![Macau Property Opportunities disposal plan is on-track - Macau Property Opportunities Fund (MPO) reported on the progress of its gradual wind-up in its annual report for the period ending 30 June 2018. The chairman reported that the shareholders' decision at the recent EGM to extend the company's life until the end of 2019 placed them in a stronger position to negotiate further satisfactory disposals. This, he pointed out, enhances the potential realisation of MPO's remaining assets, supported by a continuing market recovery in Macau. In March, the company sold its retail redevelopment site, Senado Square, for HK$800 million (c.US$102 million) - a gain of 541% over its acquisition cost. The subsequent distribution to shareholders, equivalent to 50 pence per share, represented 62% of the net profit from the sale. Highlights Fund performance · the company's portfolio value appreciated 2.3% over the year to US$338.4 million. · adjusted NAV grew 4.5% year-on-year to US$260.6 million, equating to US$3.41 (258 pence[2]) per share. · the company's share price rose 24% over the year, representing a 25% discount to adjusted NAV per share. Capital management · Consolidated cash balance (including deposits with lenders) as at 30 June 2018 was US$88.2 million. · Overall gross borrowings were reduced to US$148 million and the loan-to-value ratio improved to 35%. · Approximately US$50.5 million (£38.2 million) was distributed post year-end to shareholders, by way of a compulsory redemption of shares. This represented 62% of the net profit from the divestment of Senado Square, equivalent to £0.50 per share. In the background, the portfolio remains competitive and relevant During the year, ongoing asset enhancement initiatives at the company's flagship asset, The Waterside, have seen the property achieve stable occupancy and higher rental values as it retains its position as Macau's premier residential asset. The company has also embarked on a reconfiguration programme for several large units at The Fountainside, which will cater to increasing demand for more compact homes. These initiatives demonstrate continued efforts to meet changing consumer needs in the property market. Macau's gross domestic product is expected to grow by 5.8% this year and 3.9% in 2019. In his statement, the chairman, Chris Russell noted that they are mindful of rising global risks, particularly escalating US-China trade tensions and a weakening yuan, which are threatening to endanger the recovery of Macau's crucial VIP gaming segment. The possibility of China's central government further restricting capital outflows could also be detrimental to the company's divestment strategy. MPO : Macau Property Opportunities disposal plan is on-track](https://quoteddata.com/wp-content/uploads/2018/09/auto-draft-40-330x210.jpg)
Macau Property Opportunities reflects on tough year – The value of Macau Property Opportunities’s (MPO) portfolio declined by 7.7% to US$311.1m, over the year to 30 June 2019. Reported figures for adjusted and IFRS NAV were down 17.0% and 23.7%, respectively. Mark Huntley, chairman of MCO, said: “The past year has unquestionably been challenging. We are also […]
In QuotedData’s other news 1 October 2019: Genesis Emerging Markets (GSS) reported annual results covering the year to 30 June 2019. The shares delivered a total return of 11.1% while the NAV was up 9.0%. The fund benefitted from opportunities arising from market weakness at the end of 2018 and into early 2019, with several new […]
Foresight Solar seeks share placing – Foresight Solar (FSFL) announced its intention to issue new ordinary shares of no par value in the company by way of a placing. The placing will be conducted under the company’s remaining shareholder authorities granted at the last AGM to issue up to 54,894,155 ordinary shares on a non-pre-emptive […]
Central and Eastern Europe-focused Globalworth Real Estate seeks capital raise to fund pipeline – Globalworth Real Estate (GWI), a leading office investor in Central and Eastern Europe, has announced its intention to raise additional equity capital through a placing of up to approximately 28.5m new shares to existing and new investors to take advantage of what it […]
Pacific Assets shares return +12.3% over H1 – Pacific Assets (PAC) has announced results covering the six-month period to 31 July 2019.. NAV total returns amounted to +10.5% over the period, which the company framed by comparing to an annualised return of +12.2% over the last five years, and of +11.9% over the nine-year period. The […]
Several investment companies reported results this morning. In QuotedData’s other news 27 September 2019: Africa Opportunity Fund (AOF) reported half-year results to 30 June 2019 with NAV per share of US$0.689 as at 30 June 2019; this represented a 2% increase from the 31 December 2018. AOF noted that the single biggest factor on the negative front is an underlying macro-economic pattern in several African countries. Governments in countries […]
Tritax EuroBox increases bank facility by EUR125m – The continental European logistics real estate assets investor, Tritax EuroBox (EBOX), has announced a EUR125m increase to an existing EUR300m unsecured revolving credit facility This increase is on the same terms as the existing facility, with an opening margin of 1.55% and a maturity date of October 2023 […]
Ceiba interim result show Trump impact – Ceiba Investments (CBA) has published interim results to 30 June 2019. NAV per share decreased from US$1.49 as at 31 December 2018 to US$1.39 at 30 June 2019, mainly as a result of the increased discount rate and a downward adjustment of the estimated future cash flows to be generated […]
Tufton Oceanic bulks up fleet with $19.9m crude oil vessel – Tufton Oceanic Assets (SHIP) has announced it has agreed to acquire a crude oil tanker for $19.9m. This acquisition will take the company’s fleet to sixteen vessels. The vessel is time chartered to a major tanker operator for two years at a fixed floor […]
Specialist fund SQN Asset Finance Income reports annuals – SQN Asset Finance Income (SQN) has released results for the year to 30 June 2019. The fund looks to provide shareholders with regular, sustainable dividends and to generate capital appreciation through investment in business-essential, revenue producing (or cost saving) equipment and other physical assets. The company provides asset […]
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