QuotedData’s morning briefing 28 April 2020

Supermarket Income REIT buys Sheffield Morrisons store

In QuotedData’s morning briefing 28 April 2020:

  • Supermarket Income REIT raised £139.8m (versus an original £75m target) in a heavily oversubscribed issue of 135,748,028 new ordinary shares at 103p. This is an amazing result, especially in the current environment, and demonstrates investors’ need for certainty of income at this time.
  • Picton Property has cut its quarterly dividend from 0.875p to 0.625p with immediate effect, reflecting the current market conditions – the dividend will be kept under review.
  • The board of JPMorgan Emerging Markets has tweaked the geographic restrictions imposed on the manager to allow more than 50% of the portfolio to be invested in a single region. The new rule says that the manager can go over this limit but can be no more than 10% over the region’s weighting in the trust’s benchmark. This gets around a problem where Asian emerging markets have done much better than the rest of the world.
  • Infrastructure India says that the power purchase agreement and the resettlement and rehabilitation agreement that its Shree Maheshwar Hydel Power investment entered into in the 1990s are subject to a terminaton order. The investment was valued at £6.1m at the end of September 2019. Infrastructure India has no management control over the project. We guess the investment may now be worthless but the statement does not say this.
  • All Active Asset Capital was planning to raise £1.26m through a placing  but COVID-19 has made covening the necessary shareholder meeting difficult. Its largest shareholder, 192 Pte has come up with a different idea  – issuing 42m shares at 1.5p, warrants exercisable at 2p for six months issued on a one for one basis, an additional 28,666,667 warrants available to be placed (192 Pte’s share). This still needs shareholder approval but that will be easier with 192 Pte behind it.
  • Marble Point Loan Financing’s results reflect the announcement it made on 8 April – while the NAV was up 5.8% over 2019 and the company declared dividends totalling 8 cents, at the end of March the NAV was 39.1 cents (down 45% in March alone). The shares are still trading at a premium to this but are well down from their level of a few weeks ago.

We also have results from CeibaICG Enterprise and Aquila European Renewables, and an update from Aberdeen Standard European Logistcs

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