- Greencoat UK Wind (UKW) said that to-date, there has been no material impact on the company’s day-to-day operations or performance.
- Aberdeen Standard Asia Focus (AAS) released interim results to 31 January 2020 ( Total return performance in NAV and share price terms was (8.3%) and (6.2%), compared to the MSCI Asia (ex-Japan) smaller companies index return of (6.8%). Chairman, Nigel Cayzer, said the following in his outlook statement: “With events unfolding rapidly, it is more difficult than ever to make firm predictions. Governments across the world are now focusing on the health and safety of their citizens, while also introducing a variety of measures to mitigate the economic fallout. Typically, such measures have so far been a combination of a further lowering of interest rates, which we have seen across many countries, and targeted relief to particularly affected sectors. Clearly, as what short-term evidence is available demonstrates, economies have slowed dramatically as end demand has fallen sharply. Restrictions on travel and public assembly have notably hit tourism, consumption and retail. Although the consequences are often felt most acutely by small and medium enterprises (SMEs), the companies in which we invest are not in as precarious a position as SMEs in general, being to a large extent helped by their strong balance sheets and industry-leading positions.
Although it is impossible to predict timelines, the case of China does suggest how countries can tackle the problem and start to normalise. Rigorous measures imposed early on appear now to mean that daily life in China is returning to normal, with restaurants and factories reopening. Clearly, international travel restrictions still apply, and these are likely to apply for a while, to prevent re-importation of the virus. With other Asian countries taking similar measures, notably Singapore and South Korea, we see this as being the pattern emerging across the region as the year progresses.
Despite having seen stock markets fall rapidly and precipitately, we maintain our long-term confidence in the companies we hold. Their balance sheets are resilient and the services or products they furnish are the future in what is the world’s most dynamic region.”
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Oakley Capital Investments (OCI) completed the sale of its remaining stake in Inspired. OCI had invested in Inspired through its holding in Oakley Capital Private Equity II (Fund II) and also held a direct stake in the business. OCI’s share of net proceeds is approximately £99m.
- Impact Healthcare REIT reported full year results to 31 December 2019 in which NAV increased 3.5% to 106.81p per share. The value of its portfolio increased 42.4% to £318.8m, reflecting acquisitions and a £13.9m uplift in values. It also delivered a 59.9% increase in profit before tax to £26.3m.
We also have news on the outcome of Polar Capital Global Financials‘s life extension vote, updates from NextEnergy Solar and Marble Point Loan Financing and annual results from Fidelity Japan.
In property, we hear from Tritax Big Box REIT and the London office developer Derwent London and an acquisition update from Urban Logistics REIT.