QuotedData’s morning briefing 27 August 2020


It has been a quiet morning so far. In QuotedData’s morning briefing 27 August 2020:

  • NB Distressed Debt (NBDD) reported interim results to 30 June 2020, with the main point of focus being the ongoing wind up of the company’s three share classes: Ordinary; Extended Life; and New Global. Chairman, John Hallam, noted: “the Ordinary class of shares will be the first to commence the final wind up process, followed by the Extended share class and then the New Global share class. The Extended and Global classes will continue to distribute until their net assets are reduced to approximately $34.4m and £8.1m respectively. We had previously indicated that we expect the final distribution of the Ordinary share class to be made during the course of this year and that remains the case. The wind up of the other two classes will take a little longer but we hope to complete the realisation process in the next couple of years.” 
  • CATCo Reinsurance Opportunities (CAT) announced a further release of side pocket investment capital of approximately $25.6m which is expected to be paid to the company during October 2020, and which the company intends to use to carry out a fifth compulsory partial redemption of its issued share capital. CAT says the breakdown of the payments to the ordinary shareholders and C shareholders is approximately $5.1m and approximately $20.5mrespectively. CAT is carrying out an orderly run-off of its existing portfolio – click here for more on this.
  • Electra Private Equity (ELTA) noted that the period to challenge the company voluntary arrangement (CVA) of Hotter Shoes, approved on 28 July, had now passed. No challenges were made and ELTA will make a £2m investment in Hotter. Hotter represents one of the company’s two main investments.

We also have news of a $200m bond issuance by Pershing Square.

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