Invesco Asia Dragon publishes maiden annual results after its merger, shipping fund Taylor Maritime sells 10 vessels, Custodian Property Income starts share buybacks and Caledonia shareholders approve its share split.
- Invesco Asia Dragon (IAD) has published its first annual results since the former Invesco Asia merged with Asia Dragon in February. The 2.8% total underlying return on net assets in the year to 30 April underperformed the 3.9% from the MSCI AC Asia ex-Japan index but shareholders saw a 7.1% total return as the shares narrowed their discount to net asset value from 13.4% to 10.2%. With a rolling three-year 100% unconditional tender in place and a 4% dividend, chair Neil Rogan said the £732m trust, the largest in its sector, provided a “unique opportunity” to invest in Asia’s future.
- Taylor Maritime (TMI) has sold 10 vessels for $176.3m at an average 1% discount to fair market value. Three sales have completed with seven expected to complete by December. The proceeds and some balance sheet cash will be used to repay all outstanding debt this month. This leaves the shipping fund with a fleet of eight owned Japanese-built vessels, one vessel under a joint venture and six chartered vessels.
- Custodian Property Income (CREI) has announced a share buyback programme of up to £5m reflecting the £380m company’s view that the current 18% share price discount “materially undervalues” its portfolio.
- Caledonia Investments (CLDN) shareholders approved the ten for one share split at yesterday’s annual general meeting. The split will take effect on 25 July.
- RTW Biotech Opportunities (RTW) says 5% holding Kailera Therapeutics has announced positive data from the China phase III trial of its lead obesity drug and will now commence global clinical trials of the treatment.
- AVI Japan Opportunity (AJOT) made a 1.8% return last month in line with the MSCI Japan Small Cap index taking its half-year total to 11.7%, ahead of the benchmark’s 6.5%. The portfolio’s two biggest risers in June were Broadmedia and Kurabo Industries.
