Scottish Mortgage (SMT), Baillie Gifford’s flagship investment trust and the largest trust in the investment companies sector, has announced that Elliott Associates, the US activist hedge fund, has acquired a 5% stake in the trust. The announcement, which came out last night after the market had closed, revealed that Elliott has bought nearly 0.5% of […]
Supermarket Income REIT’s manager has made amendments to its investment advisory agreement to protect itself in the event of a takeover. In the event of a takeover, delisting or liquidation, Atrato Capital would be paid fees that would have been due over the existing rolling two-year written notice period. We have not heard any rumours […]
Dunedin Enterprise (DNE) has announced its annual results for the year ended 31 December 2023, during which it provided NAV and share price total returns of 3.6% and 8.6% respectively, and finished the year trading at a share price discount to NAV of 18.3%. In May 2016, shareholders approved a managed wind down of the […]
In QuotedData’s morning briefing 22 March 2024: BlackRock Greater Europe (BRGE) is not going implement its semi-annual tender offer in May 2024. Over the six months to 29 February 2024, the average discount to net asset value (cum income) (NAV) was 6.3%. However, as the discount to NAV on a cum income basis (diluted for […]
The Boards of Tritax Big Box REIT (BBOX) and UK Commercial Property REIT (UKCM) have reached agreement on the terms of a recommended all-share merger. Under the terms, each UKCM shareholder will be entitled to receive 0.444 new BBOX shares for each UKCM share. The exchange ratio is on an EPRA NTA for EPRA NTA […]
JPMorgan Claverhouse has published its results for 2023. Its returns came in just behind those of the All-Share Index, returning 7.3% in NAV terms to the index’s 7.9%. A widening discount left shareholders with a return of 2.9%. The dividend was increased (the 51st year in a row where this has happened!) to 34.5p from […]
Literacy Capital has published results for the year ended 31 December 2023 and they are very good. The NAV increased by 19.0% and the share price by 30.4% in a period where the All-Share Index only made 7.9%. The NAV per share finished the year at 500.4p and the net asset value now exceeds £300m. […]
In QuotedData’s morning briefing 21 March 2024: Gulf Investment Fund (GIF) is holding its regular 100% tender offer. Shareholders holding shares at the close of markets on 26 March have until 1pm on 11 April to say if they want to tender their shares. Provided that the fund won’t shrink too much (less than 38m […]
Urban Logistics REIT has announced that it will not proceed with an offer for abrdn Property Income Trust. The company had made a merger proposal to the company’s board in February, rivalling a merger bid by Custodian Property Income REIT, and in March set out the terms of an alternative proposal that would see it […]
Fidelity European Trust (FEV) has announced its annual results for the year ended 31 December 2023. The company reported a NAV total return of +17.5% while the benchmark Index, the FTSE World Europe ex UK Index, rose by +15.7%. Over the same period, the ordinary share price total return was +15.3%. The board also announced […]
European Assets Trust (EAT) announced its annual results for the year end 31 December 2023. NAV total return was 8.2% for the year ended 31 December 2023, slightly behind the benchmark return of 9.8%. Share price total return was 4.5% while the declared dividend for 2024 is 5.90, up 2% from 2023. Following the company’s disappointing […]
abrdn Property Income Trust (API) has sold two assets for a combined £16.55m, reflecting a very slight discount of 0.3% to their 31 December 2023 valuations. The sales cast doubt on the merits of Custodian Property Income REIT’s (CREI’s) merger proposal, which as it stands values API at a 28.2% discount to NAV. API’s board […]
In QuotedData’s morning briefing 20 March 2024: VietNam Holding ( VNH) announced an update for the month of February 2024. VNH’s NAV was up +7.8% in February due to overweights in outperforming sectors, particularly banks, telecoms, retail, and industrials. The growth comes on the back of strong domestic performance in Vietnam with the managers noting […]
Property development company Harworth Group posted a 4.4% uplift in EPRA net disposal value (NDV) to 205.1p per share in annual results to 31 December 2023. With dividends, which were up 10% to 1.466p, the company delivered a NAV total return of 5.1% for the year. The increase was driven by the unlocking of development […]
LMS Capital has announced the company’s annual results for the year ended 31 December 2023.The NAV total return for the year fell 7.9%. The main drivers of the negative returns were FX headwinds and an unrealised loss on the revaluation of the Brockton Fund 1. Offsetting this was the sale of the company’s Medhost investment […]
NextEnergy Solar Fund (NESF) has announced that it has successfully begun commercial operations at its standalone 50MW energy storage asset, named Camilla. This is a significant milestone for the company as it increases NESF’s total installed net capacity above 1GW to 1,014MW. Camilla connected to the National Grid in December 2023 and progressed successfully through […]
In QuotedData’s morning briefing 19 March 2024: SDCL Energy Efficiency Income Trust (SEIT) provided an interim update for the period from 1 October 2023 to 18 March 2024. The company noted that it is on track to deliver fully cash covered aggregate dividends of 6.24p per share for the financial year to 31 March 2024 […]
The board of Hipgnosis Songs Fund (SONG) has reported an error made due to the double counting of accrued revenue in the calculation of operative NAV by Hipgnosis Song Management Limited, the trust’s adviser. This error results in a 7.6% reduction in the pro forma operative NAV per ordinary share from $1.1657 (92.08p) as stated […]
Witan Investment Trust (WTAN) says its CEO Andrew Bell intends to step down this year after 14 years in the job. The board is taking this opportunity to review Witan’s management arrangements as well as beginning the search for his replacement. [QD comment: It has to be acknowledged that the trust’s returns have been poor. […]
British Land has sold a 50% stake in its 1 Triton Square, in London’s Regent’s Place, to Royal London Asset Management Property for £192.5m. This is the building that Meta (Facebook) surrendered its lease on last year, paying British Land £142m in order to walk away from its lease agreement. The combined impact of the […]
Urban Logistics REIT has outlined details of an alternative proposal for abrdn Property Income Trust (API), that it says provides a better deal for API shareholders than the current Custodian Property Income REIT (CREI) bid. The proposal involves the acquisition by Urban Logistics of API’s logistics and retail warehouse assets (portfolio 1 – 66% of […]
In QuotedData’s morning briefing 18 March 2024: JPEL Private Equity (JPEL) has released its 31 December NAV, along with its semi annual report. Its NAV per share declined from $1.63 to $1.50, giving it a total NAV of $21.6m. The decline in NAV is primarily due to mark to market adjustments in JPEL’s investment in […]
The story of the UK equity market over the last decade has few uplifting moments. It has lost 25% of its companies[1], retail investors have pulled out more than £50bn, it has fallen off the radar of many international investors and even domestic companies are seeking to list elsewhere. It has also been a terrible […]
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Henderson EuroTrust / Henderson European Focus (0:53) • GCP Asset Backed Income (5:36) • Scottish Mortgage (7:41) • Regional REIT (11:02) This week’s interview was with […]
NextEnergy Solar Fund’s (NESF’s) first two international solar co-investments alongside NextPower III ESG (NPIII ESG) have been energised, bringing an additional 260MW of generation capacity online in Europe and increasing NESF’s total installed net capacity to 979MW. The two assets are a 210MW solar project located in Santarém, Portugal (known as Santarém), and a 50MW […]
Scottish Mortgage (SMT) has announced that its board has taken the decision to make at least £1bn available for buybacks over the next two years. The trust says that its public and private portfolio is delivering strong operational results, with free cashflow from the portfolio companies having more than doubled over the past year, and […]
In QuotedData’s morning briefing 15 March 2024: Digital 9 Infrastructure (DGI9) has announced that its much publicised sale of Verne Global to funds managed by Ardian France SA for up to US$575m (approximately £450m) has completed. The sale price is variable as there is an earn out feature built in that could enhance the price […]
The boards of Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE) have signed Heads of Terms in respect of a proposed merger of interests to form Henderson European Trust plc. HNE is being folded into HEFT using a s110 scheme. The City Code on Takeovers and Mergers is not expected to apply to the proposals. The combined […]
Empiric Student Property has delivered a strong set of results with earnings growth of 17.6% and a net asset value (NAV) uplift of 4.6%. The company’s EPRA earnings per share jumped to 4.0p (from 3.4p) in the year to 31 December 2023, allowing it to increase its dividend by 27% to 3.5p. Revenue was up […]
The board of abrdn Property Income Trust (API) has said it would not recommend the Urban Logistics REIT (SHED) proposed bid or new proposal (see details below) for the company on the current terms, reaffirming its recommendation of the Custodian Property Income REIT (CREI) bid. SHED has until the close of play on Friday (15 […]
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