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Chrysalis Investments - Likely portfolio disposal and positive Klarna valuation read across Foresight Sustainable Forestry - Focus increasingly shifts to value creation through afforestation Pollen Street - 3Q23 trading update in line
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Pollen Street Secured Lending - Possible offer at 900p per share and notice served on manager Bluefield Solar Income Fund - 6.3% NAV total return for H1 FY20 Phoenix Spree Deutschland - Mietendeckel update
Pollen Street Secured Lending Phoenix Spree Deutschland Fund
Pollen Street Secured Lending - Manager recommends 25% dividend increase CLO Funds - Positive end to a volatile 2019
Pollen Street Secured Lending
Pollen Street Secured Lending - November NAV impacted by Zopa equity writedown Oakley Capital Investments - Withdrawal from Rastreator and Acierto deals HgCapital Trust - Additional investment in HR software sector Summit Properties - Material disposal crystallises gains and provides capital for development opportunities Renewable Infrastructure Funds - Acquisition activity GCP Student Living - £77m capital raise
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Real Estate - Open-ended UK property fund suspends redemptions Pollen Street Secured Lending - 0.7% NAV writedown from Zopa investment Impact Healthcare REIT - £35m capital raise
Pollen Street Secured Lending - Improved Q3 returns RM Secured Direct Lending - Additional dividend payout Bluefield Solar Income Fund - Reduced power price forecasts impact Q3 US Solar Fund - Q3 update
Pollen Street Secured Lending RM Infrastructure Income PLC GBP
Pollen Street Secured Lending - Positive performance boosted by Castlehaven saleThe Renewables Infrastructure Group - £228m capital raiseAberdeen Standard European Logistics Income - Approaching full deployment
Pollen Street Secured Lending Renewables Infrastructure Group Limited GBP Red.Shs
P2P Global Investments - Continuing portfolio returns partially offset by legacy assetsReal Estate Credit Investments - Note: Laser focus on risk-adjusted returnsMarwyn Value Investors - Full writedown of Le Chameau investmentBioPharma Credit - Agrees purchase of notes up to $82.5m
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GCP Student Living - Consistent rental growth P2P Global Investments - Equity investments drag on returns Supermarket Income REIT - 6.6% NAV return in FY2019 & increased dividend target
P2P Global Investments - Large sale of Castlehaven Finance positionHipgnosis Songs Fund - Confirmation of capital raiseSupermarket Income REIT - £54m acquisition and potential capital raise
P2P Global Investments / Honeycomb Investment Trust - Media reports indicate merger plans have been abortedHighbridge Multi-Strategy Fund - Revised continuation condition
Pollen Street Secured Lending Highbridge Tactical Credit Fund
P2P Global Investments - 1.2% Q2 NAV total returnDiversified UK Property Funds - Capital value weakness in Q2Specialist REITs - GCP Student Living / Residential Secure Income / Target Healthcare - Positive Q2 NAV updatesMacau Property Opportunities - NAV decline continues
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P2P Global Investments - URICA writedown impacts May's performance
P2P Global Investments - 1.3% Q1 NAV returnDiversified UK Property Funds - Q1 NAV updatesGreencoat UK Wind - Proposed share issuance programme
P2P Global Investments - Zopa loans impact February's performanceTufton Oceanic Assets - $13m acquisition
Merian Chrysalis Investment Company - Deployment ahead of schedule P2P Global Investments - Underlying income returns remain on track BioPharma Credit - Significant realised gains Apax Global Alpha - 7% NAV total return in 2018 Augmentum Fintech - Substantially fully committed Draper Esprit - Trustpilot raised $55m in a Series E funding round
Pollen Street Secured Lending Molten Ventures PLC
P2P Global Investments - 0.8% monthly return in DecemberGCP Student Living - Strong start to FY2019Impact Healthcare - New placing programme
P2P Global Investments’ portfolio has been repositioned over the past 18 months and is delivering significantly improved returns with lower leverage. Consumer exposure has reduced significantly and the portfolio is focused on loans with asset backing and structural protection.
P2P Global Investments - New note: Reappraise ahead of dividend upliftStarwood European Real Estate Finance - 7.1% 2018 NAV total returnMarble Point Loan Financing - Further NAV reduction in DecemberAugmentum Fintech - £7.5m investment in challenger SME lender
Pollen Street Secured Lending Starwood European Real Estate Finance Ltd
P2P Global Investments, Retail Outlook Video, Joules CEO Video, Paypoint, UK Alpha Signals, Daily Mail Group, Marston's, Shield Therapeutics, SMID Market Highlights
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- P2P Global Investments – Investment in URICA | – 3i Group – Q2 2018 NAV | Primary Health Properties – Interims to 30 June 2018 |
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Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. | Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May | PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
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With a NAV of c£850m and total assets of £1.8bn, P2P is the sector’s listed giant. In our opinion, P2P’s key differentiation is it professed bias to higher quality (lower risk, lower coupon) loans and juicing the portfolio with leverage (capped at 1.5x equity) to meet its target ROE (6-8%pa). This contrasts with others who have targeted higher coupons and less leverage for a similar return.
P2PGI's NAV return in October was 0.56% for the ordinary shares which represents an uplift from recent months (average of 0.46% in August and September). YTD NAV total return is now 6.2% and should reach 7%+ for 2015 (in line with our forecast of 7.2%). The sector's share rating has weakened in recent months and P2PGI now trades on a 1.3% discount to NAV (ex-dividend). We believe this is attractive given the potential for a 7% dividend yield over the next four quarters which doesn't include any potential upside from equity investments in high-growth platforms.0
At a recent update on Ranger Direct Lending (RDL), the manager highlighted a threat to the consumer peer-to-peer model from a case in the US, Madden versus Midland Funding. The case ruled that a non-national bank which purchased consumer debt originated by a national bank could not rely on the National Bank Act for pre-emption of state usury laws. Essentially this could allow states to enforce usury laws that cap the lending rates of non-banks i.e. impacts consumer peer-to-peer lenders. For illustration the civil usury cap in New York is 16%pa (it becomes criminal at 25%pa).
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