MNL : Manchester & London hit hard by hedging error and PZ Cussons Over the year to the end of July 2014, Manchester & London’s net asset value fell by 12.3% – a long way short of its benchmark which rose by 1.9%. The dividend was maintained at 13.75p despite revenue falling to 13.63p. The […]
ARR : Aurora hit by range of stock specific problems Aurora Investment Trust underperformed during the six months that ended on 31 August – the net asset value return was -2.5% vs. a 0.7% fall in the FTSE All-Share Index. The discount narrowed a little however (from 13.4% to 12.2%) and so the return to […]
MVI : Marwyn invests in Haversham Holdings Marwyn Value Investors LP (the master fund that underlies Marwyn Value Investors Limited) is investing £8.95m as part of a £30m fund raise for Haversham Holdings. Haversham Holdings is a new shell company that is floating on AIM. Haversham will target acquisitions in the UK & European automotive, support […]
THRL : Target Healthcare says it’s on track Target Healthcare REIT’s first set of results were published earlier in October and today it has published its first annual report. On 30 June 2014 its share price was 104.75 – a 10.6% premium to net asset value, and it had declared dividends totalling 8p since listing. […]
AAS : Better second half for Aberdeen Asian Smaller The year to the end of July 2014 saw Aberdeen Asian Smaller Companies generate a negative return for shareholders of 4.2%. By contrast the MSCI AC Asia Pacific ex Japan Index returned 7.3% and the MSCI AC Asia Pacific ex Japan Small Cap Index returned 4.6% […]
CMB : Cambria Africa sells Leopard Rock Hotel Cambria Africa has released a trading update covering the period up to the end of August 2014. They say their two main investments, Payserv and Millichem, delivered organic revenue and gross profit growth of 11% over the year. Millichem acquired another business, C&M, which is being integrated […]
PLI : Perpetual Income and Growth cuts fees The Board of Perpetual Income and Growth has negotiated a reduction in the fees it pays to Invesco. The base management fee, which is currently 0.75% on assets will fall to 0.6% on the first £500m of assets and 0.4% thereafter. The performance fee has a cap […]
NEPI : New European Property raising 1.1bn Rand of new equity New European Property is raising 1.1bn South African Rand (about €80m) of new equity to help fund two recent acquisitions. The equity issue is being done as part of a vendor consideration placing (a type of deal where the person selling the asset is given […]
KWE : Kennedy Wilson gets the £350m it was looking for Kennedy Wilson Europe, which was looking to raise £351.5m from a placing and open offer announced earlier in the month, says it got all the money it was after – shareholders took up 76% of the open offer shares and the balance came from the […]
JZCP : JZ Capital sells Milestone Aviation JZ Capital has sold its interest in Milestone Aviation for $40m. They paid a total of $15.1m for this investment – starting in September 2010. The exit price represents an exit multiple of 2.8x and an IRR of 36%. Milestone Aviation is the world’s largest helicopter leasing company […]
