Amazing year for Baillie Gifford US Growth – Baillie Gifford US Growth Trust has published results for the year ended 31 May 2020. It was a great period for the trust as it returned 46.5% in share price terms and 44.2% in NAV terms against a 15% return for the S&P500. The managers made eight additional unlisted […]

In QuotedData’s morning briefing 3 September 2020: Ashoka India provides an annual redemption facility to its shareholders. This year, just 367,616 shares (0.54% of the issued share capital) were requested to be redeemed. Tritax Big Box REIT has completed its sale of an asset in Chesterfield for £57.3m. The buyer was Warehouse REIT (see separate story). […]

Warehouse REIT spends £82m – Warehouse REIT has completed the acquisition of two single-let warehouse assets located in the East Midlands and Cheshire, occupied by Amazon and Wincanton respectively. The assets have been purchased in two separate transactions for a total consideration of £82 million, reflecting a blended net initial yield of 5.4% and provide a […]

Greencoat UK Wind launches fundraise – with the recent Walney deal having pushed up its borrowing, Greencoat UK Wind is launching a new share issuance programme and is kicking that off with a placing and offer for subscription. Under the share issuance programme, the company may issue up to a maximum of 750 million new […]

Tellworth British Recovery & Growth Trust plc (TBRGT), a newly established investment trust, has this morning announced its intention to launch an IPO. It is aiming to raise £100m through an initial placing and an initial intermediaries offer of ordinary shares in the capital of the company, with the flexibility to raise up to £500m. […]

Nippon Active Value (NAVF) launched on 21 February on the London Stock Exchange, raising £103m (click here to read more). The company is an activist investor in smaller Japanese companies. It has released its first set of results this morning, with NAV per share increasing by 5.5% to 105.5p. As at 31 August, the company’s shares were […]

Jupiter Green (JGC) released an update ahead of its continuation vote being held at the forthcoming annual general meeting on 16 September 2020. In summary, the board noted: “The COVID-19 crisis is accelerating a number of structural sustainability trends; as a result, the fund manager is increasing the portfolio’s allocation to smaller capitalization, higher growth […]

In QuotedData’s morning briefing 2 September 2020: Temple Bar (TMPL) briefed that as per their announcements on 20 April and 9 June 2020, the board has instigated a review of the management arrangements. They anticipate that this review will be completed shortly, and the publication of the interim results has been delayed in order to […]

Greencoat UK Wind invests in Cumbrian offshore wind farm – Greencoat UK Wind has agreed to acquire SSE’s 25.1% interest in the Walney I and II offshore wind farms for a headline consideration of £350m. Walney is located approximately 9 miles off the Cumbrian coast and has a capacity of 367.2MW. Walney was constructed by Orsted […]

In QuotedData’s morning briefing 1 September 2020: CIP Merchant Capital has sold its interest in Circassia Group, a specialty biopharmaceutical company focused on respiratory diseases and quoted on AIM, for approximately £3.9m, resulting in a net profit of £1.1m. Circassia is the first investment that CIP Merchant Capital has sold. It made a 1.4 times cash on […]

Urban Logistics back for more money – In March 2020 Urban Logistics REIT completed a £136m equity raise, followed by arranging a £151m debt facility (at a reduced all in cost of c.2.66%) replacing the £76m facility previously in place. Since March 2020, Urban Logistics has completed nine acquisitions for a total consideration of £145.7m (6.0% […]

Hipgnosis buys catalogue from Nikki Sixx – Hipgnosis Songs Fund has bought the music catalogue of musician, songwriter and producer Nikki Sixx, best known as the founding member, bassist, and lead songwriter of Mötley Crüe. With Mötley Crüe, Nikki Sixx has sold more than 100 million albums worldwide as well as achieving seven platinum or multi-platinum […]

BBGI, which provides exposure to a global portfolio of 49 availability-based PPP infrastructure assets, has reported interim results to 30 June 2020. Over the period, the company’s investment basis NAV  per share increased by 0.1%. The 2020 target dividend of 7.18pps represents a 2.6% increase compared to last year. Portfolio highlights include 99.8% asset availability As at 30 […]

In QuotedData’s morning briefing 28 August 2020: Invesco Asia (IAT) announced two measures aimed at meeting its 10% discount target. Chairman, Neil Rogan, says that they are being introduced to spark new demand for the company. Conditional tender offer: subject to approval by shareholders, the board intends to introduce a performance-related conditional tender offer. Under the […]

GCP Student Living fee cut Gravis Capital Management has agreed to a reduction on the amount it charges GCP Student Living – from 1% of NAV to 0.75% on the first £950m of assets, plus 0.6375% on amounts between £950m and £1.5bn and 0.5625% on amounts over £1.5bn. That is quite a big drop in […]

Pershing Square (PSH) announced the issuance of a private placement of $200m of 12-year bonds with a coupon rate of 3.00%, maturing on July 15, 2032. The 2032 bonds are callable two years prior to their maturity at par with no penalty. Bond proceeds will be available to PSH for new investments and general corporate purposes. The […]

It has been a quiet morning so far. In QuotedData’s morning briefing 27 August 2020: NB Distressed Debt (NBDD) reported interim results to 30 June 2020, with the main point of focus being the ongoing wind up of the company’s three share classes: Ordinary; Extended Life; and New Global. Chairman, John Hallam, noted: “the Ordinary class […]

The private equity sector company FastForward Innovations (FFWD), disruptive high growth businesses with near-term re-rating potential, has reported annual results to 31 March 2020. The net assets of the company were 8.8p, as at 31 March 2020, which represented a (25.3%) decline over the year. Highlights from FFWD’s investment portfolio Leap Gaming (gaming) delivered a 95% […]

In QuotedData’s morning briefing 26 August 2020: Hedge fund company, BH Macro (BHMG), which invests all of its assets in the Brevan Howard Master Fund, is having a strong 2020 with its shares up over 30%. This morning, it reported interim results, covering the period to 30 June 2020. NAV in the Sterling share class increased by […]

New issue – Triple Point Energy Efficiency – Triple Point Energy Efficiency Infrastructure Company plc will, if it raises enough money, be a closed-ended investment company established to invest in a diverse portfolio of energy efficiency assets in the United Kingdom. It plans to seek admission to trading on the Specialist Fund Segment of the Main […]

In QuotedData’s morning briefing 25 August 2020: Princess Private Equity says that its manager, Partners Group, has agreed the sale of its majority equity stake in PCI Pharma Services to private equity firm Kohlberg & Company and Abu Dhabi-based sovereign investor Mubadala Investment Company. Princess, alongside other Partners Group-managed funds, will retain a meaningful minority equity […]

International Public Partnerships (INPP), the FTSE 250 listed infrastructure investment company, has released a statement noting the update issued by Tideway earlier this morning. INPP had previously indicated that the Covid-19 pandemic and associated government guidance was likely to have an impact on the overall cost and schedule of the Tideway project. We note that in July 2015 […]

On 22 July 2020, the board of Witan Pacific (WPC)  announced it was to appoint Baillie Gifford as the company’s investment manager, subject to shareholder approval. WPC is proposing that subject to shareholder approval, its investment objective is changed to produce long term capital growth by investing predominantly in shares of, or depositary receipts representing the […]

Hipgnosis Songs (SONG) announced that it has acquired 50% of the copyright interest and writers share in the song catalogue of what it describes as one of the most influential hip hop artists, songwriters and producers of all time, and leader of immensely successful Wu-Tang Clan, Robert ‘RZA’ Diggs.  ‘RZA co-wrote and produced almost all of […]

Bluefield Solar (BSIF) has acquired a UK-based portfolio of 15 operational solar photovoltaic (‘PV’) plants with a total installed capacity of 64.2 megawatt peak (MWp). In addition, BSIF has also agreed a new £110m, three-year term loan facility with NatWest. ‘Portfolio consists of 15 ground-mounted operational solar PV plants’ The acquisition was completed on 20 August 2020, […]

In QuotedData’s morning briefing 24 August 2020: Schroder AsiaPacific (SOI) announced that Matthew Dobbs will retire from fund management in 2021. In accordance with a succession plan agreed with the board, he will hand over responsibility to Richard Sennitt as manager and Abbas Barkhordar as assistant manager. Robin Parbrook, who has extensive Asian investment management […]

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: Princess Private Equity’s dividend cut, Hg Capital’s recent deal-making (including the largest ever software buyout) and comments from BMO Private Equity’s recent results. We also have a comment on Secured Income […]