JZ Capital has decided to hide from investors – it says “in the light of the uncertainties about the valuation that results from Covid-19, the company is suspending its monthly NAV announcements until circumstances allow the company to make informed judgements as to value. In addition, for the same reason, further informed commentary about the […]
SDCL Energy Efficiency to expand after successful year – SDCL Energy Efficiency Income has announced results for the year ended 31 March 2020 and is looking to expand. The NAV increased from 98.4p at 31 March 2019 to 101.0p at 31 March 2020 and earnings per share were 5.2p and the company paid dividends of 5p in […]
Modest hit to Standard Life Private Equity NAV in March – At its half-year mark on 31 March 2020, the NAV total return was -6.3%, which compares to a return on the All-Share Index of -22.0%. A widening discount left shareholders with a return of -25.9%.The dividend was 6.6p, 3.1% up on 2019. As the chair […]
Montanaro European is number one – Montanaro European Smaller Companies reports that for the year ended 31 March 2020 its NAV return was -5.3%, which compares very favourably with the -15.1% return generated by the MSCI Europe (ex UK) Small Cap Index. Shareholders benefitted from a narrowing of the discount from 12% to 8% and this translated into […]
JPMorgan Indian (JII) has announced that after 26 years with JPMorgan and nearly 30 years working in finance, Rukhshad Shroff, the company’s joint portfolio manager, has decided to retire from asset management. He will leave JP Morgan Asset Management on 11th September 2020. Joint-manager structure maintained with Ayaz Ebrahim joining JII’s portfolio is managed on a joint […]
Aberdeen Japan’s (AJIT’s) NAV rose by 3.3% over the year to 31 March 2020, in sterling terms.The shares increased by 6.8%, while the Topix benchmark declined by 2.5%. The impact of covid-19 has been less severe in Japan AJIT note that the Japanese stock market has not been immune from the global sell-off, but has […]
Over the year to 30 April 2020, global growth trust, Monks (MNKS), delivered an NAV total return of 3.4% compared , which compares with (1.0%) for the FTSE World Index. The market return for the same period was 3.7%. Over the year, MNKS used its premium to NAV valuation to grow the fund, with an issuance equivalent […]
The anti-inflammatory drug, Dexamethasone, has been shown to help the most seriously ill covid-19 patients. Private equity sector company, ICG Enterprise (ICGT), delivered an NAV total return of (4.1%) and a portfolio return of (3.8%), over the quarter to end-April. It expects the impact from covid-19 to continue weighing on valuations over the coming months. The portfolio’s […]
RTW Venture applauds Avidity IPO success – RTW Venture Fund Limited has updated on the IPO of its portfolio company Avidity Biosciences, Inc. on 12 June 2020 on NASDAQ (ticker “RNA”). Avidity is a biopharmaceutical company pioneering Antibody Oligonucleotide Conjugates to treat a wide range of serious rare diseases. A $100 million Series C round in […]
Warehouse REIT has made a series of lettings across its portfolio worth £1.9m in annual rent, reflecting the continued strength of the logistics sector. The group said it had completed or was under offer on 43 lettings and lease renewals since 1 April 2020. They cover 277,000 sq ft of space and will generate an […]
In QuotedData’s morning briefing 16 June 2020: Pollen Street secured Lending has confirmed that it will extend the deadline for Waterfall Asset Management to make a bid for the company to 14 July 2020. It reminds us that Investec, the company’s largest shareholder, has given an irrevocable undertaking to accept the bid until 21 August 2020. […]
SQN Asset Finance sets out plan for future – On 30 April 2020, SQN Asset Finance Income announced that it would bring forward the triennial continuation vote from November 2020 and propose separate continuation resolutions for each share class. Here comes the detail. Summary of the Proposals (a) Proposed Ordinary Class Continuation Vote If the Ordinary […]
Seneca reports on complex and challenging year – Seneca Global Income & Growth says that, for the year ended 30 April 2020, it delivered an NAV return of -22.7% versus a return on its benchmark of 6.8%. The return to shareholders was -23.9%. One bright spark was an increase in the dividend of 1.8% (to […]
Lindsell Train outperforms, again – Over the year to the end of March 2020, Lindsell Train posted a 9.8% return on NAV, well ahead of the 4% return on its benchmark. However, tthe shares began the year at £1,475, a 65% premium to NAV, rose to a premium of 100% (reaching £2,000 per share), only to fall […]
Gabelli Value Plus+ directors say vote against continuation – The next AGM for Gabelli Value Plus+ will be held at 4p.m. on 30 July 2020. A resolution will be put to shareholders in connection with the continuation of the company. If more than 50% of shareholders vote against, the board will be required to put forward to […]
Tritax Big Box REIT has pre-let a 2.3m sq ft logistics scheme in east London to Amazon. The company received planning consent last week for the building in Littlebrook, Dartford and announced today it has exchanged contracts with the world leading online retailer. The scheme, which covers 35.5 acres adjacent to the QEII bridge and Dartford […]
Value bias weighs on JPMorgan European – For the year ended 31 March 2020, JPMorgan European Investment Trust returned -14.6% on its growth shares and -25.7% on its income shares, both in NAV terms. The actual returns to shareholders were -16.3% and -27.5%, respectively. These compare to a return of -8.3% on the MSCI Europe ex UK […]
Real Estate Investors says its rent collection for the March quarter so far is 81% of rents due. For the remainder, Real Estate Investors is talking to the tenants and expects to agree repayment of outstanding arrears. Over the past three months, 18 new lease events have extended the weighted average unexpired lease term (WAULT) […]
In QuotedData’s morning briefing 15 June 2020: Africa Opportunity will return $5.5m to shareholders via a compulsory redemption of shares. 9,565,216 shares (21.46% of the total) will be bought back at NAV ($0.575). Payment will be on 25 June 2020. Hammerson says that Robert Noel will succeed David Tyler as non-executive chair of the company. Robert […]
Industrial activity at Schroder Real Estate – Schroder Real Estate Investment Trust says that, since its financial year end on 31 March 2020, eight lettings, renewals and reviews have completed across its industrial portfolio with a total rent of £840,000 a year, £270k a year higher than at 31 March 2020. Leeds, Millshaw Industrial Estate (multi-let […]
There is no doubt that the biggest news story in the property sector this week was SEGRO’s whopping £680m equity raise. The over-subscribed placing, that will be used to fund development opportunities in the booming logistics sector, put an exclamation mark on the severe disconnection that is in play between the different property sectors. If […]
Any investor who held Golden Prospect Precious Metals this time last year, could have more than doubled their money. The fund is up 105.7% in share price terms over the 12 months ending 11 June 2020. Some of that performance represents discount narrowing, the NAV rose by 98.4% over that period, but not enough. Today, […]
India Capital Growth gets backing for continuation At today’s AGM, all the resolutions that were put to shareholders were passed by a significant margin. Resolution 1 – that the company continues – was passed 92.9 : 7.1 Resolution 2 – allowing the company to issue shares – was passed 96.9 : 3.1 Resolution 3 – […]
Syncona’s Autolus presents new clinical data Autolus Therapeutics today announced new data highlighting progress on its AUTO1 program, the company’s CAR T cell therapy being investigated in the ongoing ALLCAR Phase 1 study of relapsed / refractory adult B-Acute Lymphocytic Leukemia (ALL), at the European Hematology Association EHA25 Virtual Congress beginning June 11. AUTO1 in […]
Stenprop, the UK multi-let industrial (MLI) landlord, has reported a 2.8% uplift in the value of its property portfolio. The company, which is in the process of transitioning its portfolio to be fully focused on the MLI sector, said its portfolio was valued at £532.6m in full year results to 31 March 2020. This was […]
Baillie Gifford UK Growth makes up ground – Baillie Gifford UK Growth has published results covering the year to the end of April 2020. The trust returned -12.5% over the period in NAV terms. However, this was much better than the All-Share Index, which lost 16.7%. The 4.2% outperformance erases the 2% underperformance in the previous […]
In QuotedData’s morning briefing 12 June 2020, as the UK economy contracts by 20.4% in April: Hipgnosis Songs got permission from its shareholders to make greater use of borrowed money to enhance returns. The limit on borrowing has been lifted from 20% of net assets to 30% of net assets. It is now thinking about issuing […]
Edinburgh sounds cautious note on dividend – Over the year ended 31 March 2020, Edinburgh Investment Trust returned -26.7% in NAV terms and -29.4% in share price terms, both a lot lower than the -18.5% return generated by the All-Share Index. Revenue per share fell to 27.8p from 28.7p but the dividend was increased from […]
In QuotedData’s morning briefing 11 June 2020: Princess Private Equity confirms that the sale of its stake in European retailer Action has been completed for initial proceeds of €80.9m – this money has been received. Princess is also due deferred consideration of up to a further €9.1m, by no later than June 2023. There is no […]
JLEN’s results covering the year ended 31 March 2020 have been published. Highlights for the period were: NAV of 97.5 pence as at 31 March 2020 (31 March 2019: 104.7 pence), reduction primarily driven by the effect of the long-term power price forecast on the portfolio value Total dividends declared of 6.66 pence (2019: 6.51 […]
