Bluefield Solar Income has a new chair and says net asset value fell 4.26% in the last quarter; Cordiant Digital Infrastructure amends its investment management agreement; Assura chair steps down ahead of the PHP takeover; plus updates from RTW Biotech, Vietnam Holding and BlackRock Frontiers.
Bluefield Solar Income Fund (BSIF) announces a new chair and a decline in its fourth quarter valuation. John Scott, who joined the board at flotation in 2013 and became chair in December 2022, will step down following the publication of the annual report and will be succeeded by Michael Gibbons who joined the board as a non-executive director in October 2022. Net asset value fell 4.26% to £697.3m in the last quarter with NAV per share at 117.77p on 30 June down from 123p at 31 March. With the 2.2p dividend included the total decline was 2.47%. In common with other renewables funds BISF has seen further falls in power price forecasts and also renewable energy guarantees of origin (REGO) which offset gains in construction assets and energy production. The company says combined generation was 4.4% above forecast with solar generation enjoying a “very strong quarter”, up 8.4%, but poor generation from wind assets, down 23.8%, neverthless “led to combined generation being lower than expected”. Although irradiation was 18.3% above forecast, solar generation was “dampened” during the period by a two-month outage at West Raynham. Wind speeds improved 2.2% during the quarter but availability was reduced by several turbine outages. The 9%-yielder reaffirmed its intention to pay a covered full-year dividend of not less than 8.9p for the year to 30 June up from 8.8p last year. Since the financial year-end BSIF has sold one co-located solar and battery storage project for a price above holding value. Details will be included in the forthcoming annual report but could be encouraging with the shares trading 22% below NAV. The board says it is spending “very significant time and effort” on measures to narrow the discount and will update the market shortly. This follows yesterday’s announcement of a £38m disposal to strategic partner GLIL Infrastructure. The annual results are expected in late September.
Cordiant Digital Infrastructure (CORD) drops the requirement for fund manager Cordiant Capital to reinvest 10% of its annual management fee in the company’s shares. It says this is in recognition of the “strong existing alignment” between the manager and shareholders with members of Cordiant Capital having built a 2% stake in the company far in excess of the 10% reinvestment requirement, and the fact that the annual management fee is based on the lower of market capitalisation or net asset value with no floor. For the year to 31 March the investment manager was paid £6.1m or 0.6% of NAV.
Assura (AGR) chair Ed Smith has stepped down with immediate effect following Pimary Health Properties’ (PHP) recommended bid for the GPs’ landlord being declared wholly unconditional last week.
RTW Biotech Opportunities (RTW) has participated in a $75m investment by its fund manager RTW Investments in Aquestive Therapeutics (AQST), a US Nasdaq-listed firm which will use the money to launch its Anaphylm emergency treatment for allergic reactions. RTW’s investment is made through the RTW-managed 4010 Royalty Fund.
Vietnam Holding (VNH) reports net asset value jumped 6.5% last month as Vietnam’s stock market rallied 9% on the back of strong economic growth (up at an annual rate of 6.2% in the second quarter), accelerating foreign investment and receding fears over US tariffs. It says the NAV uplift was a “solid reflection” of the portfolio’s strength and that performance lagged the benchmark VN Index mainly because of an underweight position in conglomerate Vinigroup. Craig Martin from Vietnam Holding was “In The Hot Seat” with QuotedData’s James Carthew on Friday. Watch the programme here.
BlackRock Frontiers (BRFI) says the strong performance of Vietnam and Thailand helped lift net asset value by 2.3% in July, although it underperformed its benchmark, the MSCI Frontier + Emerging ex Selected Countries index, which returned 2.9%. For reference, it says the MSCI Emerging Markets index returned 1.9% while the MSCI Frontier Markets index returned 6.8%. Among portfolio changes, holding in Bangladesh bank BRAC was increased, a position in Georgian bank Lion Finance Group was switched into rival TBC Bank and a new investment was made in Saudi Arabian fintech Rasan. “Looking ahead, we remain constructive on the outlook for smaller emerging and frontier markets. With inflation easing across many of our key markets and US bond yields remaining relatively stable, we anticipate that central banks in our target countries will begin to resume interest rate cuts in the near term,” said the managers of the £320m investment trust currently trading on a 3% discount.
Apax Global Alpha (APAX) expects to delist on 18 September after the take-private acquisition by its fund manager is due to become effective on the previous day. A shareholder general meeting with take place on 3 September.
Abrdn European Logistics Income (ASLI) declares an interim dividend of €1 cent (0.86p) down from 1.06 cents in the first quarter, repeatingits forecast that the fund’s income will reduce significantly from the third quarter as the portoflio is sold off and wound down.
Georgia Capital (CGEO) launches $50 share buyback and cancellation programme to last nine months.
Conygar Investments (CIC) sells the Virgin Active let Island Quarter site in Nottingham to Monoprop, a property investment company, for £6.75m, at a loss of £750,000 to the 31 March valuation of £7.5m. It will use the money to partly repay the £12m ASK Partners loan secured on the site.
