RM Infrastructure Income (RMII) has published a circular convening a meeting to approve its managed winddown. In September, the manager’s run-off profile of the portfolio showed a forecasted weighted average remaining life of about 1.7 years from end-October 2023, with a liquidation of the company occurring in the second half of 2027. The manager has […]
In QuotedData’s morning briefing 30 November 2023: Following the passing of a resolution at its AGM yesterday, Reconstruction Capital II (RC2) will have its last day of dealings on AIM on 18 December 2023. CT UK Capital and Income (CTUK) published results for the 12 months ended 30 September 2023 that show it just failing […]
In QuotedData’s morning briefing 29 November 2023: Cordiant Digital Infrastructure (CORD) announced its interim results for the six months to 30 September 2023. The NAV total return was 1.1% while shares fell 12.4% with the company’s discount widening to 38%. Despite the returns, portfolio performance was robust. EBITDA for the six-month period increased 5.5% to […]
Digital 9 Infrastructure (DGI9) has announced that it has entered into a definitive agreement to sell its entire stake in the Verne Global group to funds managed or advised by Ardian France SA for up to US$575m (approximately £456m). The sale price has deferred and contingent elements as explained below. There are also a number […]
Abrdn China Investment Company (ACIC) and Fidelity China Special Situations (FCSS) have announced proposals to merge ACIC into FCSS. This will be implemented via a voluntary wind up and reconstruction of ACIC that will see a transfer of part of its cash and into FCSS in exchange for new FCSS shares. Assuming that the merger, […]
As noted on November 3, Troy Income (TIGT) has announced that terms have been agreed for a proposed combination of TIGT with the STS Global Income & Growth Trust (STS). Following implementation of the proposals, the enlarged STS will continue to be managed, on the same basis as currently, by Troy Asset Management Limited with James […]
Tritax EuroBox has agreed a second lease at its two-unit asset in Settimo Torinese, a prime logistics location near Turin, Italy. The new six-year lease has been secured with the same leading Italian logistics provider which signed a lease for the other unit in August 2023. The letting for the second unit (14,197 sqm) at […]
Keystone Positive Change (KPC) has announced its annual results. Over the year to 30 September 2023, the company’s net asset value per share total return was 7.0% compared to a total return of 11.0% for the comparative Index (in sterling terms). The share price total return for the same period was 6.0% as the discount […]
Tritax Big Box REIT has announced that it has sold six assets so far in 2023 for a total of £327m. These disposals were conducted at or above most recent valuations, the company said, and delivered a blended net initial yield of 4.34%. The announcement provided top line detail on the assets, but it appears […]
In QuotedData’s morning briefing 28 November 2023: JPMorgan Global Core Real Assets (JARA) announced its interim report for the period ended August 31, 2023. The net asset value total return was -4.6%, whilst total return to shareholders was -7.8%. Underlying asset performance in local currency was +0.7%. Currency was the key negative contributor to company […]
Vietnam Holding holds continuation votes every five years and the next is due this December. Dynam Capital has been managing the fund since June 2018. Over that period (up to end September 2023), the NAV is up 43%, outperforming the Vietnam Index by 30% and the Vietnam All Share Index by 20%. Over the past […]
Downing Renewables and Infrastructure Trust (DORE) has released its operational update and NAV for the three months ending 30 September 2023. DORE’s NAV was £217.1m, or 118.7p per share for 30 September 2023, a 0.6% increase over the three months. A dividend of 1.345p per share was paid for the third quarter. DORE NAV movements […]
abrdn European Logistics Income (ASLI) has launched a strategic review into the future of the company that could result in its sale or merger with another company. The company, which invests in mid-box and urban logistics real estate in Continental Europe, said that it is “facing a number of challenges, at both a macro and […]
The board of Chrysalis (CHRY) has given an update on the trust’s investment management agreements, intending to maximise shareholder value. Following a consultation by Rothschild & Co Equity Markets Solutions the board has recommended several new adjustments to CHRY’s investment management agreements. However the board is of the belief that the current managers, Richard Watts […]
In QuotedData’s morning briefing 27 November 2023: JLEN Environmental Assets (JLEN) released its half year results for the period ending 30 September 2023. Its NAV decreased from 123.1p per share to 119.7p over the 6 months. JLEN reported a NAV total return of 1.4% over the period, with its overall portfolio valuation remaining flat at […]
The bizarre comings and goings at OpenAI have been dominating business headlines recently. I must admit, I find the ongoing delirium surrounding artificial intelligence somewhat tiring. While I’m certainly not qualified to debate the finer details of the technology, it seems to me that for most people, the extent of it so far amounts to […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Richard Williams and Andrew Courtney covered the week’s top stories: NextEnergy Solar Fund NESF (0:34) The Autumn Statement (2:46) Sirius Real Estate (4:20) UK Commercial Property REIT/Picton (8:43) This week’s interview was […]
What two questions should an investor ask themselves if a company’s share price goes up? Join Scottish Mortgage’s decision-makers as they answer this and the questions put to them by its shareholders. “We believe that the value created by a small number of exceptional companies over the long run is the way to make money. […]
Asian Energy Impact Trust (the former ThomasLloyd Energy Impact Trust) has a portfolio of 11 operating assets across India, the Philippines and Vietnam as well as two “pre-operational” assets, meaning in development or in construction, both in India. These two projects are the in-construction 200 MW DC solar PV project in Rewa Ultra Mega Solar […]
QuotedData’s morning briefing for 24 November 2023 CT Private Equity Trust (CTPE) released its quarterly update for the three months ended 30 September 2023. CTPE reported a NAV per share of 696.3p, reflecting a total return of 3.3% for the quarter, as well as a share price total return of 0.4%. A quarterly dividend of […]
Hipgnosis Songs Fund (SONG) has provided an update following the vote against continuation at its recent AGM on 26 October 2023. As part of a strategic review, the board intends to appoint independent advisers to conduct due diligence on the company’s assets to identify alternative proposals for the future of the company. The board has […]
In QuotedData’s morning briefing 23 November 2023: abrdn New India Investment Trust (ANII) announced its interim report for the six months to September 30 2023. Share price total return for the period was 13.7% while the NAV was up 13.2% with the discount narrowing slightly to -18.7% at last close. While impressive on an absolute […]
There is a lot of detail in the Autumn statement beynd the headline grabbing news of National Insurance cuts and alchohol duty freezes. With respect to our industry, we have the following: UK Retail Disclosure Framework – The government has published a draft statutory instrument setting out how it will replace the retained EU law […]
NextEnergy Solar Fund (NESF) announced its interim results for the period ended 30 September 2023. The NAV fell by 5.2% while shares fell 6.6%, further widening the company’s discount to around 21%. The company raised its dividend by around 13% on the year prior. The company has taken steps to manage its discount, introducing a […]
LXI REIT is close to selling a portfolio of Travelodge hotels for £210m. The deal is under offer, with contracts in solicitors’ hands, on the sale of the 66 Travelodge hotels. The sale price of £210m is in line with current book value (as at 30 September 2023), the company said. If completed, the majority […]
In QuotedData’s morning briefing 22 November 2023: HICL Infrastructure (HICL) announced its interim results for the six months ended September 30 2023. NAV total return fell 3% over the period reflecting the increase of the portfolio’s weighted average discount rate from 7.2% to 8.0%. Transaction activity remained robust, totalling £532m, while the company also reduced […]
Schroder REIT has proposed amendments to its investment objective and policy, and to its investment management agreement, to include sustainability at the centre of its investment proposition. The sustainability improvement and decarbonisation strategy will focus on adapting existing buildings in its portfolio into those that are both modern and fit for purpose, that it says […]
Dunedin Enterprise says that regulatory approval for its sale of Premier Hytemp (a manufacturer and supplier of engineered metal solutions held via the trust’s interest in Dunedin Buyout Fund II LP) has been secured. As at 30 September 2023 the investment was valued at £4.9m and the proceeds received from the transaction will match that. […]
Sirius Real Estate raised £146.6m in a placing. The company said the net proceeds enable it to execute on a significant near term pipeline of attractive acquisition opportunities. The capital raise comprises the issue of 170,417,384 new ordinary shares, which represent around 14.5% of the share capital of the company prior to the raise. The […]
UK Commercial Property REIT (UKCM) has terminated discussions with Picton Property over a possible merger of the companies. It was announced on 8 November that discussions between the two parties over an all-share merger on a NAV by NAV basis had commenced after Picton approached UKCM. Today, UKCM said that its largest shareholder – Phoenix […]
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