Overview
Better Capital (formally known as Better Capital PCC Limited) aims to generate attractive total returns from investing (through BECAP Fund LP) in a portfolio of distressed businesses, such returns being expected to be largely from capital growth.
Research History
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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10 Jan 2014 2 min read
Private equity funds in 2013
2013 was a year of mixed fortunes for the listed private equity sector. Some funds did exceptionally well but others, particularly those exposed to emerging markets saw falling NAVs and widening discounts. The recovery in 3i : III ‘s share price following the disclosure of Sherborne’s stake building in the fund pushed it close to the […]
News
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12 May 2020 2 min read
QuotedData’s morning briefing 12 May 2020
In QuotedData’s morning briefing 12 May 2020: Gore Street Energy Storage says that construction work on its two 50MW battery projects in Northern Ireland has restarted (subject to social distancing measures). Construction is scheduled to be completed in December 2020, allowing sufficient time to complete necessary asset testing before the assets go online. the DS3 contracts […]
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26 Mar 2020 2 min read
Better Capital mulls delisting as covid-19 hits
Better Capital mulls delisting as covid-19 hits In the 2012 cell, which contains double glazing firm, Everest, and office supplies business, SPOT: “Everest had a strong start to the year with encouraging progress across the company. However, in recent days sales and installation visits became progressively more difficult and so operations were largely suspended yesterday […]
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01 Jul 2019 1 min read
QuotedData’s other news 1 July 2019
In QuotedData’s other news 1 July 2019 Symphony International (SIHL) announced that it has, through a wholly-owned subsidiary, invested in Creative Technology Solutions. The company provides customized IT solutions to the education sector in the United Arab Emirates and increasingly in other countries in the Gulf Cooperation Council region. This represents SIHL’s first investment into the Gulf. […]
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1 min read
Better Capital reports results as restructuring of 2012 cell continues
Better Capital reports results as restructuring of 2012 cell continues – The distressed investing focused private equity company, Better Capital (BCAP), has announced annual results to 31 March 2019 for its 2009 (fund 1) and 2012 cells (fund 2) respectively. BCAP invests in businesses which have significant operating issues and may have associated financial distress, […]
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12 Jun 2017 1 min read
Better Capital completes Gardner Aerospace disposal
Better Capital completes Gardner Aerospace disposal to Ligeance Investments Limited, a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Co., Ltd. for GBP326.0 million on an Enterprise Value basis. Gardner is an award-winning leading Tier-1 supplier of detailed parts and added-value services to the global aerospace industry. The business was acquired by the 2009 Fund in […]
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31 Mar 2017 1 min read
‘Disappointing’ £23m write off on Jaeger for Better Capital
The Board of Better Capital PCC Limited was informed today by the General Partner of BECAP12 Fund LP that it has disposed of its debt instruments in BECAP Jaeger (UK) Limited. Confidentiality undertakings prevent any further disclosure of the identity of the buyer. The 2012 Fund expects to receive net funds of approximately GBP7m/ 2.2 pence […]
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06 Dec 2016 1 min read
Better Capital sells iNTERTAIN
Better Capital’s 2012 Cell has exchanged contracts on the disposal of its interests in iNTERTAIN Limited to Stonegate Pub Company Limited at an enterprise value of GBP39.5m. Formal completion is unconditional and is anticipated to happen later this week. The deal results in a small write down of Better Capital 2012’s NAV. iNTERTAIN owns and […]
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30 Nov 2016 3 min read
Better Capital 2012 struggling
Better Capital has published a half-year report covering the six months ended 30 September 2016. The 2009 cell is doing OK, as the sale of its largest holding nears but the 2012 cell is struggling. The 2009 Cell NAV per share was 116.08p at 30 September 2016 which compares to 116.73p at 31 March 2016 […]
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17 Nov 2016 1 min read
Better Capital raising cash
Better Capital is raising cash from its portfolio and restructuring one investment. Gardner Yesterday they said they had received a cash offer from Shaanxi Ligeance Mineral Resources Co. Limited for its interest in Gardner Aerospace Holdings Limited. The price equates to an enterprise value of £326m. The 2009 cell’s share of the proceeds net of costs and […]
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09 Nov 2016 2 min read
Better Capital 2012 NAV may fall by 14%
The Board of Better Capital PCC Limited has received an update from the General Partner of the Better Capital Funds ahead of the release of the Interim Report to 30 September 2016. 2012 Cell NAV may fall by 14% Everest is expected to close FY16 with positive EBITDA better than prior year albeit, significantly below […]
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23 Jun 2016 3 min read
Better Capital’s 2009 Cell makes good progress but 2012 Cell disappoints
Better Capital PCC has announced its final results for both its 2009 cell and 2012 cell for the year ended 31 March 2016. The company says that the 2009 Cell made good progress during the year and that this was mainly driven by Gardner’s sustained solid performance. It also says that the disposal of Santia, […]
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21 Apr 2016 1 min read
Top ten risers and fallers in March
http://view.ceros.com/citywire/it-insider-april-2016/p/21 Investors appeared to have a greater appetite for risk during March, with trusts which have invested in Brazil, Latin America, and Russia all featuring in the top 10 risers.
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27 Jan 2016 1 min read
Better Capital 2012 increases CAV investment
Better Capital’s 2012 pool has increased its investment in CAV Aerospace. They say CAV, working with its key stakeholders, has been able to take steps to release a significant amount of previously tied-up working capital and to make important operational changes which should lead to improved performance. In order to achieve the above, the General Partner […]
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08 Jan 2016 2 min read
Miton Global Opportunities underperforms in first half
Miton Global Opportunities, formerly Miton Worldwide Growth Investment Trust PLC, has announced its interim results for the six-months ended 31 October 2015. During the period, the company’s NAV total return was -4.4% and its share price total return was -2.8%. These compare against a return of -3.6% on the MSCI world and a 1.3% return […]
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02 Dec 2015 1 min read
Better Capital Disposes of Santia with net proceeds of C £40m
Better Capital PCC has announced that its 2009 Fund (BECAP Fund LP) has disposed of its interests in Santia Holdco Limited, together with its wider trading group, Santia. Santia is a provider of health & safety and accreditation services, which was acquired on 1 February 2011 from the administrators of Connaught plc. Santia was sold […]
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25 Nov 2015 2 min read
Better Capital’s 2012 Cell posts 22.1% NAV decline during half-year
Better Capital PCC has announced its interim results for the six-months ended 30 September 2015 for both the 2009 Cell and the 2012 Cell. During the period the NAV for the 2009 Cell has increased by 0.7% to £264.2m whilst the NAV for the 2012 cell has fallen by 22.1% to £263.3m. The decline in […]
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16 Nov 2015 1 min read
Asia ex-Japan investment trust discounts widen
The economic slowdown in China is impacting other countries in Asia and the developed world, and hopes of growth in consumer spending and the services sector coming to the rescue are fading. Rebalancing the economy away from infrastructure investment and traditional industrial drivers, while cushioning the services sector and allowing new industries to develop, is […]
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29 Sep 2015 1 min read
Better Capital offloads Fairline for modest consideration
Better Capital PCC Limited has announced that the General Partner of BECAP Fund LP has sold the entire issued share capital of Fairline Boats Limited to a newly formed special purpose acquisition vehicle affiliated with the Wessex Bristol group of companies for a modest deferred consideration. Fairline was valued at £13.5m at the last 2009 Fund valuation as at […]
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05 Aug 2015 2 min read
Miton Worldwide Growth – Sink or swim? Realisation opportunity in 2018
Miton Worldwide Growth, managed by Nick greenwood (pictured), has announced its annual results for the year ended 30 April 2015. During the year, the trust’s NAV per share grew by 8.5% to 181.63p whilst its share price grew by 8.9% beating the FTSE All-Share Index, which rose 7.5% during the same period. The discount narrowed marginally […]
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01 Jul 2015 1 min read
Simon Pilling now head of portfolio at Better Capital
Better Capital has published figures for its 2009 and 2012 cells for the year ended 31 March 2015. For the 2009 cell the net asset value grew by 11% driven by solid performance from two of the investee companies in Fund I, Gardner and Santia. For the 2012 cell, the combination of write-downs in City […]
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20 Mar 2015 1 min read
Better Capital buys CAV Aerospace
Better Capital has the acquisition of the entire issued share capital of CAV Aerospace Limited from an overseas holding company. CAV is a specialist aerospace manufacturing business, which supplies complex metallic components and sub-assemblies to several major original equipment manufacturers including Airbus, Embraer and Gulfstream. The company operates from seven sites – four in the […]
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23 Feb 2015 1 min read
Better Capital makes £2.9m profit on Calyx disposal
Better Capital Fund I has split its investment in IT services business, Calyx Group, into two parts – Calyx Managed Services and m-hance (presumably deciding that they weren’t “better together”) and has sold off the Calyx Managed Services part to MXC Capital Limited for an enterprise value of £9m. Fund I will get cash of […]
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29 Dec 2014 1 min read
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 […]
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10 Nov 2014 1 min read
Better Capital buys Walkabout
BC12 : Better Capital buys Walkabout Better Capital 2012 cell has bought all the debt facilities of iNTERTAIN and its subsidiary companies. iNTERTAIN was set up in 2009 to acquire the trading assets of Regent Inns and now owns a chain of bars across the UK, most of which trade as Walkabout. iNTERTAIN made a £3m […]
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30 Jul 2014 1 min read
Better Capital : BCAP and Better Capital 2012 : BC12 – finals
Better Capital has published results for the year ended 31 March 2014 for its two cells – the original (“2009”) cell, Better Capital : BCAP, and the 2012 cell – Better Capital 2012 : BC12. The net asset value of the 2009 cell fell by 10.7% or £31.2m over the year as the company wrote […]
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28 Jul 2014 1 min read
Better Capital 2012 Cell : BC12 – acquisition
The Better Capital 2012 Cell has committed £90m to the acquisition and restructuring of OfficeTeam – which they describe as “a leading UK supplier of office products and services”. The fund is paying £80m to acquire the business and has set aside £10m to fund its restructuring. OfficeTeam had revenues of £142m in 2013 and this […]
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17 Feb 2014 1 min read
Better Capital : BCAP – interim management statement
Better Capital has released its interim management statement and this has provided some colour to BCAP’s announcement on 4 February which cautioned that the NAV would fall on the 2009 cell. It is not immediately obvious which two companies are going to be written down however. The negatives highlighted in the IMS are: Gardner has […]
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04 Feb 2014 1 min read
Better Capital : BCAP – cautions on 2009 cell
Better Capital has released a trading statement today in which it cautions that trading conditions in two of the companies held in the 2009 cell have been “significantly below expectations”. Both are said to be profitable however. BCAP is warning that there could be a significant write down in the value of these companies at […]
