QuotedData’s morning briefing 19 November 2024 – HGT, RKW, EDIN

In QuotedData’s morning briefing 19 November 2024:

  • HgCapital Trust (HGT) announced a recapitalisation of portfolio company Septeo Group, the terms of which have not been disclosed. The transaction values HGT’s investment in Septeo at approximately £130.0m This would represent an uplift of £5.9m (5% or 1.3 pence per share) over the carrying value of £124.1m at 30 September 2024. HGT will receive a net realisation of approximately £8.9m from Septeo, having re-invested a portion of its proceeds in the business alongside other institutional clients of HGT. HGT’s exposure to Septeo will be £121.1m at closing representing approximately 5% of NAV.
  • Rockwood Strategic (RKW) announced its interim results for the six months to 30 September 2024. The company delivered an impressive NAV total return of 22.9% compared to a decline in the AIM All Share Index of -0.4% and an increase in the Small Cap (ex-ITs) Index of 13.2%. Total shareholder return in the period was 21.7%. The company is the number one UK Small Companies fund over the last 1, 3 and 5 years by NAV total return and total shareholder return. During the period, new shares were issued via its block listing programme at a small premium to NAV, growing the shareholder base by 10.4%, raising £8.0m in the period and £16.7m in the last 12 months.
  • Edinburgh Investment Trust (EDIN) announced its interim results for the six months to 30 September 2024. The company delivered a NAV total return of 8.3% ahead of the benchmark total return of 6.1%. The share price total return was 10.8%. The share price discount to NAV narrowed to 9.7% from 11.5% over the six months. The company announced its first interim dividend of 6.9p per share, a 3.0% increase on the 6.7p per share dividend paid at the same stage last year. The majority of the outperformance for the period was from stock selection with UK consumer exposed names generally performing strongly.

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