LONDON (ShareCast) - Property firm Sirius Real Estate traded in line with management's expectations in the financial year just ended. Rental income is expected to have increased to 45.2m from 43.6m (after excluding 1.9m of surrender premiums) the year before, driven primarily by higher average rate per square metre on new sales. In addition, the group expects to see further reductions in non-recovered service charge costs and overhead costs once all the numbers have been totted up, which should add around 1m to profits.
Occupancy has increased to 78% in the year, up from 76% at the start of the financial year. As at March 31st, 2012, cash reserves were 9.1 million, down from 13m six months earlier. Borrowings, excluding capitalised loan costs, totalled 296m, down from 300.0m at the end of September, representing a loan to value percentage of 60.1% based on an independent portfolio performed at the end of September. Both banking facilities are operating within covenants and the group remains in discussions with the the Royal Bank of Scotland about its banking facility, which matures in October 2012. The group said its main focus at present is to be able to service its borrowings and cover future capital expenditure requirements from operational cash flow.
Real Estate Credit Investments is to implement a more generous dividend policy for holders of its core shares. From the quarter ended March 31st, 2012, the closed-ended investment company is targeting an annual dividend on the core shares of 6% of net asset value per share, payable quarterly.
Venture capital firm CCan 2005 Inversiones Societarias is in discussions with 'TV on the move' technology firm Motive Television about CCan's 32.3% stake in Motive subsidiary, Motive Television SL. CCan, which retained a minority stake in Adecq Digital (subsequently renamed Motive Television SL) after selling it to Motive, is now free to exercise an option to sell the holding to Motive for 2.1m, but has indicated to Motive that it will not exercise the option before the end of May this year.
Software Radio Technology, the developer and supplier of maritime automatic identification systems, is to raise £2.56m trough a placng of 9.5m new shares at 27p each. The funds raised will be used for working capital purposes, to support the existing product development road map and to move forward production and stock commitments for the company's current pipeline of opportunities. The placing was done at the prevailing market price and was significantly over-subscribed, the companty's Chief Executive, Simon Tucker, revealed.
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