In QuotedData’s morning briefing 3 March 2023: Pacific Horizon has released its interim results for the six months to 31 January 2023. During the period, PHI’s NAV increased by 0.3%, while the share price increased by 4.1%, compared to the comparative index which rose 4.0% (all figures in sterling total return terms). The weakest performing […]
Tritax Big Box REIT has exchanged contracts for the sale of three investment assets for a total of £125m, in line with the 31 December 2022 valuations and reflecting a blended net initial yield of 4.6%. The purchaser is a leading global investor in real estate. The three assets, which have a combined WAULT of […]
Tritax Big Box REIT has posted a 19.0% drop in EPRA net tangible assets (NTA) in 2022 results. The fall, to 180.37p per share, was the result of the impact of rising interest rates on prime property yields, but was less than anticipated. The group’s portfolio value decreased 15.2% on a like-for-like basis in the […]
Pantheon Infrastructure has published its first set of results, covering the period from its IPO in November 2021 up to the end of 2022. Having raised its maximum target of £400m, and having seen that boosted by the exercise of its subscription shares (which brought in an additional £80.8m) the trust has been busy deploying […]
Apax Global Alpha delievered a total return of -7.4% over 2022, driven by a -11.3% return on its private equity portfolio, offset by a +1.9% return on its portfolio of derived investments (see our notes on the company for an explanation of what this entails). [Strangely, the chairman’s statement makes no reference to the trust’s […]
Downing Renewables & Infrastructure Trust has bought two hydropower plants for a total of €5.8m. The two operational hydropower plants are located in Sweden’s SE2 electricity region. The deals are being funded through Downing’s available cash reserves. The first acquisition, completed in February 2023, is a c. 2.5 GWh hydropower plant in Högforsen, on the […]
ICG Enterprise Trust is investing alongside funds advised by PAI Partners to support European Camping Group’s acquisition of Vacanceselect in a transaction that is expected to create the 3rd largest operator of mobile holiday homes in Europe. The investment is being led by PAI Europe VII and PAI Europe VIII and the trust will invest […]
Cordiant Digital Infrastructure (CORD) says portfolio company České Radiokomunikace (CRA) has signed a 5-year agreement with blue chip pay TV broadcaster AMC Networks International. The agreement, effective from 1 March 2023, allows AMC channels that were up to now only available on subscription or via the internet to be broadcast. This was enabled by CRA’s […]
RTW Venture Fund, alongside other investment vehicles managed by its investment manager, co-led participation in Oricell Therapeutics’ $45m Series B-1 financing round together with Qatar Investment Authority, with participation from existing investors, including Qiming Venture Partners and C&D Emerging Industry Equity Investment. Oricell, which was founded in 2015, is a China-based innovative pharmaceutical company committed […]
It was another year of eye catching returns for Riverstone Energy (RSE) which ended the period to 31 December 2022 with a NAV of $14.52 (£11.99) per share, a 17.0% and 30.5% increase in USD and GBP, respectively, compared to the 31 December 2021 NAV of $12.41 (£9.19) per share. Management does not provide a […]
In QuotedData’s morning briefing 1 March 2023: Aquila Energy Efficiency (AEEE/AEET) did fail its continuation vote (as flagged 27 August). By 28 August 2023 (six months after the meeting), the directors will recommend to shareholders whether the company be reconstructed, re-organised or placed into liquidation, having explored all options and determined the best solution including […]
Mobius Investment Trust has published results for the period from 1 December 2021 to 30 November 2022. The NAV and share price on a total return basis decreased by 12.3% and 15.0% respectively. The MSCI EM Index lost 13%. The shares traded at an average discount to NAV of 2.3%, closing at a discount of […]
Law Debenture (LWDB) has published its annual results for the year ended 31 December 2022. During the year, LWDB provided an NAV total return with debt and Independent Professional Services (IPS) business at fair value for FY 2022 of 0.6% (-6.8% with debt at par). Similarly, it provided a share price total 0.4% for 2022 […]
Smithson (SSON) has published its annual results for the year ended 31 December 2022. It is the company’s fourth set of annual results and the first in which it has reported a decline in NAV and while the drop is significant and SSON has underperformed its benchmark, it comes a against a backdrop of a […]
For calendar year 2022, Fondul Proprietatea produced an NAV return of 19.1% and a share price return of 12.2% (in RON terms) or 3.9% in US dollar terms. At the year end, the shares were trading on a 20% discount. There’s a RON0.05 dividend and the board may yet declare a special dividend. The highlights […]
Student accommodation landlord Unite Group results for 2022 show performance ahead of pre-pandemic levels. Adjusted earnings were up 48% to 40.9p per share, while the company matched the uplift in its dividend of 32.7p (2021: 22.1p). The group’s portfolio was back to full occupancy in the 2022/23 academic year, with 3.5% rental growth. The outlook […]
Lar Espana Real Estate, the Spanish-listed REIT that invests in retail property, has reported a 5.0% increase in EPRA net tangible assets (NTA) in 2022, bucking the trends of falling valuations across the real estate sector. The company, which owns nine shopping centres and five retail parks across Spain, said EPRA NTA was €10.93 per […]
In QuotedData’s morning briefing 28 February 2023: Princess Private Equity (PEY) is abandonng (from April 2023) its currency hedging strategy, which had a considerable negative impact on the fund last year. Dividends based on 5% of NAV will resume in June with a 36 cent payment. The chair Richard Battey, who has been on the […]
Following the deadline on 24 February 2023 for receipt of forms of proxy in respect of the upcoming meeting on 28 February 2023, Aquila Energy Efficiency has announced the result of the proxy votes cast as at 2 p.m. on 24 February 2023. Votes over a total of 46,553,793 (about 55.58% of total votes cast) […]
Greencoat Renewables says that for the year ended 31 December 2022: NAV per share increased by 7.3 cents to 112.4 cents per share Declared dividends totalling 6.18 cents per share, with a target of 6.42 cents for 2023 (+3.9%) The portfolio generated 2,487GWh of electricity in the period (2021: 1,522GWh) that’s enough to power 538,958 […]
Gore Street Energy Storage Fund secured contracts in the 2023 T-4 capacity market auction across six of its battery energy storage sites. The T-4 auction is designed to secure capacity for the power grid for a period of 15 years commencing in four years’ time. Gore Street Energy Storage’s revenue for the first year (between […]
In QuotedData’s morning briefing 27 February 2023: Life Science REIT (LABS) announces the letting of part of the ground floor of Building One at Oxford Technology Park to Arcturis Data Limited, a healthcare technology company applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases. […]
The need to decarbonise the global economy to address the myriad issues that are being created by climate change is now well understood. For this, a range of solutions is required but it is clear that for many economies, the UK included, renewables – primarily solar and wind but with smaller contributions from other technologies […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Harmony Energy Income Trust (0:42) • NextEnergy Solar (8:10) This week’s interview was with Jean Hugues de Lamaze from Ecofin Global Utilities and Infrastructure […]
Simon Edelsten, 61, lead manager of Mid Wynd will retire as a partner of Artemis Investment Management LLP at the end of 2023. Co-manager Alex Illingworth is also leaving the business. Simon will be replaced as lead manager by Alex Stanic who will join Artemis as its head of global equities on 1 March 2023. […]
Mintech, a private equity investment of Schroder British Opportunities Trust (SBO) and the leading global provider of price data, analytics, and forecasts for agri-food, announced the acquisition of AgriBreifing. The company specialises in agri-food supply chains and the combined group will have a strengthened financial profile, product offering and customer base, providing: The largest portfolio […]
Third Point LLC, the investment manager of Third Point Investors Limited (TPIL) issued a strongly worded letter to portfolio holding company Bath & Body Works (NYSE: BBWI), citing concerns around the company’s corporate governance and decision-making processes, and has chosen to force an election contest. The American specialty retailer has a market capitalization of approximately […]
European Opportunities Trust ( EOT) posted a 0.4% fall in NAV for the 6 months to 30 November 2022, underperforming its benchmark, the MSCI Europe Total Return Index, which grew 2.1%. Over the past 6 months the discount, which was 13.8% at the last close, has generally been outside the board’s desired parameters. Management believes […]
Greencoat UK Wind has announced results for the year to 31 December 2022. Despite lower than budgeted wind speeds, which alongside the project-specific issues highlighted below, meant that the portfolio generated 5% less power than forecast, it did produce 4,362GWh of sustainable electricity and generated £560.1m of cash. Notable issues affecting portfolio availability were: a […]
Harmony Energy Income has published its first full set of accounts. These cover the period from its incorporation on 1 October 2021, through its IPO on 9 November 2021 and run up to 31 October 2022. The fund raised £210m at launch and by the end of October 2022 these assets had grown to £257.8m […]
