In QuotedData’s morning briefing 28 January 2025:

• Bluefield Solar (BSIF) will pay its first quarterly dividend of the new financial year on 7 March. The 2.2p dividend is the first of what is targeted to be 8.9p for the full year (up from 8.8p), which is expected to be covered by earnings post debt amortisation. At the current share price (84.1p) that puts it on a yield of 10.6%. [We suspect that the company could have supported a far larger dividend increase, but – with investors seemingly unattracted by the enormous yield on offer – it makes more sense for it to conserve cash and use that to support NAV growth and buybacks rather than pay it out as dividends.]
• Keystone Positive Change (KPC) reminded shareholders that the original meeting to approve its scheme of reconstruction had to be adjourned yesterday [on expectations that Saba would block it]. The board says that when Saba’s proposals have been rejected (at the meeting planned for 3 February), it will immediately refocus its efforts on delivering a full cash exit for shareholders and will seek to schedule adjourned meetings for shareholders to vote on the scheme as soon as practicable. [The closing date for voting at the 3 February 2025 meeting will be today on some platforms – make your voice heard].
• SEGRO (SGRO) has exchanged contracts to acquire six assets from Tritax EuroBox for €470m (as we wrote about in November – click here to read) on behalf of the SEGRO European Logistics Partnership (SELP) joint venture. The portfolio totals 370,000 sqm of fully-leased, reversionary, modern logistics space, located in Breda and Roosendaal in the Netherlands as well as in the Frankfurt corridor and the Rhine-Ruhr region in Germany. The assets currently generate €24m of headline rent, resulting in a blended net initial yield of 5.0% and a net true equivalent yield of 5.4%. The transaction is conditional on European Union anti-trust clearance, which is expected in the first quarter of 2025.
• Picton Property (PCTN) has posted a 2.3% uplift in EPRA net tangible assets (NTA) to 98.5p per share for the quarter to 31 December 2024. Total return for the quarter was 3.2%. The uplift was mainly due to a 2.2% increase in the company’s portfolio valuation to £718.9m, with asset management driving strong growth in the retail warehouse sub-sector in particular. Capex in the portfolio totalled £4.3m in the quarter – the majority focused on upgrading its offices as the company continues to protect against valuation declines in that sub-sector. The loan-to-value (LTV) was 25.3%, with the debt cost fixed at 3.7% and average maturity of 7.0 years [one of the most secure balance sheets in the sector].

We also have:

Lloyds platform opens voting on Edinburgh Worldwide