![Macau Property Opportunities disposal plan is on-track - Macau Property Opportunities Fund (MPO) reported on the progress of its gradual wind-up in its annual report for the period ending 30 June 2018. The chairman reported that the shareholders' decision at the recent EGM to extend the company's life until the end of 2019 placed them in a stronger position to negotiate further satisfactory disposals. This, he pointed out, enhances the potential realisation of MPO's remaining assets, supported by a continuing market recovery in Macau. In March, the company sold its retail redevelopment site, Senado Square, for HK$800 million (c.US$102 million) - a gain of 541% over its acquisition cost. The subsequent distribution to shareholders, equivalent to 50 pence per share, represented 62% of the net profit from the sale. Highlights Fund performance · the company's portfolio value appreciated 2.3% over the year to US$338.4 million. · adjusted NAV grew 4.5% year-on-year to US$260.6 million, equating to US$3.41 (258 pence[2]) per share. · the company's share price rose 24% over the year, representing a 25% discount to adjusted NAV per share. Capital management · Consolidated cash balance (including deposits with lenders) as at 30 June 2018 was US$88.2 million. · Overall gross borrowings were reduced to US$148 million and the loan-to-value ratio improved to 35%. · Approximately US$50.5 million (£38.2 million) was distributed post year-end to shareholders, by way of a compulsory redemption of shares. This represented 62% of the net profit from the divestment of Senado Square, equivalent to £0.50 per share. In the background, the portfolio remains competitive and relevant During the year, ongoing asset enhancement initiatives at the company's flagship asset, The Waterside, have seen the property achieve stable occupancy and higher rental values as it retains its position as Macau's premier residential asset. The company has also embarked on a reconfiguration programme for several large units at The Fountainside, which will cater to increasing demand for more compact homes. These initiatives demonstrate continued efforts to meet changing consumer needs in the property market. Macau's gross domestic product is expected to grow by 5.8% this year and 3.9% in 2019. In his statement, the chairman, Chris Russell noted that they are mindful of rising global risks, particularly escalating US-China trade tensions and a weakening yuan, which are threatening to endanger the recovery of Macau's crucial VIP gaming segment. The possibility of China's central government further restricting capital outflows could also be detrimental to the company's divestment strategy. MPO : Macau Property Opportunities disposal plan is on-track](https://quoteddata.com/wp-content/uploads/2018/09/auto-draft-40-680x499.jpg)
In QuotedData’s morning briefing 10 March 2021 –
- EP Global Opportunities (EPG) reported annual results to 31 December 2020, delivering a total NAV return of -1.3% and a total share price return of -5.6%. EPG has adopted a cautious stance on its investment outlook, with a defensively positioned equity portfolio. At the year-end, 13% of net assets held were held in cash and 9% in US Treasury inflation-protected bonds.
- Hipgnosis Songs (SONG) is hosting an online workshop on 16 March, which will provide an introduction of alternative performance measures as well as an insight into the company’s song management and revenue maximisation strategy. Click here to access the RNS announcement for more information.
- FastForward Innovations (FFWD) expects to record a profit of approximately £1.9m after a conditional agreement was reached between EMMAC Life Sciences (an FFWD investee company) and Curaleaf for the purchase of EMMAC Life Sciences by Curaleaf. FFWD’s expected profit would represent a 62.2% increase compared to the September 2020 carrying value of the equity and cost price of the convertible loan note, and an overall return of 1.86 times the original investment in EMMAC Life Sciences.
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Aberdeen Standard European Logistics Income (ASLI) is seeking to raise additional equity capital through the issue of new ordinary shares in the capital. The company intends to issue up to 18.45 million new ordinary shares, representing the total remaining authority granted by shareholders at the Annual General Meeting of the company held on 30 June 2020. The shares are not being offered at a fixed price, but will be agreed between Investec and the company following close of the book-build at noon on Friday 12 March 2021. The price will be in excess of the company’s latest net asset value per ordinary share of 120.1 Euro cents (103.0p). ASLI is providing private investors with an opportunity to participate in the issue, via PrimaryBid. The company said it has an attractive pipeline of investment opportunities and will shortly complete the acquisition of a recently constructed 31,500 square metre warehouse in Poland, for around €28m, bringing its portfolio valuation to over €450m.
We also have annual results from F&C, ScotGems and Tritax Big Box, as well as growth plans from Chrysalis. We have also included investment announcements made by RTW Venture Fund yesterday afternoon.