In QuotedData’s other news 11 December 2019 –
- UK growth & income company, Edinburgh Investment Trust (EDIN) has decided to replace Invesco as manager (Mark Barnett is the lead manager) and has today announced that it has entered into heads of terms for the appointment of Majedie Asset Management (Majedie). The appointment of Majedie as EDIN’s alternative investment fund manager (AIFM) is expected to become effective in Q1 2020.The announcement came as EDIN reported its interim results to 30 September 2019. Over the period, EDIN delivered an NAV total return of (3.1%), below that of the benchmark FTSE all-share index, which returned +4.6%. EDIN noted that this represents an underperformance of 7.7% against the benchmark and follows underperformance against the benchmark in each of the past three financial years. Chairman of EDIN, Glen Suarez, had this to say: “This is another very disappointing set of results. Since 2018 the board has worked hard to understand the causes of this underperformance. Following a detailed assessment and careful consideration, including taking independent advice from Willis Towers Watson, a firm of investment consultants, and Investec Bank, our financial adviser, the board has decided to replace Invesco as investment manager and has today announced that it has entered into heads of terms for the appointment of Majedie Asset Management as the company’s new investment manager. The company remains committed to its twin objectives of capital growth that exceeds the FTSE all-share index and dividend growth that at least matches the rate of inflation.”
- As well as reporting interim results this morning, Hipgnosis Songs (SONG) announced it has acquired a music catalogue from the 5 times Grammy Award winning producer, songwriter and multi-instrumentalist Jeff Bhasker. Merck Mercuriadis, founder of The Family (Music) Limited and SONG, said: “You would be hard pressed to name a creator of the last 20 years that is more important than Jeff. He has been an essential part of amongst the most culturally important and commercially successful recordings of our time with Kanye West, Bruno Mars, Rihanna, Ed Sheeran, Mark Ronson, Drake, Jay Z, Beyoncé, Harry Styles, Alicia Keys, The Rolling Stones, Pink, Eminem, Taylor Swift, Lana Del Ray and so many others he has rewritten the rule book on how art makes it to Number 1.”
- JPMorgan Brazil (JPB) reported interim results to 31 October 2019, over a period where Brazilian equities performed well. The Company recorded a total return on net assets for the reporting period of +12.0%, compared with the benchmark, the MSCI 10/40 Index (in sterling terms) which recorded a return of +11.8% for the same period. The share price return was +11.3%. The outperformance was mainly attributable to asset allocation, most significantly in the financials and healthcare sectors.
- FastForward Innovations (FFWD), which focuses on disruptive, high growth technology and life sciences businesses, said that net assets at the end of September were £20.4m (31 March 2019: £19.1m). Highlights from the interim period and the months after include:
- EMMAC Life Sciences raising £15m via the successful issue of convertible loan notes
- Factom launched minable network of stablecoins, PegNet, as announced post period end
- Successful closure of Juvenescence’s Series B funding round at the targeted $100 million
- Investment in Portage Biotech Inc. in exchange for previous holding in Intensity Therapeutics
We have reaction from Perpetual Income and Growth (PLI) to Edinburgh Investment Trust’s decision to replace Invesco and Mark Barnett as manager (PLI has a similar management arrangement with Invesco) interim results from Hipgnosis Songs, an investment update from Merian Chrysalis and our takeaways from Tritax EuroBox’s annual results presentation, which we attended yesterday.