Edison Investment Research

ICG-Longbow Senior (LBOW); announces £12.5m commitment

ICG-Longbow Senior Secured UK Property Debt Investments has entered into a new £12.5m commitment to refinance the Northlands portfolio loan, for a three year term at an initial LTV ratio of 55.3%. Additionally, the company has received full repayment of the £8.0m Ramada Gateshead loan, along with interest and exit fees of about £0.2m.

KEFI Minerals (KEFI); part of existing £4m loan facility to be replaced

Kefi Mineral’s new loan facility, which is provided by a long-standing shareholder with an under 3% holding in the company, can be drawn at the company’s discretion at a rate of £0.5m per month in £250,000 tranches. The amount drawn would be repayable in cash within two years. The available amount of £1.6m of the existing loan facility will be available only after the new loan facility is repaid. The existing security charge over the assets have been removed. The new loan facility has been provided on an unsecured basis.

Custodian REIT (CREI); sells 119,600 sq ft industrial warehouse unit

Custodian REIT has sold a 119,600 sq ft industrial warehouse unit in Wolverhampton for £6.6m. The disposal is in line with the 30 June 2019 valuation, representing a net initial yield of 7.27%. Following this, net gearing decreased to 21.3%. The property was purchased in June 2016 for £4.5m as part of a three-property portfolio.

BioPharma Credit (BPCR); declares interim dividend of $0.0175 per share

BioPharma Credit has declared an interim dividend of $0.0175 per ordinary share for the period ended 30 June 2019. The dividend will be paid on 20 September 2019 to ordinary shareholders on the register as on 17 August 2019. The company is currently paying and continues to target a 7 cent annual dividend per ordinary share.

Diverse Income Trust (DIVI); report NAV down 9.4% to 95.17p per share

Over the year, revenue return per share was 3.95p compared to 3.84p last year

Diverse Income Trust reported its annual results today. Total dividends paid/declared per ordinary share for the year were 3.81p, against 3.63p last year. Revenue reserve increased £0.8m to reach £17.5m, as on 31 May 2019. During the same period, the FTSE All-Share Index fell 7.1% and the FTSE AIM All-Share Index fell 11.3% on a capital return basis. NAV total return and share price total return to shareholders were -5.9% and -13.6%, respectively.

Amur Minerals Corporation (AMC); issues 10,835,279 new ordinary shares

Amur Minerals Corporation has issued 10,835,279 new ordinary shares of no par value for the company to Cuart Investments PCC and YA II PN in the settlement of US$204,339 in principal and accrued interest. The shares were issued in pursuant to the convertible loan agreement entered into on 22 March 2019.

Serco Group (SRP); completes acquisition of Naval Systems Business Unit

Serco Group has completed the acquisition of the Naval Systems Business Unit and a small number of related contracting entities collectively known as NSBU from Alion Science & Technology Corporation. Therefore, five months of NSBU’s financial contributions will be consolidated within Serco’s financial year ending 31 December 2019.

Fidelity European Values (FEV); posts NAV total return of 19.9%

Fidelity European Values reported in its half-yearly results for the six months ended 30 June 2019 that it recorded a NAV total return of +19.9% for the six months ended 30 June 2019, outperforming its benchmark index, which returned +17.5%. The discount to NAV narrowed from 10.7% to 7.5%, due to a share price total return of 24.5%. According to the company, likely because the automobile sector performed poorly as the Chinese market declined, the energy and technology sectors were standout performers.

London Stock Exchange Group (LSE); total revenue up 7% to £1,018m for H1 2019

London Stock Exchange Group (LSEG) announced its interim results for the six months ended 30 June 2019

London Stock Exchange Group (LSEG) announced its interim results for the six months ended 30 June 2019, showing that adjusted operating profit rose 11% to £533m, while PBT increased 1% to £363m. Adjusted EPS rose 13% to 100.6p and interim dividend increased 17% to 20.1p per share, in line with stated dividend policy. Balance sheet position was strong with leverage at 1.7 times the adjusted net debt.

Fidelity Japan Trust (FJV); NAV total return of 14.8% for H1 2019 vs. reference index return of 7.6%

During the six months ended 30 June 2019, Fidelity Japan Trust’s discounted NAV widened from 8.5% to 9.6% due to a share price total return of 13.4%

Fidelity Japan’s core holdings in services and medical technology related companies, with lower exposure to banks, steered the outperformance.