Life Science REIT summmons shareholders to a meeting to approve its managed wind-down and Partners Group Private Equity reports a good gain in September.
Life Science REIT (LABS) is calling shareholders to a general meeting in London on 24 November to approve a change in its investment policy in order for the company to begin the managed wind-down announced in September. A circular with all the details has been published.
Partners Group Private Equity (PEY) says September was a good month with the euro-denominated portfolio returning 2.1% and the investment company joining the FTSE 250 “mid cap” index. Net asset value rose to €973.7m or €14.08 per share helped by an increase in the valuation of United States Infrastructure Corporation, a US-based provider of underground utility locating services benefiting from cost efficiencies, efficiency gains and the acquisition of Heath Consultants’ Advanced Gas Operations business. It also invested €9.6m in MPM Products, a £500m UK-based global pet food company, and €4m in a joint investment in a “global leader in visibility and safety technologies for medium and heavy-duty trucks, trailers, and commercial vehicles”. At €10.47 the shares stand at a 25% discount to the new NAV, something the board has begun to address with share buybacks.
Renewables Infrastructure Group (TRIG), the £1.8bn alternative income fund on a 10% yield and 32% share price discount, issues a comparatively positive third quarter update with a 1.4% or 1.5p rise in net asset value per share from 108.2p to 109.7p in the three months to 30 September as weaker power generation, 7% below budget, was offset by higher inflation and positive currency movements. Improved power price assumptions, value enhancements and share buybacks also lifted NAV while the 2025 dividend target of 7.55p was reaffirmed but again with a caution that the payout might be partly uncovered by earnings.
Ocean Wilsons (OCN) says the court sanction hearing on its proposed merger with Hansa Investment Company (HANA) in Bermuda finished yesterday after a short delay caused by Hurricane Melissa. The company says the court intends to hand down judgment as soon as possible and it remains confident that the merger scheme will be approved.
Downing Renewables & Infrastructure (DORE) says its acquisition by Bagnall Energy has become effective after the court sanction hearing on Friday. Its shares were suspended from 7:30am today with their listing due to be cancelled tomorrow.
Target Healthcare (THRL), the £582m care home investor on a 6% yield and 20% discount, achieved a 2.5% investment return in the third quarter with net tangible assets (NTA) rising 2.9p from 114.8p to 117.7p, driven by inflation-linked rent reviews and the increase in value of the nine properties sold for £85.9m. Adjusted earnings per share rose to 1.71p from 1.48p to cover dividends up 2.5% to 1.508p per share.
Patria Private Equity (PPET), a £920m fund on a 24% share price discount, made a 1% investment return in September with net assets of £1.2bn at the end of the month and net asset value per share adding 8.3p to 821.7p. It bought back 117,000 shares and invested £27m in a secondary transaction acquiring a portfolio of 14 fund investments and one direct investment.
Vietnam Enterprise Investments (VEIL) bought another 1.4% of its shares last month, taking this year’s stock repurchases to 11.7%. The £1.2bn investment company managed by Dragon Capital saw its share price discount narrow to an average of 16.1% from 22.8% in the first quarter. The valuation gap currently stands at 14%. The discount narrowing has contributed to the shares’ 29.5% total return in the past year.
LMS Capital (LMS), the £13m private equity fund that entered a managed wind-down in May, gives an update for the third quarter in which it made its first distribution of £1.6m. Net assets at 30 September were £29.8m, down from £31.3m at 30 June with £5.6m in cash. Realisation plans for portfolio companies Opus and Elateral are under review, while Dacian undergoes a capital injection to support its turnaround.
