QuotedData’s morning briefing 25 June 2024 – FSF, LAND, HEFT, SONG

In QuotedData’s morning briefing 25 June 2024:

• Foresight Sustainable Forestry (FSF) announced its interim results for the six months to 31 March 2024. The company recorded a profit for the period of £6.6m, while delivering a NAV per share return of 3.9% since 30 September 2023. The key drivers of the uplift were the upwards revaluation of FSF’s properties and carbon credit recognition, driven by the completion of planting c.2.9m trees at 13 properties.
• Land Securities (LAND) has completed the acquisition of an additional 17.5% stake in Bluewater shopping centre from GIC for £120m, increasing its ownership to 66.25%. The acquisition increases the company’s net rental income by £10.3m on an annualised basis. The company said that the transaction was in line with its objective to grow its investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way.
• Henderson European Focus ( HEFT) announced the results of its recent tender offer. 31,915,217 shares have been accepted pursuant to the tender offer, being 15% of the issued share capital of the company.
• Hipgnosis Songs Fund (SONG) announced that it remains on track to meet the conditions of its previously announced sale to Bidco. Hipgnosis currently expects that, subject to the satisfaction of the conditions, this will be effective on 29 July 2024.
• As expected, shareholders of abrdn European Logistics Income (ASLI) voted against its continuation at its AGM yesterday. The company will now be put into a managed wind down, as we discussed here.