News

QuotedData’s other news 30 September 2019

Several investment companies reported results this morning.

In QuotedData’s other news 27 September 2019:

  • Africa Opportunity Fund (AOF) reported half-year results to 30 June 2019 with NAV per share of US$0.689 as at 30 June 2019; this represented a 2%  increase from the 31 December 2018. AOF noted that the single biggest factor on the negative front is an underlying macro-economic pattern in several African countries. Governments in countries like Ghana, South Africa, Zambia, and Zimbabwe have incurred large amounts of debt in recent years to pay for heavier salary and interest-servicing obligations, and climbing contingent liabilities.
  • Secure Property Development & Investment (SPDI)the AIM quoted South Eastern European focused property company, also released half-years to 30 June 2019. EBITDA increased to €0.47m compared to €0.31m in H1 2018, an increase of 52%. We note that the company is undergoing a staged-sale of its non-Greek assets to Netherlands-based Arcona Property Fund N.V. 
  • Global and growth-focused New Star Investment Trust (NSI) also reported results. Over the one-year period to 30 June 2019, total return NAV increased by 2.3%. NSI invests in equities, bonds, commodities, real estate, currencies, as well as other markets.
  • International Public Partnerships (INPP), the listed infrastructure investment company, has completed what it describes as an innovative refinancing and restructuring of its offshore transmission (‘OFTO’) portfolioThe company has repaid the original bank debt secured against the original three OFTOs it invested into – being the Barrow, Gunfleet Sands and Robin Rigg OFTOs.  The transaction takes advantage of current favourable conditions in the debt markets and further de-risks the portfolio by reducing financial leverage on these investments by around 50% (compared to the level at financial close).  This has been achieved through a combination of a new long-term bank debt and an additional circa £70m senior debt investment made by the company.

We also have interims from Woodford Patient Capital and Cuba-focused Ceiba Investments, annuals from  SQN Asset Finance Income, fleet expansion by Tufton Oceanic and an increase in bank facility by Tritax EuroBox.

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