QuotedData’s morning briefing 26 November 2020

In QuotedData’s morning briefing 26 November 2020:

  • JLEN Environmental Assets Group’s half year results show a small drop in NAV from 97.5p to 96.1p, driven by falling power and gas price estimates. Dividends are on target, however and these are covered by cash generated from operations.
  • Montanaro UK Smaller’s interim results show it lagging its Numis Smaller Companies ex Investment Trusts benchmark but this reflects the index bouncing back from lows while the trust held up pretty well in the market panic in February/March. Over a 12-month period to end September, the trust returned 4.4% in NAV terms against -9.6% for its benchmark.
  • Merian Chrysalis is planning to drop Merian from its name now that Merian has been bought by Jupiter.
  • GCP Asset Backed Income Fund has declared a special dividend of 0.25p. This brings the total dividends for the year to 30 September 2020 to 6.45p. These were covered by earnings of 7.0p and are 0.25p ahead of last year.
  • Shires Income reports an NAV return of 13.8% for the six months ended 30 September. The return on its benchmark was 7.0%. The return to shareholders was 10.31%. The first two interim dividends of the current financial year were covered by earnings (6.18p of earnings versus 6p of dividends). For the second half, Shires has considerable revenue reserves available if needed.
  • ICG Enterprise Trust says that following the recent IPO of Telos Corporation, at the closing price last night of $20.06 per share, ICG Enterprise Trust has seen an uplift relative to its 31 July 2020 net asset value of 3.0%, or 33.8p per share. In addition, Graphite Capital has reached an agreement to sell City & County Healthcare Group, a provider of home care services in the UK. This was ICG Enterprise Trust’s 8th largest investment at 31 July 2020, representing 2% of total portfolio value. it reckons this deal adds a further 0.3%, or 3.5p per share to the NAV.
  • Greencoat Renewables is looking for €100m to be issued through a placing by way of a non-pre-emptive issuance to institutional investors. The placing price of €1.13 represents a discount of 4.2% to the closing share price of €1.18 on Euronext Dublin on 25 November 2020 and a premium of 10.9% to the last reported NAV.

We also have news of results from BMO Capital and Income and Aberdeen Standard Equity Income, a proposed issue of subscription shares by CC Japan, a proposed takeover by Nippon Active Value and LXI spending the money it freed up from its sale of the BCA car park in Corby.

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