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 […]
Syncona success overshadowed by Autolus price fall – Syncona reports that for the year ended 31 March 2020, its NAV fell by 13.3% from 216.8p to 185.6p. An 81% fall in the price of Autolus weighed heavily on the NAV. Since the year end, Autolus’s share price has climbed by 131%, which should have added about […]
HICL Infrastructure (HICL) has completed investments worth £103m in the following: 1.) the acquisition of a further 74% interest in Holdfast Training Services (a PPP project that supports the Royal School of Military Engineering) and 2.) the acquisition of the transmission assets associated with the Walney Extension Offshore Windfarm (located in the Irish Sea). The investments have been […]
Logistics landlord SEGRO has raised £680m in a share placing “to take advantage of ecommerce trends that are accelerating as a result of the covid-19 pandemic”. A total of almost 83 million shares were placed at a price of 820 pence, representing a discount of 4.5% to the closing price on 9 June 2020. The share […]
Shaftesbury has posted a 7.9% drop in the value of its West End portfolio in half-year results as the impact of the covid-19 lockdown bites. The company’s portfolio was valued at £3.5bn at 31 March 2019. The fall in value of the portfolio resulted in a 10.6% drop in net asset value (NAV) to 878p […]
Over March, we looked at Alcentra European Floating Rate Income (AEFS), after it announced its intention to wind-up – you can access the story here. This morning, the fund has released a market commentary report, covering performance over May: “The fund was up 2.83% (gross) in May, behind both the Credit Suisse Western European Leveraged Loan […]
LondonMetric has made a host of lettings totalling 213,000 sq ft across its portfolio. The company has let a 141,000 sq ft distribution unit at its Stoke development to Pets At Home, at a rent of £6 per sq ft or £0.8m per annum. At Birmingham, the company has let a 38,000 sq ft unit […]
LondonMetric has reported a dip in net asset value (NAV) following the £455m acquisition of A&J Mucklow last year. The group, which owns a portfolio of logistics assets, said EPRA NAV at 31 March 2020 was 171.7p per share (March 2019: 174.9p). The fall was mainly due to the Mucklow acquisition, which accounted for 2.5p. […]
JPMorgan Multi Asset Trust will maintain dividend – JPMorgan Multi Asset Trust has published results covering the year ended 29 February 2020. At that point, the trust had delivered a 5.3% return, about 0.1% less than the return on its benchmark. Shareholders had made 6.1% on their investment over the year. Since then, the NAV has […]
Schroder Real Estate Investment Trust has reported a fall in net asset value (NAV) of 13.1% in the year to the end of March 2020. The group, which owns a diverse portfolio of property across the UK, posted a NAV per share of 59.7p (March 2019: 68.7p). The decrease reflects an 11.8% drop in the […]
McKay Securities has reported a slight increase in net asset value (NAV) of 0.9% in full year results. The company, which owns office, industrial and logistics property in the South East of England, posted an EPRA NAV of 329p per share at 31 March 2020 (March 2019: 326p). Its portfolio was valued at £510m, up […]
