In QuotedData’s morning briefing 9 February 2024: Schroders Capital Global Innovation Trust (INOV) has invested US$1.6m in Neurona Therapeutics through its Series E financing round, which raised US$120m. The fundraising was co-led by Viking Global Investors and Cormorant Asset Management with participation from new and existing investors including The Column Group, Passaic Capital Management, Lyfe […]
Riverstone Energy proposes to return $200m (equivalent to approximately £158m) of its excess capital to shareholders by means of a tender offer at a price of £10.50 per ordinary share. The tender price represents a premium of approximately 31% to the closing market price of £8.00 on 7 February 2024 and a 16% discount to […]
Pershing Square Holdings says that its investment manager (Pershing Square Capital Management, L.P) has proposed and the board has approved some changes to the fund’s investment management agreement that will reduce the performance fees paid by Pershing Square Holdings from this year. The amendments to the management agreement are to its variable performance fee provision. […]
In QuotedData’s morning briefing 8 February 2024: Digital 9’s (DGI9) sale of Verne Global may take longer than expected to close as the Icelandic anti-trust authority wants to look at the transaction. The company warns that this could add between 90 and 135 days to the wait for the final sign off of the deal. […]
Augmentum Fintech has highlighted an announcement today from one of the companies in its portfolio, Onfido. Onfido has entered exclusive discussions with potential acquirer, US based Entrust, a global leader in trusted payments, identities and data security. If this transaction goes ahead, Augmentum expects that the proceeds will be at or slightly above the current […]
RIT Capital Partners has announced an annual update for the year ended 31 December 2023. The company’s NAV was up 3.2% over the 12 month period and the company expects to provide full details of the year’s performance when the annual report is released in March. Commenting on the performance, the manager noted that the […]
HydrogenOne (HGEN) has announced an update for Q4, with NAV increasing 1.6% over the 3 month period to December 31 2023. This marks a total NAV return of 5.8% for the year. The company highlighted the ongoing growth of its portfolio, which delivered an aggregate £74m over the 12 months to 31 December 2023, an […]
In QuotedData’s morning briefing 7 February 2024: UK Commercial Property REIT (UKCM) posted a 2.5% fall in NAV to 78.7p per share in the quarter to 31 December 2023. The group’s portfolio value dropped 2.1% in the period to £1.25bn. On the operational side, the company grew earnings 6.3% over 2023 to 3.35p per share. […]
Aquila European Renewables has provided a Q4 update for the period ended 31 December 2023. The company saw a NAV total return of -2.6% while total shareholder return over the quarter was -4.1%, with the discount widening to 20.3%. Key drivers of the NAV movement in Q4 2023 were the impact of changes to Norway’s […]
As previously announced, Chrysalis (CHRY) continues to pursue legal action against Revolution Beauty Group based on misstatements and material omissions made by its management when CHRY originally invested in the company. In January 2024, following a letter of claim from CHRY, Revolution Beauty requested further time to formulate a response as the initial December deadline […]
QuotedData’s morning briefing 6 February 2024: Augmentum Fintech (AUGM) announced a £4 million investment into London based insurtech Artificial Labs. Augmentum has led Artificial’s £8 million Series A+ round, which also includes participation from existing investors MS&AD Ventures and FOMCAP IV, alongside other investors. Artificial is an established underwriting technology provider for the London Insurance […]
BlackRock Sustainable American Income Trust (BRSA) has released its financial year end results for the 12 month period ending 30 November 2023. Over the 12 months BRSA reported a NAV total return of -5.6%, and share price total return of -8.1%, both underperforming its reference index, the Russell 1000 Value Index, which returned -5.0%. The […]
BlackRock Throgmorton Trust (THRG) has released its annual results for the financial year ending 30 November 2023. Over the 12 month period THRG reported a NAV total return of -2.3% and share price total return of -0.8%. Both these represented an outperformance relative to THRG’s benchmark index, the Numis Smaller Companies plus AIM (excluding Investment […]
Hipgnosis Songs Fund (SONG) has provided an update on ongoing litigation between Hipgnosis Music Limited and Mr Mercuriadis, Hipgnosis Songs Management (SONG’s investment adviser, which is majority owned by funds managed and/or advised by Blackstone) and SONG. Hipgnosis Music Limited (of which Mr Mercuriadis was a director from 16 June 2015 and is still shown […]
In QuotedData’s morning briefing for 5 February 2024: CVC Income & Growth (CVCE) has announced an increase in its annual dividend targets, increased to 8.25p per ordinary sterling share and 7.25c per ordinary euro share. This means that CVCE’s quarterly dividends will be increased to 2.0625p per sterling share and 1.8125c per euro share. Schroders […]
In a statement issued today (2 February 2024) on Hipgnosis Songs Fund’s (SONG’s) website (click here to read), it has been announced that Merck Mercuriadis, founder of SONG’s the management company has stepped down from his role as its chief executive but will be staying on as the chair of the manager’s board. Ben Katovsky, […]
After an extended period of trading at wide discounts, private equity funds seem to be more responsive to the idea of using share buybacks to tackle the problem. Is it time to pick up these bargains before they disappear? HarbourVest launching distribution pool The latest to make a move on this is HarbourVest Private Equity […]
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: • Batteries – Gresham and Harmony (0:56) • Digital 9 Infrastructure (9:40) Andrew McHattie explained how it has been a better month for growth stocks […]
It has been five years since we launched the AVI Japan Opportunity Trust (AJOT). In Japan, five years is the blink of an eye, Japanese companies tend to think in decades or generations. However, a lot has happened in five years. It all started in 2012 with Shinzo Abe’s economic legacy, coined Abenomics. The first […]
Following a similar announcement from Gresham House Energy storage (GRID – click here to see our coverage of this from yesterday), Harmony Energy Income Trust (HEIT) has also issued a trading update ahead of the publication of its quarterly Net Asset Value update and audited annual results later this month. Like GRID, HEIT says that […]
Octopus Renewables Infrastructure Trust (ORIT) has acquired four newly-constructed solar farms located close to Dublin, Ireland for a total cost of €160m. The solar complex totals 199MW and was acquired from Statkraft Ireland Limited, which developed and constructed the projects under ORIT’s oversight. Following the acquisition, ORIT’s total capacity of operational renewable energy assets reaches […]
Vietnam Enterprise Investments Limited (VEIL) has announced that Mr. Tuan Anh Le (Tuan) has been appointed as the lead portfolio manager, stepping up from deputy manager, with effect from 1 February 2024. Tuan succeeds Mr. Dien Vu Huu (Dien) who is moving to a new role at Dragon Capital. Tuan joined Dragon Capital as a […]
In QuotedData’s morning briefing 2 February 2024: On 1 February 2024, Apax XI Fund announced that it had closed the acquisition of WGSN, a consumer trend forecaster, from Ascential Plc. Apax Global Alpha (AGA), which is a limited partner in Apax XI, says that it has invested approximately €21.5m in WGSN on a look-through basis […]
Henderson Opportunities Trust (HOT) has published its annual report. In a difficult backdrop for smaller companies, HOT says that it has been a very disappointing year for the company in both absolute and relative terms. HOT reported a NAV total return of -9.3% and a share price total return of -12.2%. Over the same period, […]
HarbourVest Global Private Equity Limited (HVPE) has launched a distribution pool to finance future share buybacks or return capital to shareholders by means of special dividends: The shareholder distribution policy will provide cash for shareholders to bolster their returns through the cycle The distribution pool will be funded from cash realisations, with 15% of […]
Aberforth Smaller Companies has published results for the year that ended on 31 December 2023. Its NAV return lagged that of its index benchmark (Deutsche Numis Smaller Companies ex Investment Companies), returning 8.2% to the index’s 10.1%. A small widening of the discount meant that shareholders got a return of 8.0%. The dividend was upped […]
Gresham House Energy Storage has published a trading update ahead of the publication of its results in April 2024. It says that it is still impacted by a weak revenue environment, due to a combination of: battery energy storage (BESS) still being significantly under-utilised in National Grid ESO’s Balancing Mechanism – its forum for trading […]
In QuotedData’s morning briefing 1 February 2024: CVC Income & Growth (CVCE / CVCG) is holding a tender offer in March. As part of this it is offering shareholders the chance to sell their shares on to third parties rather than wait for the tender. The broker Winterflood will try to sell the shares but […]
Location Sciences (LSAI) has announced the acquisition of Chrysalis (CHRY) portfolio company Sorted Holdings, for an aggregate nominal consideration of approximately £66.73 to be paid in cash at completion. The company is a SaaS business that supports retailers’ deliveries and collections which has received a significant amount of capital investment, in excess of £70m, to […]
abrdn Private Equity Opportunities Trust (APEO) announced its annual report for the period ended 30 September 2023. NAV total return for the year was 5.4% while share price total return was 11.5%, trailing the benchmark FTSE all-share index return of 13.8%. Commenting on the results, chair Alan Devine noted: “The past 12 months have been […]
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