It has been a busy morning of half-year results announcements.
In QuotedData’s other news 14 August 2019:
- Apax Global Alpha (APAX) reported interim results to 30 June 2019; total NAV retur was +13.4% (+12.9% in constant currency terms). Last 12 months total NAV return was +14.4% (+12.2% constant currency) reflecting primarily strong performance of the private equity portfolio.
- Aberdeen Asian Income (AAIF) also reported half-year results (covering the same period) – the company beat its benchmark after delivering an NAV return of 13.3% in sterling terms, outpacing the benchmark MSCI all countries asia pacific ex Japan index which increased 12.5%; AAIF’s NAV performance was also ahead of the MSCI all countries ex Japan high yield index return of 11.5%. In the manager’s section, AAIF said that the hunt for defensive yield played to the portfolio’s favour as its holdings, which have robust balance sheets and cash flow generation, fared better than the broader universe amid concerns of lower interest rates and slowing global growth.The portfolio’s largest exposures by country were to Singapore and Australia. Both markets, which offer high dividend yields, outpaced the broader region during the first half of the year.
- Over Axiom European Financial Debt‘s (AXI) first half period (also to June), it said that there was a strong rebound in valuations of financial subordinated debt. Underlying fundamentals continue to strengthen for credit and hybrid investors. Solvency levels increase while non-performing loan ratios are managed down. Restructuring plans deliver some degree of progress at institutions like Deutsche Bank or Monte Paschi, on a backdrop of very supportive volumes in primary transactions overall. AXI’s total return NAV over the six months net of all expenses was +9.3%.
- The board of BMO Global Smaller Companies announced that Nick Bannerman and Graham Oldroyd will be appointed to the board as independent non-executive directors with effect from 1 October 2019.
- Hipgnosis Songs (SONG) announced that, following consultation with its major shareholders, it will withdraw the resolution at its general meeting to be held on 21 August 2019 to increase the company’s borrowing powers and is instead contemplating an equity raise in Q3 of 2019 to finance its near-term pipeline of opportunities. SONG has now committed its available capital resources to catalogue investment opportunities.
- VietNam Holding (VNH) has announced an investment into ABA Cooltrans (ABA) – a leading cold chain service provider in Vietnam. VNH says that it has completed the purchase of the Vietnam dong equivalent of US$6m in convertible bonds in ABA. Following the completion of this investment, approximately 4.2% of the VNH’s NAV as at 31st July is invested in private equity opportunities. The investment was made in the form of convertible bonds, and it is the current intention of VNH to convert these bonds into the equity in ABA ahead of a possible future IPO or listing in Vietnam.
We also have stories on Riverstone Energy‘s discount widening in tough conditions for the sector, Green REIT board’s recommending a €1.34bn sale to Henderson Park, RM Secured Direct Lending delivering for yield-hunting investors, a lettings update from Regional REIT, half-year results from CLS Holdings and JPMorgan American reporting its first results since a strategy change and new managers coming on board.
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