The Bankers Investment Trust (BNKR) has continued to deliver on its twin objectives of long-term capital and income growth, rebounding strongly from the global market declines of Q120 and declaring increased dividends for H120 despite the difficult backdrop for corporate earnings. Coming into 2020, manager Alex Crooke had positioned the trust relatively cautiously with a net cash position of c 3%, which he put to work during the sell-off, boosting the portfolio’s long-term total return potential. At the half year the board reiterated its intention to increase BNKR’s FY20 total dividend by c 3%, using reserves as necessary, which would secure a record-equalling 54th consecutive year of dividend growth for the trust’s shareholders.
Companies: Bankers Investment Trust
The Bankers Investment Trust (BNKR) has recently moved from a slightly geared to a small net cash position, as manager Alex Crooke seeks to lock in gains and await a more favourable re-entry point. The global fund is run as a collection of regional portfolios, with an overall tilt towards a value style of investment, although this varies from one sub-portfolio manager to another. Over 12 months to end-September almost all the regional portfolios have outperformed local indices, with the exception of the UK and the small and now largely liquidated non Asian emerging markets allocation. BNKR invests for both capital and income growth, and is on track to grow its dividend by c 6% for FY19 (ended 31 October), a 53rd consecutive annual increase.
Bankers offers investors capital and income growth from a fund of funds approach to global equities. With £1.22bn net assets, the trust is one of the largest and more liquid in the AIC Global sector. Alex Crooke has been at the helm of the portfolio since 2003, setting geographical allocations for the portfolio, with each of the regional sub-portfolios run by a specialist at Janus Henderson. Each of the major sub-portfolios will typically hold between 25-30 stocks, principally looking for cash generative companies that will grow their dividends going forward. BNKR has a strong track record for capital appreciation, although this has been more varied in recent times. More notably, the trust’s standout characteristic is its dividend growth track record. The company has grown its dividend every year for the past 52 years, and forecasts another increase of 6% for the current year. Furthermore, the company has revenue reserves equal to 1.8x the annual dividend. Currently the trust is trading on a discount of 1%.
The Bankers Investment Trust (BNKR) has re-established its trend of long-term outperformance of its benchmark, after a slightly disappointing H218. While the portfolio retains a cyclical tilt, manager Alex Crooke at Janus Henderson Investors has overseen a gradual shift toward more defensive market areas in recent months. The trust’s regional sub-portfolio managers focus on finding well-managed, cash-generative companies whose growing dividends can support BNKR’s own impressive 52-year record of dividend growth. Crooke recognises the delicate balance between positive and negative factors in the global macro picture, and over the past year has taken some profits in highly rated technology names and kept gearing low at c 2–3%. He expects greater clarity on the macro outlook in the second half of 2019, but in the meantime is taking advantage of more attractive equity valuations resulting from the Q418 market sell-off.
The Bankers Investment Trust (BNKR) is celebrating its 130th anniversary with a 51st consecutive year of annual dividend growth, and a new FTSE World index benchmark that better reflects its investment approach. Recent performance has been strong, buoyed by good returns from the US portfolio and eye-catching outperformance in China, while dividends grew ahead of forecasts in FY17. Manager Alex Crooke cautions that recent sterling strength could be a headwind for overseas dividend income in the current period, although the trust’s large revenue reserve (1.8x the FY17 dividend) and focus on stocks with attractive dividend growth should help to ensure that BNKR’s long record of year-on-year growth is maintained. Crooke has recently been appointed co-head of equities at Janus Henderson Investors, but remains committed to overseeing BNKR.
The Bankers Investment Trust (BNKR) invests globally, with the aim of generating higher long-term total returns for its largely UK investor base than it could have achieved in its home market. Share price and NAV returns are ahead of the benchmark FTSE All-Share Index over both the short and longer term, with annualised NAV total returns of more than 15% pa over five years. BNKR also aims to grow its dividend ahead of inflation, and has the second-longest record of unbroken dividend growth of any investment company, on track for a 51st year in FY17. Lead manager Alex Crooke, at the helm since 2003, has slightly reduced the North America allocation as leading economic indicators begin to look less favourable, diverting resources to European portfolio manager Tim Stevenson, who is finding good value opportunities particularly among financial stocks.
The Bankers Investment Trust (BNKR) aims to reward investors who take the additional risk of investing overseas with total returns in excess of those they could have achieved at home (as measured by the FTSE All-Share Index). The trust has a diversified approach, with lead manager Alex Crooke setting the geographical allocation, and regional sub-portfolios managed by specialists at Henderson Global Investors. Value and income are key tenets of the investment process, and the trust has recently achieved a record 50th year of annual dividend growth. BNKR has a long-term record of outperformance versus its benchmark. In the past year it has simplified its fee structure and acted as one of two rollover vehicles for investors in Henderson Global Trust, boosting assets under management by c £60m.
The Bankers Investment Trust (BNKR) is a long-established, globally invested fund with a focus on achieving long-term capital growth greater than that of the FTSE All-Share index, and above-inflation dividend growth. Lead manager Alex Crooke makes use of the substantial resources of Henderson Global Investors, delegating ex-UK stock selection to regional specialists. BNKR has recently achieved its 49th consecutive annual dividend increase, the joint-longest record in the investment company sector. A proposal to merge its stablemate Henderson Global Trust with Henderson International Income Trust could see BNKR – which will be offered as a rollover option to investors who wish to retain a global growth mandate – receive a boost to its assets under management.
The Bankers Investment Trust (BNKR) is a global investment trust that aims to deliver capital growth in excess of the return on the FTSE All-Share index, as well as growing its dividend by more than the rate of UK inflation. Lead manager Alex Crooke looks after UK stock selection (c 38% of the portfolio) and sets the geographical asset allocation; regional portfolios are run by specialists from Henderson Global Investors’ well resourced fund management team. While there is no overall ‘house style’, all the managers are focused on not overpaying for growth. 12-month returns to 30 June have been particularly strong versus the benchmark and the trust is on track to grow its dividend for a 49th successive year.
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Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51mm) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 2021. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration, in each case as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April 2021. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Companies: GOOD FIH SRT NFC RFX ARCM ACRL EQLS ORPH VRS
Following a positive EGM statement on 16 March, today’s 1Q21 trading update highlights a record quarter for the number of active customers with a further 89k new customers at attractive ARPU and AUAC. This has resulted in revenues more than doubling QoQ to $203m, helped by lower customer trading losses, with EBITDA up six-fold to $121.7m. The performance is a testament to the strength of Plus500’s technology and has been achieved as the group continues to manage high platform volumes and further drives towards its goal to be a multi-asset fintech group from solely being focused on CFDs. We increase our FY21 and FY22 EPS by 7% to reflect the strong performance resulting in the shares trading on just 9.8x CY21 PE. We believe that the benefits of the group’s scalable proprietary technology and marketing algorithms are not reflected in the share price. Hence, we reiterate our BUY rating and increase our TP to 2090p from 1945p.
Companies: Plus500 Ltd.
Since the FY2020 results announcement in December 2020, the UK has gone into a prolonged lockdown that has significantly reduced high street footfall, not to mention the international travel restrictions impacting Ramsdens FX business. Against this backdrop the group has delivered a resilient performance in 1H21. Despite most stores remaining open, the group expects to report only a small loss in the half helped by prudent cost control. Moreover, the group’s balance sheet remains strong with c.£15m of cash and an undrawn £10m credit facility. Given today’s update and continued uncertainty regarding international travel, we now expect FY2021E PBT of £1.0m (from £3.9m). We continue to believe in a strong recovery once restrictions are lifted and maintain our TP of 162p. However, given the recent share price performance we move to a HOLD rating.
Companies: Ramsdens Holdings PLC
Belvoir has reported a very strong set of results, ahead of pre-Covid expectations, driven by a resilient performance in the Property division and strong growth in Financial Services. The relatively low risk and capital light nature of the group’s franchise model and its ability to attract and motivate entrepreneurs in the sector continues to deliver strong returns. Cash flow remained strong, with net debt reducing to £3.7m from £6.9m, post a £2.1m acquisition and £1.9m dividend cost. With Government policies set to keep the housing sector moving until at least September 2021 and Belvoir’s long-term growth potential undiminished in a large, fragmented market, we have upgraded our FY 2021 EPS forecast by 11% and target price from 233p to 285p.
Companies: Belvoir Group PLC
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: KIBO ROCK VRCI K3C TOU ADT PCA ATYM IOM MJH
A strategic update from NewRiver shows intent to reshape the business, leaving it well capitalised and fit for the future of physical retail. Management is exploring the divestment of Hawthorn via an IPO, currently c.25% of the group asset base. Successful execution will help reduce LTV to within management’s target range, helping relieve any covenant concerns. Together with further non-core disposals, this will leave NewRiver with capital to transform ‘regen’ assets to create long-term value. Covid has proven NewRiver’s Retail resilience, which comes through again in its operating metrics. The shares now trade on an unadjusted +2yr fwd NAV of 33%, a wider discount than Hammerson, which to us looks wrong given the very different growth outlooks.
Companies: NewRiver REIT plc
Augmentum Fintech has sold its stake in Dext (fka Receiptbank) to private equity firm Hg for £10.5m, delivering a £3m gain on sale equating to a 30% IRR. This is Augmentum’s first exit. An additional €2m investment has been made into existing portfolio company Grover to support the continued roll out. The current Series B round implies a £3.2m uplift for Augmentum’s stake. Together, these gains represent c.4p/share in NAV terms. We see further value creation opportunity in Augmentum’s curated portfolio, capturing the digitalisation and structural evolution trends in the Financial Services space.
Companies: Augmentum Fintech
The latest UK Power Market Outlook from Bloomberg New Energy Finance shows low UK wholesale electricity prices over the next ten years, falling below £20/MWh by 2030. However, we expect actual price outturns to be higher due the circular impact of lower prices on new capacity investment. While prices may weaken, we think they are unlikely to match the BNEF forecasts. NextEnergy Solar Fund benefits from its non-amortising debt which gives the company a cash cushion with which to maintain dividends even in the face of weaker prices.
Companies: Nextenergy Solar Fund
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
While Regional REIT’s (RGL’s) uninterrupted quarterly FY20 DPS payments backed by consistently strong rent collection has been known for some time, the recent FY20 results confirmed full cover by EPRA earnings. RGL remains very positive about the prospects for high-quality regional offices with affordable rents and with its diversified portfolio of attractively yielding assets RGL will continue to maximise dividend distributions.
Companies: Regional REIT Ltd.
Q4 Trading Update
Companies: Palace Capital plc
Cenkos delivered a good performance in 2020, with revenue growth of over 20% and reduced fixed costs contributing to a rebound in profitability. The reformed executive committee is focusing on developing the existing strengths in corporate finance and broking while ensuring increased collaboration between teams. Timing of delivery of the transaction pipeline is always uncertain, but the focus on service delivery for clients should help generate long-term returns.
Companies: Cenkos Securities plc
PRSR added 427 completed homes to the portfolio in Q3, which now stands at 3,590 homes; reconfirming the positive update (19th March) provided at the Interims. In addition, contracted homes (1,536) supports full deployment on track for early cal’22, and a demand pipeline indicative of sustained demand. Rent collection remains strong. We make no change to our estimates – with this update in line with our assumptions. We see a sustained return profile from PRSR on rental growth driving capital values as well as dividend growth, in excess of the 5%+ yield which we forecast in FY23e – the first year of full stabilisation.
Companies: PRS REIT Plc
Companies: ARG ADT UKOG PHAR UNG CYAN FA/ SNX VRE SHED
NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 2021. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration, in each case as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April 2021. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Companies: RCN NCCL PRIM ORR AVCT TLY RENX CMCL ARO
