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QuotedData’s morning briefing 17 August 2020

MGCI

In QuotedData’s morning briefing 17 August 2020:

  • Following on from the news on 14 August that 2020 that UK Mortgages (UKML) had rejected M&G’s revised offer (we wrote about this here) of 70p per share, UKML’s board noted the following: “The board continues to believe that M&G Investment Management’s proposals undervalued the company and its future prospects.  As the company is no longer in an offer period under the code, the board will commence a review of future strategy as announced on 7 August 2020.”
  • ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) says it has been advised by Mark Huntley that he does not intend to offer himself for re-election to the board. He will step down following the company’s AGM, which is due to be held on 25 September. Mark will be replaced by Fiona Le Poidevin, who has been appointed as a non-executive director with effect from 1 September 2020. She will be proposed for election to the board by shareholders at the AGM.
  • Apax Global Alpha (APAX) discussed its indirect investment (through the Apax VIII fund) in Duck Creek, a provider of SaaS-delivered enterprise software to the property and casualty insurance industry. Duck Creek’s IPO is expected to close on 18 August – shares began trading on 14 August, at a price of $40. APAX’s noted that its look through position in Duck Creek is valued at circa €82m.
  • Acorn Income (AIF) reported interim results to 30 June. It was a highly challenging period, with the NAV total return coming to (34.9%). The shares delivered (38.4%). Chairman, Nigel Ward, had this to say on the fund’s outlook: “The global economy undoubtedly faces considerable challenges for the remainder of 2020 and beyond. However, the focus of the investment advisers remains on selecting smaller companies with robust dividend growth prospects, backed up by strong balance sheets, supported by a weighting to fixed income which should provide an additional degree of resilience during this period of uncertainty. Shareholders will be aware that this portion of the portfolio is not restricted to traditional fixed interest securities, but also has the flexibility to invest in alternative investment classes which offer both diversification benefits and attractive income generation characteristics of their own.”

We also have interim results from RM Secured Direct Lending and Princess Private Equity.

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