CATCo warns on hurricane Michael and Typhoon Jebi – Markel CATCo Investment Management Ltd, CATCo Reinsurance Opportunities‘ investment manager, says that the unaudited net asset value of the company’s ordinary Shares and C shares was $0.7174 and $1.1287 respectively, as at the close of business on 30 September 2018. Both sets of shareholders are exposed to potential […]
intu properties receives a new possible offer. intu properties (INTU) has issued a statement after it has received a possible offer from a consortium of parties interested in acquiring it. Reciept of a possible offer On 4 October 2018 the consortium comprising the Peel Group, the Olayan Group and Brookfield Property Group (together the “consortium”) announced that they were in […]
New investment trust Smithson raises £822m – Smithson Investment Trust (SSON), a newly established investment trust has successfully raised a total of £822.5 million as a result of its IPO. It is believed to be the largest recorded UK-listed investment trust launch. Smithson announces successful capital raising Applications have been received under the Initial Issue for 82,250,956 Ordinary […]
Schroder Income Growth announces lower management fee – Schroder Income Growth Fund (SCF) has announced that new fee arrangements have been agreed with the company’s investment manager Schroder Investment Management (SDR.LN) The new arrangements is effective from 1 September 2018. The previous fee structure The previous arrangement was a flat fee of 0.75% per annum on the value of the […]
Scottish Oriental Smaller Companies held back by domestic companies in Philippines Scottish Oriental Smaller Companies (SST) has released its results for the twelve months to 31st August 2018 Total Return Performance for the year ended 31 August 2018 (audited) Net Asset Value (2.4)% MSCI AC Asia ex Japan Index (£) 2.2% Share Price (3.3)% MSCI AC […]
3i Infrastructure moves tax residence to the UK – following the introduction of the BEPS (Base Erosion and Profit Shifting) tax rules, and in order to mitigate the risk of tax leakage for the company, the board of 3i Infrastructure (3IN) announced its intention to move the tax domicile and management of the company to the UK with effect […]
JPMorgan Smaller Companies’ second consecutive year of outperformance – Shareholders of JPMorgan Smaller Companies (JMI) enjoyed very strong returns in the financial year to 31st July 2018 The company delivered outperformance against the benchmark, combined with a tightening of the discount to net asset value. Michael Quicke OBE, the chairman noted in his statement that this is the […]
NextEnergy Solar issues preference shares – NextEnergy Solar fund (NESF) has announced that it has entered into a conditional subscription agreement with AIP Solco Limited, who have agreed to subscribe to new non-voting Preference Shares of NextEnergy Solar. AIP Solco Limited AIP Solco Limited is a wholly owned subsidiary of AIP Infrastructure LP, an investment vehicle backed by three BAE Systems […]
Ranger Direct Lending releases information on Princeton bankruptcy – As previously announced by Rangers Direct Lending (RDL) , and reported by us in previous news posts (click here to view more) one of the company’s holdings, Princeton is filing for Chapter 11 bankruptcy in the US. Ranger is currently in process of forming a reorganisation plan for submission […]
Regulator looking into Westmoreland Supported Housing – The Regulator of Social Housing has published a new grading under review notice – this time on Westmoreland Supported Housing, a leading registered provider in the portfolios of Civitas Social Housing and Triple Point Social Housing REIT. The notice says “The Regulator of Social Housing reports that Westmoreland Supported Housing Limited […]
Caledonia acquires Deep Sea Electronics – Caledonia Investments (CLDN) has announced that it has acquired a majority stake in Deep Sea Electronics Ltd (DSE) The transaction values DSE at £162.0m. About DSE DSE is a UK based designer and manufacturer of controllers for diesel-powered electricity generators and intelligent battery chargers and is described in the announcement as world leading in this […]
JPMorgan Emerging Markets benefits from “simple, consistent and patient” approach – the annual statement for year ending 30th June 2018 for JPMorgan Emerging Markets (JMG) has been published. Performance The company reported a positive year with the total return to shareholders of +7.0% NAV return of +8.3%. The company’s benchmark index , the MSCI Emerging Markets Index returned +6.5% (TR in sterling terms) Both asset allocation and stock selection were […]
Tritax Big Box REIT buys Bosch warehouse – Tritax Big Box REIT has exchanged contracts, conditional on receiving full planning consent, to provide forward funding for the development of a new National Distribution Centre at Midlands Logistics Park, Corby. The property is pre-let to BSH Home Appliances Limited, part of the Bosch Group. The Bosch Group is […]
SEGRO sells Rome warehouse to Tritax EuroBox – SEGRO has exchanged contracts to sell a 158,000 sq m warehouse in Rome for EUR118 million. The transaction is expected to complete by the end of October 2018. The warehouse was developed by SEGRO-Vailog in August 2017 for a global online retail company on a 15 year lease. […]
Local Shopping REIT may be worth 34.5p per share – The Local Shopping REIT has sold or exchanged contracts for sale on 36 properties since its last update, for an aggregate price of £5.8m, a 1.1% premium to carrying value before sales costs. 16 of these properties were sold at auction, mainly in September. The aggregate sale […]
TR European Growth pauses for breath – over the year to the end of June 2018, TR European Growth‘s net asset value total return per share was 0.6% compared to a total return for its benchmark of 6.9%. The share price total return for the year was -3.2%. This year of underperformance and discount widening followed a […]
PRS REIT to be fully invested by 2019 – The PRS REIT has published its first set of results, covering the 13 months from commencement of trading on 31 May 2017 to 30 June 2018. Financial highlights Total revenue of £1.8m, generated from rental income, with net rental income of £1.5m Operating profit of £2.7m Profit after […]
SVM UK Emerging to pay fees – Given its size, SVM UK Emerging Fund‘s manager has waived its right to management fees on the fund since 2004. However, this is about to change. SVM Asset Management is entitled to a fee for providing investment management and secretarial services to the fund. This is payable quarterly in arrears at […]
Warehouse REIT gets planning for Glasgow site – Warehouse REIT has secured planning permission for change of use on 16 acres of its land at the Queenslie Park industrial estate in Glasgow. The proposed development will deliver up to 250,000 sq ft of employment-led space, comprising a combination of distribution/logistics, industrial, commercial, storage, retail and hospitality space. […]
CQS New City High Yield steady in face of Brexit worries – CQS New City High Yield Fund reports that its net asset value total return was 5.82% for the year ended 30 June 2018. The share price total return for the same period was 5.50%, and the premium to net asset value stood at 7.1% at […]
Gabelli Merger Plus yet to shine – The Gabelli Merger Plus+ Trust has published its first annual report, covering the period from its listing on 19 July 2017 to 30 June 2018. Over this period the fund generated a return on NAV of 2.78%, ahead of the return on 3-month treasury bills (which it uses as a […]
Henderson Eurotrust prepares for Tim Stevenson’s retirement – Henderson EuroTrust has published its results for the year ended 31 July 2018. The net asset value total return was 6.8% compared to a total return from the benchmark index, the Europe (ex UK) Index, of 5.8%. The dividend is being hiked by 22% – to 30.5p from 25p. The […]
Vietnam Holding reports on year of transition – Vietnam Holding reports that its NAV increased by 6.6% over the year to the end of June 2018, compared to a full year total return of 17.2% for the Vietnam All Share Index. The manager says the underperformance can be explained partly by the widening performance gap between large-cap stocks […]
UK Commercial Property REIT sells Soho office – UK Commercial Property REIT Limited has completed the off-market sale of 15 Great Marlborough Street, an office asset in London’s Soho, to Royal London Asset Management for GBP73.2 million, ahead of the last valuation as at 30 June 2018. The 49,094 sq ft freehold office building, which is arranged […]
Alpha Real Trust gets positive planning decision on Monk Bridge – Alpha Real Trust has announced that a further planning consent has been granted at the monthly planning committee for Leeds City Council in respect of the Company’s Private Rented Sector (“PRS”) development site at Monk Bridge in central Leeds. Detailed planning consent was originally granted in May […]
Triple Point buys ten more supported housing properties – Triple Point Social Housing REIT has completed the acquisition of ten supported housing properties and exchanged contracts on three further supported housing properties, comprising 51 units in total, for an aggregate commitment of GBP7.9 million (excluding costs). The properties are located in the North West (3 units), the […]
Greencoat UK Wind takes stake in Tom nan Clach wind farm, its first CFD-subsidised project – Greencoat UK Wind has entered into an agreement to acquire Belltown Power’s 75% stake in Tom nan Clach wind farm for a headline consideration of GBP126 million (including share of project finance debt). Tom nan Clach is located in Nairnshire, Scotland, […]
Pacific Horizon reports on positive year – Pacific Horizon Investment Trust reports that, in the year to 31 July 2018, its NAV total return was 13.6%. During the same period the MSCI All Country Asia ex Japan Index total return was 6.0% in sterling terms. The share price total return was 26.9% and the shares ended the […]
Civitas adds another three properties – Civitas Social Housing PLC has announced the purchase of three specialist supported living properties for a total consideration of £8,064,109, comprising 42 tenancies. The properties are leased to Falcon Housing Association C.I.C. (“Falcon”) and Inclusion Housing C.I.C (“Inclusion”) both of which are regulated by the Regulator of Social Housing and is a counterparty […]
Target Healthcare REIT cuts fees – Target Healthcare REIT has published results for the year ended 30 June 2018. Highlights EPRA NAV per share up 3.7% to 105.7p (2017: 101.9p) translating into an NAV total return of 10.5% (2017: 7.8%) EPRA earnings per share up 8.5% to 5.25p (2017: 4.84p) Dividend increased by 2.7% to 6.45p (2017: 6.28p) Dividend […]
