In QuotedData’s morning briefing 06 November 2023:

• Riverstone Credit Opportunities (RCOI) has announced that it has entered into an agreement with Breakwall Capital to provide sub-management services for all credit vehicles managed by Riverstone, including RCOI. Breakwall is a newly formed independent asset management firm expected to be regulated by the SEC, the US financial regulator, and is expected to commence its management services on 1 January 2024. Riverstone will remain the manager of RCOI on the terms of RCOI’s existing management agreement and all aspects of the ongoing management of the company, including the day-to-day investment team, will remain consistent with current practices. There will be no increase in fees payable by RCOI as a result of the modified arrangements.
• European Opportunities Trust (EOT) has announced that it will undertake a tender offer for up to 25% of the issued share capital of the company, priced at the prevailing net asset value at the time of repurchase, less 2%. The purchase date for the tender offer is expected to be as soon as practicable and no later than 31 January 2024.
• Tetragon Financial Group (TFG) has announced that it will undertake a tender offer to purchase a portion of its outstanding non-voting shares for a maximum aggregate payment of $35m in cash. Shareholders are able to tender their non-voting shares at prices ranging from and including $8.75 up to and including $10.50 per share. The tender offer is expected to expire on 6 December 2023, unless extended or terminated earlier. The determined purchase price will be announced on 7 December 2023.
• Schroders Capital Global Innovation Trust (INOV) has announced that its portfolio company Atom Bank has raised £100m in new equity. This has resulted in INOV’s holding in Atom bank being revalued to £23.1m, reflecting a negative fair value impact of £8.6m based on its 30 June valuation of £31.7m.
• Home REIT (HOME) released a monthly update on its efforts to stabilise the portfolio. The main points included:
  • The sale of 14 properties at auction for £8,982,500, which was 51% of the price the company paid for them (further properties are expected to sell at two auctions this week);
  • Just 18% of rent billed in October was collected (including arrears from previous months);
  • Interest payments on the company’s loans (a £116.2m interest-only loan at a fixed rate of 2.07% and a £100m interest-only loan at a fixed rate of 2.53%) continue to be serviced (around £410,000 a month);
  • Publication of accounts to 31 August 2022 expected in early 2024 (delayed from end of 2023 due to application of the revised accounting policies, the ongoing inspection programme and BDO’s enhanced audit requirements); and
  • Good progress made on identifying a new independent non-executive chair – appointment expected in advance of the restoration of the listing of its shares. It is expected that the whole board will transition entirely within 12 months. New chair to oversee the appointment of the new board.