Edison Investment Research

CVC Credit Partners (CCPG); publishes a market update note

CVC Credit Partners in its market update announced today that leveraged loan markets month-to-date (MTD) were down 6.22% in Europe and 6.41% in the US, and year-to-date (YTD) down 6.71% and 7.18%, respectively, as of 12 March. In HY, the impact continued to be more acute with MTD Europe down 7.89% and the US 8.27%, and YTD down 9.45% and 9.95%, respectively.

Raven Property Group (RAV); net operating income increases 7%

Raven Property Group announced its results for the year ended 31 December 2019. Underlying earnings increased 116% to £43.2m, while basic EPS stood at 8.16p. Diluted NAV per share was 75p and cash balances stood at £104.4m.

UIL Finance (UTLH); reports half-yearly results

As of 31 December 2019, the parent company had net assets of £301,631,000 (31 December 2018: £264,763,000 and 30 June 2019: £326,268,000) after providing for amounts due to ZDP shareholders.

Duke Royalty (DUKE); announces £1m follow-on investment with Lynx Equity

Duke Royalty announced a follow-on investment of £1m into its existing royalty partner Lynx Equity (UK) Ltd. (Lynx UK). With Duke’s investment in Lynx UK increasing to £13m, the company is entitled for higher distributions of £1.7m per annum, beginning in April 2020, representing a pro forma cash yield of 13.0% on total invested capital.

Quadrise Fuels International (QFI); client in Morocco to delay the pilot trial

No revised trial schedule has been indicated yet; the company provides statement regarding Covid-19

The company has been informed that the MSAR® pilot trial in Morocco will be delayed, as the client is now restricting site access for external contractors, as a precaution not dissimilar to the company’s own approach in relation to the QRF.

Fidelity Special Values (FSV); issues 450,000 new ordinary

Fidelity Special Values has issued a total of 450,000 new ordinary shares of 5p each at a price of 186p per share from its block listing facility of 15 January 2019. The shares rank pari passu with the existing ordinary shares in issue.

CVC Credit Partners (CCPG); sterling NAV per share at £1.0534

CVC Credit Partners announced its annual financial report for the year ended 31 December 2019. The company’s Euro and Sterling NAV per share were €1.0013 and £1.0534, respectively. The Euro and Sterling per share price stood at €0.9550 and £0.9820, respectively, representing a discount of 4.62% and 6.78% to NAV, as of 31 December 2019. The company successfully met its dividend target of €0.0550 per Euro share and £0.0550 per Sterling share.

The Merchants Trust (MRCH); issues 400,000 new ordinary shares

In accordance with the policy announced on 19 March 2019, The Merchants Trust has issued 200,000 and 200,000 new ordinary shares of 25p each separately at a price of 434.5p and 421p per share, respectively, from the company’s general corporate purposes block listing facility. This represents a premium of 4% and 2.8%, respectively, to the current NAV.

Kcell JSC (KCEL); signs frequency sharing agreement

Kcell Joint Stock Company has signed a frequency sharing agreement with KaR-Tel. As part of the agreement, KaR-Tel has a right to share the 5 MHz radio frequency within the 1725-1730 MHz band and 1820-1825 MHz band.

Duke Royalty (DUKE); board approves interim dividend of 0.75p

Duke Royalty announced that its board approved an interim dividend of 0.75p per share. The company believes that the cash flows generated from its royalty and loan portfolio for the year ending 31 March 2020 will be in line with market expectations.