CATCo takes another big write down on 2017 NAV – Markel CATCo Investment Management Ltd., is to increase the specific loss reserves held by CATCo Reinsurance Opportunities in relation to the ordinary shares for loss events in 2017. The impact of the increase is estimated to be approximately 19.5% of the 31 March 2018 ordinary share NAV. This represents […]
New Oaktree letter as Ranger dispute rumbles on – The full text of the letter is as follows: May 4, 2018 Dear shareholders of Ranger Direct Lending PLC (“Ranger,” the “Company” or “RDL”), We write to express our deep disappointment with recent actions by Ranger’s Board of Directors (the “Board”), culminating in the RNS announcement […]
P2P Global securitises Funding Circle loans – The European Investment Fund and German development bank, KfW will invest in UK small businesses through a securitisation of loans originated by Funding Circle The £207 million loan portfolio is issued by P2P Global Investments PLC. It is the second securitisation of loans originated by Funding Circle and […]
New manager for Shires Income – Following the merger of Aberdeen Asset Management PLC and Standard Life plc, and the subsequent integration of the equity teams at Aberdeen Standard Investments, the board of Shires Income PLC has announced that Iain Pyle will become the lead investment manager on the company’s portfolio with immediate effect. The […]
Aberdeen New Thai aims to spice up returns – Aberdeen New Thai has reported results for the year ended 28 February 2018. The Thai market, as represented by the Stock Exchange of Thailand index (“SET Index”), provided a total return of 21.6% in sterling terms. The chairman’s statement says that foreign investors were net sellers of […]
INPP increases Cadent stake – International Public Partnerships Limited has agreed to acquire an additional interest in the Cadent gas distribution network. In March 2017, the Company announced that the Quadgas consortium of which INPP is part had acquired a 61% interest in National Grid’s gas distribution networks. INPP invested £274 million to get a 4.4% stake […]
Africa Opportunity held back by hedging and C Share meger costs – Over the course of 2017, Africa Opportunity’s net asset value per share (for its ordinary shares) rose by 16.9%. Superficially, this looks like a good return but, to provide some basis for comparison, South Africa rose 34%, Nigeria rose 30%, Kenya rose 35%, […]
Ranger opts for Ares Management – Ranger Direct Lending announced on 29th January 2018 that its investment management arrangements were under review. Twenty investment management firms engaged in the process and a shortlist of six met with the Board in March and April. The criteria applied to selection, inter alia, were: a desire to produce for […]
SQN will hand back £40m – While the board is pleased with the performance of the underlying investments made to date in SQN Asset Finance Income‘s C Share portfolio and the investment discipline in developing the portfolio, the speed of deployment has been slower than anticipated. At the date of this letter, approximately GBP66 million of the […]
HICL Infrastructure sells Highland Schools stake – HICL Infrastructure Company Limited has entered into an agreement to divest its 100% equity and subordinated debt interest in the Highland Schools PPP2 Project (“Highland Schools”) for GBP56.2m. The disposal is expected to complete during July 2018. The Group sought and received offers for its interest in Highland […]
