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QuotedData’s morning briefing 7 July 2022

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In QuotedData’s morning briefing 7 July 2022:

  • NB Global Monthly Income (NBMI) says that investors submitted 25,500,417 shares to its cash exit offer (10.3% of the company). The tender was for up to 25% of shares held so all these shares will be redeemed at 81.92p (NAV less 2%). Some investments are less liquid than others and, therefore, proceeds are likely to be paid in two instalments – one on 1 September and the other on 23 November. They’ll be another tender in December, but following feedback from shareholders the tender will be for up to 25% of shares in issue and investors will be able to tender all of their holding if they desire.
  • Mark Watts, part of the investment management team behind Marwyn Value Investors (MVI), has sold 1.3m shares in the company at 94p. He still holds 3,183,282 shares or 5.6% of the fund.
  • Asset Value Investors, the investment manager of AVI Japan Opportunity Trust (AJOT), has bought a further 100,000 shares in the trust (it has promised to invest at least 25% of its management fee). This purchase takes AVI’s total current holding to 1,175,000 shares.
  • DP Aircraft (DPA) managed to raise the $750,000 it was after and will issue 30m shares at 2.5 cents per share.
  • Primary Health Properties (PHP) has exchanged contracts to sell a portfolio of 13 smaller medical centres, located across England and Wales, for a price of £27.7m. The sale price is 13% above PHP’s 31 December 2021 book value, representing around 60 basis points (0.6%) of yield compression. Following completion of the sale, which is anticipated to take place later in July 2022, PHP’s portfolio will comprise 511 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143m.
  • Sirius Real Estate (SRE) has completed the disposal of BizSpace Camberwell in London for £16m. The sale price represents a net initial yield of approximately 2.0% and a 94% premium to the value at the time of the company’s acquisition of the BizSpace business in November 2021. The purchase of BizSpace (which provides regional light industrial, workshop, studio and out-of-town office units) enabled Sirius to enter the UK market for the first time. The multi-tenanted Camberwell business park comprises 34,700 sq ft of industrial and office space and was 91% occupied following a series of asset management measures delivered through the BizSpace platform.

We also have results from Atlantis Japan, Artemis Alpha and Aberdeen New Dawn

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