The big news of the week in the investment companies sector is probably Troy Asset Management securing the management contract for Securities Trust of Scotland from Martin Currie. Securities Trust is a £200m global equity income fund. Troy already has a UK equity income trust and Personal Assets, a global absolute return trust, both of […]
In QuotedData’s weekly news show 18 September 2020 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: Securities Trust of Scotland changing its manager Premier Global Infrastructure changing its investment approach JPMorgan Brazil losing its continuation vote Gabelli […]
Real estate landlords must be thinking ‘when are we going to catch a break?’ Or more to the point ‘when is the government going to give us a break?’ This week, in all his wisdom, communities secretary Robert Jenrick announced an extension to the ban on evicting commercial tenants until the end of the year. […]
City of London (CTY) has announced its annual results for the year ended 30 June 2020, during which it lagged its benchmark, but stock selection was positive. During the year, CTY’s total return was -14.6%, which the trust says was behind its benchmark, the FTSE All-Share Index, which returned -13.0%. CTY’s share price return was […]
North American Income Trust (NAIT) has announced its interim results for the six-months ended 31 July 2020, which shows that it has successfully navigated challenging markets. During the period, NAIT’s NAV per share declined by 11.7% on a total return basis in sterling term, which the trust says marginally underperformed the -10.7% return in sterling […]
U and I Group (U+I), has announced that Yoo Capital Investment Management has acquired a majority ownership interest in Shepherd’s Bush Market for its Yoo Capital Fund II, L.P., forming a joint venture partnership with U+I. About Yoo Capital Investment Management Yoo Capital is a privately held real estate investment firm, with over £2 billion […]
Macau Property Opportunities (MPO) has provided an update on its progress with its loan refinancing and portfolio divestment. To summarise, on the loan side, MPO has entered into a HK$540 million (US$69.7 million) five-year loan facility with Hang Seng Bank, while on the divestment side, MPO has entered into a provisional sale and purchase agreement […]
JLEN Environmental Assets (JLEN) has announced that it has acquired Northern Hydropower Holdings Limited (NHHL) for a total consideration, including working capital, of £4.74m. NHHL owns 100% of the equity in Northern Hydropower Limited, which in turn holds the rights to two operational hydro projects, which includes a co-located operational battery storage system at one […]
Grit Real Estate Income (GRIT) has announced that it has entered into a binding agreement with Gateway Real Estate Africa Ltd (GREA) for Grit to dispose of a 39.50% interest in Delta International Bahrain SPC (DIB), the beneficial owner of AnfaPlace Mall (Anfa) for a total of US$25,488,440. Anfa forms part of a mixed-use complex […]
In QuotedData’s morning briefing 18 September 2020: We have details of the GRIT Real Estate Income’s disposal of its stake in Anfaplace Mall, JLEN Environmental Assets acquisition of two hydro assets (one with a co-located battery storage asset), Macau Property Opportunities progress with its loan refinancing and its divestment of its remaining individual unit at One […]
Aquila European Renewables looking for cash – Aquila European Renewables Income Fund has published a prospectus in support of an initial placing and offer for subscription and a subsequent placing programme. The company is also convening a meeting to ask shareholders’ permission to issue new shares on a non pre-emptive basis. The initial target is a fundraising […]
JPMorgan Brazil loses continuation vote – last single country fund in Latin America will liquidate At JPMorgan Brazil’s AGM, which was held today, all of the resolutions put to the shareholders were passed except Resolution No. 10 relating to the continuation vote. The board has recommended that shareholders vote against continuation so perhaps this wasn’t a […]
JPMorgan Mid Cap has recovered its underperformance relative to its benchmark since 30 June – JPMorgan Mid Cap has published results covering the year ended 30 June 2020. The NAV total return was -14.0% and the share price total return was -15.0%. For the same period the return from the benchmark, the 250 (excluding investment trusts) […]
Oakley sells Casa.it – Oakley Capital has sold its stake in Casa.it. The trust’s share of the proceeds from this transaction, which is at a 50% premium to the 30 June 2020 carrying value, will be approximately £34m, an uplift of 7p to the NAV at 30 June 2020. Casa is one of the leading players […]
Regional REIT reported a 10.2% fall in net tangible assets (NTA) in the six months to June 2020. The company, which owns a portfolio of office and industrial properties in UK regional markets, saw the valuation of its portfolio fall 4.3% in the period due to Covid-19 uncertainty. It has collected 94.1% of rents in […]
In QuotedData’s morning briefing 17 September 2020 LXI REIT says that “following robust rent collection for the quarter ending September 2020“, it is increasing its quarterly dividend guidance by 4% to 1.35p per share (from 1.30p per share). Supermarket Income REIT is looking for more money. The aim is to issue £150m worth of shares at […]
GCP Student results show modest COVID hit – GCP Student Living has announced results for the financial year ended 30 June 2020. Highlights are: EPRA NAV per share of 171.78p at 30 June 2020. Total shareholder return of -20.6% for the period. Annualised total shareholder return since IPO of 7.4%, compared to the company’s target return of 8-10%. […]
JZ writedown breaches loan covenant – JZ Capital expects to write off another $80m to $100m from the valuation of its property portfolio. A new revaluation takes into account the effect of COVID on the fund’s properties. “As a consequence of the aforementioned write downs, the Company currently expects that it will require a waiver under […]
Troy wins Securities Trust mandate – The board of Securities Trust of Scotland says that, after an extensive review of its investment management arrangements, it has entered into agreements to appoint Troy Asset Management Limited as its new investment manager and PATAC Limited as its alternative investment fund manager (“AIFM”), company secretary and administrator. The […]
Tellworth British Recovery and Growth publishes prospectus you can access this here We have also published an IPO note on this new launch. We have a new arrangement with PrimaryBid Limited whereby Marten & Co may profit from applications for the Tellworth IPO that are made through that business. PrimaryBid is one of the intermediaries […]
Gabelli Value liquidation blocked – [in what we think is one of the more outrageous moves that we have seen in the investment company sector for some while], Associated Capital Group, whose chairman is Mario J Gabelli, has blocked the liquidation of Gabelli Value Plus+ Trust. In July this year, shareholders voted overwhelmingly against the […]
Baker Steel Resources (BSRT)’s NAV rose by 4.5% over the six-month interim period to 30 June 2020. Mining shares recovered strongly following the March collapse, with the EMIX Global Mining Index rising 5.8% in sterling terms over the half-year period. ‘Mining shares rebounded strongly in reaction to the inflationary risk of global stimulus’ BSRT’s chairman, Howard Myles, […]
BioPharma Credit (BPCR) has published interim results to 30 June 2020. The company says it is London’s only specialist debt investor to the life sciences industry. It seeks to achieve returns primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products. NAV per share decreased […]
Premier Global Infrastructure posts circular setting out plans to amend investment policy and name – Premier Global Infrastructure (PGIT) is to seek approval from shareholders to amend its investment policy and, if the company’s new investment policy is to be adopted, to change its name to Premier Miton Global Renewables Trust. In the announcement today, […]
US Solar (USF) announced interim results to 30 June 2020, with its NAV at the period-end coming in at $192.9m – a 0.8% decrease from 31 December 2019. USF, which launched in April 2019, said that as at the period-end, more than 60% (now almost 70%) of its projects were operating and the remaining projects in […]
In QuotedData’s morning briefing 16 September 2020: UK equity income sector company, Law Debenture Corporation (LWDB), said it remained committed to at least maintaining 2019 full-year dividend level of 26p. LWDB is a unique combination of an equity portfolio and independent professional services business. LWDB said today that “we approached 2020 with a professional services business […]
In QuotedData’s morning briefing 15 September 2020: McKay Securities has let the whole of 135 Theale Logistics Park, its 134,430 sq ft speculative warehouse development at Junction 12 of the M4 near Reading, to a logistics operator. The new tenant has agreed to a 10-year FRI lease term at a rent which is 2.0% ahead of […]
Syncona makes two new investments – Resolution Therapeutics and Neogene Therapeutics Resolution Therapeutics Following a collaboration agreement with the University of Edinburgh in 2018, Resolution has been founded by Syncona as a cell therapy company investigating the use of macrophages for the treatment of patients with end stage liver disease. In pre-clinical studies, macrophages have been […]
Schroder REIT has secured 13 new lettings or renewals across its portfolio. The group, which announced a share buyback programme last week, said the activity increased contracted rental income by £210,000 a year. The activity included: A new lease for a three year term to the Secretary of State for Housing, Communities and Local Government at […]
Direct lending sector company, Honeycomb (HONY), delivered an 8.2% annualised NAV return for the first six months of the year (30 June 2019: 7.5%). The portfolio has displayed solidity over the pandemic to-date, with the underlying returns increasing in Q2 2020. The manager notes that the portfolio has seen the majority of underlying customer loans […]
