JZ Capital Partners (JZCP) has said that in light of the covid-19 outbreak, the previously announced US secondary sale has been delayed. Whilst the duration and impact of COVID-19 is uncertain at this time, the company remains committed to its strategy of realising value from its investment portfolio including via the secondary sale, and to […]
CVC Credit Partners European Opportunities (CCPE/CCPG) has released this update: “Following our 2nd March note addressing the initial impact of the Coronavirus outbreak, global credit markets have continued to experience significant volatility in the past weeks, driven by (i) the continued expansion of the coronavirus epidemic on a global scale, and (ii) the break-up of […]
In QuotedData’s other news 16 March 2020 – RDL Realisation (RDL) provided the following update on the Princeton fund: “on Friday 13 March 2020, the United States bankruptcy court entered an order confirming the Fifth Amended Chapter 11 Plan proposed by the Chapter 11 Trustee in the Princeton alternative income fund bankruptcy case. The plan was […]
In light of cov-19, it has been announced this afternoon that Master Investor, the UKs largest private investor show, has been moved to Saturday 5 December 2020. The event was originally scheduled for Saturday 28 March 2020. Click on the following link for more information: https://quoteddata.com/events/master-investor-uks-largest-private-investor-show/
From time-to-time, QuotedData’s analysts meet a wide range of companies that aren’t clients of our sponsored research service. We figure it makes sense to share some of our thoughts on these companies with you. Here are some observations from a recent capital markets day hosted by Augmentum Fintech (AUGM), at Plaisterers’ Hall, One London Wall. AUGM […]
US Solar (USF) announced it has closed the acquisition of 100% of the cash equity interests in a portfolio of twenty-two operating utility-scale solar power projects totalling approximately 177MWDC in North Carolina, Oregon, and California. USF announced signing of the binding transaction on 29 January 2020 with closing subject to customary conditions and consents which have now […]
Part of the European smaller companies sector, European Assets (EAT) has released its annual results to end-December 2019. In sterling terms, the share price and NAV total returns came in at 25.7% and 19.8%, with stock selection driving performance (sector allocation detracted slightly). The best performance came from ASM International, the Dutch listed semiconductor equipment supplier, […]
Aberdeen Smaller Companies (ASCI), which invests in UK smaller companies, has reported annual results to 31 December 2019. The company’s performance in NAV and share price terms, as well as that of its benchmark, is shown below: NAV total return FTSE Small Cap ex Inv Trust Index total return Share price total return 2019: +34.4% […]
JPEL Private Equity (JPEL) announced a partial sale in JPEL’s 2nd largest portfolio company, a tax advisory services company. At 31 December 2019, the company represented 18.7% of JPEL’s private equity portfolio value. The partial realisation results in an investment return of approximately 4.39x and an IRR of approximately 33% for JPEL. As part of the transaction, JPEL […]
Secure Income REIT reported a 7.6% increase in net asset value (NAV) in 2019. The group, which owns a £2.1bn portfolio of long-let property, said NAV per share grew to 431.1p in 2019 as the like-for-like value of the company’s portfolio rose by 4%. The growth helped Secure Income REIT deliver a total shareholder return […]
Intu Properties has warned it could go under after reporting a £2bn loss in 2019. The shopping centre owner said the spate of retailer failings had resulted in the value of its properties falling almost £2bn (or 22.3%) to £6.6bn. Intu’s debt totals £4.5bn, giving it an unhealthily high loan-to-value ratio of 67.8%. Chief executive […]
Alcentra European Floating to wind up – The board of Alcentra European Floating Rate Income Fund says that, following its March 2020 tender offer, it has conducted a comprehensive review of the outlook for the company. This review, conducted in consultation with the investment manager and broker, has been undertaken in tandem with extensive shareholder […]
In QuotedData’s other news 12 March 2020 Markets dive following EU/US travel ban Volta Finance is engaging with the shareholders that voted against the re-election of its directors back in December 2019. 37% of votes were cast against these resolutions. Volta says it is not sure why. Ruffer says its NAVs might be slightly misleading because […]
2019 was a fantastic year for Oakley shareholders – a 25% return on NAV translated into a 56% return to shareholders as the discount narrowed significantly. The underlying portfolio companies generated EBITDA growth of 30% and the earnings growth helped push valuations higher. Two exits were made – WebPros was the major driver – we […]
Primary Health funding new doctor’s surgery in Epsom – Primary Health Properties has contracted with a developer to fund the fitting out of a doctors’ surgery within a modern residential development in the centre of Epsom, Surrey. The company will acquire the long leasehold interest of the property on completion of the work for a total […]
Good year for Witan – Global investment trust, Witan reported a return of 21.3% on its NAV for 2019, 1% ahead of its benchmark. Shareholders did slightly better than that, with returns of 22.1% as the discount narrowed from 1.3% to 0.7%. The dividend was upped by 13.8% to 5.35p (doubling in a decade). Returns […]
Symphony still in tune – Symphony International delivered a 5.8% return on its NAV over 2019 (in US dollar terms). It paid a dividend of 3.5 cents. $90.7m was deployed in new investments. Symphony’s new investments include interests in two established businesses; Indo Trans Logistics, the largest independent integrated logistics company in Vietnam and ASG Hospital, […]
Countrywide, the estate agency group, has announced that the proposed sale of its commercial property arm, Lambert Smith Hampton (LSH), has fallen out of bed. The company had agreed a deal with John Bengt Moeller to sell the business for £38m in November last year but said Moeller “failed to complete the transaction in accordance with […]
EP Global Opportunities runs for the exit. Responding to the covid-19 outbreak, the manager of EP Global Opportunities had raised its cash level to 18% of the trust at the end of February (up from 8% at the end of January). The managers had this to say “we are finding it very difficult to identify […]
In QuotedData’s other news 11 March 2020 Bank of England cuts rates to 0.25% from 0.75%. The new rate is the lowest in the UK’s history. RDL Realisation should have about $8.7m in cash following its $7m (43 cent/33p per share) distribution paid in February. Its portfolio was valued at $33m at the end of January. […]
BioPharma Credit (BPCR) has published annual results to 31 December 2019. The company says it is London’s only specialist debt investor to the life sciences industry. The company seeks to achieve returns for its shareholders primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences […]
Octopus Renewables (ORIT) launched in December 2019, raising a whopping £350m (click here to read more). The company is targeting investment in construction, construction-ready and operational renewable energy infrastructure assets across the UK, wider Europe and Australia. To this end, ORIT has this morning announced its first investment since its IPO, a construction-ready onshore wind farm in Ljungbyholm, Sweden. ORIT […]
In QuotedData’s other news 10 March 2020 – ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) said that its £21.5m Pentavia loan has been repaid in full, following successful completion of the business plan and a sale of the underlying property securing the loan. The proceeds of the repayment will be applied to repay the £5.2m outstanding […]
Impact Healthcare REIT has agreed terms on a trio of acquisitions for a total of £61.1m. The group, which owns a portfolio of healthcare properties, has completed the acquisition of a portfolio of care homes, has exchanged contracts to acquire a second portfolio and has entered into a pre-let forward funding arrangement with an existing tenant. […]
The board of Global Sustainable Farmland Income announced that due to current market conditions, its IPO on the LSE has been delayed until further notice. As a result, the registrars have been instructed to return all money to investors who participated in the IPO through the offer for subscription. The board adds that once the […]
HgCapital (HGT) had an excellent 2019 with its NAV and shares increasing by 20.8% and 47.5% (both total return) over the year to 31 December 2019. HGT noted revenue and EBITDA growth of 24% and 35% across the top 20 investments (92% of the portfolio) over the last twelve months. £117m of cash was returned to HGT […]
The global emerging markets company, ScotGems (SGEM), which invests in small-caps, has published its annual accounts to 31 December 2019. It was a difficult year results-wise with SGEM’s shares falling by 23.2% and the NAV by 6.5%, over the year. This compares to a rise in the MSCI AC World Index of 19.3%, a rise in […]
Polar Capital Global Financials (PCFT) reported annual results to 30 November 2019. Over the year, the company delivered a total NAV return of +7.2%, while the shares increased by +8.9%. The main story is that PCFT is set to continue beyond its fixed life (31 May 2020), which we discussed in our recently published update note: Polar Capital Global […]
In QuotedData’s other news 9 March 2020 – Ongoing difficulties in the relationship between Pollen Street Secured Lending (PSSL) and its manager Pollen Street Capital (PSC) continue. PSC has been served notice of the termination of its management agreement (click here to read more). PSC has this morning released a statement (you can access it […]
The global sector company, Alliance Trust (ATST), has published annual results to 31 December 2019. Total NAV and shareholder returns were 23.1% and 24.3%, ahead of the benchmark’s (MSCI ACWI) 21.7% and the median global sector peer group’s 22.4%. ATST also noted that it increased its dividend for the 53rd consecutive year. On the corporate side, one […]
