News

30 Dec 2014

What’s going on with ARC Capital?

As we noted on 29 December, ARC Capital has been requisitioned by a party connected to its fund manager. PAG Holdings owns just over 50% of ARC’s shares but hasn’t announced a bid for the company despite ARC adopting the Takeover Code (which would normally force anyone owning more than 30% to bid for the […]

29 Dec 2014

Schroder UK Growth transition complete

For the six month period to 31 October 2014, Schroder UK Growth’s NAV saw a total return of -6.3%, while the share price returned -8.8% and the discount widened from 5.2% at the beginning of the period to 7.8% at 31 October 2014. These performance figures compare poorly with an equivalent return of -1.6% by the […]

29 Dec 2014

JPMorgan Asian Board wants better performance

In its results announcement released on Christmas Eve, JPMorgan Asian reported underperformance of the fund’s benchmark and a widening of its discount. The Board have held talks with JPMorgan and are anxious that performance improves over 2015. They will hold a continuation vote in 2016 and the statement reads as though the Board would recommend […]

29 Dec 2014

ARC Capital requisition of shareholder meeting

ARC Capital has announced that 0n 24 December 2014 it received a requisition from Cielo Overseas Limited, an associate of PAG Holdings Limited requiring the Company to call a general meeting of ARC’s shareholders. At the meeting shareholders will be asked to vote on the appointment of three new directors and the removal of Helen Wong, Steve Feniger, and […]

29 Dec 2014

Better Capital hopes to take £20m out of City Link

The appointment of administrators at City Link, an investment in the Better Capital 2012 cell, was reported by the media over Christmas. The announcement released today by Better Capital says that they hope that they will recover just shy of £20m from the administration. This is equivalent to the value that they placed on the […]

24 Dec 2014

Intu Properties buys Spanish retail park

Intu Properties is buying Puerto Venecia shopping centre and retail park in Zaragoza for €451m. The price equates to an initial yield of 5% (based on rental income of €22.4m). €225m of the cost will be funded by a term loan supplied by HSBC (interest rate of 3.5%) and the balance will come from Intu’s own […]

24 Dec 2014

Property revaluation boosts Tejoori

Tejoori has published its results for the year ended 30 June 2014 – some time ago now. The net assets attributable to shareholders rose from $25.97m to $26.89m. The money they have in Wakala deposits attracts a profit rate of 5% per annum. The larger part of the increase in the value of the company […]

24 Dec 2014

GCP Infrastructure lends against social housing

GCP Infrastructure has completed a £12.3m investment in a loan note issued by GCP Social Housing 1 Limited. £1.4m of this money has already been committed and the rest will be deployed over the next five months. The loan note has a life of 35 years and will be used to provide a loan facility secured on […]

23 Dec 2014

Electra – more deals, Sherborne still buying

Electra Private Equity has announced that Axio Data Group, one of the companies it owns, has sold a specialist logistics intelligence business, Breakbulk, to ITE, the exhibitions group, for £10m. With this deal Electra has taken £76m in cash out of Axio, a business it paid £91m for in 2013, yet Axio still owns five other […]

23 Dec 2014

Starwood finances Aldgate Tower

Starwood European Real Estate is providing £45m towards the £200m refinancing of the Aldgate Tower, a new Grade A office building located in the City of London. The terms of the loan have not been disclosed but Starwood say “The loan’s interest rate is part fixed with part floating over 3 month LIBOR.  The Company expects […]