RIT Capital Partners (RCP) has announced that, after an extensive international search, Maggie Fanari will take up the role of CEO of its investment manager, J Rothschild Capital Management Limited, (JRCM) in March 2024. Maggie has long experience of leading successful teams investing across asset classes and geographies in one of the largest and most […]
Tritax EuroBox has let the first phase of its two-unit development in Rosersberg, a prime logistics location near Stockholm. The 5,007 sqm letting reduces the company’s portfolio vacancy rate to 4.3%. A new five-year lease has been signed with a leading Scandinavian photovoltaic (PV) company at a rent that is 3% above the estimated rental […]
European Assets says that its NAV total return (capital performance with dividends reinvested) for 2023 was 8.2% in Sterling (10.8% in Euros). The Sterling share price total return for the year was 4.9%. These compare with the Benchmark (a blend of MSCI Europe excluding United Kingdom Small Mid Cap (Net Return) Index – which is […]
In QuotedData’s morning briefing 4 January 2024: Digital 9 Infrastructure (DGI9) says that Keith Mansfield has decided to step down as a director with immediate effect. The board has made some changes: Aaron Le Cornu is appointed chair of the Audit Committee and Brett Miller will join the Audit Committee. Brett Miller is appointed chair […]
In QuotedData’s morning briefing 3 January 2024: India Capital Growth says that 15,159,876 shares, equivalent to 15.7% of its issued share capital, have been submitted to its annual redemption facility. The redemption price will be annouunced on 8 January 2024. [That is quite a blow for a fund that has delivered a 35% share price […]
On December 29, 2023, LumiraDx Limited announced that Andrew Johnson, Lisa Rickelton and Lindsay Hallam of FTI Consulting had been appointed as joint administrators of two of its subsidiaries, LumiraDx Group Limited and LumiraDx International Limited, which hold the assets of the LumiraDx group. Following their appointment, the administrators have entered into a sale and […]
In QuotedData’s morning briefing 2 January 2024: European Assets Trust (EAT) announced that as part of an orderly succession plan, Kate Cornish-Bowden has today been appointed to the board and its committees. Kate Cornish-Bowden is the chair of International Biotechnology Trust, and a non-executive director of Finsbury Growth & Income Trust and CC Japan Income […]
Chenavari Toro Income Fund (TORO) has released its annual results for the year ending 30 September 2023: TORO reported a NAV total return of 11.25% for the year, and a negative share price total return of (4.27%). TORO’s NAV return exceeded the 10% target it sets itself. Gross performance contribution for the year can be […]
In QuotedData’s morning briefing for 28 December 2023: The board of Downing Strategic Micro-Cap Investment Trust (DSM) has provided an update on its plans to return capital to shareholders. The board had previously concluded that the best option would be a managed wind down of the investment portfolio. Having worked closely with the investment manager, […]
In QuotedData’s morning briefing 27 December 2023: LMS Capital (LMS) announced the sale of its minority interest in Medhost. Net proceeds for LMS are estimated to be approximately $8.6m, of which $7.0 million will be paid cash at closing and $1.6 million by way of a promissory note that will be settled one year after […]
Back in October, we highlighted some issues facing the investment companies industry related to the rules around cost disclosures – basically, investors have been presented with misleading figures for charges that include the running costs of any underlying funds. That is putting off new investors, encouraging selling by others, and has led to platforms restricting […]
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
Octopus Renewables Infrastructure Trust (ORIT) and Aquila European Renewables (AERI) have made announcements in relation to proposals for a merger between the two companies that could create one of the largest LSE listed diversified renewable energy investment trusts. However, in its response, AERI, says that the proposals from ORIT were unsolicited and that “together with […]
Bluefield Solar Income Fund (BSIF) has announced that it has signed a memorandum of understanding between it and GLIL Infrastructure (GLIL) to form a long-term strategic partnership which commits it and GLIL to investing together into UK focused solar assets, from development through to operational plants. GLIL is a partnership of UK pension funds, investing […]
Hipgnosis Songs Fund has published its interim results for the six-months to 30 September 2023. Financial headlines Operative NAV per share decreased 9.2% to $1.7392 (31 March 2023: $1.9153), driven primarily by a reduction in the fair value of the portfolio As at 30 September 2023, Operative NAV per share in Sterling 142.49p (£:$ exchange […]
LMS Capital is buying Castle View Retirement Village, Windsor for £11.9m, of which £6.0m is being provided by LMS equity and the remaining £5.9m by a loan from the existing lenders to the scheme. Castle View is a purpose built retirement village, completed in 2018 and comprising 64 individual 1 and 2 bedroom apartments, of […]
Over the year ended 31 October 2023, BlackRock Income & Growth marginally lagged its benchmark, returning 5.2% to the All-Share’s 5.9%. A narrowing discount helped shareholders to a total return of 8.1%. To help achieve that, 568,428 shares were repurchased at an average price of 182.26p, for a total consideration (including costs) of £1,036,000. The […]
In QuotedData’s morning briefing 21 December 2023: HICL Infrastructure is paying £20m for a 3.1% stake in the A63 Motorway concession in France. Completion is expected in early 2024, subject to customary third-party consents. The 40-year toll-road concession covers the design, upgrade, finance, operating and maintenance of a 104km section of the existing A63 between […]
Interview with Sunil Thakor of Sands Capital, Andy Headley of Veritas and Metropolis Capital’s Jonathan Mills. Alliance Trust stock pickers – Sunil Thakor of Sands, Andy Headley of Veritas and Metropolis’s Jonathan Mills – discuss how a prolonged period of high interest rates will impact businesses and whether this will change their stock picking approach.
A new valuation report on Home REIT’s portfolio has revealed a 57.7% reduction to the price it paid for them of £977.0m. The report conducted by JLL, which was appointed by Home’s new manager AEW, valued the portfolio at £412.9m at 31 August 2023. The majority of the properties have been valued on a vacant […]
Cordiant Digital Infrastructure (CORD) has announced that its Czech portfolio company, České Radiokomunikace (CRA), has agreed to acquire a pair of businesses from Aricoma in the data centre and cloud services market, Cloud4com and DC Lužice. The transactions represent a significant advance in both the scale and capability of CRA in the Czech Republic’s fast-growing […]
In QuotedData’s morning briefing 20 December 2023: International Public Partnerships (INPP) announced a series of measures to optimise the company’s portfolio and reallocate capital to improve shareholder returns and address its discount. These include: a transaction involving the realisation of its four OFTO senior debt investments worth c.£200; the full repayment of its corporate debt […]
In this video, Henderson High Income Trust (HHI) portfolio manager, David Smith, introduces the trust, explains what’s unique about its strategy and discusses the trust’s track record.
Ecofin Global Utilities (EGL) has announced its annual report for the year ended 30 September 2023. Over the period, the company’s net asset value was down 8.6% while the share price total return was down 21.9%. The company does not have a formal benchmark index, although for comparison the MSCI World Utilities Index fell 8.2%. […]
The board of Hipgnosis Songs Fund (SONG) has announced a delay to the publication of its financial results for the six months to 30 September 2023, which were expected to be published today. The valuation the company received from its independent valuer is materially higher than the valuation implied by proposed and recent transactions in […]
LondonMetric Property is in talks with LXi REIT over the possible merger of the two companies. The boards of the two companies are in discussions over the deal that would see LondonMetric acquire the entire issued share capital of LXi. A merger would create a combined company with assets worth £6.4bn and a market capitalisation […]
In QuotedData’s morning briefing 19 December 2023: Alternative Income REIT (AIRE) has completed the acquisition of a Virgin Active leisure club in Streatham, in South-West London for £5.1m. The price reflects a net initial yield of 9.8% and a discount to replacement cost. The acquisition of the asset redeploys the majority of the net proceeds […]
TwentyFour Select Monthly Income Fund (SMIF) has released its annual results for the year ending 30 September 2023. Over the period SMIF reported a NAV per share total return of 17.54% over the year, with its portfolio returning 12.26%. SMIF’s objective is to generate a return of 8-10% per year. The largest contributor to SMIF’s […]
Majedie Investments (MAJE) has released its annual results for the year ending 30 September 2023, and is the first set of results to be released under its new investment manager, Marylebone Partners. MAJE reported a NAV total return of 14.1% and share price total return of 26.2% for the period. MAJE appointed its new investment […]
In QuotedData’s morning briefing 18 December 2023: US Solar (USF) has announced that six of its Oregon projects have signed new long-term contracts to sell Renewable Energy Certificates (RECs). The REC contracts and revised estimates of future REC prices are expected to increase USF’s NAV by c.$7.6m based on the 30 September NAV ($286.3 million) […]
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