Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).
Primary Health funding new doctor’s surgery in Epsom – Primary Health Properties has contracted with a developer to fund the fitting out of a doctors’ surgery within a modern residential development in the centre of Epsom, Surrey. The company will acquire the long leasehold interest of the property on completion of the work for a total […]
Good year for Witan – Global investment trust, Witan reported a return of 21.3% on its NAV for 2019, 1% ahead of its benchmark. Shareholders did slightly better than that, with returns of 22.1% as the discount narrowed from 1.3% to 0.7%. The dividend was upped by 13.8% to 5.35p (doubling in a decade). Returns […]
Symphony still in tune – Symphony International delivered a 5.8% return on its NAV over 2019 (in US dollar terms). It paid a dividend of 3.5 cents. $90.7m was deployed in new investments. Symphony’s new investments include interests in two established businesses; Indo Trans Logistics, the largest independent integrated logistics company in Vietnam and ASG Hospital, […]
EP Global Opportunities runs for the exit. Responding to the covid-19 outbreak, the manager of EP Global Opportunities had raised its cash level to 18% of the trust at the end of February (up from 8% at the end of January). The managers had this to say “we are finding it very difficult to identify […]
In QuotedData’s other news 11 March 2020 Bank of England cuts rates to 0.25% from 0.75%. The new rate is the lowest in the UK’s history. RDL Realisation should have about $8.7m in cash following its $7m (43 cent/33p per share) distribution paid in February. Its portfolio was valued at $33m at the end of January. […]
BioPharma Credit (BPCR) has published annual results to 31 December 2019. The company says it is London’s only specialist debt investor to the life sciences industry. The company seeks to achieve returns for its shareholders primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences […]
Octopus Renewables (ORIT) launched in December 2019, raising a whopping £350m (click here to read more). The company is targeting investment in construction, construction-ready and operational renewable energy infrastructure assets across the UK, wider Europe and Australia. To this end, ORIT has this morning announced its first investment since its IPO, a construction-ready onshore wind farm in Ljungbyholm, Sweden. ORIT […]
In QuotedData’s other news 10 March 2020 – ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) said that its £21.5m Pentavia loan has been repaid in full, following successful completion of the business plan and a sale of the underlying property securing the loan. The proceeds of the repayment will be applied to repay the £5.2m outstanding […]
Impact Healthcare REIT has agreed terms on a trio of acquisitions for a total of £61.1m. The group, which owns a portfolio of healthcare properties, has completed the acquisition of a portfolio of care homes, has exchanged contracts to acquire a second portfolio and has entered into a pre-let forward funding arrangement with an existing tenant. […]
The board of Global Sustainable Farmland Income announced that due to current market conditions, its IPO on the LSE has been delayed until further notice. As a result, the registrars have been instructed to return all money to investors who participated in the IPO through the offer for subscription. The board adds that once the […]
HgCapital (HGT) had an excellent 2019 with its NAV and shares increasing by 20.8% and 47.5% (both total return) over the year to 31 December 2019. HGT noted revenue and EBITDA growth of 24% and 35% across the top 20 investments (92% of the portfolio) over the last twelve months. £117m of cash was returned to HGT […]
The global emerging markets company, ScotGems (SGEM), which invests in small-caps, has published its annual accounts to 31 December 2019. It was a difficult year results-wise with SGEM’s shares falling by 23.2% and the NAV by 6.5%, over the year. This compares to a rise in the MSCI AC World Index of 19.3%, a rise in […]
Polar Capital Global Financials (PCFT) reported annual results to 30 November 2019. Over the year, the company delivered a total NAV return of +7.2%, while the shares increased by +8.9%. The main story is that PCFT is set to continue beyond its fixed life (31 May 2020), which we discussed in our recently published update note: Polar Capital Global […]
In QuotedData’s other news 9 March 2020 – Ongoing difficulties in the relationship between Pollen Street Secured Lending (PSSL) and its manager Pollen Street Capital (PSC) continue. PSC has been served notice of the termination of its management agreement (click here to read more). PSC has this morning released a statement (you can access it […]
The global sector company, Alliance Trust (ATST), has published annual results to 31 December 2019. Total NAV and shareholder returns were 23.1% and 24.3%, ahead of the benchmark’s (MSCI ACWI) 21.7% and the median global sector peer group’s 22.4%. ATST also noted that it increased its dividend for the 53rd consecutive year. On the corporate side, one […]
In QuotedData’s other news 6 March 2020 – Income-focused Murray International (MYI) reported annual results to 31 December 2019. The company’s total return NAV increased by 12.4%, which came in below a total return of 21.1% from the company’s benchmark (40% FTSE World UK Index and 60% FTSE World ex UK Index). MYI said that within […]
Premier Global Infrastructure has much better 2019 – 2019 was a much improved year for the Premier Global Infrastructure Trust. The portfolio’s total return, measuring the return on the portfolio including all income and costs was 19.0%. The company’s capital structure, geared by its zero dividend preference shares, amplified the gain resulting in a total return on […]
BBGI buys Canadian hospital and road projects – BBGI has completed the acquisition of a further 25% equity interest in the Stanton Territorial Hospital Project. Stanton is an operational 27,00sqm hospital with 100 patient rooms located in Yellowknife, Northwest Territories, Canada. The concession runs until 2048 and availability payments are received from the Government of Northwest […]
In QuotedData’s other news 5 March 2020 Sirius Real Estate has secured €50m funding through a Schuldschein loan offering a blended interest rate of 1.60%, with an average maturity of 3.7 years. Urban Logistics REIT has topped up the £130m it raised the other day with a further £6.1m from its open offer and offer for subscription. […]
Gresham House buys RESI’s manager – specialist asset manager, Gresham House is buying TradeRisks Limited, which, amongst other things, is the manager of Residential Secure Income REIT. Gresham is paying £7m upfront and up to £4m more subject to the achievement of certain performance targets. TradeRisks has a fund management business and is aslo specialist […]
Pershing Square Holdings’s (PSH) manager Bill Ackman has released the following statement in reaction to volatility in markets: “During the past ten days, we have taken steps to protect the portfolio from downward market volatility. We have done so because we believe that efforts to contain the coronavirus are likely to have a substantial negative […]
Embattled shopping centre landlord Intu Properties has failed in its attempts to raise up to £1.5bn of emergency cash and could be in trouble of breaching debt covenants by July. Intu had, over the past several months, been engaged in extensive discussions with its shareholders and potential new investors regarding a possible equity raise of […]
The Board of The Edinburgh Investment Trust (EDIN) has announced that it has entered into an management agreement with Majedie Asset Management (Majedie), the company’s new Alternative Investment Fund Manager (AIFM), effective as of today, Wednesday 4 March 2020. The investment management agreement reflects the heads of terms announced on 11 December 2019, where EDIN decided […]
Oakley Capital (OCI) announced that Oakley Capital Private Equity III (fund III) has agreed a deal to acquire a majority stake in Globe-Trotter Group (Globe Trotter), a British luxury baggage brand, from the entrepreneur Toshiyasu Takubo. OCI says that Toshiyasu, who has developed the brand significantly in the Japanese market, will retain a minority stake in the company. OCI’s […]
In light of the coronavirus (Covid-19) afflicted volatility across markets, Tufton Oceanic (SHIP) has provided an update. The company says its strategy of portfolio diversification and strong charter coverage has insulated SHIP from the recent market volatility caused primarily by Covid-19. The company’s update made the following points: Year to date, fair value losses in containerships […]
In QuotedData’s other news 4 March 2020 – Crystal Amber (CRS), the activist UK smaller companies trust, reported interim results to 31 December 2019. It was a difficult period for CRS, with its NAV (adjusted for dividends) falling by 26.4% over the period, compared to a 10.7% increase in the Numis Small Cap Index. CRS said […]
Covid-19 in Vietnam an update from VietNam Holding. One of our clients, VietNam Holding, has published an update on Vietnamese efforts to contain the coronavirus. We thought it worth reproducing in full. “Since mid-January 2020 when an outbreak of novel Coronavirus (Covid-19) first appeared in the city of Wuhan, in central China’s Hubei province, the […]
Apax has its best year since IPO – the 22.7% return on NAV that Apax Global Alpha posted for 2019 was its best result since its IPO in 2015. That figure is in euros, in sterling the return was 20.5%. The equity and debt portions of the portfolio generated returns of 9.1% and 11.8% respectively […]
RIT Capital Partners finished 2019 with an NAV of 2004p, it generated a return ob NAV of 12% over 2019 and a return to shareholders of 12.5%. Dividends totalled 34p and the board says they will be at least 35p in 2020. The chairman said “Despite a muted outlook for global growth and earnings, 2019 […]
In QuotedData’s other news 3 March 2020: AEW UK Long Lease REIT has changed its name to Alternative Income REIT Gresham House Energy Storage managed to raise £31m, despite the ongoing market volatility. It will issue 30m shares at 104p each. The dispute between Pollen Street Secured Lending and its manager, Pollen Street Capital rumbles on. […]
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