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QuotedData’s morning briefing 24 February 2021

Electra to make anther distribution

In QuotedData’s morning briefing 24 February 2021 –

  • Vietnam Enterprise Investments (VEIL) announced yesterday that with effect from 1 July 2021, the management fee will be amended to 1.85% per annum of NAV for the first US$1.2bn of the company’s NAV, reducing to 1.65% per annum for NAV between US$1.2bn and US$1.5bn and further reducing to 1.50% per annum for NAV above US$1.bn. The investment manager is not entitled to a performance fee.
  • Electra Private Equity (ELTA) said that its chairman, Neil Johnson, will provide the following update on the company’s portfolio companies at the AGM later today: “Each of ELTA’s portfolio companies is trading in line with expectations, consistent with the trends we reported at our final results announcement on 9 December 2020. Despite continued uncertainty on timing of the relaxation of trading restrictions and the impact of that particularly on TGI Fridays, we remain on track with plans to deliver our strategic objective of portfolio realisation in 2021.”
  • Drumz (DRUM) announced that Acuity Risk Management, in which it has a 20% stake with an option to increase this by a further 5%, has launched a significant upgrade to its STREAM™ integrated risk manager software product, which is used by private and public sector clients to manage their cyber security and other Enterprise risks.
  • JZ Capital Partners says that Guggenheim Partners Europe Limited have sold their interest in JZ Capital’s senior secured debt facility to clients and funds advised and sub-advised by Cohanzick Management, LLC and CrossingBridge Advisors, LLC. [We think the debt may now be owned by distressed debt funds. At end December 2020, the company had liabilities of $194m against net assets of $489m, which implies gearing of almost 40%. Sales of assets have been coming in at discounts to NAV.]

We also have annual results from Riverstone Energy, some acquisition news from Greencoat UK Wind and news of a portfolio valuation uplift for Aberdeen Standard European Logistics Income.

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