QuotedData’s morning briefing 9 February 2021

In QuotedData’s morning briefing 9 February 2021

  • Nippon Active Capital looks to have scored a win as Mr. Shintaro Matsuki, President of Sakai Ovex Co., Ltd, using a special purpose company, Sakai Textile Co., Ltd., has launched a tender offer at ¥ 2,850 per common share for all of the outstanding equity capital of Sakai Ovex. Nippon Active Capital had previously recommended a management buyout of Sakai Ovex to be executed at ¥ 2,350 per share. This proposal has been withdrawn. The fund has accepted the new tender offer for its entire holding of 389,800 common shares. The tender offer price is a premium of approximately 38% over NAVF’s average cost of ¥ 2,059 per share.
  • Martin Currie Global Portfolio plans to call an EGM to approve the issuance of more shares. Demand for its shares has meant that the existing permission (for the issue of just 5% of its issued share capital back in July 2020) is about to run out. 4,055,000 shares have been issued since that AGM against an overall permit to issue 4,190,260 shares. Usual practice is to seek authority for the issue of 10% of share capital.
  • RDI REIT has sold West Orchards shopping centre in Coventry for £4.85m. It isn’t clear from the announcement but it looks as though, at this price, there will be a £1.9m hit to the NAV. The company has just one remaining retail asset in the UK – St. George’s shopping centre in Harrow, Greater London. In Germany, RDI REIT recently completed the disposal of a small retail asset in Molln for €3.8m (€0.4m less than its 31 August 2020 valuation. RDI is working towards a full exit from the retail sector during 2021, whilst also strengthening of its balance sheet.
  • ICG Enterprise Trust has sold its holding in Telos Corporation for about £40m in cash. this looks set to add about 2.4%, or 29.5p per share to its NAV. At 31 October 2020, Telos was ICGT’s 4th largest underlying investment and represented about 2.9% of its portfolio. The investment was realised at a whopping 33x its initial cost.

We also have news of positive developments at UK Mortgages

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