In QuotedData’s morning briefing on 23 October 2024:
- Home REIT (HOME) announced that it has sold a further 152 properties at auction for a total of £26.8m. Following the completion of these sales, it has sufficient proceeds to fully repay the outstanding Scottish Widows loan, which amounted to £72.0m as at 30 September 2024. It expects this to occur before the end of the year. Since August 2023, the company has completed on the sale of 1,229 properties and exchanged on a further 415 properties, for a total of £243.3m.
- Downing Strategic Micro-Cap (DSM) announced its interim results for the six months to 31 August 2024. The company continues to go through a managed wind up, with distributions paid to shareholders totalling 61.7p per share during the period. It also announced a further dividend of 2.2p per share making total dividends distributed and declared of 63.9p. That leaves the company with remaining net assets today of approximately £2.4m and suggests 68p or more per share in total distributions may be made if the wind down continues undisturbed, plus, as the manager puts it ‘potential for further upside gains’. It says that would be a reasonable outcome in the circumstances.
- Patria Private Equity Trust (PPET) announced that it has completed the sale of a portfolio of 14 underlying fund investments (for approximately £180m). The disposal realised a combined overall return of 1.9x multiple on invested capital and 16% IRR for the divested funds. These represented 13% of the company’s portfolio at 31 August 2024. All were older vintage investments or had become less aligned with PPET’s strategy, given the company’s increased focus on the European mid-market buyout space. The proceeds provide PPET with the opportunity to reduce drawings on the company’s revolving credit facility and increase balance sheet strength.
- Ashoka India Equity (AIE) says it will issue 807,246 shares to its manager to satisfy its £2,300,571 performance fee.
- Baring Emerging EMEA Opportunities (BEMO) has had a boost from the revaluation of one of its Russian assets. Nebius N.V. (Formally Yandex N.V) has divested the capital of Yandex’s Russian business on 15 July 2024, selling the outstanding 28% of shares and receiving $2.8bn and 162.5m of its own Class A shares. This new entity began trading on NASDAQ on Monday, and BEMO sold its stake for total $1,360,441.57. Given that the holding was previously valued at zero, this adds about 1.2% to the NAV.
