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QuotedData’s morning briefing 25 September 2020

QuotedData's Morning briefing

In QuotedData’s morning briefing 25 September 2020:

  • Menhaden has published its interim results for the six months ended 30 June 2020. During the first half of the year, Menhaden’s NAV per share fell 4.3% on a total return basis (2019: rose 13.0%), while the market value of the Company’s shares decreased by 13.0% (2019: increased by 25.0%) so that, at the end of June, the share price stood at a 25.3% discount to the NAV per share, having widened from 17.9% at the end of 2019. The results say that Menhaden’s portfolio has remained relatively resilient through the market turmoil and that the fall in NAV was largely due to the public equities in the portfolio, with Ocean Wilsons Holdings and Airbus, in particular, continuing to suffer significantly as a result of the pandemic.
  • Hammerson has reported that 94.9% of the new shares offered in a rights issue have been bought. Unless the remaining 189,122,937 are sold by close of play on the 28 September 2020, the underwriters JP Morgan Cazenove and Morgan Stanley will pick them up. The 3,489,086,931 new shares commenced trading on the London Stock Exchange this morning.
  • Baillie Gifford Shin Nippon (BGS) has announced its interim results for the six months ended 31 July 2020. During the period, BGS NAV per share rose by 5.4% compared to an 8.8% fall in the MSCI Japan Small Cap Index, while its share price increased by 7.7%. Online legal portal Bengo4.com was the top contributor to performance, with its cloud-based digital contracts business, Cloudsign, seeing rapid growth. Other strong performers included Japan’s leading online drug marketing platform, M3, and Japan’s leading online food delivery company, Demae-Can. Physical retail, travel and manufacturing related stocks were among the weakest performers due to the varying levels of disruption caused by Covid-19. Among the new purchases during the period was GA Technologies, a provider of cloud-based software products for the real estate industry. Although disruptive, BGS says that the current climate has created numerous growth opportunities for small businesses in Japan seeking to revolutionise outdated business practices and solve structural issues currently facing traditional Japanese companies.
  • CIP Merchant Capital has announced its interim results for the six months ended 30 June 2020. The Company’s last NAV for the period, published on 26 June 2020, was 75.35p per share, representing a decline of 10.4% from 84.09p per share as at 31 December 2019. However, its says that, post the period end, it realised its first exit from Circassia Group plc, delivering an IRR of over 72%.
  • Arricano Real Estate, which owns and operates five shopping malls in the Ukraine, has announced its interim resulst for the six months ended 30 June 2020. The Covid-19 pandemic closed the Group’s shopping centres for 10 weeks from mid-March reducing recurring revenues by 18% to USD 14.2 million (2019: USD 17.4 million). However, all shopping centres have now been open since beginning of June, and occupancy has been maintained at 99%. Arricano’s total Net assets were USD 131.0 million as at 30 June 2020 (31 December 2019: USD 127.9 million).

We also have Buffettology Smaller Companies intention to float, annual results from Circle Property, annual results from JPMorgan Global Growth and Income, proposals for a full wind up of KKV Secured Loan Fund, two capital calls for JPMorgan Global Core Real Assets, the results for Hipgnosis Songs Fund £190m capital raise and a positive planning decision for U and I Group for its Kingstanding trading scheme in Tunbridge Wells.

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