Picton Property reported a rise in the value of its portfolio of 1.4% in full year results to the end of March 2020. The company’s portfolio was valued at £665m, down from £685m in March 2019 after two asset disposals, but up 1.4% on a like-for-like basis. The valuation increase is in despite of material […]
In QuotedData’s morning briefing 23 June 2020: Shopping centre investor, intu has warned that, if it cannot reach a standstill agreement with its creditors, some of its shopping centres may have to close for a while. intu says that, at this stage, it is not expected that the duration of a standstill agreement will exceed […]
Gresham House Strategic extends run of outperformance – Gresham House Strategic beat its benchmark by 10.5% over the year ended 31 March 2020. its NAV total return was -14.3% against -24.8% for the Small Cap ex Investment Companies Index. A narrowing of the discount from 22.6% to 15.0% meant that the return to shareholders was even […]
Montanaro UK benefits from quality focus – Over the year to the end of March 2020, Montanaro UK Smaller Companies Trust delivered an NAV return of -8.5%. This compares very favourably with a return of -25.9% on the Numis Smaller Companies Index. A narrowing of the discount from 18.0% to 11.2% meant that the return to […]
Performance figures over BMO Global Smaller Companies’s (BGSC) annual results period to 30 April 2020 reflected the sharp fall in prices over March. A total NAV return of (13.8%) was slightly ahead of the benchmark’s (14.1%), while the shares were down (16.5%) – they have increased by about 6% post-period. BGSC’s portfolio was geographically allocated as […]
BioPharma Credit (BPCR), the specialist life sciences debt investor, has announced that its discount control mechanism has been activated. The company will be required to purchase shares in the market as a result of the shares trading in excess of a 5% discount to NAV over a three-month rolling period, using the methodology described in the company’s […]
FastForward Innovations (FFWD) has announced that investee company, Factom, has filed for has filed for a Chapter 11 reorganisation. Factom is a blockchain-focused company, which FFWD invested into in 2018. FFWD notes that such a re-organisation includes an application for the ‘writing off’ of various debts of Factom, including FFWD’s $6m SAFE note. FFWD’s interest in Factom is divided […]
Gore Street Energy Storage (GSF) has announced that it has reached an agreement to acquire 100% interest in Ferrymuir Energy Storage, a 50MW energy storage project. Project takes GSF’s total portfolio size to 239MW The project has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments, consists of a 50MW […]
ICG Enterprise (ICGT) announced that PAI Partners had reached an agreement to sell Roompot, an operator and developer of holiday parks in Northern Europe, to KKR, for an undisclosed sum. PAI Partners is one one of Europe’s leading private equity managers. Roompot, is the ICGT’s 6th largest investment, representing 2.1% of the portfolio at 30 April 2020. […]
One of the funds looking to raise money this week is SDCL Energy Efficiency Income Trust (SEIT). The fund is designed to produce income from investments in projects designed to improve energy efficiency, save companies money and contribute towards reductions in carbon emissions. On Thursday, it announced results for the year ended 31 March 2020 […]
The debate around the future of retail has been raging for some time, but the fire has been stoked further by the covid-19 enforced shutdown. Consensus has always been that there is too much retail property in the UK, mainly in high streets and shopping centres. NewRiver REIT this week gave some indication to the […]
Bluefield Solar Income Fund has published a circular to shareholders in which it has set out proposals that are designed to prepare for the future. The company wants to amend its Investment Objective and Investment Policy, make changes to the Investment Advisory Agreement and disapply pre-emption rights. Shareholders will have the opportunity to vote on […]
Gore Street Energy Storage Fund (GSF) has announced that JXTG Nippon Oil & Energy Corporation of Japan has subscribed for £2,883,000 (before expenses) of its shares in a direct subscription. In tandem with this, the company has also separately announced a retail offer that it to be conducted through the PrimaryBid platform, as well as […]
Revelations that the German payment company, Wirecard, cannot account for €1.9bn of cash on its balance sheet have hit Alexander Darwall’s European Opportunities Trust hard. Darwall has been a longstanding investor in Wirecard and it is the trust’s largest holding. Wirecard’s shares crashed after its auditor Ernst & Young refused to sign off its accounts, […]
The PRS REIT has now declared a dividend for the first quarter of this year, having seen the private rented sector (PRS) perform resiliently during the covid-19 pandemic. The company, which invests in new-build family homes in the PRS, will pay an interim dividend of 1.0p for the period 1 January to 31 March 2020, which […]
In QuotedData’s morning briefing 18 June 2020; Vietnam Enterprise passed a continuation vote comfortably, 154.6m shares voted against a resolution that would have forced a wind up in December 2022, only 721,277 shares voted for it. Warehouse REIT hopes to issue 159,090,908 shares at 110p via a placing and open offer (existing shareholders can apply for […]
NewRiver REIT has said it will look to sell assets after reporting a 23% fall in net asset value (NAV) for the year to 31 March 2020. The company, which owns a portfolio of retail and pub assets, saw its EPRA NAV plummet to 201p per share from 261p last year. The fall was driven […]
JZ Capital has decided to hide from investors – it says “in the light of the uncertainties about the valuation that results from Covid-19, the company is suspending its monthly NAV announcements until circumstances allow the company to make informed judgements as to value. In addition, for the same reason, further informed commentary about the […]
SDCL Energy Efficiency to expand after successful year – SDCL Energy Efficiency Income has announced results for the year ended 31 March 2020 and is looking to expand. The NAV increased from 98.4p at 31 March 2019 to 101.0p at 31 March 2020 and earnings per share were 5.2p and the company paid dividends of 5p in […]
Modest hit to Standard Life Private Equity NAV in March – At its half-year mark on 31 March 2020, the NAV total return was -6.3%, which compares to a return on the All-Share Index of -22.0%. A widening discount left shareholders with a return of -25.9%.The dividend was 6.6p, 3.1% up on 2019. As the chair […]
Montanaro European is number one – Montanaro European Smaller Companies reports that for the year ended 31 March 2020 its NAV return was -5.3%, which compares very favourably with the -15.1% return generated by the MSCI Europe (ex UK) Small Cap Index. Shareholders benefitted from a narrowing of the discount from 12% to 8% and this translated into […]
JPMorgan Indian (JII) has announced that after 26 years with JPMorgan and nearly 30 years working in finance, Rukhshad Shroff, the company’s joint portfolio manager, has decided to retire from asset management. He will leave JP Morgan Asset Management on 11th September 2020. Joint-manager structure maintained with Ayaz Ebrahim joining JII’s portfolio is managed on a joint […]
Aberdeen Japan’s (AJIT’s) NAV rose by 3.3% over the year to 31 March 2020, in sterling terms.The shares increased by 6.8%, while the Topix benchmark declined by 2.5%. The impact of covid-19 has been less severe in Japan AJIT note that the Japanese stock market has not been immune from the global sell-off, but has […]
Over the year to 30 April 2020, global growth trust, Monks (MNKS), delivered an NAV total return of 3.4% compared , which compares with (1.0%) for the FTSE World Index. The market return for the same period was 3.7%. Over the year, MNKS used its premium to NAV valuation to grow the fund, with an issuance equivalent […]
The anti-inflammatory drug, Dexamethasone, has been shown to help the most seriously ill covid-19 patients. Private equity sector company, ICG Enterprise (ICGT), delivered an NAV total return of (4.1%) and a portfolio return of (3.8%), over the quarter to end-April. It expects the impact from covid-19 to continue weighing on valuations over the coming months. The portfolio’s […]
RTW Venture applauds Avidity IPO success – RTW Venture Fund Limited has updated on the IPO of its portfolio company Avidity Biosciences, Inc. on 12 June 2020 on NASDAQ (ticker “RNA”). Avidity is a biopharmaceutical company pioneering Antibody Oligonucleotide Conjugates to treat a wide range of serious rare diseases. A $100 million Series C round in […]
Warehouse REIT has made a series of lettings across its portfolio worth £1.9m in annual rent, reflecting the continued strength of the logistics sector. The group said it had completed or was under offer on 43 lettings and lease renewals since 1 April 2020. They cover 277,000 sq ft of space and will generate an […]
In QuotedData’s morning briefing 16 June 2020: Pollen Street secured Lending has confirmed that it will extend the deadline for Waterfall Asset Management to make a bid for the company to 14 July 2020. It reminds us that Investec, the company’s largest shareholder, has given an irrevocable undertaking to accept the bid until 21 August 2020. […]
SQN Asset Finance sets out plan for future – On 30 April 2020, SQN Asset Finance Income announced that it would bring forward the triennial continuation vote from November 2020 and propose separate continuation resolutions for each share class. Here comes the detail. Summary of the Proposals (a) Proposed Ordinary Class Continuation Vote If the Ordinary […]
Seneca reports on complex and challenging year – Seneca Global Income & Growth says that, for the year ended 30 April 2020, it delivered an NAV return of -22.7% versus a return on its benchmark of 6.8%. The return to shareholders was -23.9%. One bright spark was an increase in the dividend of 1.8% (to […]
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