Amgen takeover of Nuevolution provides rare valuation for preclin immune/inflam assets US giant Amgen has announced an agreed takeover offer of SEK1.6bn (c$167m) for Nuevolution, a Swedish biotech, in a move which puts a monetary value of a small number of orally available preclincal assets, mostly in the immune/inflamamtory space. This area has seen relatively few […]
EPE Special Opportunities expressed its sadness at the death of its chairman, Geoffrey Vero. Tiny Energiser, which sold its revenue generating investments in its previous accounting year, made a significant provision against its investment in KCR (writing down the holding by £390,000 to £1,315,000). This cut its NAV from 1.47p to 1.03p. We also have […]
Picton Property Income wants to be larger – Picton Property Income has released results for the year ended 31 March 2019. Highlights are: Increase in net assets of 2.5%, to GBP499 million, or 93p per share Total return of 6.5% Increased EPRA earnings to GBP22.9 million, or 4.3p per share Paid dividends of GBP18.9 million, or […]
Developments beneficial for Great Portland – Great Portland Estates has announced results for the year ended 31 March 2019. Highlights are: EPRA NAV per share of 853 pence, up 1.0% over twelve months; net assets of GBP2,309.7 million EPRA earnings of GBP53.7 million, down 19.2% on 2018 following GBP348.9 million of asset sale EPRA EPS […]
Manager change at Fundsmith Emerging Equity – Michael O’Brien and Sandip Patodia have been promoted by Fundsmith LLP, following consultation with the board, to the roles of FEET’s portfolio manager (replacing Terry Smith) and assistant portfolio manager, respectively, with effect from 31 May 2019. Michael and Sandip joined Fundsmith ahead of the launch of FEET in […]
HICL reduces Carillion provision – HICL Infrastructure has published its results for the year ended 31 March 2019. Its NAV rose by 5% to 157.5p and the total return on NAV (including dividends) was 10.8%. The dividend for this period was 8.05p, in line with previous guidance. HICL’s board has re-affirmed its 8.25p target for the next […]
JPMorgan Multi-Asset delivers 5.1% NAV return in inaugural year – JPMorgan Multi-Asset (MATE) has reported its first set of annual results following its launch in March 2018. MATE replaced JPMorgan Income & Capital following the latter’s wind-up. Over the year to 28th February 2019, MATE’s underlying portfolio performed much better than the shares. Total return […]
Westmoreland failings do not affect Civitas or TriplePoint – On 20 May 2019 the Regulator for Social Housing issued a judgement on Westmoreland Supported Housing (a Registered Provider that features in both Civitas Social Housing and Triple Point Social Housing’s portfolios). The judgement relates to a number of properties that Westmoreland is responsible for but […]
Hipgnosis buys catalogue from Jamie Scott – Hipgnosis Songs Fund has acquired a music catalogue from Jamie Scott, a British song writer and record producer responsible for 84 Number 1, 188 Top 5 and 247 Top 10 Chart positions globally. Jamie Scott has co-written multiple platinum certified singles including the four times platinum certified ‘Cold Water‘ […]
Warehouse REIT (WHR) had a strong year to 31 March 2019. In it’s preliminary results announcement this morning, the company reported a 7,4% increase in EPRA NAV per share. The portfolio performed well as tenant demand remained strong despite current political and economic uncertainties, while supply of space remained constrained, with capital values generally below replacement […]
North Atlantic Smaller Companies reports NAV growth in tough environment – North Atlantic Smaller Companies (NAS) has reported preliminary results for the year-ended 31 January 2019 with the diluted NAV per share increasing 6.8% year-on-year to 3,708p, compared to an increase of 3.7% during the year in the Standard & Poor’s 500 Composite Index (Sterling […]
John Laing Environmental Assets Group (JLEN) has announced the appointment of Hans Joern Rieks as a non-executive director of the company, commencing 13 June 2019. LXi REIT (LXI), the specialist inflation-protected very long income REIT, has reported annual results for the year ended 31 March 2019. LXI’s leases are typically 20 to 30 years to expiry […]
GCP Infrastructure (GCP) predominantly invests in UK infrastructure debt. The company has this morning announced that it has entered into a conditional commitment to subscribe for two new loan worth around £64m. If issued, the loan notes will be used to finance an investment in the subordinated debt and shareholder interests of an operational onshore […]
PRS REIT raises £200m debt finance – Sigma, the private rental sector, residential development and urban regeneration focused company, has announced that its wholly-owned subsidiary, Sigma PRS Management Limited, has secured a further £200m of debt facilities on behalf of PRS REIT (PRS) in its role as manager to the investment trust. We note that […]
Residential Secure Income reports interims after busy period of portfolio building – Residential Secure Income (RESI), the affordable shared ownership, retirement and local authority housing investor, has announced its interim results covering the six months to 31 March 2019. The portfolio benefits from 96% of rental income being subject to contractual inflation-linked rental uplifts. Financial […]
Murray International has agreed a new GBP30 million loan facility with the Royal Bank of Scotland International Limited which was drawn in full on 16 May 2019 and fixed for five years at an all-in rate of 2.25%. The new facility has, in part, been used to repay a maturing GBP15 million loan (also with the […]
Urban Logistics REIT has announced that it has sold a site located on Postley Road, Bedford for £9.2 million “realising a Total Property Return of 74%”. (The company defines total property return as capital growth plus net rental income plus sale profit expressed as a percentage of the purchase price. It says that it will […]
Regfional REIT mulls fundraise – In a very short announcement entitled “Growth Opportunities Under Consideration”, Regional REIT has said that it is “it is considering an equity fundraise to take advantage of its growing near-term pipeline of opportunities in the investment market. The funds would be deployed in line with its investment policy with a […]
Scottish mortgage posts double digit returns and raises over £400m – Scottish Mortgage (SMT), the £7.7bn market cap global growth trust, reported another strong set of annual results (to March 31, 2019) earlier today. Total return NAV was up 14.6% while the shares rose 16.5%. SMT holds a number of companies in the technology space […]
BBGI SICAV (BBGI), the global public private partnership (PPP) infrastructure investment company, announced that it had completed the acquisition of a further 33.3% equity interest in the Ohio River Bridges – East End Crossing PPP Project and now owns 66.6% of the equity in the project. The project is a large-scale availability-based infrastructure project that […]
Tritax Big Box gets green light for new distribution centre – The UK-focused logistics investor, Tritax Big Box REIT (BBOX), has received planning permission for the development of a new regional distribution centre (RDC) at Symmetry Park, Biggleswade. The facility has been pre-let to The Co-op Food Group, part of The Co-operative Group. Co-Op Group […]
RDL Realisation announced that Deloitte LLP has confirmed that valuation work required to finalise the audit is substantively complete. RDL now expects to publish its annual accounts for the financial year ending on 31 December 2018 by 28 May 2019. The shares remain suspended. Regional REIT has announced a number of new lettings. TwentyFour Income Fund […]
British Land NAV drops on retail woes – British Land has published results covering the year to the end of March 2019. Highlights are: EPRA NAV down 6.4% at 905p, with buybacks contributing 10p Portfolio value down 4.8%; Retail down 11.1%, Offices up 1.1% and developments up 10.8% Underlying EPS down 6.7% to 34.9p due primarily […]
Feedback from Civitas Capital Markets Day – Civitas held its Capital Markets Day yesterday and, as promised, here are a few comments from us. We’ll incorporate most of this, with more detail, into our next research note on the company. First, the presentations (which were only open to professional investors) were well attended. There seems to […]
FastForward Innovations has announced that it has sold part of its stake in Vemo Education Inc. for a cash consideration of US$442,235.33. FastForward has sold its Series seed-1 preferred holding of 2,527,059 shares and is left with a holding of 1,000,000 Series seed-2 preferred shares (0.47% of Vemo). The series 2 share class enjoys significantly preferential […]
Land Securities writes down retail investments – Land Securities has published results for the year ended 31 March 2019. Highlights are: EPRA Net asset value down 4.6% to 1,339p Like for like rental income up 1.9% Adjusted and diluted earnings per share up 12.4% to 59.7p. Dividend per share of 45.55p (up 3.1%) The return […]
Duke Royalty boosts near-term revenue – Duke Royalty has secured changes to the terms of three agreements which will increase near term revenues for the company. Royalties from Welltel (Ireland) Limited, a telecommunications services company, media company Pearl & Dean Cinemas Limited, and Xtremepush, a technology solutions company, were all acquired via Duke’s recent Capital Step […]
Oakley buys Videotel and Seagull – Oakley Capital Investments says that its Fund IV has partnered with the management teams of SG MidCo AS (“Seagull”), and Videotel Marine Asia Limited and Super Dragon Limited (collectively “Videotel”), to acquire majority stakes in the businesses from their current shareholders Herkules Private Equity Fund IV and KVH Industries. Over […]
QuotedData joins the line-up for the Mello Investor Show 2019, building on the success of the Master Investor Show, which welcomed thousands of investors. Marten & Co’s private investor arm, QuotedData, is very pleased to be participating in this year’s Mello investor show, which takes place this week in Chiswick on Wednesday 15th May. The […]
Private investor events for Investment Companies – QuotedData joins the line-up for the Mello Investor Show 2019 QuotedData is very pleased to be participating in this year’s Mello investor show which takes place this week in Chiswick on Wednesday 15th May. The event includes presentations, workshops, panel sessions and keynote speakers. QuotedData is joining the event […]
