Ecofin Global Utilities and Infrastructure interims show an 8.5% return on NAV for the six months ended 31 March 2019. Dividends of 3.23p were declared and the discount has narrowed so that, on 20 May 2019, it stood at 11.3% (still wider than it would like).
Hg Capital‘s share split – ten shares in exchange for every existing share – is going ahead on 28 May
AEW Long Lease reminds us that, on 9 May 2019, it announced that the assets and business of Meridian Metal Trading Limited had been acquired by Meridian Steel Limited, a newly incorporated wholly owned subsidiary of Duferco International Trading Holding S.A. The leases on the Meridian properties have been assigned to Meridian Steel. Under the terms of the new lease arrangements, the passing rental income for the three industrial assets, two located in Dudley and one in Sheffield, will remain unchanged at GBP659,000, following an initial 12-month rent free period. The leases, which will run for a period of eight years, are linked to the Retail Price Index, with annual reviews and are all guaranteed by DITH. Knight Frank LLP, AEWL’s independent valuer, has valued the properties at GBP8.85 million. The impact of this revised valuation would increase the group’s reported NAV based on the balance sheet as at 31 March 2019 by GBP2.05 million (2.55 pence per share) to 95.8p.
European Investment Trust is reviewing its management arrangements – “Our Investment Manager adopts a consistent, long-term approach to investing which is focused on company valuations. During periods of market volatility, it keeps its discipline and looks to take advantage of any valuation anomalies which emerge. However, since the appointment of Edinburgh Partners on 1 February 2010, this approach has only worked well for short periods and, consequently, over the longer term the Company has delivered disappointing investment results, generating an 18.5% NAV total return over the five years to 31 March 2019 and 84.7% over the period from 1 February 2010 to 31 March 2019, compared with total returns of 41.4% and 101.5%, respectively, for the Index.
Over the eighteen-month period to 31 March 2019, underperformance has accelerated, with a NAV total return of -8.9%, against -1.3% for the Index. Furthermore, and notwithstanding increased share buy-back activity, the share price discount to NAV has widened. The Board has decided, therefore, to undertake a review of the Company’s management arrangements and will update shareholders on the outcome of this review in due course.”
We also have stories on NewRiver REIT and Hadrian’s Wall Secured Investments.
Plus a bid by LondonMetric Property for A&J Mucklow