Gabelli Value Plus tender and continuation vote – Gabelli Value Plus+ Trust is planning to hold a tender offer for up to 14.99% of its issued share capital (excluding treasury shares). Details will be announced shortly. A continuation vote is planned for the AGM in 2020 (this is triggered if the trust trades at more than […]
Palace Capital converts to REIT – Palace Capital will join the UK REIT regime from today. The company has provided HMRC with notice of the conversion and said it expects to pay the first dividend as a UK REIT in December. It also announced a significant letting at its Sol Northampton leisure scheme. It has let […]
In QuotedData’s other news 1 August 2019 GCP Student Living is planning to dip into its debt facilities to fund the acquisition of the 412-bed Scape Mile End Canalside. Its LTV ratio could move into the mid 30s per cent. level. Fidelity Japan was 7.6% ahead of its benchmark at the half-year stage (up 14.8%). The […]
Sale of Green REIT progresses – Green REIT, the Dublin-listed developer and investor with an €1.48bn portfolio of offices and logistics in Ireland, is in exclusive talks to sell the company to UK private equity company Henderson Park Capital Partners. In a stock exchange announcement the company said: “Having assessed the bids received as part […]
QuotedData on Pershing Square QuotedData sent an analyst along to a meeting with Bill Ackman (manager of Pershing Square Holdings), some of his team and the chairman, Anne Farlow. The company has had a great year – the manager’s best ever apparently, with the NAV up 41.4% over the year to the 30th of July […]
Countrywide cuts losses as turnaround plan kicks in – The UK’s biggest estate agency group, Countrywide, reported hugely reduced losses in the first half of this year as its “back to basics” turnaround plan took effect. Losses were £37.7m in the first six months to June, down from £206.4m last year. Group income was down […]
In QuotedData’s other news 31 July 2019: The multi-asset fund, Tetragon Financial Group (TFG) reported half-year results to 30 June 2019; total return NAV was up 14.3%. The company’;s allocation to TFG Asset Management (which owns Tetragon’s private equity investments in asset management companies) generated the largest gains in the portfolio during the period. We also […]
Intu Properties results and market reaction reflect retail woes – The shares of the shopping centre-focused real estate company, Intu Properties (INTU), are down by 17.6% this morning (at the time of writing), after it published its half-year results to 30 June 2019. Headline numbers reported this morning include: Net rental income £205.2m: -17.9% (-7.7% on […]
Invesco Perpetual Select risk assets underperform – Invesco Perpetual Select has published its full annual report for the year ending 31 May 2019. But first, a bit more on the company: The company’s investment objective is to provide shareholders with a choice of investment strategies and policies, each intended to generate attractive risk-adjusted returns. The company’s share capital comprises four share classes, each […]
Hibernia REIT updates on Irish property market – Dublin-focused Hibernia REIT (HBRN) has released a trading update covering the period from 1 April 2019; main takeaways include office vacancies at the end of June 2019 coming in at 5.9% for Grade A space in central Dublin and 6.4% for Dublin overall. Prime Grade A headline […]
Woodford Funds has issued a statement that Benevolent AI and Industrial Heat have delisted from The International Stock Exchange (TISE). These are major holdings in both the Woodford LF Equity Income Fund (a UCITS fund) and Woodford Patient Capital Trust (WPCT – a UK investment trust). While WPCT, with its closed ended structure, may suffer from […]
BioPharma updates on Lexicon – BioPharma Credit has updaed the market following an announcement from Lexicon Pharmaceuticals, Inc. Sanofi has made a notice of termination in relation to its collaboration and license agreement with Lexicon for the development and commercialization of Zynquista. Sanofi’s actions do not impact XERMELO(R) which is marketed by Lexicon in the US […]
Unite’s £1.4bn Liberty Living deal faces competition probe – The competition watchdog has launched an investigation into Unite Group’s £1.4bn takeover of student accommodation rival Liberty Living. The Competition and Markets Authority (CMA) could block the takeover if it concludes the deal would prove anti-competitive. The CMA is yet to set a deadline for its […]
Robust performance at Custodian REIT despite retail woes – Custodian REIT saw the value of its portfolio fall slightly in the quarter to the end of June as retail failures took its toll. The portfolio value stood at £568m, down from £572.7m at the end of March, driven largely by a marked reduction in value […]
Impact Healthcare continues strong growth – Impact Healthcare REIT, which owns a diversified portfolio of UK healthcare assets, reported its NAV had increased to just under £300m in the quarter to the end of June. NAV stood at £299.9m, or 104.67 pence per share, compared to £200.2m or 104.18 pence per share at the end […]
In QuotedData’s other news 30 July 2019: RDL Realisation announced that Deloitte LLP has resigned as the company’s auditor with effect from 29 July 2019. Premier Global Infrastructure (PEW) reported half-year results to 30 June 2019. The total return on the company’s portfolio was 12.4%, which although an improvement was below the benchmark FTSE global core […]
Russia-focused Raven Property Group revalues portfolio up – Raven Property Group (RAV), the Russia-focused property company, has this morning published an update on the value of its portfolio; the major takeaway is that Russia’s economy and its real estate sector continue to improve. As well as the portfolio increasing in value, a stronger Russian rouble, […]
JPMorgan Smaller Companies announces fee cut – The board of JPMorgan Smaller Companies Investment Trust has announced that, following a review, the company’s investment management fee arrangements with JPMorgan Funds Limited (‘JPMF’) will change. With effect from 1st August 2019, the annual investment management fee, currently 80bps (basis points, equivalent to 0.8%) a year on gross […]
Hammerson continues non-core sell-off as NAV falls again – Hammerson has reported another fall in net asset value and announced the sale of its stake in a Paris mall. NAV per share dropped by 7.2% in the first six months of the year, while net rental income fell 12.3% to £156.6m. Adjusted profit for the half […]
In QuotedData’s other news 29 July 2019 F&C Investment Trust is 2% behind its benchmark at the half-year stage with a return of 14.4% against 16.4% for the All-Share index. Returns were held back by the private equity investments, which returned -1.4%. The first interim dividend is 2.9p. RDI REIT has secured a number of significant […]
Woodford Patient Capital may fire Woodford – this morning the trust made the following announcement – “The Board of Woodford Patient Capital Trust plc (“WPCT” or the “Company”), as stated in the announcement on 28 June 2019, has been closely monitoring the situation at Woodford Investment Management Limited (the “Portfolio Manager”) and remains focused on […]
QuotedData visits Bluefield Solar’s Elms farm – Earlier this week, QuotedData attended an analyst and investor site visit arranged by Bluefield Solar Income Fund (BSIF). BSIF is a client of our sponsored research service – we published an initiation note earlier this year, which you can access here. We figured it would be interesting to share […]
Finsbury Growth and Income Trust, managed by veteran fund manager Nick train, has announced amendments to the fee arrangements for: the Company’s Alternative Investment Fund Manager (Frostrow Capital LLP); and the Company’s Portfolio Manager (Lindsell Train Limited). The changes come into effect immediately. Frostrow Capital’s fees Frostrow Capital LLP will receive an annual fee of 0.15% […]
JZ Capital Partners(JZCP) has just announced a number of proposals, which include plans to return US$30m via a tender offer “and resultant Off-Market Acquisitions” at a 5% discount to NAV. The company has listed the following recommended proposals to approve: The Company’s proposed disposals of ownership interests in each of Jordan Health Products, LLC (Avante), […]
In QuotedData’s other news 26 July 2019: Scottish American (SCAM) has announced its interim results for the six-months ended 30 June 2016, in which it modestly outperformed its benchmark. SCAM’s net asset value total return for the first six months of 2019 was 17.3% and the share price total return was 17.5%. In contrast, it says […]
UK Mortgages Limited (UKML) has announced proposals to change its articles, investment policy and share buyback policy, with the aim of improving the returns generated by the Portfolio and the Company’s cash position, without at the same time increasing the credit risk of the underlying securitisations. Background to the proposals UKML says that the investment […]
3i Infrastructure plc (3IN) has announced that it has agreed to invest approximately €220m to acquire up to 100% of Ionisos, which it describes as a leading owner and operator of cold sterilisation facilities servicing the medical, pharmaceutical and cosmetics industries. The seller is Ardian Expansion and the transaction is expected to complete in September. […]
Catco Reinsurance Opportunities (CAT) has announced proposals to return cash to shareholders. This follows the publication of a press release by its investment manager, Markel CATCo Investment Management Ltd., saying that it: will stop accepting new investments in Markel CATCo Reinsurance Fund Ltd. (MCRF) will not write any new business going forward through Markel CATCo […]
JPMorgan launching Global Core Real Assets fund – A prospectus has been published this morning in connection with the launch of a new investment trust – JPMorgan Global Core Real Assets – if that means very little to you – they say the fund will invest in the likes of: Infrastructure: long-term, core infrastructure assets […]
Witan borrows for 32 years – Witan Investment Trust has agreed to issue a £50m fixed rate 32 year secured private placement note at a coupon of 2.39%. The announcement says that the purpose of this transaction is to obtain fixed rate long dated sterling denominated financing at a pricing level that it considers attractive. Witan […]
