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Investment Companies News

Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).

06 Apr 2016

Empiric enters into a nomination agreement with the University of Bath and secures new loan facility

Empiric Student Property has announced that it has entered into a nomination agreement with the University of Bath in respect of three operating properties and two forward committed assets in Bath. The three operating properties are Piccadilly Place (pictured), Canal Bridge and Widcombe Wharf, whilst the two forward committed assets (due for completion in September 2016) […]

Sectors
06 Apr 2016

Baring Emerging Europe is scrapping its performance fee

Baring Emerging Europe, managed by Matthias Siller (pictured) has announced that that an agreement has been reached with Baring Fund Managers Limited to remove the performance fee element of the management agreement with effect from 31 March 2016. Under the previous arrangement, Barings was entitled to a performance fee payable at the rate of 10% […]

Sectors
06 Apr 2016

Gold cash costs lowest for five years – Metals Focus

London consultancy, Metals Focus, reports that in Q4 15 gold mining total cash costs (TCC) averaged US$631/oz, a decline of 1% on the prior quarter and 7% y-o-y and the lowest level since mid-2011. The weakening of many producers’ currencies (relative to the dollar) helped lower key mine site input costs, such as labour and […]

06 Apr 2016

BH Macro announces 25% tender offer and temporary suspension of conversions

BH Macro has announced that it proposes to make a tender offer to acquire up to 25% of the issued shares of each share class of the company. The company says that it is making the tender offer in order to provide shareholders with an opportunity for more liquidity than is offered by on-market purchases […]

05 Apr 2016

NextEnergy Solar buys five plants

NextEnergy Solar has announced the acquisition of a portfolio of five operating plants totalling 84.2MWp for £97.9m. Completion is expected by mid April. The portfolio comprises Great Wilbraham (38.1MWp), Branston (18.9MWp), Bottom Plain (10.1MWp), Emberton (9.0MWp) and Berwick (8.2MWp). All these plants are connected and accredited under 1.4 Renewable Obligation Certificate (“ROC”) regime. NESF has put in […]

05 Apr 2016

F&C Commercial Property beats IPD index

F&C Commercial Property reports that its net asset value total return for the year was 15.9 per cent and the share price total return was 2.8 per cent. The total return from the portfolio was 14.3 per cent, which compares favourably with a total return of 13.3 per cent from the Investment Property Databank (‘IPD’) […]

04 Apr 2016

Project Finance fully invested

Project Finance Investments Limited has announced two loans of up to cGBP26m in aggregate to finance construction projects for a private residential care home and a municipal recycling facility. The terms of the loans are c.17 years and c.15 years respectively. Each loan is secured by way of a first ranking charge against the relevant […]

04 Apr 2016

Not a great start for Menhaden

Menhaden Capital published its first set of results on 31 March 2016. these cover the period from its incorporation, through its listing on 31 July 2015 and up to 31 December 2015. Menhaden’s net asset value decreased from 97.7p (post IPO expenses of 2.3p) to 83.9p, representing a decline of 14.1% for the five months […]

04 Apr 2016

Aberdeen Private Equity gets new bank facility

The Board of Aberdeen Private Equity Fund Limited  has announced  that it has signed a supplemental agreement to amend the terms of its existing secured £15m multi-currency revolving credit facility with Lloyds Bank plc to a secured £40m four year multi-currency revolving credit  facility. The facility will be available for general corporate and working capital purposes in accordance […]

Geographies
  • North America
  • Emerging Europe and Russia
  • Asia
03 Apr 2016

Pacific Assets outperforms falling market

Pacific Assets say that, during the year ended 31 January 2016, the company’s net asset value per share total return was -6.6%. For comparison, the MSCI All Country Asia ex Japan Index, measured on a total return, sterling adjusted basis, fell by 13.1%. A narrowing of the discount of the company’s share price to its net […]

Sectors
03 Apr 2016

Fidelity Japanese Values outperforms in 2015

2015 was a good year for Fidelity Japanese Values as it returned 24.6% on net assets and 20.5% to shareholders – both beating the total return on the Russell Nomura Mid/Small Cap Index Total Return (in sterling terms) which returned 19.4%. Nicholas Price’s manager’s report says, over the year, stock selection in the services sector […]

Sectors
03 Apr 2016

Foresight Solar secures long term finance

Foresight Solar Fund Limited has reached financial close on a £160m long-term debt facility. This facility will wholly refinance their £150m  short-term acquisition facility currently in place. The long-term facility will be provided by Macquarie Infrastructure Debt Investment Solutions (“MIDIS”) and Abbey National Treasury Services (“Santander”) as follows: Tranche                           Amount         Tenor    Coupon/Margin Fixed-rate […]

03 Apr 2016

Good first half for Henderson EuroTrust

Over the six months to 31 January 2016 the Henderson EuroTrust’s Net Asset Value (“NAV”) total return fell by 1.9%. This compares with a return on the benchmark index,  FTSE World Europe (ex UK) Index of -6.1%. The share price total return was down by 5.1%. An interim dividend of 6.0p, an increase of 0.5p […]

Sectors
03 Apr 2016

Aberdeen Asian Income held back by South East Asian exposure

The Chairman of Aberdeen Asian Income, Peter Arthur, says its performance was disappointing over the year that ended on 31 December 2015. The net asset value per Ordinary Shares (“NAV”) fell by 9.9%, trailing the 3.9% decline in the MSCI All Country Asia Pacific ex-Japan Index. The share price fell by 16.8% on a total return basis […]

Sectors
01 Apr 2016

Empiric makes first Oxford acquisition – Stonemason House for £4.5m

Empiric Student Property has announced that it has acquired the freehold of a 44 bed student accommodation property, Stonemason House, in Oxford for £4.5m (excluding costs). Stonemason House, which is the company’s first acquisition in Oxford, was built in 2011 as a new build scheme in time for the 2011/12 academic year. The property comprises […]

Sectors
31 Mar 2016

Randgold’s gold reserves at 14.6 Moz; 10% dividend rise proposed

Randgold Resources has reported attributable gold reserves at the end of 2015 of 14.6 Moz, a 3.5% reduction after depletion from the previous year. The average grade of reserves remained at 3.6 g/t using a gold price of US$1,000/oz. The largest reserve base is at Kibali, (45%-owned) in DRC, where reserves were 4.7 Moz of […]

31 Mar 2016

34 consecutive years of dividend growth for Merchants Trust

Merchants Trust, managed by Simon Gergel (pictured) has announced its annual results for the year ended 31 January 2016. In what its Chairman, Simon Fraser, describes as a difficult year for equity markets, the trust has provided an NAV total return of -5.0% thereby modestly beating its FTSE All-Share benchmark, which provided a total return of […]

Sectors
31 Mar 2016

Empiric buys into development in York

The Board of Empiric Student Property has announced that the group has acquired the land and entered into a forward funded development agreement for a 115 bed, premium student accommodation development in York for a total funding commitment of £11.1m. The property, Empiric’s first in York, is located between York city centre and the University of […]

Sectors
31 Mar 2016

Aseana sells Aloft Kuala Lumpur

Aseana Properties Limited announces that it has agreed to dispose of the Aloft Kuala Lumpur Sentral Hotel to Prosper Group Holdings Limited.   The gross transaction value is approximately RM418.7 million (approx. US$104.6 million), which includes the purchase of the entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn Bhd (the “Aloft Companies”), and […]

Sectors
31 Mar 2016

Poor year of returns for Dunedin Income Growth

Dunedin Income & Growth says it recorded its first year of negative absolute returns since the banking crisis of 2008/09 with a NAV Total Return of -11.5%. This meant it underperformed the FTSE All-Share Index by 6.9%. The Board is proposing a final dividend of 3.675p per share which will make a total dividend of 11.4p […]

Sectors
31 Mar 2016

Lindsell Train amends management fee

The Board of Lindsell Train Investment Trust has announced that it has agreed with Lindsell Train Limited an amendment to the calculation of the investment management fee described in the Investment Management Agreement dated 13 August 2014. Under the current Investment Management Agreement, Lindsell Train Limited as the manager is entitled to receive an investment management […]

Sectors
30 Mar 2016

Asia Total Return delivers positive return in falling market

Asian Total Return says, during the year ended 31 December 2015, it produced a net asset value total return of 2.9%, compared to a total return of -4.1% by the Reference Index and a total return of -1.8% from the average peer group NAV. The Board has declared a final dividend of 3.80p per share for the […]

Sectors
30 Mar 2016

Technology bets help BlackRock Emerging Europe in difficult year

BlackRock Emerging Europe’s net asset value per share fell by 10.1% in US Dollar terms (4.8% in sterling terms) over the year to the end of January 2016 which compared favourably with the benchmark net return of -14.2% in US Dollar terms (-9.1% in sterling terms). The share price fell by 9.9% (-4.6% in sterling terms) […]

Sectors
30 Mar 2016

Fidelity Asian Values beats benchmark by almost 10%

Fidelity Asian Values says, over the six months to 31 January 2016, the company’s net asset value strongly outperformed the MSCI All Countries Asia ex Japan Index. The company’s NAV returned 3.1%, compared with a fall of 6.6% for the index. The share price return was 1.2%, the discount having widened from 10.7% at the start […]

Sectors
30 Mar 2016

Board says JPMorgan Emerging Markets Income performance disappointing

For the six months ended 31st January 2016, JPMorgan Global Emerging Markets Income reported a 12.9% decrease in net assets per share. This compares with a decrease of 8.7% from the MSCI Emerging Markets Index (in sterling, with net dividends reinvested). The Chairman’s statement describes this as disappointing. The company’s share price has now moved […]

Sectors
30 Mar 2016

NewRiver Retail looking to buy Bexleyheath shopping centre

NewRiver Retail Limited confirms that it is in advanced negotiations with a vendor which may or may not lead to the acquisition of the Broadway shopping centre and Broadway Square in Bexleyheath town centre, London Borough of Bexley for approximately £120m (subject to negotiation). The assets under consideration total 525,000 sq. ft. across an 11-acre site and […]

30 Mar 2016

City Merchants High Yield reports 2.7% return for 2015

City Merchants High Yield has announced results for the year ended 31 December 2015. The fund produced a total return on net assets of 2.7% and a return to shareholders of 0.9%. The dividend was maintained at 10p. According to data from Merrill Lynch, European currency high yield bonds had a total return for the […]

Sectors
29 Mar 2016

Martin Currie Global’s modest outperformance has been driven by stock selection

Martin Currie Global Portfolio has announced its annual results for the year ended 31 January 2016. During the period, which the trust’s chairman describes as one that, “has been exceptionally challenging for global stockmarkets with significant economic and political uncertainty resulting in periods of unusual volatility”, the trust’s NAV total return was 0.9% compared with […]

Sectors
29 Mar 2016

Athelney Trust announces its intention to fundraise

Athelney Trust has made an announcement that its directors, “have resolved to seek to increase its capital base” by issuing up to a maximum of 9.9% of the trust’s existing issued share capital, for cash, subject to market demand. The trust has recently been trading at a mild premium and its 2015 results saw it […]

Sectors
29 Mar 2016

GLI Finance reports on a year of ‘significant change’

GLI Finance has announced its annual results for the year ended 31 December 2015. The company describes 2015 as “a year of significant change, both in the management of the business and in corporate transactions undertaken.” The company commenced a strategic review in December 2015 and they say that significant progress has already been made […]

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