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- QuotedData’s morning briefing 18 July 2024 – OIT, ESO, SEQI, DSM, HICL
In QuotedData’s morning briefing 18 July 2024:
- Odyssean Investment Trust (OIT) raised £11.4m from its placing and retail offer (the latter made through Winterflood’s WRAP platform). 6,542,159 new shares will be issued at 174p each (NAV plus 1%), 361,041 of those were to the retail offer. [This isn’t too bad in the current environment, although, as we pointed out on the weekly show, the offer price was fairly close to the market price of the shares anyway, so there was only minimal impetus to go down this route – new shares don’t incur stamp duty.]
- EPE Special Opportunities (ESO) has secured agreement with its bondholders to extend the final repayment date from June 2025 to 23 July 2026. In exchange, the coupon has been lifted from 7.5% to 8.0%.
- Sequoia Economic Infrastructure (SEQI) has refinanced its £325m revolving credit facility (RCF) that was due to mature on 30 November 2024. A new £300m RCF, provided by JPMorgan Chase, is for three years and has an option to extend it by £50m. The cost drops from 200 basis points (2%) over SONIA to 190 bps. The fund has to pay an arrangement fee and a commitment fee on the portion of the loan that it isn’t using. There is a covenant attached that borrowings will not exceed 20 per cent. of the value of the assets of the company less its liabilities.
- Downing Strategic Micro-Cap (DSM) has paid its 17.5p special dividend, leaving it with assets of less than £5.2m (mostly invested in equities). The board has reiterated its opposition to the plans put forward by its largest shareholder Milkwood Capital. The meeting to consider Milkwood’s proposals is on 5 August 2024.
- 10% of HICL Infrastructure’s shareholders voted against its Directors’ Remuneration report – the company will engage with them to find out why.
we also have: