Fidelity China board introduces discount target after year of poor performance – Fidelity China Special Situations has published results covering the year ended 31 March 2019. It wasn’t a great year for the trust, which saw an NAV total return of -5.3% as compared to a benchmark (MSCI China) return of 0.9%. The share price […]
In QuotedData’s other news 5 June 2019: RDI REIT has refinanced its London Serviced Office portfolio with a new GBP75.0 million financing facility provided by Aberdeen Standard Investments for a seven-year term. To be used to refinance two existing facilities maturing in December 2019 and August 2022 Value & Income NAV return for year ended 31 March […]
Workspace hikes dividend by 20% – Workspace Group has published results covering the year ended 31 March 2019. Over the year the EPRA NAV rose by 4.7% to 1086p and its adjusted diluted earnings per share rose to 40.6p from 36.8p. The dividend has been increased by 20% to 32.87p. Other highlights include: Net rental […]
Symphony International backs Soothe Healthcare – Symphony International Holdings Limited has invested in Soothe Healthcare Private Limited, a company that manufactures and distributes feminine hygiene products under the Paree and Pariz brand names predominantly in India. www.soothehealthcare.com/products/ Soothe was founded by Sahil Dharia in 2012 and operates within the fastest growing fast-moving consumer goods (“FMCG”) market […]
Gore Street fundraise backed by NTMA – Gore Street Energy Storage Fund has entered into agreements to acquire a controlling interest in a 160 MW portfolio of projects in Northern Ireland and the Republic of Ireland. To fund these and a further pipeline of deals, the company plans, by way of an institutional placing, offer for […]
John Laing team on the move – Environmental Assets little affected. The board of John Laing Environmental Assets Group has announced a change of investment adviser – from John Laing Capital Management (“JLCM”) to Foresight Group CI Limited, which is expected to be effective from 1 July 2019. Increased resources, same fees John Laing Group […]
Verona Pharma starts Phase II of MDI-delivered ensifentrine in COPD Verona Pharma, the dual AIM (VRP) and Nasdaq (VRNA)-listed biotech specialising in respiratory disease, has started a Phase II dose-ranging trial of a metered-dose inhaler (MDI) formulation of its lead product ensifentrine in moderate-to-severe chronic obstructive pulmonary disease (COPD). The trial is randomised, double-blind and […]
Promising early clinical data on Sareum’s SRA737 presented at ASCO Sierra Oncology, the licence holder for the Sareum (SAR)-originated SRA737, presented positive preliminary data from its two Phase I/II studies at the 2019 Annual Meeting of the American Society of Clinical Oncology (ASCO) conference over the weekend. The poster presentations cover preliminary clinical data from […]
Woodford EI suspension places WPCT in spotlight The suspension of dealing in Neil Woodford’s open-ended Equity Income Fund – in the face of a wave of redemptions by instututions – has had a knock on effect on the fund manager’s listed entity Woodford Patient Capital, despite the investment trust being ostensibly unaffected by the move. […]
In QuotedData’s other news 4 June 2019: Marble Point Loan Financing (MPLF) has reported first quarter results to 31 March 2019; NAV per ordinary share was $0.86 compared to $0.82 at 31 December 2018. The company invests in US loans directly and indirectly through investments in collateralised loan obligation (CLO) equity and debt securities. We earlier covered […]
Woodford: implications for Patient Capital Dealing has been suspended on LF Woodford Equity Income, the £3.7bn open-ended flagship fund managed by Neil Woodford. It seems likely that a substantial proportion of that fund will be redeemed and it may be closed. Woodfod Patient Capital holds many investments in common with the open ended fund. If […]
Renewables Infrastructure invests in German North Sea Wind – The Renewables Infrastructure Group has exchanged contracts to acquire a 25% indirect equity interest in Gode Wind 1, a 330MW offshore wind farm, located in the German North Sea. The project has established a strong track record since operations commenced in February 2017 and benefits from an attractive […]
Establishment Trust reports annuals as voluntary liquidation looms – On 12 April 2019, Establishment Trust’s (ET) board announced it intended to put forward proposals to put the company into voluntary liquidation. This followed the announcement on 20 November 2018 that the board would not be recommending shareholders vote in favour of continuation of the trust […]
NewRiver REIT sells foodstore for £17.9m – NewRiver REIT (NRR) has announced the sale of a 70,000 square foot Asda foodstore and petrol filling station to a private investor for £17.9m. Located at St Elli Shopping Centre, Llanelli (Wales), the sale represents a net initial yield of 6.9% and a 1% discount to its March […]
JPMorgan Indian benefitting as financials begin to turn corner – JPMorgan Indian delivered an NAV total return of 10.3% in the half-year period to March 31, 2019, slightly above the benchmark MSCI India’s 10% return. Indian equities performed well over the period despite relatively feeble earnings growth, which have been flat for some time now […]
Ceiba trading statement reflects Trump bluster – One of the many fights that Trump is picking with the rest of the world is with Cuba, where a gradual warming of relations under Obama has turned decisively frosty. As announced on 29 May 2019, Ceiba’s NAV at 31 March 2019 was US$1.5073 (31 December 2018 audited NAV: […]
The growth of fintech is having a profound impact across financial services with digital transformation set to accelerate the division between winners and losers. However, the discussion on the outlook for the sector is often framed as the rise of fintech and the demise of the incumbents. While complacent companies are certainly at risk of […]
Schroder AsiaPacific beats benchmark over first half – During the six-month period ended 31 March 2019, Schroder AsiaPacific (SDP) delivered a NAV total return of 2.2% compared to a total return of 1.9% for the benchmark; stock selection drove relative outperformance. Indonesia, the Philippines and Hong Kong Outperform Indonesia, the Philippines and Hong Kong were […]
Germany office space operator Sirius Real Estate has excellent year – Sirius Real Estate (SRE) is a leading operator of business parks providing conventional and flexible workspaces around Germany. The company has this morning reported annual results covering the period to 31 March 2019. Fourth successive year of double-digit shareholder returns Like-for-like annualised rent roll […]
In QuotedData’s other news 31 May 2019: Henderson European Focus delivered an NAV total return of -6.5% in the half-year period to 31 March 2019. The share price total return came in at -7.5% as European equities remained out of favour with investors. We note that Switzerland, Germany, Sweden and the Netherlands are the fund’s largest […]
Capital Gearing delivers 200x capital return since Peter Spiller took reins – Capital Gearing Trust’s (CGT) dual objectives are to preserve shareholders’ real wealth and generate an absolute total return over the the medium to longer term. Since 1982, when Peter Spiller, Capital Gearing Asset Management’s chief investment officer, assumed responsibility for CGT, it has been […]
In QuotedData’s other news 30 May 2019: Perpetual Income and Growth delivered an NAV total return of -0.8% over the year-ending 31 March 2019 (the benchmark All-share index’s total return for the year was +6.4%). The main source of underperformance relative to the benchmark came from the fund’s exposure to UK domestic stocks; companies that generate […]
Greencoat UK Wind raises £375m – Greencoat UK Wind (UKW), the £1.53bn market cap wind farm investor, has raised gross proceeds of £375m as part of its share issuance programme. 281,954,887 new ordinary shares will be issued, increasing total ordinary shares to 1,516,927,700. We note that as of 27 May 2019, UKW’s shares traded at […]
Hipgnosis buys Al Jackson Jr. catalogue – Following on from announcing it had bought a catalogue by Ari Levine two days ago (Hipgnosis buys catalogue from Ari Levine), Hipgnosis Songs Fund (SONG) has grown its stable further by buying the music catalogue of Al Jackson Jr., an American drummer, producer, and songwriter. SONG describes Al Jackson Jr. as […]
China trade exposure weighs down Aberdeen Japan – Aberdeen Japan Investment Trust (AJIT) has reported a 10.2% decline in total return NAV over the year to 31 March 2019; The Topix benchmark was down 1.8% over the same period. AJIT attributed the discrepancy to a greater weightage to stocks exposed to international trade, particularly China. […]
Genmab finally sets sights on Nasdaq Denmark’s Genmab, which has the distinction of being Europe’s largest biotech by market cap (DKK71.9bn/$10.7bn) and has filed with the US SEC to raise $500m through a US IPO of American depositary shares (ADS) on Nasdaq. The move is notable both for the proposed offering’s size as well as […]
In QuotedData’s other news 29 May 2019: TriplePoint Social Housing REIT has bought 12 supported housing properties, exchanged contracts on a further three supported living properties and acquired the land and entered into forward funding arrangements to develop another three supported housing schemes, comprising 178 units in total, for an aggregate commitment of approximately £39.5m. Harbourvest Private […]
Capital Gearing Trust 50% bigger than last year – the impressive track record and tight discount control mechanism have been helping to attract new investors to Capital Gearing Trust. Coupled with NAV returns well ahead of inflation and matching those provided by UK equities, the trust grew by 46% over the year to the 5 […]
BioPharma Credit makes new loan to BioDelivery Sciences – BioPharma Credit has entered into a senior secured term loan agreement for up to US$80 million with BioDelivery Sciences International, Inc. (Nasdaq: BDSI), a commercial-stage specialty pharmaceutical company with a current market capitalisation of approximately US$400 million. In addition, BioPharma Credit bought 5,000,000 BDSI shares at […]
Shires Income benefits from narrower discount – Over the year to the end of March 2019, Shires Income returned 4.0% in NAV terms and 8.0% in share price terms, as the shares moved from trading at a discount to a small premium. The All-Share Index returned 6.4%. The trust’s equity portfolio did beat the benchmark, […]
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