Shares in Literacy Capital (BOOK) tumbled 10% this morning after the UK private equity fund shocked investors by warning that its £24.4m investment in Cubo Work, an office and co-working space provider, was likely to be written off. The company said “several issues” had become apparent at Cubo in recent weeks, which the team at […]
Fidelity Emerging Markets (FEML) has confirmed it will not be holding a 25% tender offer after beating the MSCI Emerging Markets index in the five years to 30 September with an 82.7% total investment return versus the benchmark’s 55.7%. The £559m investment company managed by Fidelity’s Nick Price and Chris Tennant said it intended to […]
Harcus Parker, the law firm representing 800 current and former Home REIT (HOME) shareholders, has issued High Court proceedings against the former homeless accommodation provider that returned from a 39-month share price suspension in April. Confirming the launch of legal action against Home REIT, its directors as well as the company’s former investment adviser Alvarium […]
Geiger Counter (GCL), the £65m uranium fund, has decided not to follow fund managers Keith Watson and Robert Crayfourd to Tufton, choosing to remain with Manulife and CQS Investment Management. Concluding a seven-month review, the Geiger Counter board said it had revoked the twelve-month protective notice it issued to Manulife CQS Investment Management on 16 […]
Dunedin Income Growth (DIG) “has undertaken a robust in-depth review” with an external consultant of fund manager Aberdeen’s investment philosophy and process following another half year of underperformance. “The board is mindful of the impact of NAV [net asset value] underperformance and is continuing to monitor the investment manager for much needed signs of improvement,” […]
Land Securities (LAND) has launched a £500m share issue to pay for the £516m acquisition of Metrocentre in Newcastle and a £100m consolidation of its retail portfolio. The £4.7bn real estate investment trust is raising the money in a placing to institutional investors and offer to retail investors. The price of the new shares will […]
An overweight to technology stocks helped European Smaller Companies Trust (ESCT) extend its outperformance in the first half of the year with AI winners outnumbering companies seen as “losers” in the race towards artificial intelligence. Annual results show the £792m investment trust, its sector’s largest following a merger with European Assets last year, generated a […]
Impax Environmental Markets (IEM) has posted a 26.1% annual return, four months after Saba Capital seized control by installing a new board of directors. Annual results today showed the £172m investment trust beat its stock market benchmark for the first time in three years, outperforming the 12.7% gain in the MSCI AC World index in […]
Ruffer (RICA) has improved the terms of the 1% annual management charge it pays its fund managers. From January the £844m defensive global portfolio will pay 1% of the company’s market capitalisation or net assets, whichever is lower. “The revised structure creates greater alignment between the company and the investment manager,” said chair Nicholas Pink. […]
3i Infrastructure (3IN) says a “productive” first half pushed cash generation above expectations with total income and non-income cash rising to £195m in the six months to 30 September, up from £122m a year ago and including a £92m distribution from Joulz, the Dutch “energy as a service” provider. This puts 3IN on track to […]
