Miton UK MicroCap (MINI) said the following this morning: Gervais Williams and Martin Turner remain as managers “The directors of the company wish to announce that Premier Portfolio Managers Limited, has replaced Miton Trust Managers Limited as AIFM to the fund The AIFM is authorised and regulated by the Financial Conduct Authority. The change of […]
European markets have followed Asia in starting the week on the front foot, reflecting the prospect of further central bank support. Meanwhile, New Zealand’s Prime Minister, Jacinda Ardern said the virus was “currently” eliminated, with new reported cases in single figures over a number of days (as reported by the BBC). Norwegian, has said its fleet […]
Covid-19 has obliterated the property market with tenants across all sectors struggling with cash flow problems as various measures to restrict the spread of the disease have been stepped up in most countries. This has had a devastating effect on the rental income of property companies, which have in some cases received as little as […]
This week, I was fortunate to catch up with SV Health Investors, managers of the unquoted investments within International Biotechnology Trust. The discussion centred on COVID-19 and how it is affecting the healthcare industry. One UK-based member of the team, Kate Bingham, is a member of the UK Government’s Vaccine Taskforce. The majority of the […]
Alternative Income REIT (AIRE) has committed to paying a quarterly dividend for its financial year ending 30 June 2020. The group (previously named AEW UK Long Lease REIT – AEWL), which owns a diversified portfolio of 19 UK commercial property assets let on long leases, said it expected to continue paying a quarterly dividend but warned a prolonged […]
Merchants Trust (MRCH) has reported final results to 31 January 2020. The landscape has changed considerably since the period-end. Over the annual results period, the performance highlights include: 18.7% increase in the NAV total return against 10.7% benchmark return; 18.6% rise in the share price; 4.2% increase in the dividend; 38th successive year of dividend growth; […]
CVC Credit Partners European Opportunities (CCPG) has reset the company’s dividend target to 4p per sterling share/4c per euro share for the next 12 months. “As noted in the annual financial report for the year ended 31 December 2019, the board set the medium-term total return target at 8% per annum, which it regards as […]
Vietnam Enterprise’s (VEIL) USD NAV per share rose 3.0% in total return terms, over its full-year period to 31 December 2019, underperforming its benchmark, the VN index, on a relative basis by 6.8%. VEIL’s share price discount to NAV narrowed from 11.3% at the end of 2018 to 7.0% at the end of 2019, reflecting strong interest […]
Globalworth Real Estate, which owns a portfolio of predominantly offices in Poland and Romania, has provided a covid-19 update. The group said its office assets in the two countries, which have both adopted measures similar to those seen in the UK, has yet to see a significant impact. It added, it was in discussions with several […]
Standard Life Investments Property Income Trust (SLI) has provided a covid-19 update in which it has reaffirmed its first quarter dividend. The company, which owns a diverse portfolio of UK property heavily weighted towards the industrial sector, confirmed that it intends to pay a quarterly dividend of 1.19p per share, in respect of the three month […]
US Solar (USF) provided the following update this morning: Summary – no material impact expected and dividend set to commence as planned USF does not expect covid-19 to materially impact construction timelines or operating cashflows; USF’s acquired portfolio consists of 37 projects with total capacity of 383 MWDC. A further four projects totaling 61 MWDC are […]
Riverstone Energy NAV goes up in smoke – As of 31 December 2019, Riverstone Energy had a NAV per share of $9.66 (GBP7.36), representing a decrease in USD and GBP of over 46 and 48 per cent., respectively, compared to the 31 December 2018 NAV. The statement says that Hammerhead, Centennial and Liberty II were the […]
Syncona ups SwanBio investment – Syncona Ltd has made a $51.0m new commitment in a $77.0m expanded Series A financing by SwanBio Therapeutics. This new commitment takes Syncona’s total commitment to this business to $74.0m. Syncona has invested $19.6m now, and the holding is now valued (at cost) at £34.3m. This expanded Series A financing will […]
Hipgnosis bags Mark Ronson catalogue – Hipgnosis Songs Fund Limited has acquired 70% of the music publishing catalogue (of 315 songs) of seven time Grammy Award winning, Academy Award winning and Golden Globe winning songwriter, artist and producer Mark Ronson. Best known for his collaborations with internationally successful artists including Amy Winehouse, Lady Gaga, Adele, Lily […]
North American Income built revenue reserve ahead of crisis – North American Income Trust’s performance lagged that of the Russell 1000 Index over the 12 months ended 31 January 2020. The trust returned 6.2% in NAV terms against 14.6% for the reference index. The dividend was increased from 8.5p to 9.5p from revenue of 11.4p, which […]
In QuotedData’s morning briefing 23 April 2020 Happy St George’s day! Premier Global Infrastructure won the continuation vote that was put to shareholders at yesterday’s AGM TOC Property Backed Lending has delayed the payment of its next dividend from 4 May to 1 June. It says “The ability of borrowers to meet their interest payment […]
BlackRock Frontiers (BRFI) In their capacity representing BRFI’s manager, Sam Vecht and Emily Fletcher, said: “The company’s NAV returned -25.6% (as at 31 March 2020) versus its benchmark the MSCI emerging ex selected countries + frontier markets + Saudi Arabia benchmark index which returned -19.4% in March. For reference, the MSCI emerging markets index ended the […]
JZ Capital will make no new investments – JZ Capital Partners Limited has announced a proposed change to its investment policy. If shareholders agree (and they almost certainly will) the company will make no further investments except where it has to meet existing obligations or to the extent that investment is required to support existing investments. The intention […]
Unite Students, the student accommodation owner has said it expects a 16%-20% reduction in income for the 2019/20 academic year. The group has received rent cancellation requests for the summer semester of 2019/20 and expects to forgo rent on around 43,000-46,000 beds representing around 62-65% of all owned and managed beds. Remaining beds are accounted for by […]
We have an update from Renewables Infrastructure Group (TRIG) this morning. The key points made are: Power price forecasts reduced, with material impact from covid-19 in the near term, which if taken in isolation and excluding value enhancements, would imply a reduction in NAV per share of approximately 5p; Excellent portfolio performance in Q1, with […]
RM Secured Direct Lending (RMDL) has reported its annual results to 31 December 2019. Over the course of the year, the portfolio generated a NAV total return of 8.2%. The company’s shares trading in a narrow range within 99.50 pence and 103 pence over the period. Reflecting on 2019’s market environment RMDL said the following in its […]
The international oil market has moved to a price level not seen in about twenty years. The price of Brent crude oil fell to under $16 a barrel this morning. This follows the move into negative territory earlier this week in the US WTI crude oil benchmark. Alcentra European Floating Rate Income is convening an […]
Click here to watch Alex Denny from Fidelity discuss: “How are investment trusts going to survive amid COVID-19 market disruption”. What is an investment trust? Investment trust characteristics. What else drives investment trust performance? How have investment trusts held up?
UK industrial specialist Stenprop has provided an update on rent collection during the covid-19 pandemic. The company, which is in the process of converting its portfolio to be fully focused on UK multi-let industrial assets, said it had received 73% of rents, as at 15 April 2020, for the current quarter and the month of […]
Target Healthcare manager gets notice extension Target Healthcare REIT has issued another update, this one covers the quarter ended 31 March 2020: More cases of COVID-19 have been reported in its care homes but this still accounts for less than 5% of residents Target believes that its tenants’ cash flows will remain supported by demand […]
Precious metals help Baker Steel shine – Baker Steel Resources Trust has just released results covering the year ended 31 December 2019. This is looking a bit like ancient history given developments since. However, it is worth saying that the trust had a good 2019, with a 29.9% return on NAV (this compares favourably to a […]
In QuotedData’s morning briefing 21 April 2020, as US oil prices go negative for the first time: Yesterday Big Yellow announced plans to raise up to £80m via a placing of shares. It wants the money to buy land to expand its portfolio. It has 13 development sites, three of which are soon to complete (adding […]
Last Friday, it was announced that Alastair Mundy, the individual manager of Temple Bar (TMPL), had been given an extended leave of absence by Ninety One (TMPL’s manager), for health reasons. Click here for our full story from Friday. 12 months notice served Further to the announcement made last week, the board of TMPL has concluded […]
Retail property landlords have called on the government to implement a rental support scheme as the covid-19 induced lockdown continues to hit income. Groups including British Land and Land Securities have teamed up with some of the biggest UK retailers to write to chancellor Rishi Sunak with their concerns, the FT reported today. They want […]
Secure Income REIT (SIR) has released a statement with respect to Travelodge, the budget hotel chain. We note that it was reported over the weekend that Travelodge had appointed advisers to oversee discussions with its landlords over rent breaks or deferrals. The hotel company fears it will run out of cash before hotels can re-open […]
