QuotedData’s morning briefing 17 December 2020

In QuotedData’s morning briefing 17 December 2020:

  • Schroder BSC Social Impact Trust has raised gross proceeds of £75m from its IPO. The company will use part of the net proceeds to acquire seven assets from Big Society Capital with the balance of the net proceeds to be invested in accordance with the company’s investment policy and/or used for working capital purposes.
  • JPEL Private Equity has managed to exit its largest investment, MBI. It will receive $65m, an 8.5% premium to the last valuation. The money will help fund a mandatory redemption of $75m of JPEL’s shares, about 36% of all shares outstanding.
  • At Secured Income Fund’s AGM, the resolution to authorise share buy backs was very nearly defeated (18,571,496 votes for versus 18,485,404 against). The announcement says “Following the outcome of today’s vote we will contact shareholders to discuss these matters. For the foreseeable future the board has no intention of making any share buybacks.” [This is a bit odd, we doubt it was a mistake although such things have happened in the past. We cannot think of any reason why shareholders would want to oppose buy backs for a fund that is gradually winding itself up.]
  • Harworth has sold the second phase of its South East Coalville major development in Leicestershire to Bellway Homes for £8.9m. Bellway has acquired 12.5 acres through the transaction and intends to deliver 166 new family homes at the development.
  • Marwyn Value Investors plans to distribute at least half of distributions as dividends with the balance made up by share buybacks. It has also convened an EGM as “Following the adjourned 2020 annual general meeting of the Company on 3 December 2020 (the “AGM”), certain information has come to the attention of the Board which calls into question the outcome of that meeting.” It will effectively re-run the AGM again. [we are guessing that some shares were voted but not counted – to be honest we cannot remember this happening before.]
  • Civitas Social Housing says it notes the recent regulatory judgment by the Regulator of Social Housing in respect of My Space, one of the 15 housing associations working with Civitas, with a G3 grading in terms of Governance and a V3 grading in terms of Financial Viability. These are the same gradings that have been issued in respect of all other recent regulatory judgments for similar housing associations. My Space has indicated that it is working to improve the position. As at 30 September 2020, My Space represented 1.1% of Civitas’ rent roll. As at 17 December 2020, My Space remains fully up to date with all lease payments due to Civitas and this is expected to continue to be the case. My Space provides accommodation for working age adults with long-term care needs that include learning disabilities, mental health, autism and physical disability as well as for individuals who have suffered from domestic abuse and addiction. It was established in 2012 as a registered charity, and became a Registered Provider regulated by the Regulator of Social Housing in October 2013.

We also have results from GCP infrastructure, plans to change the way that Aberdeen Diversified Income and Growth is managed, a trading statement from beleaguered retail property company Capital & Regional and an acquisition by Schroder Real Estate.

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