholders on 30 March will take effect on 1 July. The £786m investment trust merged with BlackRock Throgmorton in April. Its shares currently stand at £13.10 on a 13% discount to net asset value of £15.05.
QuotedData’s Matthew Read said: “BlackRock Smaller Companies Trust’s current relatively high share price can make it awkward for smaller investors, regular savers and dividend reinvestment plans to deal in precise amounts. In this context, the five for one share split is shareholder friendly as the lower share price that will result will reduce that ‘lumpiness’, make the shares easier to trade and could help broaden the shareholder base.”
Social Housing REIT (SOHO) has changed its name to Living REIT and its ticker to LIVE following the £108.3m purchase of a retirement home portfolio from Residential Secure Income (RESI) announced last week. The deal still awaits shareholder approval on 8 July for broadening its portfolio from its current dual focus on specialised supported housing and care homes.
Schroders Capital Global Innovation Trust (INOV) has extended its second tender offer by three months and lifted the amount of capital being returned to shareholders to £23.5m from £20m following “positive cash generation in the portfolio”. The £110m company, the former Woodford Patient Capital Trust which shareholders placed into wind-down in February last year, had planned to base the tender price on its 30 April net asset value (NAV) but said “events in the portfolio” had complicated the valuation process. Instead, it had decided to use the 30 June NAV to be published in its half-year results on 16 September. Shareholders now have until 1pm on 23 September to make their tender election. The company paid out £37m in its first tender offer last year.
CT Private Equity (CTPE) expects a 1.5% uplift to net asset value from the $125m cash acquisition of the US drone-based inspection and visualisation software company Cyberhawk last week by Nasdaq-listed defence group Ondas. The £353m investment trust, managed by Andrew Carnwath at Columbia Threadneedle since the retirement of Hamish Mair in May, said the deal valued its Cyberhawk stake at £18.3m ($24m), 71% more than its £10.7m valuation at 31 March. The proceeds represent around 3.7% of net asset value and represent a net return of 7.4 times cost. CTPE originally invested £2.1m through Magnesium Capital in March 2019 for a 23% stake in Cyberhawk.
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