UK Mortgages Limited (UKML) has announced proposals to change its articles, investment policy and share buyback policy, with the aim of improving the returns generated by the Portfolio and the Company’s cash position, without at the same time increasing the credit risk of the underlying securitisations. Background to the proposals UKML says that the investment […]
3i Infrastructure plc (3IN) has announced that it has agreed to invest approximately €220m to acquire up to 100% of Ionisos, which it describes as a leading owner and operator of cold sterilisation facilities servicing the medical, pharmaceutical and cosmetics industries. The seller is Ardian Expansion and the transaction is expected to complete in September. […]
Catco Reinsurance Opportunities (CAT) has announced proposals to return cash to shareholders. This follows the publication of a press release by its investment manager, Markel CATCo Investment Management Ltd., saying that it: will stop accepting new investments in Markel CATCo Reinsurance Fund Ltd. (MCRF) will not write any new business going forward through Markel CATCo […]
JPMorgan launching Global Core Real Assets fund – A prospectus has been published this morning in connection with the launch of a new investment trust – JPMorgan Global Core Real Assets – if that means very little to you – they say the fund will invest in the likes of: Infrastructure: long-term, core infrastructure assets […]
Witan borrows for 32 years – Witan Investment Trust has agreed to issue a £50m fixed rate 32 year secured private placement note at a coupon of 2.39%. The announcement says that the purpose of this transaction is to obtain fixed rate long dated sterling denominated financing at a pricing level that it considers attractive. Witan […]
BMS claims still on track to close Celgene deal by early 2020 – Bristol-Myers Squibb (BMS) has confirmed that it remains on track to close its proposed $74bn acquisition of the US biotech giant Celgene by the end 2019 or in early 2020, even though this is now dependent on securing a separate deal to […]
Trust favourite Sage to test ‘217 in treatment resistant depression – US biotech Sage Therapeutics announced plans to advance its lead development candidate, SAGE-217 (zuranolone) into a Phase III trial for treatment-resistant depression (TRD). The drug is already in Phase III for major depressive disorder (MDD) and has completed – successfully – a Phase III […]
In QuotedData’s other news 25 July 2019: FastForward Innovations (FFWD), which typically invests in companies that it perceives as having significant intellectual property rights, has agreed to an extension (to 31 July 2019) of the terms of its simple agreement for future equity (SAFE) with Factom, an Austria-based blockchain technology company. FFWD describes Factom as specialising […]
Capital & Counties pulls trigger on Covent Garden demerger – Capital & Counties has today announced its intention to launch its Covent Garden holdings as a central London focused REIT. Under the proposals Capco will create two central London estates, Covent Garden London and EC Properties, which will be made up of its Earls Court estate. […]
Primary Health Properties delivers 22.7% total shareholder return – Primary Health Properties has posted its first set of results following its merger with MedicX earlier this year, delivering a 22.7% total shareholder return in the first six months of the year. The company said it had delivered the operating synergies of £4m a year that it […]
Alliance Trust beats benchmark in first results since completing transformation – Alliance Trust (ATST) has published half-year results to 30 June 2019. Over the period, the company completed the process of simplifying itself following the disposal of Alliance Trust Savings; 99.5% of the portfolio is now allocated to global equities. Chairman’s take ATST’s chairman, Lord […]
SEGRO posts impressive 19% hike in profits – SEGRO, the UK’s biggest REIT, has posted a 19% jump in profits and 3.5% growth in its UK and European industrial portfolio in half-year results. The company reported adjusted pre-tax profit of £131.8m in the six months to 30 June (H1 2018: £110.6m) reflecting record development completions in […]
In QuotedData’s other news 24 July 2019: SME Credit Realisation Fund (SCRF) reported annual results to 31 March 2019, with NAV down 0.78%. The company provides exposure to credit assets in the following ways: 1.) directly through a platform operated by Funding Circle and indirectly, in each case as detailed in the company’s original investment policy. SCRF […]
Oakley Capital invests £53m and receives £57m over H1 – The private equity sector company, Oakley Capital (OCI), has provided some high-level figures from its first half results to June 30 2019. OCI estimated its NAV at June-end to be in the range of £644m – £651m, which would equate to an NAV per share […]
Law Debenture Corporation discusses sector move in solid H1 showing – The £700m market cap trust, Law Debenture Corporation (LWDB), has reported half-year results covering the period to 30 June 2019. The NAV total return for the period was 10.3%, while the shares returned 12.1%. For those not familiar with its structure, LWDB is a […]
RM Secured Direct Lending exploring capital raise – The direct lending sector company, RM Secured Direct Lending (RMDL), is exploring options to raise funds through a potential issue of new ordinary shares at a premium to NAV. RMDL wants to raise capital to go after what it sees as a strong pipeline of opportunities. The company […]
Acadia falls on negative trial result in schizophrenia – US biotech Acadia Pharmaceuticals (Nasdaq: ACAD) saw its stock fall by 15% today on the back of a negative top-line result from its 396-patient “Enhance” Phase III study of Nuplazid (pimavanserin) in treatment resistant schizophrenia. The company, which is a mid-size holding of the UK’s International Biotechnology […]
Oliver Gardey takes on ICG Enterprise – ICG Enterprise Trust says that its manager, ICG, has appointed Oliver Gardey to lead the investment team. Oliver will join in autumn 2019 and succeed Emma Osborne who, as previously announced, will move to a senior adviser role within ICG at the end of this year. In her new role, […]
Blue Planet halves dividend after asset allocation error – Blue Planet has reported a second successive year of capital losses and underperformance of its benchmark. Over the year to the end of April 2019, its NAV total return was -3.2% (-4.4% in 2018) against a return of 3.2% (8.5% in 2018) for the benchmark (“an index […]
Secure Income REIT sells hospital portfolio for £347m – Secure Income REIT has sold a portfolio of eight private hospitals for £347m. The sale of the Ramsay Health Care-let assets to US specialist healthcare REIT Medical Properties Trust will reduce Secure Income REIT’s LTV to 33.5%. The deal will increase EPRA NAV per share by an estimated […]
Unite posts strong earnings and dividend growth – Student accommodation specialist Unite Group, which is in the middle of a £1.4bn acquisition of Liberty Living, posted earnings growth of 16% in its half-year report, boosting its dividend by 8%. EPRA earnings rose to £61.2m in the first half of 2019, compared to £52.9m in H1 2018. […]
Ruffer reports a loss – Ruffer Investment Company has published unaudited results for the year ended 30 June 2019. For a company which is dedicated to preserving investors’ capital, the results were a disappointment. The total return on the NAV was -0.9% but a widening discount meant that the return to shareholders was -5.7%.The dividend […]
In QuotedData’s other news 23 July 2019: Yesterday’s mystery about who bought Woodford’s stake in Crystal Amber has been cleared up. Discount-driven investor, 1607 Capital Partners, announced that they now have a 10.34% stake in the company. The trades were done at 190p, a 23.7% discount to NAV and 3p below the market bid price at […]
Schroder REIT updates on performance – Schroder Real Estate Investment Trust has reported a marginal drop in NAV in the quarter to 30 June 2019. The unaudited NAV was £355.7m or 68.6 pence per share (pps), a decrease of 0.15% per share compared with the NAV at the end of March. It did, however, report a […]
Woodford Patient Capital reportedly puts £10m into Atom Bank Atom Bank has announced this morning that it has raised £50m from a group of investors including Woodford Patient Capital. One website is saying that WPCT’s share was £10m. From Atom’s news page: “Atom bank, the UK’s first bank built exclusively for mobile and the UK’s […]
Yew Grove REIT buys three industrial properties – Yew Grove REIT has exchanged contracts on a portfolio of three industrial buildings at the IDA Business and Technology Park, Garrycastle, Athlone. The purchase price was EUR13 million, which represents a net initial yield of 7.6 per cent. after accounting for purchase costs, and a potential reversionary yield […]
In QuotedData’s other news 22 July 2019: LXI REIT has agreed a new £100m revolving credit facility, provided by Lloyds Bank plc at 1.55% per annum over LIBOR. This complements the company’s existing 10-year, 12-year and 15-year term loan facilities with Scottish Widows. The new facility has an initial term of three years, which may be extended by […]
Target Healthcare REIT sells two care homes – Target Healthcare has completed the sale of two care homes in Surrey and Essex, the price has not been disclosed. The company received offers for the homes at a combined price greater than 5% above the 31 March 2019 book value. These disposals represent less than 3% of the […]
Primary Healthcare buys Meath health centre – Primary Health Properties has completed the acquisition of The Meath Primary Healthcare Centre, Dublin 8, a standing let primary care centre in the Republic of Ireland. The company announced it was planning to make this acquisition in March. Primary Health Properties ICAV, an Irish investment vehicle wholly owned by […]
Artemis Alpha has suffered a double whammy. It has announced its annual results for the year ended 30 April 2019 and it says that, over the year, its net asset value and share price declined by 8.6% and 8.9% respectively on a total return basis, while its All-Share Index benchmark increased by 2.6% over the […]
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