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QuotedData’s morning briefing 3 November 2020

In QuotedData’s morning briefing 3 November 2020

  • Finally, Waterfall has made its offer to investors in Alternative Credit Investments (ex P2P/Pollen Street Secured Lending). The bid is at 870p per share in cash plus a 12p dividend. It values the fund at £639.2m. This is a 6.3% discount to NAV. The bid is recommended by ACI’s board and holders of 40.8% of shares have already indicated that they support the offer. The deal is expected to complete in the first quarter of 2021.
  • Pershing Square Holding has completed the issue of $500m of senior notes due 2030 at a coupon of 3.25%. Part of the money will be used to invest in Pershing Square Tontine Holdings, Ltd.
  • Glenstone is posting its tender offer to investors in Alternative Income REIT. It says the minimum size it will accept is 16.1m shares – and up to a maximum of 20,125,000, as before.
  • LXI REIT has rejigged its £170m of debt facilities with Scottish Widows. The loans will now carry a reduced all-in fixed interest rate to maturity of 2.85% per year (was 2.94%), which is expected to generate a cash saving of approximately £2m over the extended loan term, which has increased to 13 years for each facility (expiry 12 December 2033 – was more like December 2030).
  • Edinburgh Investment Trust has declared a first quarterly interim dividend for the accounting year ended 31 March 2021 of 6p. The board says that it concluded that the previous level of dividends was unlikely to be sustainable. It resolved to re-set annual dividends to 24.0p, a level from which it believes they can grow progressively in future years. However, the board has also said that it will pay an additional 4.65p special dividend (alongside the final dividend, in July 2021), topping up the 24p to match last year’s 28.65p. So effectively, for this year at least, there’s not much changed apart from the timing.
  • Rathbones have published a letter in support of the Gabelli Value Plus+’s board’s attempt to wind up the trust.

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