City round up: Regional REIT repays bond; Carol Kane lifts Lad Bible stake; Pebble steps up share buyback; market madness over says analyst
Regional REIT has repaid in full the 4.50% £50 million retail bond which matured on 6 August 2024.
Following the repayment of the bond, the Company’s reduced borrowings amount to £353.3 million, with a weighted average cost of capital of 3.4%.
As announced on 18 July 2024 and further to the successful £110.5 million capital raise, an additional £26 million from the net capital raising proceeds will be used to reduce bank facilities further, which will result in the Company having greater headroom under the Group’s covenants in such facilities and the LTV decreasing to 41% from 57% prior to the fund raising, in line with the Company’s long-term target range.
Stephen Inglis, CEO of London & Scottish Property Investment Management, Asset Manager commented:
“On behalf of the Board we would like to thank our shareholders for their continued support and participation in the fundraise, which has enabled the Company to repay the retail bond in full and reduce our debt further to an LTV in line with our long-term target.
“Additionally, we have set aside further funds to make improvements and enhance the attractiveness and quality of core assets with the aim of growing rental income and reducing vacancy rates. We look forward to updating shareholders further on our continuing progress.”
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Mahmud Kamani and Carol Kane
One of the founders of Boohoo has lifted her stake in Lad Bible Group PLC, the UK-based multi-brand, multi-channel digital youth publisher, announces that it has been notified that Carol Kane, Non-Executive Director, has purchased 7,400 ordinary shares of £0.001 each (“Shares”) at a price of 130.0 pence per Share.
Following this purchase, Carol Kane is beneficially interested in 750,577 Shares, representing 0.4% of the issued share capital of the Company.
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Digital commerce and global promotional products industry, Pebble Group has started a new share buyback programme of up to £4.36m.
To date, the company has purchased 1,070,260 Ordinary Shares for £0.64 million. The new programme will enable the company to fulfil its original commitment to purchase up to £5.0m as announced at the Group’s Audited Full Year Results 2023, published on 19 March 2024.
The purpose of the Replacement Share Buyback Programme is to reduce the share capital of the Group.
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“The turnaround that began on Tuesday has continued into the middle of the week and Monday’s market madness seems to be behind us,” says Danni Hewson, head of financial analysis at AJ Bell.
“In London recovery has gained momentum after yesterday’s tentative reversal of fortunes but the FTSE 100 is still a long way from those mid-May highs and more than 2% down on this time last week.
“Banking stocks and housebuilders helped propel the blue-chip index higher with the latter buoyed by the latest Halifax house price index which not only showed a rise last month but also suggested house prices were likely to rise for the rest of the year as interest rate cuts boost confidence.
“Of course, house price increases are all well and good if you are already on the ladder, but it will be deeply unwelcome news for first time buyers already struggling with affordability levels. Four and five bed detached homes might be the kind of project that builders love, but a two or three bed semi is more likely to win over the hearts and wallets of many potential home buyers.
“The commitment by the new government to create the climate to coax housebuilders to accelerate building plans is welcome, but the building process from a plot on the map to putting out the doormat takes time and for those who have been waiting and saving, time is just more months paying rent.”
