In QuotedData’s morning briefing 1 February 2024:

• CVC Income & Growth (CVCE / CVCG) is holding a tender offer in March. As part of this it is offering shareholders the chance to sell their shares on to third parties rather than wait for the tender. The broker Winterflood will try to sell the shares but if it doesn’t manage to do so, shareholders can still get out via the tender offer. The placing price (the price at which the shares will be sold to third parties) will be at least equal to 98% of the last NAV published before the placing closes on 5 March 2024.
• GCP Asset Backed Income (GABI) has received cash proceeds of £18m from the early partial repayment of a loan secured against a portfolio of property investments that was due to be repaid in March 2024. In connection with this, the company has agreed to extend the maturity of the remaining amounts of loans made to the wider borrower group, totalling about £53.7m, which are also due in March 2024, to no later than 29 June 2024. However, the borrower will be paying a higher rate of interest to reflect current credit market conditions. GABI will now have a cash balance of about £50m and no outstanding balance on its revolving credit facility (RCF). The company’s recently announced £7m share buyback is going ahead [but could clearly be a lot bigger].