Private equity group KKR fights back in bid battle for GP surgeries landlord Assura, Third Point investors group demands independent vote on the controversial merger with Malibu reinsurance company, plus news and updates from Gresham House and Gore Street battery funds, Renewables Infrastructure Group, Impax Environmental Markets, Patria Private Equity, Irish Residential REIT and JPMorgan Global Core Real Assets.
Private equity group KKR has fought back in the bid battle for Assura (AGR), urging the board of the GP surgeries investor to drop its recommendation for the improved all-share offer made by Primary Health Properties (PHP). Following a fall in both AGR and PHP share prices, it says its improved cash offer of 50.42p per share is 1.1% higher than PHP’s and a 2.9% premium to AGR’s current price. It encourages Assura shareholders to accept its offer, questioning whether PHP shares will re-rate from their current 10% discount after the merger saying, “there appears to have been no buying activity from investors who have expressed support to the potential combination of PHP and Assura and who therefore should see this as an opportunity to buy into Assura at a depressed valuation’. It also disputes PHP’s claim that PHP shares have suffered temporary pressure from hedge funds’ merger arbitrage activity. It believes there are a significant number of unhedged arbs in PHP who will sell if PHP’s bid is successful, applying more downward pressure on the price.
TPIL Investor Group claiming to have the support of 24% of shareholders in Third Point Investors (TPOU) has written an open letter to the directors of VoteCo, an entity established by the Dan Loeb managed hedge fund with 40% voting rights. It urges them to abstain from voting on the proposed all-share merger with Malibu Life Reinsurance at the EGM on 14 August to enable an independent ballot to take place. The group’s main objection to the transaction is that shareholders are not being offered a 100% cash exit given the radical change in direction by the multi-asset fund.
Gresham House Energy Storage (GRID) says the energisation of its West Bradford battery installation yesterday, the second largest in its portfolio, means it has completed construction work and has reached 1GW of operational capacity. Fund manager Ben Guest said: “We now look to carry forward this momentum into the rest of the year and focus on building the next phase of augmentations and new pipeline projects.”
Gore Street Energy Storage (GSF) says a third proxy vote adviser, Glass Lewis, has followed ISS and PIRC in recommending shareholders vote against the resolutions from RM Funds to replace the battery fund’s chair and another director at the general meeting on 20 August.
Impax Environmental Markets (IEM) has disclosed that activist Saba Capital has increased its position in the company to just over 10% from 5.2%.
Renewables Infrastructure Group (TRIG) confirms the first half 7.7p fall in net asset value (NAV) per share to 108.2p at 30 June in interim results that were largely pre-issued in the NAV update last week.
Irish Residential Properties REIT (IRES) claims to have achieved a “step-change” in operational and financial performance with adjusted earnings growing 9.5% to €16m, net rental income margin increasing to 78% from 76.5% and €5m of share buybacks in response to the stock’s wide discount to net asst value.
Patria Private Equity (PPET) saw net asset value rise 1.5% in June with NAV per share at 778.5p at 30 June. A 1.7% rise in the euro against the pound was the main factor, although this was partly offset by a 1.6% weakening in the dollar versus sterling. A 0.3% uplift came from additional 31 March valuations coming through which now account for 95.1% of the portfolio.
JPMorgan Global Core Real Sssets (JARA) has redeemed 95.6m shares at 89.12p as part of the £85m return of capital announced last month. This is the second compulsory share purchase made by the company in its wind-down and means 55.9% of its share capital will be cancelled.
