QuotedData’s morning briefing 14 January 2021

In QuotedData’s morning briefing 14 January 2021:

  • Polar Capital Global Financials has published a circular to convene a meeting on 1 February at which shareholders will be asked to approve the issue of up to 70,375,000 shares from treasury without pre-emption (first offering them to existing shareholders). The shares will be issued at a premium and this will benefit the NAV.  The move is in response to increased interest in financials stocks over the past few months.
  • NB Global Monthly Income will pay 0.39p per month in dividends over 2021 – up 9% on last year.
  • Schroder UK Public Private Trust has secured an agreement to extend the term of its credit facility for 24 months to 30 January 2023. The commitment under the facility has been reduced to £107.03m and the company will continue to pay down debt when it can. As the facility shrinks, the commitment will be reduced until it hits £60m, when it will stay at that level. The interest rate is 2% over the Bank of England base rate.
  • Tufton Oceanic has continued its recent spate of purchases with a deal to buy a containership for $7.0m. The vessel has a floating rate time charter, subject to a floor and a ceiling, of at least three years to a major container line which is investment grade. It is fitted with an exhaust gas scrubber. With this acquisition the company will be fully invested [we sense another fundraise looming]
  • Updating on our story on Invesco Asia and US order 13959, AVI Global Trust has released a statement that it holds none of the 35 banned Chinese companies and will ensue that it never buys them or any fund that owns them. Other trusts making statements include Mobius Investment Trust, Schroder Oriental Income, Schroder Asia Pacific, Schroder Asia Total Return, Aberdeen Emerging Markets, Aberdeen New Dawn, Asia Dragon, Aberdeen Asian Income and Templeton Emerging Markets.
  • Sir Richard Jewson, chairman of Tritax Big Box REIT, has announced his intention to retire at the next AGM in May 2021. Aubrey Adams OBE, the current senior independent director will take his place. Aubrey was chief executive of Savills plc for 17 years until 2008. He is currently group chair of L&Q Housing Trust, one of the largest housing associations in the UK. He previously chaired Max Property Group and was a non-executive director of The British Land Company and senior independent director of Associated British Ports.

We also have news of an unlisted investment by Schroder British Opportunities, a portfolio valuation update from Tritax Big Box, and rent collection figures from CLS Holdings, LondonMetric and London office landlords Great Portland Estates and Helical.

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