Target Healthcare REIT reported a 6.9% fall in EPRA net tangible assets (NTA) to 104.5p per share in full year results to 30 June 2023. The care home landlord said that valuations had stabilised over the second half of its financial year following the impact of higher interest rates in the first half. Uplifts of […]
In QuotedData’s morning briefing 10 October 2023: Cordiant Digital Infrastructure Limited (CORD) announced that the acquisition of Speed Fibre DAC has been cleared under the United Kingdom’s National Security and Investment Act 2021. This clearance was required because an element of Speed Fibre’s network extends into Northern Ireland. Speed Fibre is Ireland’s leading open access […]
Ashoka India Equity (AIE) has released its annual results for the period ending 30 June 2023: Over the 12 month period AIE reported a NAV total return of 18.3% and share price total return of 19.4%. This represents an outperformance relative to its benchmark, the MSCI India IMI Index, which returned 11.8%. This also marks […]
In QuotedData’s morning briefing 9 October 2023: Oryx International Growth (OIG) provided an update on the proposed bids for its holdings in Tribal Group, Pendragon, and Smoove. The offer for Tribal Group represents an approximate 41% premium to the recent share price and would return circa £14.8m in cash to OIG upon completion, representing an […]
For those that joined our annual investment trust forum yesterday, either via the online live-stream or in person, the discounts to net asset value (NAV) that are currently prevailing within the sector, most notably in the alternative income subsectors although very few areas have been left unscathed, were a big part of the discussion. David […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Henderson High Income / Henderson Diversified Income (0:40) • Pershing Square (7:16) • Octopus Renewables (10:00) Andrew McHattie spoke about Regional REIT and Digital […]
As with all investment strategies, your capital is at risk. NVIDIA’s co-founder Jensen Huang is Silicon Valley’s longest-serving chief executive. But his greatest impact may still be ahead of him, as Scottish Mortgage’s Claire Shaw explains Jensen Huang recently celebrated three decades as NVIDIA’s chief executive. It’s a remarkable achievement, particularly given that many recent […]
Pacific Horizon (PHI) has released its annual results for the year to 31 July 2023, during which it provided an NAV total return of -3.6% and a share price total return of -8.9%, which compares against a total return for the MSCI All Country Asia ex Japan Index of 0.8% (all in sterling terms). PHI’s […]
Macau Property Opportunities (MPO) has announced its annual results for the year ended 30 June 2023. During the first six months of the financial year, Macau was subject to strict dynamic zero-COVID regulations, in lockstep with mainland China. At the beginning of 2023, however, COVID controls were rapidly relaxed, triggering a dramatic economic recovery which […]
![Macau Property Opportunities disposal plan is on-track - Macau Property Opportunities Fund (MPO) reported on the progress of its gradual wind-up in its annual report for the period ending 30 June 2018. The chairman reported that the shareholders' decision at the recent EGM to extend the company's life until the end of 2019 placed them in a stronger position to negotiate further satisfactory disposals. This, he pointed out, enhances the potential realisation of MPO's remaining assets, supported by a continuing market recovery in Macau. In March, the company sold its retail redevelopment site, Senado Square, for HK$800 million (c.US$102 million) - a gain of 541% over its acquisition cost. The subsequent distribution to shareholders, equivalent to 50 pence per share, represented 62% of the net profit from the sale. Highlights Fund performance · the company's portfolio value appreciated 2.3% over the year to US$338.4 million. · adjusted NAV grew 4.5% year-on-year to US$260.6 million, equating to US$3.41 (258 pence[2]) per share. · the company's share price rose 24% over the year, representing a 25% discount to adjusted NAV per share. Capital management · Consolidated cash balance (including deposits with lenders) as at 30 June 2018 was US$88.2 million. · Overall gross borrowings were reduced to US$148 million and the loan-to-value ratio improved to 35%. · Approximately US$50.5 million (£38.2 million) was distributed post year-end to shareholders, by way of a compulsory redemption of shares. This represented 62% of the net profit from the divestment of Senado Square, equivalent to £0.50 per share. In the background, the portfolio remains competitive and relevant During the year, ongoing asset enhancement initiatives at the company's flagship asset, The Waterside, have seen the property achieve stable occupancy and higher rental values as it retains its position as Macau's premier residential asset. The company has also embarked on a reconfiguration programme for several large units at The Fountainside, which will cater to increasing demand for more compact homes. These initiatives demonstrate continued efforts to meet changing consumer needs in the property market. Macau's gross domestic product is expected to grow by 5.8% this year and 3.9% in 2019. In his statement, the chairman, Chris Russell noted that they are mindful of rising global risks, particularly escalating US-China trade tensions and a weakening yuan, which are threatening to endanger the recovery of Macau's crucial VIP gaming segment. The possibility of China's central government further restricting capital outflows could also be detrimental to the company's divestment strategy. MPO : Macau Property Opportunities disposal plan is on-track](https://quoteddata.com/wp-content/uploads/2018/09/auto-draft-40-160x105.jpg)
SDCL Energy Efficiency Income Trust (SEIT) has acquired the outstanding balance of loan facilities secured against an operational portfolio of LED lighting projects, in the USA, held by Future Energy Solutions Lighting Holdings (FES), which is already a SEIT portfolio company. SEIT acquired the loan for approximately $31m (£25m) and its purchase gives SEIT the […]
Octopus Renewables Infrastructure Trust (ORIT) has entered into a conditional agreement to sell its Krzecin and Kuslin onshore wind farms in Poland to an affiliate of ORLEN S.A. On completion of the Transaction, ORIT expects to receive net proceeds, following the repayment of asset level debt and termination of hedging arrangements, of between PLN 470m […]
In QuotedData’s morning briefing 6 October 2023: A recording of Triple Point Energy Transition’s (TENT’s) recent Capital Markets Event held on 28 September 2023 is now available online. Topics include: Overview of TENT; a deep dive on battery energy storage systems (BESS) and hydroelectric portfolios; asset optimisation and value creation levers; organic earnings growth; and […]
In QuotedData’s morning briefing 5 October 2023: The Unite Group (UTG) has provided a trading update and Q3 valuations. Rental growth was up 7.3% for the 2023/24 academic year, with a 99.7% occupancy rate (versus 97.9% for the prior year). The Unite UK Student Accommodation Fund property portfolio was valued at £2,929m, a 0.2% increase […]
The Investment Company (INV) has released its final results for the period ending 30 June 2023. INV reported a NAV return of 1.39% and share price return of 15.7% for the period. Mindful of the size and illiquidity of the trust, in July 2023 the board implemented a tender offer to allow shareholders to easily […]
Henderson High Income Trust (HHI) and Henderson Diversified Income Trust ( HDIV) have announced a proposal to combine the two companies. The combination, if approved by each company’s shareholders, will be effected by way of a scheme of reconstruction and winding up of HDIV under section 110 of the Insolvency Act 1986 and the associated […]
Ruffer Investment Company (RICA) announced its annual report for the year ended 30 June 2023. The company’s share price total return over the 12 months was -7.2% while NAV total return was -1.7%, resulting in a widening of the discount which now stands at 4.4%. The performance reflects a year of two halves for RICA […]
In QuotedData’s morning briefing 3 October 2023: Rockwood Strategic (RKW) confirmed the resolution for a share sub-division was passed at its recent AGM. On 11 October 2023 this will result in each ordinary share of capital of the company being sub-divided into ten new ordinary shares. The aggregate value of the shareholdings will remain the […]
The directors of the Edinburgh Investment Trust (EDIN) announced that James de Uphaugh, the company’s portfolio manager, will retire in February 2024 after 36 years in the industry. James will continue to manage the company’s portfolio until February and will then be replaced as portfolio manager by his colleague Imran Sattar. As part of the […]
In QuotedData’s morning briefing 3 October 2023: Schroder British Opportunities Trust (SBO) announced that director Diana Dyer Bartlett has been appointed as senior independent non-executive director of the company, in addition to her role as chair of the audit & risk committee. Separately, the company has also decided to form a new valuations committee, to […]
The SEC has declared that Pershing Square SPARC Holdings, Ltd’s registration statement is effective. The company is targeting companies looking to raise at least $1.5bn of capital – that could be for private companies looking to list and provide an exit to founders and/or companies looking for additional equity capital. Pershing Square believes that this […]
SLF Realisation Fund (SLFR) released its annual results for the 12 months ending 30 June 2023. We note that SLFR is undergoing a managed wind down. Over the period SLFR reported a NAV total return of (25.8%) per ordinary share, and (2.7%) for 2016 C share. The chairman believes that significant progress was made over […]
In QuotedData’s morning briefing 2 October 2023: India Capital Growth Fund (ICG) has announced that its investment manager, Ocean Dial Asset Management, has been acquired by AssetCo. As a result ICG will come under the River and Mercantile brand in due course, which will increase the resources available to ICG. Taylor Maritime Investments (TMI) has […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Gulf Investments (0:34) • Digital 9 Infrastructure (6:20) • HICL Infrastructure (13:32) • Hipgnosis (14:58) This week’s interview was with Carlos Hardenberg from Mobius […]
Retail has been a dirty word for property investors for so long now that it’s hard to remember the time when it was the darling of the real estate sector. When shopping centres were popping up all over the UK and high streets were buzzing. The bubble burst with online retailing in the 2010s and […]
Schroder Japan (SJG) has released its annual results for the period ending 31 July 2023. Over the 12 month period SJG reported a NAV total return of 11.7% and share price total return of 18.7%. This compares favourably to its benchmark return of 9.4% and is SJG’s third year of outperformance. Positive contributors to SJG’s […]
In QuotedData’s morning briefing 29 September 2023: Syncona (SYNC) has announced that it is launching a share buyback programme of up to $40.0m. SYNC’s board believes that the current share price materially undervalues its portfolio and its prospects and that the shares represent a compelling and unique investment opportunity. SYNC currently trades on a (42.3%) […]
In the circular published today in connection with Hipgnosis Songs Fund’s planned catalogue disposal, the board has introduced some surprise elements to the proposals: The board says that if the continuation vote is passed at the 2023 AGM, there will be another at an extraordinary general meeting in January 2026, again at the AGM to […]
Bluefield Solar Income Fund has published results for the year ended 30 June 2023. As previously announced, the NAV eased slightly to 139.7p from 140.4p, as higher discount rates (used to discount BSIF’s forecast cash flows to calculate the NAV) and higer interest rates marginally outweighed the positive impact of higher power prices and inflation. […]
Henderson Eurotrust has published results for the 12 months ended 31 July 2023. Over the period, it delivered an NAV return of 16.7% and a share price return of 19.7% – both ahead of the benchmark return of 16.1% and well-ahead of the peer group NAV return of 14.6%. The dividend was maintained at 3.8p. […]
HICL Infrastructure has agreed to dispose of a portfolio of five assets to John Laing. The portfolio is made up of HICL’s entire equity interest in four UK PPP projects; Queens (Romford) Hospital, Oxford John Radcliffe Hospital (“OJR”), Priority Schools North East Batch and South Ayrshire Schools, in addition to half of its investment in […]
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