In QuotedData’s morning briefing 5 May 2020 Diverse Income received redemption requests from holders of 20.2m shares (5.35%) of the company. The price that they get for their shares will be revealed later this month. That is not a bad result given the market backdrop, but Diverse Income has turned out to be one of the […]
M&G Credit Income (MGCI) has announced that lead fund manager, Jeremy Richards, will shortly leave the company for personal reasons. His position will be taken by Adam English, who is currently deputy fund manager. In a statement, the company said: “The board is grateful to Jeremy for his work on the portfolio since inception and is delighted […]
Polar Capital Global Financials (PCFT) has announced that it expects to declare dividends for the current year, at levels equivalent to last year, in due course. The news will be well received by shareholders, who last month voted to indefinitely extend PCFT’s life. Distributable reserve facet of investment trusts to allow PCFT to support dividend at […]
Some encouraging signs from around the world, with countries ranging from Italy, Portugal, Thailand and Nigeria, beginning to ease lockdowns. NB Private Equity Partners (NBPE) agreed with Massachusetts Mutual Life Insurance Company to increase the existing credit facility by $50m to $300m. Downing Strategic Micro-Cap (DSM) reported annual results to 29 February 2020, with the […]
Shell has cut its dividend for the first time since the Second World War. This is bad news for many UK equity income trusts including Temple Bar. The quarterly payment is shrinking from 47 cents to 16 cents. The announcement reads as though this may be a long-term measure rather than a temporary one. Shell […]
How the real estate sector adapts to a ‘new normal’ following covid-19 could have huge implications for listed property companies. QuotedData has reported on the likely effects on the retail and logistics sectors as well as the impact on valuations. One of the biggest unknowns, however, is the outlook for the office sector. This week […]
GCP Student Living has reported a 1.8% fall in its net asset value (NAV) for the quarter to the end of March 2020, driven by the impact of covid-19. The student accommodation provider’s EPRA NAV (ex-income) was 169.97 pence per ordinary share. Its portfolio, which is majority located in London, was valued at £986.5m at […]
Schroder UK Public Private Trust (SUPP – formerly Woodford Patient Capital Trust) has announced its annual results for the year ended 31 December 2019. It was a year of major change for the trust and one that its chairman, Susan Searle, describes as disappointing – its net asset value fell 49.3%, from 97.61p to 49.46p, […]
So far, it’s been a very quiet day for news. Princess Private Equity has provided a covid-19 update. The key takeaway is that, given current uncertainty, it is cutting its dividend by half for FY2020 to €0.29 per share (FY2019: €0.58 per share). Intu has appointed David Hargrave, as “chief restructuring officer”. He will also […]
Jaco van Zyl Head of Treasury at Grit Real Estate Income Group discusses the advantages of a multi bank approach for them Watch the video here How important is the multi bank approach for Grit What is the core function of treasury in Grit
In QuotedData’s morning briefing 30 April 2020, as Shell cuts its dividend for the first time since the Second World War: Yellow Cake has extended its $2m buyback programme to 21 July. $985,868 has been deployed so far – about half. Urban Logistics REIT has spent £47m of the £136m it raised in March buying seven […]
SQN manager reshuffle – SQN Asset Finance Income has announced a change of manager. The management team is leaving SQN (which will now focus on its insurance business) and is moving to an Icelandic bank, Kvika Banki. The new manager will be called KKV Investment Management and it will be headed up by Dawn Kendall […]
Vietnam started the exit phase of its COVID-19 lockdown yesterday, with many people returning to their offices. Remarkably there have been no COVID deaths reported in this country of over 96 million people. Vietnam has a cohesive, relatively homogeneous and relatively young population, and social order and control work. The country has used social media, […]
Third Point Offshore Investors (TPOU), the events-driven bottom-up-focused hedge fund managed by Daniel S. Loeb’s Third Point LLC, focuses on four strategies where it believes it has a competitive advantage in markets: activist and governance-focused investments; credit securities; short selling; and identifying emerging compounder securities. . Long equity positions lead returns while exposure to Argentine default detracts […]
Custodian REIT has reported a 2.2% fall in the value of its property in the first quarter of 2020. The fall in valuation to £559.8m, which take into account a ‘material uncertainty clause‘ due to the covid-19 pandemic, was behind a 2.7% fall in the net asset value (NAV) per share to 101.6p. Unlike some […]
Over the six-month period ended 31 January 2020, the NAV of Fidelity Asian Values (FAS) fell by 13.2%, compared with a decline of 3.6% for the MSCI all countries Asia ex Japan index total return. Over the same period, the company’s share price decreased by 15.0%. The company performed poorly before the covid-19 outbreak. Exposure […]
Acorn Income (AIF), the UK-focused small-cap equity and fixed-income trust, released its annual performance figures today. Over the year to 31 December 2019, AIF delivere a total return on gross assets, which measures the return on the portfolio including all income and costs, amounted to 19.2%, while the total return on net assets, enhanced by […]
Barclays reported first quarter results this morning. It announced a sharp increase in its provisions for bad loans, anticipating a series of defaults from its corporate and retail clients. British Airways is to reduce its workforce of 42,000 by nearly 30%. Its parent company, IAG, does not expect passenger numbers to return to 2019 levels […]
CEIBA Investments (CBA), the real estate company focused on Cuba, has reported a slight increase in its net asset value (NAV) in full year results to the end of December 2019. The company, which owns four hotels and an office complex in the Caribbean island, saw its NAV per share increase to $1.50 from $1.49 […]
Aberdeen Standard European Logistics Income (ASLI) has committed to its quarterly dividend but has put the payment level under review. The company, which owns 14 logistics asset across Europe, said it would continue to monitor rent collection closely, the evolution of covid-19 and its impact on its tenants. As at 24 April 2020, the company had […]
ICG Enterprise dipping into its debt facility – this article has been updated following a conversation with the managers ICG Enterprise delivered an 11.2% return on NAV for the year ended 31 January 2020 (a bit ahead of the return on the All Share) a narrowing discount gave shareholders a return of 20.5%. The dividend […]
Aquila sees opportunities for expansion – In its first set of results, Aquila European Renewables Income reports an NAV of €158.9m, 4.8% higher than the NAV at IPO in June 2019. Two 0.75 cent dividends were announced, in line with forecasts. The company is targeting a dividend of 4.0 cents in relation to the year ending […]
In QuotedData’s morning briefing 28 April 2020: Supermarket Income REIT raised £139.8m (versus an original £75m target) in a heavily oversubscribed issue of 135,748,028 new ordinary shares at 103p. This is an amazing result, especially in the current environment, and demonstrates investors’ need for certainty of income at this time. Picton Property has cut its quarterly […]
In a monthly update release, BlackRock Throgmorton (THRG), the UK-smaller companies sector fund, said that its NAV was down by (24.7) over the month of March 2020. This was cushioned by the trust’s short book, one of THRG’s defining features. At the time of writing, the shares are up over 10%, over the month of April. […]
Renewable energy infrastructure company, Gresham House Energy Storage (GRID), reported its first set of annual results since its launch in November 2018. Performance highlights Net Asset Value of £205.9m, up 6.48% on a total return basis. Driven by portfolio cash generation, improved revenue forecasts and project-level value enhancements. Total dividends for the year of 4.5p […]
Greencoat UK Wind (UKW) announced that it struck an agreement with Vattenfall Wind Power (Vattenfall) to acquire South Kyle wind farm for a headline consideration of £320m, which it says will be due upon completion, scheduled for Q1 2023, once the wind farm begins commercial operation. South Kyle is located 5km to the east of […]
International Biotechnology Trust’s (IBT) has reported interim results, to 29 February 2020. The pandemic’s sustained impact on financials markets began in March, so the impact on IBT’s portfolio over this results period, was negligible. Over the interim period, the company’s NAV per share returned 3.6%. By comparison, the NASDAQ biotechnology index (NBI) returned 6.0% and […]
UK Commercial Property REIT (UKCM) has committed to paying a quarterly dividend at a reduced rate of 50%. The company, which owns a diverse portfolio of 40 commercial properties in the UK, said it has put future dividends under review. It said: “The board has taken the decision to maintain a quarterly dividend, due in […]
Golden Prospect Precious Metals (GPM) was the best performing investment company in 2019 (we covered this in our earlier annual review, which you can access here), following a resurgence in gold. The company has reported annual results this morning, to 31 December 2019. NAV per share rose by 64.2% with the ordinary share while the shares […]
SQN Secured Income (SSIF) will hold its continuation vote on 19 June, following a delay to the Q1 2020 timetable, as a result of covid-19: “As notified on 23 January, the company’s NAV at the end of December 2019 was £50m which was below the £250m targeted when management of the company’s portfolio was assumed […]
