In QuotedData’s morning briefing 8 September 2021:
- Vietnam Enterprise (VEIL) has posted its interim report for the six months to 30 June 2021, during which time it delivered 42%, outperforming its benchmark, the VN-Index Total Return in US dollar terms by 13.3%. There is no dividend for the period. The strong performance delivered by VEIL in the first half of 2021 can be attributed to the portfolio’s restructuring in 2020, when the portfolio was repositioned to tap into sectors that would benefit greatly from the post-COVID-19 economy. The largest contributors to VEIL’s performance were the banking, materials, real estate and software services sectors. VEIL continues to expand its ESG programme and all investments are subjected to a rigorous screening process adopted by Dragon Capital Group.
- Menhaden Resource Efficiency (MHN) has published its half-year report for the six months to 30 June 2021. During the period under review, the trust’s NAV per share was up by 12.1%, and its share price total return was up by 9.1%. This compares with a 4.4% return from its adopted primary performance comparator, RPI+3% per annum. At the end of June the share price stood at a 27.4% discount to the NAV per share, having widened a little from 25.4% at the end of 2020. Chairman, Sir Ian Cheshire, said: “Markets continue to benefit from government stimulus in response to the challenges of Covid-19 and it appears that such efforts to support economies will continue for some time yet despite risks of increased inflation. As the pandemic risk stabilises, climate change and resource efficiency will increasingly become the focus of governments as they seek to progress their “net zero” targets and respond to climate events. The focus of investors and consumers will surely follow. MHN is well placed for this scenario.“
- Weiss Korea Opportunity (WKOF) has published its interim report for the six months to 30 June 2021. Over the period, the trust returned a 14.8% NAV return including reinvested dividends, outperforming its reference MSCI Korea 25/50 Net Total Return Index, which increased 7.5%. A dividend of 5.2311 pence per share was declared for the year ended 31 December 2020, which was paid to shareholders in June 2021.
- NB Global Monthly Income (NBMI) has posted its half-year report for the six months to 30 June 2021. Over the first half of 2021, its share price total return was 9.85% while its NAV total return was 4.72%. Throughout the period, dividends have been paid at the rate of £0.0039 per month as advised in January 2021 and were fully covered by net revenue earnings. As at 30 June 2021, the annualised dividend based on the dividends paid in respect of the period was 4.68 pence per sterling ordinary share, which gave rise to an annualised dividend yield of 5.39% as at 30 June 2021. NBMI’s discount ranged between 7.4% and 15.1% during the period under review. The company therefore sought shareholder approval to renew its authority for share buybacks, which was granted. However, this has not been used yet as the board is mindful of the upcoming potential tender offer on or around 30 June 2022 at NAV less 2%. It has also noted a progressive tightening of the discount.
- Impact Healthcare REIT (IHR) has posted its results for the six months ended 30 June 2021. The investment portfolio was independently valued at £432m as at 30 June 2021, up from £346m on 30 June 2020, representing a 25% increase. During the period under view, IHR committed to acquire two homes and committed to forward fund the construction of a new home in Norwich. These transactions added a new tenant, taking total number of tenants to 13. Meanwhile, the manager began work on Fairview House and Fairview Court, two units it owns in Bristol. Once completed, this project will be a good demonstration of the potential benefits of effective asset management, and the value it creates for home residents, staff, the tenant and for the group as landlord. Work is progressing well on the development of a new 94-bed care home in Hartlepool in partnership with Prestige, an existing tenant of the Group, with practical completion due in October 2021.
- Marwyn Value Investors says there is a chance that HMRC will make a VAT refund to Le Chameau (formerly Marwyn Management Partners). Th actual amount is unknown but up to now this has note been reflected in the NAV. The company also says that Zegona Communications is returning £335m to investors by way of a tender offer in October. The tender will result in proceeds of approximately £45.4m for holders of ordinary shares (81.2p per share) and approximately £6.7m for the realisation shares (181.2p). The ordinary share pool money will be reinvested. The deal generated a 1.4x return for the Marwyn Funds over the life of the investment.
We also have half-year results from Ecofin US Renewables Infrastructure, a launch of issue from Aberdeen Standard European Logistics and an acquisition by Apax.