Hammerson has sold its retail outlets business Value Retail for £1.5bn, generating cash proceeds of £600m. The disposal of the stake in Value Retail, which holds nine outlet centres across the world including Bicester Village, was at a price that represented an exit cash yield of 3.4% and crystallised a 10-year IRR of 13%. It was, […]
Ruffer (RICA) has published its “Investment Manager’s Year End Review” for the year ended 30 June 2024. This review, which is unaudited, is intended to give shareholders unaudited key performance indicators and a portfolio review in a timely fashion. The net asset value (NAV) total return for the financial year to 30 June 2024 was […]
Bluefield Solar Income Fund (BSIF) has signed phase 2 of its strategic partnership with GLIL Infrastructure (GLIL), which is the agreement to sell a 50% stake in a 112MW portfolio of 1.4 and 1.3 ROC UK solar assets currently owned by Bluefield Solar. Proceeds from the sale will be used to repay a portion of […]
In QuotedData’s morning briefing 22 July 2024: CQS Natural Resources Growth and Income (CYN) has declared its fourth interim dividend of 1.82p per share for the year ended 30 June 2024 (2023: 1.82 pence per share). It has also declared an additional special interim dividend of 1.00p per share, reflecting the fact that underlying core […]
Baroness Sharon Bowles has secured the chance to present a private members’ bill – the Listed Investment Companies (Classification etc) Bill [HL] – in the ballot to chose the first 25 private members’ bills to be considered by the House of Lords in this new parliament. The introduction of the bill is scheduled for Thursday […]
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Invesco Perpetual UK Smaller Companies (0:43) Gore Street Energy Storage (3:37) This week’s interview was with Chris Clothier from Capital Gearing – watch it again here.
The healthcare and biotechnology sector has some natural tailwinds: ageing populations, rising emerging market wealth, innovation and rising healthcare utilisation. However, while pharmaceutical companies have been stable, biotechnology has been hit by poor sentiment and rising interest rates. Nevertheless, there are signs of recovery. The sector is diverse. Funds such as Polar Capital Global Healthcare […]
In QuotedData’s morning briefing 19 July 2024: Following an announcement on 22 May 2024 that it intended to offer its shareholders an “elective return of capital” for up to 10% of its issued share capital, Invesco Perpetual UK Smaller Companies (IPU) has now published a circular in relation to the provision of an elective Special […]
The Apax X Fund (which Apax Global Alpha has a stake in) has announced the sale of its minority stake in AffiniPay. AffiniPay is a market leader in professional services software and payments serving legal, accounting, architectural, engineering and construction firms. The buyers are Genstar Capital and TA Associates (TA Associates has been a stakeholder […]
Octopus Renewables Infrastructure Trust has entered into a conditional agreement to sell its Ljungbyholm onshore wind farm in Sweden to a German institutional investor for total consideration of approximately €74m. The sale price is in line with the NAV as at 31 March 2024 and will realise an IRR of approximately 11% over the lifetime […]
In QuotedData’s morning briefing 18 July 2024: Odyssean Investment Trust (OIT) raised £11.4m from its placing and retail offer (the latter made through Winterflood’s WRAP platform). 6,542,159 new shares will be issued at 174p each (NAV plus 1%), 361,041 of those were to the retail offer. [This isn’t too bad in the current environment, although, […]
Polar Capital Technology Trust (PCT) has released its annual report for the year ended 30 April 2024. The company’s NAV per share increased by 40.8%, versus an increase in the benchmark of 38.9% in sterling terms over the same period. Shares were up 50.8%. The discount was 7% at the time of publishing. The manager […]
In QuotedData’s morning briefing 17 July 2024: Tufton Oceanic Assets (SHIP) will return about US$31.5m by way of a compulsory redemption of up to 20,328,259 shares at US$1.550 per share (the as at 30 June 2024). The record date (when you have to be on the register to participate) is 14 August 2024. To illustrate, […]
The struggles with Infrastructure India (IIP) have continued as it has announced that following the director resignation announced on 12 July 2024, the board, which comprises two directors, is no longer quorate under the company’s articles of association and is therefore not able to operate effectively, with the powers of the directors limited to the […]
The board of Home REIT has proposed a managed wind down of the company after failing to secure a refinancing of its debt facility. That loan facility with Scottish Widows, which totals £114.6m, will need to be repaid by the end of the year – all the while incurring a charge on the outstanding amount […]
In QuotedData’s morning briefing 16 July 2024: VietNam Holding (VNH) has provided a monthly update for June 2024. The company noted that Vietnam has continued its recent economic momentum, enjoying GDP growth of 6.9% over the second quarter. Shares in the company were up 4% for the month. Apax Global Alpha (APAX) has announced that […]
Gore Street Energy Storage’s results for the year ended 31 March 2024. Most of this was covered in its trading statement published on 21 May 2024. The year end NAV was 107p, down from 115.6p over the year. Adjustments for inflation and interest rates had an impact but the main influence on this was an […]
LMS Capital (LMS) has announced changes to the governance and financial structure of its investment in the Romanian oil and gas production company, Dacian Petroleum (Dacian), that led to a £1.3m fall in its NAV, equivalent to 3.1% of its most recently announced NAV as at 31 March 2024. This follows a challenging 2023 financial […]
In QuotedData’s morning briefing 15 July 2024: Brunner (BUT) has published its interim results for the six months ended 31 May 2024. BUT provided an NAV total return of 12.8% (with debt at fair value) underperforming its composite benchmark (70% FTSE World Index Ex UK and 30% FTSE All-Share Index with net dividends reinvested), which […]
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Chrysalis (0:22) Schroder British Opportunities (0:39) Molten Ventures (0:51) Edinburgh Worldwide (1:05) Odyssean (6:08) Sirius Real Estate (9:25) This week’s interview was with Kenneth MacKenzie from Target Fund Managers – watch it again here.
Around half of the world’s population, some 4 billion people, will have the opportunity to go to the polls for national elections in 2024. For many, it’s the first chance to have a say since the COVID-19 pandemic and comes at a time when disaffection among voters has reached record highs. The consequences of this […]
A consortium formed of Hines and Grupo Lar has announced a voluntary cash tender offer to buy Lar España Real Estate – the Spanish shopping centre and retail park owner. The consideration offered to Lar España’s shareholders consists of €8.10 per share, paid in cash, which implies valuing Lar España’s share capital at €678m. The […]
Miton UK Microcap Trust ( MINI) has announced its annual results for the year ended 30 April 2024. The company reported a NAV total return of -12.9%, which was well behind the benchmark return of 7.2%. Shares fell 15% with the discount widening to 9.5%. Chairman, Ashe Windham, noted that almost all of the damage […]
Chrysalis Investments (CHRY) announced that portfolio company, Graphcore, has been acquired by Softbank. Chrysalis expects to receive cash proceeds of approximately $56.0 million; the company’s position in the capital structure of this investment led to a significantly better outcome than otherwise might have been the case. The expected pounds sterling proceeds of £43.8 million (assuming […]
In QuotedData’s morning briefing 12 July 2024: Odyssean Investment Trust (OIT) has announced a placing and retail offer of shares. The company has received interest from an investor wishing to acquire OIT shares and in light of this and the ongoing demand in the market, the board has decided to undertake a placing. Any shares […]
Balanced Commercial Property Trust has sold two office assets for a total of £41.65m, further reducing its exposure to the sub-sector. The sales of 7 Birchin Lane, in London, and 82 King Street, in Manchester, were sold at a discount to book value (as 31 March 2024) of 7.2%. Following the sales, BCPT’s portfolio exposure […]
Schroder British opportunities (SBO) has announced its annual results for the year ended 31 March 2024, during which its NAV per share increased by 2.5% from 107.32p to 110.05p, which follows an increase in the previous year of 3.1% and 12.3% since inception. Its chairman, Neil England, comments that this steady growth is despite portfolio […]
TwentyFour Income Fund (TFIF) has published its final results for the year ended 31 March 2024, during which it provided an NAV total return of 18.10%, which is a marked turnaround from the 3.74% loss reported for the prior year. TFIF says that European ABS has performed strongly across the board, supported by stronger than […]
Gulf Investment Fund (GIF) has published its second quarterly report for the year (for the 3 months to 30th June 2024). GIF’s NAV fell 3.6% during the quarter, outperforming its benchmark – the S&P GCC Index – which was down 3.9%. Positive performance came from Qatar Navigation (up 8.9%), The Mediterranean and Gulf Insurance Reinsurance […]
Apax Global Alpha (AGA) has announced that The Apax IX Fund, in which AGA is a limited partner, has sold its remaining shares in Genius Sports Limited, which it describes as a leading provider of sports data, content, and technology powering the global sports, betting, and media ecosystem. AGA says that, including prior distributions, this […]
