The latest published NAV 107.84 less 38p equates to 69.84p

current share price 45.6p a discount to NAV of approx 35%

Quoted XPayment, which means if u now sell, u still receive the payment of 38p.

A hold for the portfolio, awaiting further developments, the cash received to be used to buy the discounted shares in RGL.

Low-risk yield and solar know-how

02 Jul 2024 BST

Snapshot

• NextEnergy Solar burnishes its credentials as a top income stock
• NextEnergy Solar Fund’s ESG strategy and deeper dive into the financials – ICYMI
• NextEnergy Solar and Bluefield offer ‘attractive’ implied returns after de-rating, says Barclays
• NextEnergy Solar Fund’s ESG Vision: Insights from non-executive director Josephine Bush

About the company

About NextEnergy Solar Fund 

NESF is a specialist solar power renewable energy investment company listed on the premium segment of the London Stock Exchange that invests in utility-scale solar power plants and energy storage.  The Company may invest up to 30% of its gross asset value in non-UK OECD countries, 15% in solar-focused private equity structures, and 10% in energy storage.

NESF currently has a diversified portfolio comprising of the following:

• 99 operating solar assets across the UK and Italy (primarily on agricultural, industrial, and commercial sites)
• A $50m commitment into NextPower III ESG (a private solar infrastructure fund providing exposure to operating and in-development international solar assets)
• A 50MW co-investment into a Spanish solar project alongside NextPower III ESG, currently in construction
• A 50MW standalone battery storage project in Fife, Scotland, currently in construction (part of a 250MW joint venture with Eelpower)
• Two subsidy free UK solar ready-to-build projects (Hatherden 50MW & Whitecross 35MW)

The NESF portfolio has a combined installed power capacity of 865MW (excluding NextPower III MW on an equivalent look-through basis).

As at 31 December 2021, the Company had a gross asset value of £1,094 million, being the aggregate of the net asset value of the ordinary shares, the fair value of the preference shares and the amount of NESF Group debt outstanding, and a net asset value of £615million.                                              

NESF’s investment objective is to provide ordinary shareholders with attractive risk-adjusted returns, principally in the form of regular dividends, by investing in a diversified portfolio of solar energy and energy storage infrastructure assets.  The majority of NESF’s long-term cash flows are inflation-linked via UK government subsidies.

For further information on NESF please visit nextenergysolarfund.com 

Commitment to ESG

NESF is committed to ESG principles and responsible investment which make a meaningful contribution to reducing CO2 emissions through the generation of clean solar power. NESF will only select investments that meet the requirements of NEC Group’s Sustainable Investment Policy. Based on this policy, NESF benefits from NEC’s rigorous ESG due diligence on each investment. NESF is committed to reporting on its ESG performance in accordance with the UN Sustainable Development Goals framework and the EU Sustainable Finance Disclosure Regulation.

NESF has been awarded the London Stock Exchange’s Green Economy Mark and has been designated a Guernsey Green Fund by the Guernsey Financial Services Commission.

NESF’s sustainability-related disclosures in the financial services sector in accordance with Regulation (EU) 2019/2088 can be accessed on the ESG section of both the NESF website (nextenergysolarfund.com/esg/) & NEC Group website (nextenergycapital.com/sustainability/transparency-and-reporting/).

About NextEnergy Group

NESF is managed by NextEnergy Capital, part of the NextEnergy Group.  NextEnergy Group was founded in 2007 to become a leading market participant in the international solar sector.  Since its inception, it has been active in the development, construction and ownership of solar assets across jurisdictions.  NextEnergy Group operates via its three business units: NextEnergy Capital (Investment Management), WiseEnergy (Operating Asset Management) and Starlight (Asset Development).

NextEnergy Capital

NextEnergy Capital comprises the Group’s investment management activities.  To date, NEC has invested in over 325 individual solar plants for a capacity in excess of 2.3GW across it institutional funds. 
www.nextenergycapital.com

• NextEnergy Solar Fund (“NESF”) is a solar infrastructure investment company focused on the UK and other OECD countries, that is listed on the premium segment of the London Stock Exchange.  It currently owns 865MW spread among 99 individual assets in the UK and Italy, comprising a gross asset value of £1,094m.  NESF is one of the largest listed solar energy investment companies in the world.
• NextPower II (“NPII”) a private fund made up of 105 individual operating solar power plants and an installed capacity of 149MW, focused on consolidating the substantial, highly fragmented Italian solar market.  NPII was successfully divested in January 2022, a 2016 vintage vehicle that generated net IRRs to its investors in excess of 25%, versus a gross target of 10-12%.
• NextPower III ESG (“NPIII”) is a private fund exclusively focused on the international solar infrastructure sector, principally targeting projects in carefully selected OECD countries, including the US, Portugal, Spain, Chile, Poland and Italy. NPIII ESG is a fund that provides a positive social and environmental impact to the countries it has and will invest into. NPIII has completed its fundraise with a total of $896m, including a SMA raised.  The target of the fund was $750m.
• NextPower UK ESG (“NPUK ESG”) is a private unlevered fund investing in greenfield subsidy-free solar projects, with PPA’s, in the UK.  NPUK ESG was launched in December 2021.  The UK Infrastructure Bank is providing financing to the initial seed assets of the fund, and plans to invest up to £250m, half of the fund’s total target fund size, on a match-funding basis.

WiseEnergy

WiseEnergy® is NextEnergy Capital Group’s operating asset manager.  WiseEnergy is a leading specialist operating asset manager in the solar sector.  Since its founding, WiseEnergy has provided solar asset management, monitoring and technical due diligence services to over 1,300 utility-scale solar power plants with an installed capacity in excess of 2.2GW.  WiseEnergy clients comprise leading banks and equity financiers in the energy and infrastructure sector. 

www.wise-energy.com

Starlight

Starlight is NextEnergy Group’s development company that is active in the development phase of solar projects.  It has developed over 100 utility-scale projects internationally and continues to progress a large pipeline of c.2.5GW of both green and brownfield project developments across global geographies.

How it is doing

19 Jun 2024

NextEnergy Solar Fund Ltd (LSE:NESF) burnished its credentials as one ofFTSE 350’s top income stocks with an 11% increase in total dividends to 8.35p, giving a yield of 11%.

With the payout covered 1.3 times by earnings, the group has increased its target for the current year to 8.43p. It has also signed off a £20 million share buyback programme.

The guidance was given alongside full-year results, which revealed a modest decline in the net asset value (NAV) to 104.7p. NESF generated income of £80 million in the 12 months ended March 31, up £1 million on the year earlier.

Gearing was up marginally at 29.3% with the weighted average cost of capital 0.7 percentage points higher at 6.4%.

The Telegraph thinks CVC Income and Growth is a Buy for income seekers, while This is Money explains why RTW Biotech Opportunities could go off like a rocket.

By Frank Buhagiar•02 Jul, 2024•

Questor: This Hargreaves Lansdown bidder’s loan fund is a ‘buy’ for income seekers

CVC Capital Partners, which floated on the stock market in April 2024, is part of a consortium that recently bid 1,140p a share for the retail investment platform Hargreaves Lansdown. The Telegraph’s Questor tips CVC Income and Growth (CVCG) as a buy for income seekers. For over the past five years, CVCG’s sterling shares, which currently yield 7.5%, have generated a total return of +43.4% compared to the average +19.7% generated by six of the fund’s peers – and that average includes CVCG. Similar story over ten years with the fund returning +84.9%.

The majority of this sector-leading return has come from the fund’s quarterly dividends which are covered by income and gains made from the loans it provides to credit-impaired companies. Now, ‘Credit-impaired companies’ may set a few alarm bells ringing but The Telegraph tipster points out that, “The portfolio is evenly split between ‘performing credit’ where companies are meeting their loan repayments as they repair their ratings, and ‘credit opportunities’ where fund managers Pieter Staelens and Mitchell Glynn see the ability to buy undervalued debt ahead of a refinancing, rating upgrade or acquisition.” As the fund managers explain, a poor credit rating doesn’t necessarily make a business bad.

The key is picking the right business and the right kind of debt. Almost three-quarters of the 128 loans the fund holds are ranked senior. So, CVCG is first in line for repayment in the event the loanee goes under. The loans are also secured against assets, thereby protecting the fund further, while borrowers pay a margin over base rate on their loans adding another layer of protection. All of which leads Questor to conclude “the shares continue to offer good value for income investors.”

RTW BIOTECH OPPORTUNITIES: Innovation ‘super-cycle’ could see biotech fund go off like a Rocket

So says This is Money after speaking to RTW Biotech Opportunities’ Roderick Wong. For in the 15 years since he established fund manager RTW, which today oversees £5.5 billion of investments, never has “Wong been more excited about the investment case for life sciences and in particular biotechnology than now.” Two reasons cited for Wong’s bullishness: the sector’s emergence from a three-year bear market; and signs that biotech is in the ‘early stages of an innovation super-cycle’ thanks to new technologies. While AI may be stealing the limelight when it comes to technology at present, Wong believes investors should be taking a closer look at biotech too.

And for those wanting to invest in the sector, the £522m RTW Biotech Opportunities Trust he manages offers a diverse portfolio of companies at all stages of the corporate life cycle from start-ups to established listed businesses. For Wong likes to hold companies for their full life cycles. In the article, Wong says “We like to be in from the start when a company is private. We do our due diligence and then work closely with them, maybe taking a seat on the board, and gaining confidence as we go along. Yet unlike venture capitalists, we don’t exit when the company goes public. Often, we will stick with our investment and reap bigger rewards as a result.”

And the approach has generated sector-leading results. RTW Biotech Opportunities’ shares have generated a +45% return since the fund’s October 2019 launch. The average return from the biotech and healthcare sector? +22%. And that outperformance was achieved despite biotech having to endure a three-year bear market. Question is, what would the fund’s performance look like during an “innovation super-cycle”?

This Is Money

Compound growth: A powerful argument for investing long term© Provided by This Is Money

Investing over many years eventually reaches a ‘tipping point’ where your returns double what you’ve put in to date, highlights new research from Interactive Investor.

Putting £250 per month into investments returning 5 per cent a year would see a gain of £83 on your £3,000 total contributions, or 3 per cent, in year one.

This means that your returns after that year would represent just a small percentage of the total pot. 

But by year 10, the power of compounding would mean the portion delivered by investment growth would make up 30 per cent of the overall portfolio, and by year 20 it would be 72 per cent.

At year 26 it would hit 105 per cent – with a pot containing £78,000 worth of your monthly contributions over the period now worth £160,229.

Then you’ve reached the tipping point where your returns double what you’ve put in.

If you paid in the same amount but achieved an annual investment return of 7 per cent, it would take 18 years to reach the investment ‘tipping point’, calculates II.

You can use  This is Money’s long-term saving and investing calculator  to see how compounding works. When considering compounding, you also need to take into account inflation and charges.

Compounding returns offer a layer of protection against investment volatility, says Myron Jobson, senior personal finance analyst at II.

‘Generally, as your investment grows, compounding becomes more significant, and there’s a point where growth outpaces new contributions.

‘This varies for each individual’s investment strategy and market conditions. 

‘In our scenario, the investment tipping point is 26 years, but the reality is many investors will hit their financial goal, be it investing to buy a home or for retirement, a lot sooner.’

Five per cent growth: Impact of compounding interest over 30 years on £250 monthly contributions (Source: Interactive Investor)© Provided by This Is Money

Jobson explains: ‘The nature of investing means the annual rate of return isn’t fixed, meaning you can earn more or less in a given year, depending on the market environment.

Jobson adds that for pension savers, retirement investments are turbocharged by the tax relief and employer cash that are added to your own contributions.

‘This dual advantage not only amplifies the initial investment but also leverages compounding over time, accelerating the growth of the pension fund.’

Seven per cent growth: Impact of compounding interest over 30 years on £250 monthly  contributions (Source: Interactive Investor)© Provided by This Is Money

Pensions and the magic of compound growth 

Pensions are possibly the longest-term investment you will ever have, which makes them particularly fertile ground for compounding to work its magic.

Think of your own and your employer’s pension contributions as the seeds, tax relief as the water, your investment plan as the soil and compound growth as the sunshine, helping to grow what eventually becomes a mature pension pot for when you retire.

The investment ‘tipping point’: When do your returns overtake total contributions?© Provided by This Is Money

One of the beauties of pensions is that if you start paying into them early, as so many workers now do thanks to auto-enrolment kicking in at age 22 (set to come down to 18), you will benefit from around 45 years of compound growth from the investments within that pension.

In fact, assuming roughly similar average annual investment returns, the impact of compound growth for younger pension savers who maximise their workplace pension contributions in their early career rather than starting with lower contributions or even foregoing a pension altogether for more immediate priorities, can be really astonishing.

Someone who makes the same annual contribution of £2,000 a year for their whole working life, but misses five years of pension contributions in their twenties would have a pot £22,000 lower at retirement, at £121,450 rather than £143,215.

“Compounding can work against you too, in that percentage fees on investment products can add up the wrong way, magnifying the reduction in your investment pot over time”

However, if they choose to keep paying in when they are young and instead miss those five years of contributions when they are older, from 60 to 65, the impact on their pension pot is much smaller – with a pot size around £11,000 lower, at £131,895, highlighting the greater importance of contributions made early on to eventual pot size.

Unfortunately, compounding can work against you too, in that percentage fees on investment products can add up the wrong way, magnifying the reduction in your investment pot over time.

Of course if your investment grows by significantly more than the fee, the impact of this is reduced, but it’s worth keeping an eye on and making sure you aren’t being charged over the odds for an investment that isn’t delivering.

How to get the most out of long-term investing

Myron Jobson of Interactive Investor offers the following tips.

1. Take advantage of Isa allowances 

The shrinking capital gains and dividend tax allowances provide the impetus for investors to invest through a tax-efficient wrapper if they haven’t already done so.

The transfer, however, will involve selling and buying back shares, which could trigger a capital gains tax bill.

Over the long term Bed & Isa is likely to outweigh the charges that might apply.

2. Consider using your partner’s Isa allowance

You can also help reduce your taxable income by transferring assets between spouses or civil partners.

Each year you can shelter £20,000 from tax in an Isa – so £40,000 between two.

Only married couples and civil partners can transfer assets tax-free, meaning those who aren’t could potentially trigger a tax liability.

The investment ‘tipping point’: When do your returns overtake total contributions?© Provided by This Is Money

Money expert Becky O’Connor of PensionBee reveals the most useful – and profitable – real world sums.

Compound growth, which generates massive gains the longer you save and invest, is lesson number one… so what are the others?

3. Understand your risk profile

Risk is an inherent part of investing, but it’s a tough balance. Take too much risk, and you might find yourself racking up some painful investing lessons.

But taking too little (or no risk in the case of cash) is a risky strategy in itself. It could have a hugely detrimental effect on your finances in the future because you might not reach your goals.

And our risk appetite isn’t static. It can change as our circumstances change so needs reviewing regularly.

4. Diversify your investments

This reduces the risk of any one stock in the portfolio hurting the overall performance.

But diversification doesn’t just mean investing in different stocks. It also means having exposure to different sectors, assets, and regions.

5. Rebalance your investments

Trimming the excesses and redirecting funds into underperforming assets ensures that your risk-return equilibrium remains intact.

This calculated approach of buying low and selling high has the potential to bolster long-term returns.

Whether nearing retirement or sprinting towards a shorter investment horizon, rebalancing grants the opportunity to recalibrate allocations to achieve the desired financial destination.

6. Review costs and fees

Investors cannot control the market, but they can control how much they pay to invest. Understand the costs associated with your investments – not least the platform charge.

7. Drip feed your investments

A good and proven way of lowering your investment risk is by investing small amounts regularly. Most often, investors do this by drip-feeding investments monthly to help smooth out the inevitable bumps in the market.

The advantage is that you also buy fewer shares when prices are high and more when prices are low – a process known as pound-cost averaging.

8. Set clear goals

Define your financial goals and time horizon before making investment decisions. Avoid making impulsive decisions based on short-term market fluctuations. Stick to your investment plan.

£££££££££££££££££

Pensions are possibly the longest-term investment you will ever have, which makes them particularly fertile ground for compounding to work its magic.

Buying your own house is most probably the best investment u will ever make as not only do u have compound interest working for u, u also have somewhere to live as u wait for the magic to happen.

First the chart. It includes dividends earned but re-invested wherever your want is.

U will notice the 2 year period where the share price flatlined, so belt and braces, the importance of dividends.

If u bought near to the low u have achieved the holy grail of investing in that u can take out your stake and re-invest in a higher yielder, while still receiving a dividend on a Trust that sits in your account at zero, nil cost.

Part of the dividend is paid from capital but u wouldn’t care tuppence where the cash came from, when u spend it. In fact it means u don’t have to sell any shares to achieve the yield.

Tristan Hillgarth, Chairman, commented:

“I am delighted to report a 23.6% increase in the Company’s dividend for our current financial year. Since we adopted the enhanced dividend policy in 2016, shareholders in the Company have seen an increase in their dividends of 613%, equivalent to over 24% per annum, and we have delivered nine consecutive annual dividend increases.

“This growth is a function of the outstanding returns that our Portfolio Managers have generated over this period, assisted by the fact that they are unconstrained by the requirement to achieve a certain level of income. This allows them to select the ‘best’ stocks, rather than those that fit a specific income profile.

“Our capacity to part-fund dividends from our significant level of realised capital profits provides JGGI with the means to meet our shareholders’ desire for income, combined with clarity over dividend payments for the coming year.”

Now those who have been paying attention will know that 4% is not 7%, so if u want to buy u might need to pair trade it with a higher yielder, although IF the share price keeps rising the next dividend yield will also rise on your buying price.

If u had bought at 250p the current fcast dividend is 22.8p a yield on your buying price of 9%

The Trust usually trades above NAV as it’s been an outperforming Trust.

Should u buy today, maybe not unless u have a De Lorean parked in your garage but one to include in your buy list the next time Mr Market gives u the chance to buy.

Kepler

Bull

• Merger of assets leads to further benefits that come with increased scale
• Strong relative and absolute performance over multiple time frames
• 4% of financial year-end NAV dividend policy can offer good income

Bear

• Consistently trades at a premium to NAV, which can impact returns if premium falls
• Growth bias may enhance volatility compared with other strategies in the Global Equity Income sector
• Dividend may experience some volatility in tandem with NAV

Foresight Sustainable Forestry still Winterflood’s top monthly mover in London’s investment company space – that’s five weeks in a row now. But with the 97p cash offer now a month old, which fund is best placed to challenge for top spot?

By Frank Buhagiar

The Top Five

Foresight Sustainable Forestry (FSF) still occupying number one spot on Winterflood’s list of top investment company monthly movers courtesy of a +30.7% share price gain. That’s now five weeks in a row. But with the 29 May 2024 press release announcing the 97p a share cash offer from 29.64% shareholder Averon Park now a month old, chances are the shares won’t be sitting atop of the tree next week.

Gresham House Energy Storage (GRID), may be a contender for top spot after jumping from fourth to second. Shares, which extended their gain on the month to +28.4% from +17.9%, have seen strong investor demand ever since the 5 June Tolling agreement with Octopus Energy release. The agreement promises to add more visibility to the company’s earnings. And it would appear, BlackRock has been among those investors buying GRID shares after the company announced on 28 June that the asset manager had increased its holding to 12.1% from 11.1% previously.

Downing Strategic Micro-Cap (DSM) shares retained top-five status despite seeing the share price gain on the month shrink to +14.6% from +18.2%. Rewind to 18 June 2024 and DSM announced a third special interim dividend of 17.5 pence per share, equivalent to, in aggregate, £8.0 million. Nine days later, on 27 June, and DSM shares went ex-dividend. Cue an immediate drop in the share price by an amount equivalent to the dividend due to be paid, as those who buy shares now won’t be eligible for the payout in July. Shares still up enough to keep their place among the top five but eagle-eyed readers will have noted that DSM also featured in the latest Discount Watch, after the shares hit a 52-week high discount. The dividend is yet to be paid, hence net assets have yet to be marked down.

New Star Investment (NSI) claims fourth spot thanks to a +13.8% gain on the month. News that the flexible investor is proposing to return £17 million to shareholders via a B share scheme, the trigger for a 10%+ jump in the share price.

Augmentum Fintech (AUGM) completes the top five. Shares are up +13.5% on the month. A well-received set of full-year results, which included a +5.4% NAV per share increase, good for a jump in the share price. As Chairman Neil England pointed out ‘This continued our history of increases for every reporting period since the Company’s IPO in 2018.’

Scottish Mortgage

Scottish Mortgage’s (SMT) share price finished the week ended Friday 28 June 2024 with a monthly gain of just +0.5%, compared to +2.4% the previous week. NAV fared a little better – up +0.6% but this was still down from +1.7%. The wider global investment trust sector managed to increase its monthly gain to +2.4% compared to +2.2% seven days earlier. Can’t blame SMT’s weaker performance on the Nasdaq – the tech-heavy index finished the week flat. Nor was there a lack of buybacks as SMT was regularly buying back its shares during the week too. And yet the share price tickled lower to 884p from 888p during the week.

One piece of news to catch the eye. Broker Numis commented on media reports that SpaceX, Scottish Mortgage’s largest private position (4.4%), is to sell insider shares at $112 per share, valuing the company at around $210bn. That’s an improvement on the previously reported $200bn valuation and a 14% premium to the $180bn valuation at the time of SpaceX’s 2023 tender offer. Thing is, according to Numis, ‘It is more difficult to understand any direct valuation impact because Baillie Gifford have an active approach to valuation which seeks to reflect valuation information rapidly, and therefore may already be partly reflected in the NAV. We calculate an implied valuation for SpaceX of $205bn as at 31 May, based on Scottish Mortgage’s carry value.’ That would imply only a modest increase for SMT. So, was the market a tad underwhelmed?

JPMorgan Global Growth & Income plc

(the ‘Company’ or ‘JGGI’)

Dividend for the year to 30th June 2025

The Board is pleased to announce that it intends to pay dividends totalling 22.80 pence per share (5.70 pence per share per quarter) in relation to its financial year commencing 1st July 2024. This is in line with its policy of paying out 4.0% of the Company’s net asset value as at 30th June 2024 and represents an increase of 23.6% on the last financial year’s total dividend of 18.44 pence per share. This will be the ninth consecutive year that the dividend has been raised.

It is expected that the dividends will be paid by way of four equal distributions, with the first interim dividend for the financial year ending 30th June 2025 of 5.70 pence per share (for the period to 30th September 2024), being paid on 7th October 2024 to shareholders on the register at the close of business on 30th August 2024. The ex-dividend date is 29th August 2024. The three other dividends are expected to be paid in January, April and July 2025.

Tristan Hillgarth, Chairman, commented:

“I am delighted to report a 23.6% increase in the Company’s dividend for our current financial year. Since we adopted the enhanced dividend policy in 2016, shareholders in the Company have seen an increase in their dividends of 613%, equivalent to over 24% per annum, and we have delivered nine consecutive annual dividend increases.

“This growth is a function of the outstanding returns that our Portfolio Managers have generated over this period, assisted by the fact that they are unconstrained by the requirement to achieve a certain level of income. This allows them to select the ‘best’ stocks, rather than those that fit a specific income profile.

“Our capacity to part-fund dividends from our significant level of realised capital profits provides JGGI with the means to meet our shareholders’ desire for income, combined with clarity over dividend payments for the coming year.”

Impact Healthcare – Disposal of five non-core care homes

Impact Healthcare REIT plc

(“Impact” or the “Company” or, together with its subsidiaries, the “Group“)

DISPOSAL AT LATEST BOOK VALUE OF FIVE NON-CORE CARE HOMES FOR £8.8 MILLION

The Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real estate investment trust which gives investors exposure to a diversified portfolio of UK healthcare real estate assets, in particular care homes, announces that as part of its active portfolio management policy the Group has exchanged contracts for the sale of five non-core care homes for £8.8 million, which is in line with the latest valuation of these homes as at 31 March 2024.

Impact has exchanged on the sale of three care homes in East Yorkshire for a total consideration of £4.3 million: Ashgrove Care Home, a 56-bed care home in Cleethorpes; Emmanuel House, a 44-bed care home in Hessle; and Hamshaw Court, a 45-bed care home in Hull. The purchaser is a local owner and operator of care homes, and the transaction is subject to re-registration of the care home operations from the current tenant, Minster Care Management Limited (“Minster”), to the purchaser which requires the approval of the independent regulator, the Care Quality Commission (“CQC”). Completion is expected during the third quarter of this year.

In addition to the above disposals, Impact has exchanged and simultaneously completed on the sale of two care homes for a total consideration of £4.5 million: Eryl Fryn Care Home, a 30-bed care home in Llandudno, Wales; and Stansty House Care Home, a 73-bed care home in Wrexham. Eryl Fryn Care Home and Stansty House Care Home were sold to an affiliate of Minster. In assessing the merits of the transaction with an associate of Minster, the Company commissioned a second independent valuation, which supported the sale price.  Minster is deemed to be a related party of the Company under the Listing Rules. The sale of Eryl Fryn Care Home and Stansty House Care Home is a smaller related party transaction for the purposes of Listing Rule 11.1.10R and this announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c).

Impact acquired the five care homes as part of its IPO seed portfolio in May 2017. The homes have either had a history of relative under-performance, have low EPC scores or are smaller than the ideal size for a care home (the average size of homes in the Impact portfolio is 56 beds). Following the sales, Impact will own 135 properties. The disposal of these five homes will help improve the sustainability performance of the Group’s portfolio either by reducing our exposure to homes with an EPC C or D, or disposing of homes that have higher CO2e emissions per m2 than the portfolio average (portfolio average 2023: 54kg CO2e per m2).

Impact has achieved an unlevered IRR on these non-core homes from purchase to sale of 6.6% per annum. On the whole of the Minster and Croftwood IPO seed portfolio its unlevered IRR from May 2017 to March 2024 is 10.5% per annum. Once completed, these transactions will also reduce the Group’s exposure to the Group’s largest tenant.

Thursday 4 July

Alpha Real Trust Ltd ex-dividend payment date
Big Yellow Group PLC ex-dividend payment date
BioPharma Credit PLC ex-dividend payment date
CC Japan Income & Growth Trust PLC ex-dividend payment date
CT Private Equity Trust PLC ex-dividend payment date
CT UK High Income Trust PLC ex-dividend payment date
CT UK High Income Trust PLC B ex-dividend payment date
European Assets Trust PLC ex-dividend payment date
ICG Enterprise Trust PLC ex-dividend payment date
Manchester & London Investment Trust PLC ex-dividend payment date
Martin Currie Global Portfolio Trust PLC ex-dividend payment date
Murray International Trust PLC ex-dividend payment date
NewRiver REIT PLC ex-dividend payment date
North American Income Trust PLC ex-dividend payment date
Premier Miton Group PLC ex-dividend payment date
Real Estate Credit Investments Ltd ex-dividend payment date
Safestore Holdings PLC ex-dividend payment date
Shires Income PLC ex-dividend payment date
Triple Point Energy Transition PLC ex-dividend payment date
Warehouse REIT PLC ex-dividend payment date
Workspace Group PLC ex-dividend payment date