Where has my income gone? is a question many investors are asking as UK dividends are cut but at least investment trusts have revenue reserves to draw on. It looks as though we are about to lose another Dividend Hero as Temple Bar says it will cut its dividend by around 25% (to 38.5p from […]

Buffettology Smaller Companies Investment Trust PLC has announced its intention to launch an initial public offering and float its shares on the premium segment of the Main Market of the London Stock Exchange. Buffettology is seeking to raise a minimum of £100 million via an initial placing, an offer for subscription and an intermediaries offer […]

Hipgnosis Songs Fund has announced the results of its equity raise in which it successfully raised total gross proceeds of £190 million in 72 hours. The equity was raised at 116p per share. Gross proceeds from the placing were approximately £186.4 million and gross proceeds from the PrimaryBid Offer were £3.6 million. The 163,793,103 Ordinary […]

Shaftesbury, the REIT that owns a 16-acre property portfolio in the heart of London’s West End, has collected just 41% of rent in the six months to 30 September 2020. The group, which owns properties in Carnaby Street, Soho, Chinatown and Covent Garden, also said vacancy across its portfolio had jumped from 4.8% at the […]

JPMorgan Global Core Real Assets (JARA) has announced two capital calls that, inclusive of the capital it has raised post-IPO, takes it to approximately 74% invested. For the two new calls, $75,694,563 of the Company’s committed capital has been called, with a funding date no later than 1st October 2020. This capital is being called by […]

JPMorgan Global Growth & Income (JGGI) has announced its annual results for the year ended 30 June 2020, during which stock selection drove the company’s outperformance of its benchmark. During the year, JGGI provided an NAV total return of +6.0%, outperforming its benchmark, the MSCI AC World Index expressed in sterling terms, which returned +5.2%. […]

KKV Secured Loan Fund Limited (KKVL –formerly SQN Asset Finance Income Fund Limited) has announced the board’s intention to put forward proposals for a managed wind-down of the Company, both the Ordinary Share class and the C Share class. Background to the wind-down proposals At an Extraordinary General Meeting on 16 July 2020, shareholders voted […]

U and I Group has announced that a positive planning decision has been made in favour of its Kingstanding trading scheme on the outskirts of Tunbridge Wells in Kent. U and I says that all planning matters have been addressed by the planning committee and the scheme is only subject to the resolution of Highways […]

Aim-listed Circle Property has announced its annual results for the year ended 31 March 2020, during which its Chief Exec, John Arnold, has described the company as delivering “a very resilient performance”. The Company has provided the following key highlights from its results: Financial Highlights: Resilient Performance Further 3% growth in Net Asset Value (“NAV”) […]

In QuotedData’s morning briefing 25 September 2020: Menhaden has published its interim results for the six months ended 30 June 2020. During the first half of the year, Menhaden’s NAV per share fell 4.3% on a total return basis (2019: rose 13.0%), while the market value of the Company’s shares decreased by 13.0% (2019: increased […]

Flat year for Tufton Oceanic – over the year ended 30 June 2020, Tufton Oceanic Assets generated an NAV return of -0.7%. Within that, the company declared dividends of 7 cents and saw its NAV fall from $1.005 to $0.931. The target for this year’s dividend remains at 7 cents (quarterly payments of 1.75 cents). […]

UK Commercial Property REIT (UKCM) has reported a 6.6% fall in net asset value for the six months to the end of June 2020. The company’s NAV has been hit by a drop in the value of its property portfolio during the COVID-19 pandemic, which fell 11.6% to £1.22bn in the period. NAV per share […]

European Opportunities talks about Wirecard – European Opportunities Trust has published results for the year ended 31 May 2020. The trust beat its benchmark, returning 0.1% against -1.9% for the MSCI Europe. However, a widening of the discount left shareholders with a return of -6.9%. In many ways though, all the ‘excitement’ happened after the year […]

In QuotedData’s morning briefing 24 September 2020 Good progress with the construction of Gore Street Energy Storage’s Irish assets has helped deliver a 1.6p increase in the fund’s NAV over the second quarter of 2020 to 96.2p. An interim dividend of 2p has been declared, making 7p in total for the year ending 31 March 2020. […]

Home REIT prospectus published Home REIT’s prospectus has been published and, if you were waiting to read it having read our IPO note, here it is – click here The timetable is fairly short. Applications under the intermediaries offer close at 5pm on 6 October. For the offer for subscription it is 11am on 7 […]

Over Murray Income’s (MUT) financial year-ending 30 June 2020, it delivered total NAV and share returns of (5.3%) and (5.8%). Both were ahead of the FTSE all-share index total return of (13%). We have included a section on performance attribution below, which details where value was added and lost, over the year. MUT’s total dividends […]

Following on from the announcement by Temple Bar (TMPL), on 2 September, that it had delayed the release of its interim results due to an ongoing review of its investment management arrangements, the fund has entered into a heads of terms agreement with RWC Asset Management (RWC). The portfolio will be managed by the long-term partnership […]

In QuotedData’s morning briefing 23 September 2020 – Hg, the Manager of HgCapital Trust (HGT) announced the sale of A-Plan Group, one of the UK’s largest specialist insurance intermediaries, to Howden. The deal is subject to regulatory approval. This transaction values HGT’s current investment in APG at £21.5m. This would represent an uplift of £3.2m (18%) over […]

Town Centre Securities (TOWN) has posted a 17.4% fall in net asset value (NAV) in full year results to the end of June 2020. The company, which owns property in Leeds, Manchester and London, saw its NAV fall from 354p to 292p per share, primarily as a result of a revaluation of its portfolio, which […]

Standard Life Investments Property Income Trust has reported half-year results that show an 11.5% fall in net asset value (NAV). The company’s NAV per share fell to 79.6p on 30 June 2020 (Dec 2019: 89.9p) due to an 9.9% drop in the value of its property portfolio to £447.3m. NAV total return in the six months […]

Tritax Big Box REIT (BBOX) has sold three assets for £77m. The group said the three assets had reached their full value following the completion of asset management initiatives that delivered rental growth and a lease extension. The assets comprise Baker Business Park in Ripon, Langley Mill, in Nottingham and Warth Park in Raunds. All […]

In QuotedData’s morning briefing 22 September 2020; Ground Rents Income Fund says that it notes the announcement published on 4 September 2020 by the Competition and Markets Authority (“CMA”), detailing its enforcement action against four leading housing developers as part of its ongoing investigation in relation to the sale of leasehold homes. The CMA have also […]

Stenprop has acquired two multi-let industrial (MLI) properties for £11.1m, reflecting a blended net initial yield of 6.5%. The two estates, in Glasgow and Stoke-on-Trent, comprise 18 units and brings Stenprop’s MLI portfolio to over 5m sq ft and 61% of its overall portfolio. The Excelsior Industrial Estate on the south west side of Glasgow […]

Apax Global Alpha sells Neuraxpharm – The Apax VIII Fund, which Apax Global Alpha is invested in as a limited partner, has agreed to sell its stake in Neuraxpharm, a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorders, to funds advised by Permira. The transaction is expected to close in […]

Real Estate Investors (RLE), the Midlands-focused REIT, has reported a 4.6% drop in net asset value (NAV) in half-year results. The company’s EPRA NAV fell from 67.4p per share at the end of 2019 to 64.3p at 30 June 2020. The fall was mainly driven by a 3% drop in its portfolio valuation, from £228.9m […]

Town Centre Securities, the regional property investor and car park operator, has sold four retail properties in Scotland and London for £35.2m. It has sold two Waitrose stores in Milngavie and Glasgow; an Aldi/Home Bargains store in Milngavie; and a high street retail store in Chiswick, London. The details of the sales are as follows: […]

Baillie Gifford’s Schiehallion Fund (MNTN) has released interim results covering the six months to 31 July 2020. Over the period, NAV per share increased by 4.3% while the shares delivered a return of 8.2%. Manager’s report from Baillie Gifford – ‘62% of the capital raised had been invested by the end of July’ “The global spread […]

Hipgnosis Song (SONG) has announced plans to raise up to £250m through an ordinary share placing, at a price of 116p. We note that on 9 September SONG announced that it had invested approximately 82% of the net proceeds from its July C share issue. Since then, SONG acquired several more catalogues including Chrissie Hynde, Rick James […]

In QuotedData’s morning briefing 21 September 2020 – Crystal Amber (CRS) reported annual results to 30 June 2020. The UK smaller companies fund’s NAV fell by (55.4%) in total return terms. It was a better second half of the year, with CRS’ NAV increasing by 11.2% over the year-to-date to 30 June 2020. The main […]