QuotedData’s morning briefing 29 May 2024 – CTUK, HEFT, JLEN, ASLI, API, CAL

In QuotedData’s morning briefing 29 May 2024:

• CT UK Capital and Income Investment Trust (CTUK) announced its interim results for the six months to March 31 2024. The company’s NAV total return was 12.9%, outperforming its benchmark index which returned 6.9% over the same period. The share price total return was 9.5%. The dividend for this half-year of 5.70p represents an increase of 3.6% in comparison to the six-months ended 31 March 2023 and provides shareholders with an annual yield of 3.9%.
• Henderson European Focus Trust (HEFT) announced its interim results for the six month period to March 31 2024. The company’s NAV total return per share was 17.9%, outperforming the bench mark index which returned 14.9%. The share price total return was 17.0%. This continues a strong period of performance for the company with NAV and share price total returns outperforming the benchmark over one, three, five, seven and ten years.
• JLEN Environmental (JLEN) has published a new NAV as at 31 March 2024 and a new dividend target. The NAV is down from 117.6p to 113.6p, hit by lower forecast prices and falling battery revenues in the UK, a problem that has afflicted other funds in the sector. Like those companies, JLEN notes that revenues from battery storage have started to improve since April. Power price hedges helped cushion the impact of that element of the NAV. Dividend cover for the year ended 31 March 2024 is said to be 1.30x the total dividend of 7.57p. The target for the new financial year has been set at 7.80p (up 3.0%). On that basis, JLEN is set to become an AIC next-generation dividend hero, with 10 years of consecutive dividend increases under its belt.
• abrdn European Logistics Income (ASLI) says that its NAV at 31 March 2024 fell by 1.7% to 91.8 cents per share, driven by continued, albeit slowing, outward yield movement, predominantly related to the assets in France and Germany. Its EPRA NTA fell by 2.1% to 93.7 cents.
• abrdn Property Income (API) shareholders approved the managed wind down of the company at yesterday’s meeting.
• If you watched last Friday’s show, you’ll have seen Richard talk about the two possible bids for Capital & Regional (CAL). One of these – Vukile – has now pulled out of the running.

Other major news stories published today were:

Averon Park announces proposed acquisition of Foresight Sustainable Forestry

Prospectus published for Aberforth Geared Value and Income Trust

Home REIT says tenants have surrendered leases on over 600 properties