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%, […]
Hg agrees sale of Teufel to Naxicap Partners – HgCapital Trust (HGT) has announced the sale of one of its portfolio companies, Teufel to Naxicap Partners. Hg will realise estimated cash proceeds of approximately £15.2m on the completion of this transaction. This would represent an uplift of £5.4m (56%) or 15 pence per share over the carrying value […]
Ranger reports on disappointing and frustrating year – Embattled Ranger Direct Lending has published its annual report for the year ended 31 December 2017. As its chairman points out, 2017 was a disappointing and frustrating year for the company. Total NAV returns fell by 2.95% in US dollar terms, but a sharp decline in 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 […]
GRIT focused on three key investments – Global Resources Investment Trust (GRIT) has published its annual results. The NAV has slipped to 19.7p from 22.4p but there is the potential for an uplift in this figure if its Kalia deal is agreed – see below. “In the Interim Report, we advised that Siberian Goldfields had […]
Stock selection down for British & American – British & American Investment Trust (BAF) has released its final annual report. Performance In it, the company reports that the NAV at the year end 31 December 2017 were £15.5m (2016: £22.7m), a decrease of 31.5%. This compares to increases in the FTSE 100 and All Share indices of […]
BlackRock Smaller Companies’ 15 years record of strong performance continues – in its final report to 28 February 2018, the NAV of BlackRock Smaller Companies (BRSC) increased by 20.8% to 1,506.78 pence per share, compared with its benchmark, the Numis Smaller Companies plus AIM (excluding Investment Companies) Index, which increased by 8.3%. During the financial year, the share […]
Honeycomb beats its dividend target – Honeycomb Investment Trust has released its accounts covering the year ended 31 December 2017. Over the year the NAV increased to 1018.4p from 1014p. The £105m fund raising that they carried out last May, which was done at a premium to asset value, benefitted ongoing shareholders and added 1.03% to […]
Third Point Offshore reports its full results for 2017 – Third Point Offshore (TPOG) is a feeder fund and invests all of its capital (net of expenses and short term working capital requirements) in Class E Shares of Third Point Offshore Fund Ltd (the “Master Fund”). The Master Fund’s investment objective is to achieve attractive returns […]
P2P recognises 2017 as a year of change – P2P Global Investments (P2P) has announce a change of management structure in its 12 months results to 31 December 2017. In the report it can be noticed that the NAV per share fell from last year but the discount reduced and the dividend rose, despite being uncovered. Performance The company […]
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