QuotedData’s morning briefing 4 August 2020

In QuotedData’s morning briefing 4 August 2020, as BP cuts its dividend for the first time in a decade:

  • BMO Commercial Property is to reintroduce a monthly dividend from this month at 0.25p per share (half the previous rate). The NAV return for the three months ended 30 June 2020 was -2.9%. The retail and leisure sectors continue to be marked down, most significantly Newbury Retail Park, Wimbledon Broadway and St Christopher’s Place falling by 7.6%, 6.7% and 3.1% respectively. 83% of the rent due for that quarter has been collected but, so far, only 68% of rent due for the current quarter has been received by the fund (the problems are largely confined to retail and alternative property). A parcel of industrial land has been sold for £5.5m and a foodstore development at Newbury Retail park is complete. A new £100m loan facility that matures on 31 July 2022 has been agreed.
  • RIT Capital’s interim results cover the first half of 2020. Its NAV return was -2.1% over this period with the losses concentrated in its quoted equity portfolio, which looks to have fallen in value by about 9%. Its other assets made positive contributions, notably its currency bets which contributed 1.6% to returns.
  • TOC Property Backed Lending Trust will not pay its second and third quarter dividends. The board and the manager, Tier One are undertaking a review of the company’s current strategy, with a view to optimising shareholder value over the coming years. The results of this review will be disclosed to shareholders before the end of the current financial year.
  • At Sirius Real Estate’s AGM, there were big votes against the re-election of Daniel Kitchen (22% voted against) and the remuneration policy (26% voted against). The board has been and will continue talking to shareholders on these issues.
  • Freeline has filed documents to support an IPO in the US at an indicative pricing range $16 – $18 per ADS. This would represent an increase in value of Syncona’s current shareholding in Freeline of between £31.6m and £58.2m (4.7p – 8.7p per Syncona share). The proposed offering amount is 7,352,941 ADSs which at the midpoint of the indicative pricing range would result in gross proceeds to Freeline of approximately $125m. Syncona has indicated an interest in purchasing ADSs in the offering, subject to agreement with the underwriters.

We also have results from Henderson Alternative Strategies.

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