QuotedData Morning Briefing March 21, 2022

From QuotedData’s morning briefing of March 21, 2022:

  • Following the February 8, 2022 announcement of the proposed merger of TwentyFour Income Fund Limited (TFIF) and UK Mortgages Limited (UKML), the Read our guide to Boards and Directors

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    of UKML has announced that special resolutions proposed at its EGM last week have been approved and liquidators have been appointed. The transaction is expected to close and new TFIF shares will be issued during the week of March 28. Trading in UKML shares was suspended at 7:30 a.m. on March 18.
  • Tufton Oceanic Assets (SHIP) has released its interim results for the six months ended December 31. During this time, his NAV per share increased from 1.158 USD as of June 30, 2021 to 1.376 USD as of December 31, 2021. The net asset value full return for exercise was 22.3%. By the end of the year, forecasts dividend coverage through mid-2023 was around 1.7x although SHIP is not fully invested. When the company is fully invested, the dividend coverage should be ≥ 1.8x. Meanwhile, SHIP also announced that he agreed to acquire a Handysize Bulker for $25.5 million. It is acquired slightly above the DRC, but the team says the strong cash flow from its charter will significantly reduce the risks of the investment. The vessel has a fixed time charter of nine to twelve months yielding a net return of 25%. It is in the top quartile of energy efficiency in its market segment. Nevertheless, it will be evaluated for further improvements, including upgrades to energy-saving devices.
  • VietNam Holding (VNH) has released its interim results for the six months ended December 31, 2021. During the period, its net asset value per share increased by 14.1% in US dollars and the share price increased 31.7% in pounds sterling. The performance of wallet the companies diverged during the reporting period as the Delta variant caused major disruption. Mid- and small-cap companies performed better, domestic retail investors became increasingly dominant, and capital outflows into large-cap stocks increased. VNH has tactically trimmed some large cap stocks – mainly in banking stocks and steel group Hoa Phat – to allocate them to selective smaller-cap stocks, particularly in the more buoyant brokerage and real estate sectors. The manager expects the broader Vietnamese real estate market to continue to perform well in 2022 as government-backed investment in infrastructure gathers pace.
  • Third Point Investors Limited (TPIL) has announced the results of its 2022 Swap Facility through which eligible investors were given the option to choose to convert ordinary actions of TPIL in shares of Third Point’s flagship Cayman fund at 2% reset to net asset value per TPIL share. The company has received valid exchange requests for 6,136,895 TPIL shares, with a total value of approximately $170 million using the estimated net asset value as of March 16, 2022. As noted in the announcement made On January 11, 2022, the exchange facility will be available for TPIL shares with an aggregate value of $75 million and therefore all valid exchange requests will only be partially satisfied. Based on the current estimated net asset value of the Master Fund and TPIL, it is expected that approximately 44% of the TPIL shares subject to valid exchange requests will be exchanged for shares of the Master Fund. All TPIL shares that are not exchanged under the exchange facility due to the pro rata allocation will be released from escrow following the implementation of the TPIL share repurchase and the issuance of the Fund shares. master.
  • Pantheon Infrastructure (PINT) has agreed to invest €43m (£36m at current exchange rates) in a European transport and logistics company through Pomodoro Holdings Limited, a company controlled by funds managed by affiliates of Apollo Global Management. This is PINT’s first investment since its launch in November 2021. The recipient company is a market leader specializing in cold chain warehousing, transportation and supply chain management that provides operations essential for the export and import of fruits and vegetables. It has a pan-European presence and benefits from a number of strategic partnerships and established long-term client relationships across the continent. Importantly, it also has a dedicated research and development department and ESG The team focused on several sustainability initiatives, including implementing a net-zero emissions strategy by 2030.
  • Phoenix Spree Deutschland (PSDL) has exchanged contracts to buy and eventually finance a new development of 34 semi-detached houses for €18.5 million, representing an estimated prospective gross return of 3.5% on the basis of the market rents in force with sSignificant rental growth expected prior to completion. The development of houses is should be completed by the end of 2024. The houses are located in Erkner (Brandenburg), a location in the Berlin ring road, next to the new Tesla Giga factory. The acquisition is entirely financed by the new line of credit concluded with Natixis (announced on January 25, 2022).
  • Deposit REITs (WHR) has exchanged contracts to acquire, via a term finance agreement, a 170,000 square foot multi-let industrial development in Thame, Oxfordshire, for £35 million. The program has obtained detailed planning permission and is expected to be substantially complete in December 2022. A 12 month rental guarantee has been agreed with the seller and represents a current yield of 4.6% based on the total fixed price of 35 million pounds. Consisting of 14 units ranging in size from 3,000 square feet to 50,000 square feet, the development will be delivered to high sustainability specifications, achieving a CPE grade of A and one BREEAM Excellent certificate.

We also have final results from VH Global Sustainable Energy Opportunities, India Capital Growth and JPMorgan US Smaller Companies while Greencoat Renewables has launched a placement.

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