Biotech Growth extends run of poor performance – On Friday, Biotech Growth Trust published results for the year ended 31 March 2019. Its net asset value per share rose by 5.3% and the share price by 4.6%, reflecting a slight widening in the discount. The benchmark (Nasdaq Biotechnology Index) returned 13.0%. Biotech Growth Trust has now […]
In QuotedData’s other news 28 May 2019: A new fund – Riverstone Credit Opportunities : RCOI – starts trading today, having raised $100m from professional investors to lend money to energy (mainly oil and gas) companies CQS New City High Yield announced that an administrative error had led to it overstating its NAV between 25 April […]
Tritax gets planning for Kettering logistics park – Tritax Big Box REIT says that outline planning consent has been obtained for up to 2.31 million sq ft of logistics space at Symmetry Park, Kettering. This represents the second new development from the db Symmetry strategic land portfolio acquired by Big Box in February this year. The […]
Hipgnosis buys catalogue from Ari Levine – Hipgnosis Songs Fund Limited has acquired a music catalogue from Ari Levine, a multi-Grammy nominated songwriter and producer, best known for his work as a member of the three-piece writing and producing group The Smeezingtons (whose members also include Bruno Mars and Philip Lawrence). Ari Levine has achieved 99 […]
General Commentary from Peter Spiller – Latest quarterly update The long experiment of persistently stimulative monetary policy conducted by the Federal Reserve looked last Autumn as though it might be ending. The dot plots suggested that short rates would rise four times while inflation forecasts were constrained. However, in December Chairman Powell capitulated as even […]
India Capital Growth (IGC) has announced that, with effect from 1 July 2019, its annual management fee will be charged at a rate of 1.25%. This is a reduction from the current rate of 1.50%. Reflecting this, the company says that its annualised ongoing charges ratio is forecast to fall to around 1.6% ,based upon […]
Secure Property Development & Investment (SPDI) has provided an updates on the sale of its non-Greek assets to Arcona Property Fund N.V. Witan Investment Trust has announced that shareholders approved its proposed five-for-one share split at the company’s Annual General Meeting on 1 May 2019. The split will take effect from 28 May 2019. BMO […]
Tritax EuroBox has announced that it has completed the fundraising that it announced on 21 May 2019, raising €135m of gross proceeds in a placing to both existing and new shareholders. The proceeds are to be used to fund both the companies investment pipeline and asset management initiatives within the existing portfolio. Placing was not […]
Odyssean Investment Trust (OIT) has announced its first set of annual results. These cover the period between 21 December 2017 (OIT’s date of Incorporation) to 31 March 2019. The reults include the following key highlights: Successful launch and IPO in May 2018, raising gross proceeds of £87.5m from a high-quality list of shareholders. Portfolio Manager […]
BMO UK High Income revamp yet to pay dividends – BMO UK High Income has released results covering the year to the end of March 2019. The NAV total return for the ordinary shares and the B shares was 3.5% compared to the total return of the benchmark of 6.0%. The share price total return for […]
GCP Infrastructure Investments discusses social housing in results announcement – GCP Infrastructure Investments (GCP) has reported half-yearly results for the period ended 31 March 2019. Key numbers from the period include: Shareholder total return for the period of 4.5% (31 March 2018: -3.8%). Profit for the period of £33.6m (31 March 2018: £39.5m). Loans advanced totalling […]
LondonMetric bids for A&J Mucklow – The boards of directors of LondonMetric and Mucklow have reached agreement on the terms of a recommended offer. LondonMetric will acquire the entire issued and to be issued ordinary share capital of Mucklow by means of a scheme of arrangement under Part 26 of the Companies Act. For each Mucklow […]
Ecofin Global Utilities and Infrastructure interims show an 8.5% return on NAV for the six months ended 31 March 2019. Dividends of 3.23p were declared and the discount has narrowed so that, on 20 May 2019, it stood at 11.3% (still wider than it would like). Hg Capital‘s share split – ten shares in exchange […]
Hadrian’s Wall provides against biomass loans – Biomass Premium Fuels Limited (“BPFL”) and Biomass Optimum Fuels Limited (“BOFL”) acquired the assets of Arensis Energy Ltd, Entrade Energy Ltd and Arensis Energy One Ltd out of administration on 21 December 2018. Hadrian’s Wall Secured Investments financed these acquisitions and provided additional money for working capital and capex. […]
NewRiver REIT results reflect retail downturn – NewRiver REIT has published results for the year ended 31 March 2019. Highlights: EPRA NAV per share fell to 261 pence (March 2018: 292 pence), impacted by portfolio valuation decline of -6.4% EPRA earnings per share fell to 16.6p from 18.6p. Ordinary dividend per share increased by 3% to […]
Amgen takeover of Nuevolution provides rare valuation for preclin immune/inflam assets US giant Amgen has announced an agreed takeover offer of SEK1.6bn (c$167m) for Nuevolution, a Swedish biotech, in a move which puts a monetary value of a small number of orally available preclincal assets, mostly in the immune/inflamamtory space. This area has seen relatively few […]
EPE Special Opportunities expressed its sadness at the death of its chairman, Geoffrey Vero. Tiny Energiser, which sold its revenue generating investments in its previous accounting year, made a significant provision against its investment in KCR (writing down the holding by £390,000 to £1,315,000). This cut its NAV from 1.47p to 1.03p. We also have […]
Picton Property Income wants to be larger – Picton Property Income has released results for the year ended 31 March 2019. Highlights are: Increase in net assets of 2.5%, to GBP499 million, or 93p per share Total return of 6.5% Increased EPRA earnings to GBP22.9 million, or 4.3p per share Paid dividends of GBP18.9 million, or […]
Developments beneficial for Great Portland – Great Portland Estates has announced results for the year ended 31 March 2019. Highlights are: EPRA NAV per share of 853 pence, up 1.0% over twelve months; net assets of GBP2,309.7 million EPRA earnings of GBP53.7 million, down 19.2% on 2018 following GBP348.9 million of asset sale EPRA EPS […]
Manager change at Fundsmith Emerging Equity – Michael O’Brien and Sandip Patodia have been promoted by Fundsmith LLP, following consultation with the board, to the roles of FEET’s portfolio manager (replacing Terry Smith) and assistant portfolio manager, respectively, with effect from 31 May 2019. Michael and Sandip joined Fundsmith ahead of the launch of FEET in […]
HICL reduces Carillion provision – HICL Infrastructure has published its results for the year ended 31 March 2019. Its NAV rose by 5% to 157.5p and the total return on NAV (including dividends) was 10.8%. The dividend for this period was 8.05p, in line with previous guidance. HICL’s board has re-affirmed its 8.25p target for the next […]
JPMorgan Multi-Asset delivers 5.1% NAV return in inaugural year – JPMorgan Multi-Asset (MATE) has reported its first set of annual results following its launch in March 2018. MATE replaced JPMorgan Income & Capital following the latter’s wind-up. Over the year to 28th February 2019, MATE’s underlying portfolio performed much better than the shares. Total return […]
Westmoreland failings do not affect Civitas or TriplePoint – On 20 May 2019 the Regulator for Social Housing issued a judgement on Westmoreland Supported Housing (a Registered Provider that features in both Civitas Social Housing and Triple Point Social Housing’s portfolios). The judgement relates to a number of properties that Westmoreland is responsible for but […]
Hipgnosis buys catalogue from Jamie Scott – Hipgnosis Songs Fund has acquired a music catalogue from Jamie Scott, a British song writer and record producer responsible for 84 Number 1, 188 Top 5 and 247 Top 10 Chart positions globally. Jamie Scott has co-written multiple platinum certified singles including the four times platinum certified ‘Cold Water‘ […]
Warehouse REIT (WHR) had a strong year to 31 March 2019. In it’s preliminary results announcement this morning, the company reported a 7,4% increase in EPRA NAV per share. The portfolio performed well as tenant demand remained strong despite current political and economic uncertainties, while supply of space remained constrained, with capital values generally below replacement […]
North Atlantic Smaller Companies reports NAV growth in tough environment – North Atlantic Smaller Companies (NAS) has reported preliminary results for the year-ended 31 January 2019 with the diluted NAV per share increasing 6.8% year-on-year to 3,708p, compared to an increase of 3.7% during the year in the Standard & Poor’s 500 Composite Index (Sterling […]
John Laing Environmental Assets Group (JLEN) has announced the appointment of Hans Joern Rieks as a non-executive director of the company, commencing 13 June 2019. LXi REIT (LXI), the specialist inflation-protected very long income REIT, has reported annual results for the year ended 31 March 2019. LXI’s leases are typically 20 to 30 years to expiry […]
GCP Infrastructure (GCP) predominantly invests in UK infrastructure debt. The company has this morning announced that it has entered into a conditional commitment to subscribe for two new loan worth around £64m. If issued, the loan notes will be used to finance an investment in the subordinated debt and shareholder interests of an operational onshore […]
PRS REIT raises £200m debt finance – Sigma, the private rental sector, residential development and urban regeneration focused company, has announced that its wholly-owned subsidiary, Sigma PRS Management Limited, has secured a further £200m of debt facilities on behalf of PRS REIT (PRS) in its role as manager to the investment trust. We note that […]
Residential Secure Income reports interims after busy period of portfolio building – Residential Secure Income (RESI), the affordable shared ownership, retirement and local authority housing investor, has announced its interim results covering the six months to 31 March 2019. The portfolio benefits from 96% of rental income being subject to contractual inflation-linked rental uplifts. Financial […]
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