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 […]
The conundrum of what to do with the vast amount of vacant space in shopping centres has been staring landlords in the face for years. The solution has been mulled over countless times by the biggest landlords, but a deal to convert space left over by ailing department stores into logistics space has yet to […]
This week we managed to catch up with John Pattullo and Nicholas Ware, two of the managers of Henderson Diversified Income Trust. The trust is the best-performing in the AIC’s debt – loans and bonds sector over one and three years. It offers a yield of 5.1% and has the lowest ongoing charges ratio (a […]
Axiom European Financial Debt (AXI), which was established to take advantage of change in the regulatory environment applying to the capital structures of financial institutions, has reported results for the half-year period to 30 June 2020. The NAV total return, net of all expenses, came to (7.9%). William Scott, AXI’s chairman, notes that “AXI’s manager […]
Hg adds to Visma investment, valuing it as the largest ever software buyout globally – It has been announced this morning that Hg, the manager of HgCapital Trust (HGT), and its investors have agreed to a further investment in Visma, a leading provider of business-critical software to private and public enterprises in the Nordic, Benelux and […]
Europe-focused BMO Private Equity (BPET) released interim results covering the period to 30 June 2020. The total NAV return for the period amounted to (4.7%), while the shares returned (13.6%), on a total return basis. Reflecting on the impact of the pandemic on the sector, BPET’s manager, Hamish Mair, noted that “private Equity investment managers have […]
In QuotedData’s morning briefing 21 August 2020: JPMorgan US Smaller Companies (JUSC) reported interim results to 30 June 2020, with the total NAV return coming in at (4.9%). The benchmark Russell 2000 index delivered (6.8%) over the same period, in sterling terms. Small-cap shares have underperformed the tech-led led large-cap rally in US markets since March. […]
Hg investing more in Sovos – Global tax software provider Sovos says that Hg – a leading global software investor, partner and supporter of the expansion of Sovos for more than four years – will lead a further, majority investment in the company through the Hg Saturn 2 Fund (through which Hg Capital trust will be […]
In QuotedData’s morning briefing 20 August 2020: Great Portland Estates is issuing £150m of new unsecured US private placement notes. The Sterling denominated notes cover 12 year and 15 year maturities (weighted average of 14.5 years) and have a weighted average fixed rate coupon of 2.77%. The new issue priced on 5 August and, subject to […]
Secured Income publishes wind down proposals – The board of Secured Income Fund has published a circular to shareholders in relation to recommended proposals for a managed wind-down of the company. Cash will be freed up from the portfolio over time. The board has reiterated its previous advice that a managed wind down could take two-to-four years, […]
Riverstone Energy (RSE) reported interim results, spanning the six months to 30 June 2020. The NAV was down by (43%) and (40%), in USD and GBP terms, respectively. The Hammerhead, ILX III, and Liberty II holdings were the main detractors. Some of the key figures from the period, as at 30 June, include: NAV $379m (£308m) NAV […]
In QuotedData’s morning briefing 19 August 2020 BBGI SICAV (BBGI), the global infrastructure fund, has completed the acquisition of a further 50% equity position in the Kelowna and Vernon Hospitals PPP Project, located in British Columbia. Though no purchase price was disclosed for contractual reasons, BBGI said it was less than £15m. We also have interim […]
Grit Real Estate Income Group has released an update on rent collection figures for the period March to July 2020, for which 85.4% of rent has been received. The pan-African real estate investor said the figure includes pre-paid rent that was collected in the period – 77.4% without it. Short-term concessions amounted to 7.9% of […]
In QuotedData’s morning briefing 18 August 2020: Acorn Income declared a third interim dividend of 5.75p – in line with previous quarters – but its revenue reserves are running down as it uses these to top up income lost to dividend cuts by companies in its portfolio. Revenue reserves at 30 June were 14.6p, having been […]
Diverse Income’s strengths shine – Diverse Income Fund’s results covering the year ended 31 May 2020 show it beating comparative indices by some margin. Over the year, Diverse Income returned -2.5% while the All-Share returned -11.2%. Total dividend for the year was 3.7p, up from 3.65p. £2.5m of dividends paid to shareholders came from revenue reserves. […]
Defensive portfolio benefits Aberdeen New India – Aberdeen New India has published results for the year ended 31 March 2020. The year end is struck close to the depths of market falls. over the period, the trust’s NAV fell by 22.7% and its share price by 28.9% (as the discount widened from 13.3% to 20.3%). The […]
Princess Private Equity reflects on H1 as dividend reduced to support portfolio companies – Princess Private Equity (PEY) has reported interim results to 30 June 2020, with highlights that include: In the first half of 2020, PEY reported a NAV total return of (4.6%); The NAV performance was mainly attributable to movements in the valuation […]
SME-focused RM Secured Direct Lending (RMDL) has reported interim results to 30 June 2020. Over the period, total NAV returns amounted to (3.4%) and the market return came to (19.5%). Chairman, Norman Crighton, noted that “This performance reflects the marking down of asset values of investments in sectors more exposed to the impact of COVID-19, […]
In QuotedData’s morning briefing 17 August 2020: Following on from the news on 14 August that 2020 that UK Mortgages (UKML) had rejected M&G’s revised offer (we wrote about this here) of 70p per share, UKML’s board noted the following: “The board continues to believe that M&G Investment Management’s proposals undervalued the company and its […]
Pollen Street saga announces interim advisory agreement with Waterfall Asset Management – There have been more announcements involving Pollen Street Secured Lending’s (PSSL) future this afternoon, summarised below (you can access our most recent coverage of PSSL’s future, including Honeycomb’s proposed merger attempt by clicking here and here): At 12:40 pm, Honeycomb (HONY) said: “HONY […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, Matthew Read and Shonil Chande covered the week’s top stories: M&G Investment Management ‘possible offer’ for UK Mortgages Honeycomb and Pollen Street potential tie up Equity income trends in Asia and Aberdeen Asian Income Developments […]
On the same morning that the farcical A-level results were announced this week, student accommodation specialist Empiric Student Property released half-year numbers that revealed bookings for the upcoming academic year was at 65%, compared to 85% at the same period last year. On first look that does seem a startling drop, but given the disruption […]
NewRiver REIT has said it has collected 60% of rent for the quarter ended June 2020 with a further 20% deferred or re-geared. The company, which owns a portfolio of retail and pub assets, added that 1% of rent for the period had been waived and 19% was still outstanding. NewRiver also updated on its […]
The £1.3bn market cap, global equity income trust, Murray International (MYI), has reported half-year results to 30 June 2020. Key total return performance figures are summarised below: Shares: (18.7%) NAV: (10.7%) Reference index: (4.7%) The reference index is comprised of the FTSE all world total return index from 27 April 2020. Prior to that the […]
A decline in international student bookings has left Empiric Student Property with just 65% of rooms booked for the 2020/21 academic year, compared to 85% at the same point last year. The company, which owns 95 student accommodation properties across the UK with 9,401 beds, reported half-year results today in which EPRA net asset value […]
M&G Investment Management Limited (MAGIM) has announced “a revised and final possible all-cash offer” (its final proposal) for UK Mortgages Limited (UKML) of 70p per ordinary UKML share. MAGIM is making the offer on behalf of one of its managed funds, M&G Specialty Finance Fund. MAGIM says that the UKML board refuses to engage with […]
Hipgnosis Songs Fund has announced that it has acquired the music royalty catalogue of American hip hop and R&B music producer, Ernest ‘Dion’ Wilson, known as ‘No I.D.’, who is considered to be the Godfather of Chicago hip hop. Hipgnosis has acquired 100% of No I.D.’s worldwide copyrights and publishing royalties, including the writer’s share of income, in a […]
In QuotedData’s morning briefing 13 August 2020: Riverstone Credit Opportunities Income (RCOI) has announced its interim results for the six months ended 30 June 2020. During the period, its NAV per share has fallen by 1.0% to US$1.004 (31 December 2019: US$1.014), although the company made a profit of US$2.46 million. RCOI has announced the […]
