The boards of Conchord Chorus Limited (an entity controlled by Alchemy Copyrights) and Hipgnosis have reached agreement on the terms of a recommended cash offer for Hipgnosis at US$1.16 in cash for each Hipgnosis share. In addition, if the current investment adviser agrees to terminate the Investment Advisory Agreement with effect from the date that […]
In QuotedData’s morning briefing 18 April 2024: Apax Global Alpha (through its interest in Apax XI) is investing about €36m in Zellis Group. Zellis is leading provider of payroll and HR software solutions to customers in the UK and Ireland and an emerging leader in the global benefits administration software market, serving approximately one third […]
On the economic front, this week’s big news was US inflation figures coming in ahead of expectations. This knocked both equity and bond markets, and cast doubts on the prospect of any interest rate cut in June, as had been expected beforehand. Sticky inflation One reason why US inflation seems to be stickier than the […]
Impax Environmental Markets (IEM) says its NAV total return for 2023 was 4.5% and, as its discount widened, the return to shareholders was -3.7%. [There is no good benchmark for the portfolio, but we would use the MSCI All Countries World Index, which returned 15.3% in a year where the market’s focus was on very […]
Downing Renewables and Infrastructure generated a positive NAV total return of 3.5% over 2023, the flatter figure for 2023 reflecting more normal power prices. In common with other renewables companies, the discount widened over the year; the share price fell to 90p from 113.5p and now stands at 75.2p, a 36.1% discount to the end […]
In QuotedData’s morning briefing 11 April 2024: Onward Opportunities (ONWD) says its NAV total return from IPO on 30 March 2023 to end December 2023 was 11.3%. This compares to a 3.7% fall in the value of the UK AIM All Share index. The company trades at a premium and raised more money last month, […]
Third Point Investors (TPOU) has announced further details of its previously announced redemption offer, which was triggered because the average discount over the six months ended 31 March 2024 was over 10%. The 2024 offer is for up to 25% of the company’s issued share capital. The redemption price is the NAV on or around […]
Merchants Trust’s results for the 12 months ended 31 January 2024 show the trust lagging the +1.9% return posted by the All-Share Index, with NAV returns of -3.1% for the year. The statement makes no mention of the return to shareholders over the period, but does note that the shares traded at a premium to […]
Schiehallion says that over the year to 31 January 2024, the NAV returned negative 0.9% and share price returned negative 22.3%. The share price discount to NAV widened from 23% to 40% as sentiment remained against growth stocks and private company investments. The net revenue return was negative and there will be no dividend. From […]
Over the 12 months ended 31 January 2024, Dunedin Income Growth generated an NAV return of 6.7%, well ahead of the 1.9% return posted by the All-Share Index and other UK equity income trusts. However, a widening discount (finishing the year at 10.7%) left investors with a return of -1.6%. The dividend was increased by […]
