SQN will hand back £40m – While the board is pleased with the performance of the underlying investments made to date in SQN Asset Finance Income‘s C Share portfolio and the investment discipline in developing the portfolio, the speed of deployment has been slower than anticipated. At the date of this letter, approximately GBP66 million of the […]
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 […]
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 […]
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 […]
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 […]
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 […]
UK Commercial Property Trust on the final furlong to REIT status – UK Commercial Property Trust (UKCM) has released its final results for the year ended 31 December 2017. REIT conversion UK Commercial Property Trust has been seeking to convert to a REIT. It has now received an irrevocable undertaking from its largest shareholder, Phoenix Life Limited, […]
Phoenix Spree Deutschland reports a strong 2017 – Phoenix Spree Deutschland (PSDL), the UK listed investment company specialising in Berlin residential real estate, has reported EPRA NAV per share grew by 50.5% to €4.11 (£3.65) at 31 December 2017 (31 December 2016: €2.73 (£2.33)). Highlights of the company’s full year results for the year ended 31 December 2017 […]
