The boards of Custodian Property Income REIT (CREI) and abrdn Property Income Trust (API) have agreed to a merger of the two companies. CREI will acquire the entire issued and to be issued share capital of API, with each API share receiving 0.78 new CREI shares The exchange ratio is based on the unaudited EPRA Net […]
In QuotedData’s morning briefing 19 January 2024: Octopus Renewables Infrastructure Trust (ORIT) has announced that it has terminated its option to acquire 175MW of ready-to-build solar projects in Spain. ORIT originally entered into a conditional acquisition agreement over the sites in 2020, but having reassessed the projects “on a risk-adjusted basis” and taking into account […]
Aquila Capital Investmentgesellschaft (Aquila European Renewables’ manager) and Commerzbank have entered into a strategic partnership, with Commerzbank buying a 74.9% stake in Aquila Capital Investmentgesellschaft. Aquila Group will remain permanently engaged as a shareholder with its remaining shares and will be responsible for operational and investment continuity. The agreement was signed on 20 December 2023 […]
The chairman of scandal-hit Home REIT, Lynne Fennah, has been replaced by Big Yellow Group director Michael O’Donnell. Fennah will remain on the board as a non-executive director for “continuity”. The remaining directors of Home REIT’s board will all step down when the company publishes its financial results (still no date for this). Fennah and […]
Edinburgh Worldwide says that, for the 12 months ended 31 October 2023, its NAV decreased by 23.6% and share price by 27.7%. By contrast, the S&P Global Small Cap Index total return was -4.3% (in sterling terms). The discount ranged between 6% and 23.6%, averaging 17%, and ended the period at 17.4%. Today, the discount […]
Bankers Investment Trust’s results for the year ended 31 October 2023 show it just failing to match its benchmark (FTSE World Index) in NAV terms and being hit by a widening discount. The NAV total return was 5.2% against 5.7% for the index and the return to shareholders was -0.7%. The year end discount was […]
Hipgnosis Songs Fund is proposing that the governing Articles of the company are amended, to enshrine the payment of a fee, at the board’s discretion, of up to £20m (in aggregate) by the company to any prospective bidders who approach the board seeking to make an acquisition of the company’s assets on terms that the […]
In QuotedData’s morning briefing 18 January 2024: Octopus Renewables Infrastructure Trust (ORIT) is targeting a total dividend of 6.02p for the current calendar year, up 4% from 2023’s 5.79p. The increase matches UK inflation as measured by CPI, making it three years in a row that it has increased dividends by UK inflation [although the […]
VietNam Holding Limited (VNH) has published a monthly investor report with the manager highlighting a number of positive economic updates. Trade continued to improve in December 2023 amid growing global complexities, with Vietnam’s trade surplus reaching a record USD 28bn. This not only supports monetary policy easing, but also helps pave a more favourable macroeconomic […]
In QuotedData’s morning briefing 17 January 2024: Ruffer Investment Company (RICA) has provided an update for the six months to December 31 2023. The NAV total return was 0.6% and the share price total return was 0.3%. For the calendar year this was -6.2% and the share price total return was -10.6%. The managers note […]
Oakley Capital Investments Limited (OCI) is pleased to announce that Oakley Capital Fund V2 has agreed to acquire Steer Automotive Group, the UK’s leading B2B automotive services platform. OCI’s indirect contribution via Fund V is expected to be up to £90 million (note that the above figure only relates to OCI’s share of Oakley’s overall […]
In QuotedData’s morning briefing 16 January 2024: Cordiant Digital Infrastructure Limited (CORD) announced that Belgian foreign direct investment approval has been granted and the acquisition of Norkring België for total consideration of €6.2 million from Telenor Communication II AS and Participatiemaatschappij Vlaanderen NV has completed. Norkring operates 25 communication and broadcast towers in Belgium. Weiss […]
In QuotedData’s morning briefing 15 January 2024: RM Infrastructure Income (RMII) has announced that it was successful in a legal claim against the former main contractor for its student accommodation located in the city centre of Coventry, UK. RMII was awarded circa £1.2m by the adjudicator, with circa 90% of said sums now having been […]
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: • Atrato Onsite Energy (0:22) • LXi/LMP merger (9:57) This week’s interview was with Tim Levene from Augmentum – watch it again here.
Tuesday this week (9 January), saw the announcement that Ben Whitmore, a star investment manager at Jupiter focused on value equities, would be leaving to set up his own investment management firm. This is no small development for Jupiter as Ben is a popular manager responsible for a significant portion of the firm’s AUM (he […]
Balanced Commercial Property Trust has agreed the sale of three office holdings in a strategic move to reduce its office exposure. The sale comprises two regional out-of-town business park holdings in Edinburgh and Aberdeen and a multi-let asset in London’s West End. The sales have been agreed at an aggregate sale price of £42.8m, representing […]
In QuotedData’s morning briefing 12 January 2024: Pantheon International (PIN) has agreed a private placement of US$150m (£118m equivalent) of loan notes that have been structured over different maturities of 5, 7 and 10 years, resulting in a weighted average maturity of 6.9 years. PIN says that the loan notes were three times oversubscribed at […]
Since October 2023, we have been keeping you up to date with the investment companies industry’s fight to address misleading cost disclosures. Yesterday, we joined with around 300 co-signatories in submitting a response to HM Treasury’s call for comments on its proposed solution. You can read the document here. It is more than a little […]
The boards of LondonMetric and LXi have reached agreement on the terms of a recommended all-share merger. LondonMetric will acquire the entire issued and to be issued ordinary share capital of LXi as the merger is effected by means of a scheme of arrangement under Part 26 of the Companies Act. Each LXi shareholder will […]
NB Private Equity has just announced its latest dividend. William Maltby, the chairman said “Today’s announced $22m dividend represents the 23rd consecutive dividend payment to be made to shareholders, taking total capital returned to shareholders via dividends to $338m since 2013. Given the continued strong realisation activity in the portfolio, with $171m of realisation proceeds […]
Tufton Oceanic Assets has agreed to sell two Handysize Product Tankers, Pollock and Dachshund, for a total of $41.75m, which represents a 3.1% premium to the two vessels most recent holding NAV of $40.5m. The price helps confirm Tufton’s NAV methodology, while also demonstrating its ability to divest portfolio vessels at or above NAV. The […]
Atrato Onsite Assets reports that for the 12 months ended 30 September 2023, its NAV total return was 4.6%. The NAV per share slipped slightly from 92.8p to 92.0p but the dividend was increased from 3.01p to 5.0p. The dividend target for the current financial year is 5.5p and the board says that the 12-month […]
In QuotedData’s morning briefing 11 January 2024: Hipgnosis (SONG) says that Sylvia Coleman has resigned as independent non-executive director with immediate effect. Robert Naylor (the chairman) thanked her for the help she provided to him and and his fellow new board directors over the last few months, and wished her all the best for success […]
Jupiter Asset Management has announced that Ben Whitmore, the current manager of the Jupiter UK Special Situations Fund (assets under management – AUM – of £2.1bn), Jupiter Income Trust (AUM £1.6bn), Jupiter Global Value Unit Trust (AUM £1.0bn) and Jupiter Global Value SICAV (AUM £0.5bn), and segregated mandates with a further £4.8bn of AUM – […]
Given the choice between cash and shares in Henderson High Income, it was good to see that a sizeable proportion of Henderson Diversified Income shareholders opted to roll over their holding into Henderson High Income. The elections in connection with the scheme were: Rollover option: 100,050,505 shares Cash option: 82,022,212 shares On a temporary basis, […]
abrdn Diversified Income and Growth (ADIG) announced its annual report for the period ending 30 September 2023. The company’s NAV total return was +0.4%. In line with wider market volatility affecting the whole investment trust sector, the discount continued to widen to 25.7% as shares fell just over 6.9% over the year; this represented a […]
In QuotedData’s morning briefing 10 January 2024: Gore Street Energy Storage Fund (GSF) provided an update for the three months to 31 December 2023. The quarter continued to highlight the stability of the company’s revenue, with the portfolio generating an estimated £15.1/MW/hr, consistent with the £15.1/MW/hr generated during the prior six months to 30 September […]
In QuotedData’s morning briefing for 9 January 2024: Unite Group (UTG) has released fourth quarter 2023 valuation information on its student accommodation portfolio. The group’s USAF property portfolio (27,922 beds in 71 properties across 19 university towns and cities in the UK) was independently valued at £2,992m at 31 December 2023, a 2.1% increase on […]
In QuotedData’s morning briefing for 8 January 2024: Aquila European Renewables (AERI) has announced that it has entered into a €50m five-year debt facility with ING Bank N.V. Sucursal en España. The facility is secured by AERI’s wholly owned Spanish solar PV portfolio, with the leverage equal to 26%. The pricing of the debt remains […]
As we begin another year here at QuotedData, we thought we’d have some fun and challenge our analysts to come up with some ideas for investment companies that they like and think could do well over the course of 2024. To keep things interesting, each analyst has been asked to select two ideas – one […]
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