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).
Manchester & London has published results for the year ended 31 July 2015. These show that the fund just outperformed its benchmark, the Dow Jones U.K. Total Stock Market Total Return Index, returning 5.0% on net assets vs. 4.8% for the index. The Directors are proposing a final ordinary dividend per share of 1.70p and […]
Aurora Investment Trust has published a half year report covering the six months ended 31 August 2015. The FTSE ALL-Share index declined by 8.3%, whereas the FTSE100 Index, on account of its high exposure to oils and commodities, fell by 10.0%. In comparison the Net Asset Value of the portfolio reduced by 5.7%. Management of […]
Having successfully implement its investment policy in accordance with Rule 15 of the AIM rules, Kuala Innovations has fully invested all the money it had available. The Directors have proposed that the Company change its name to Fast Forward Innovations Limited (subject to shareholder approval) seemingly calling itself after Jim Mellon’s book “Fast Forward”. KUL […]
Scottish Oriental Smaller Companies has published results for the year ended 31 August 2015. Over that period it outperformed the MSCI AC Asia ex Japan Index and MSCI AC Asia ex Japan Small Cap Index, returning -8.4% against -9.1% and -9.4% for the indices respectively. The dividend was maintained at 11.5p – the Board say it […]
Kennedy Wilson Europe Real Estate has conditionally acquired a portfolio of nine offices in Italy fully let to the Italian government. The portfolio is being acquired from InvestiRE SGR, as the management company of the closed-end mutual property investment fund known as Fondo Immobili Pubblici (“FIP”). The portfolio net purchase price is EUR185.5 million, reflecting […]
Dunedin Income Growth Investment Trust has agreed to issue £30m of 30 year Senior Secured Fixed Rate notes at a coupon of 3.99%, subject to final documentation being entered into. The purpose of this transaction is to obtain fixed rate long dated Sterling denominated financing at a price that the Company considers attractive. The Company […]
Aberdeen Asian Smaller Companies has announced results for the year ended 31 July 2015. The net asset value total return for the period was -4.7%. This compares poorly to a fall in the MSCI AC Asia Pacific ex Japan Index of -1.2% and the MSCI AC Asia Pacific ex Japan Small Cap Index’s return of -0.8%. For […]
Over the six months to the end of August 2015 BlackRock Smaller Companies’ net asset value increased by 9.0% to 1039.98p per share, outperforming its benchmark (the Numis Smaller Companies plus AIM (excluding Investment Companies) Index) by 6.6%. The Company’s share price increased by 14.0% to 925.5p per share over the same period. The FTSE […]
BBGI is a 50% equity investor in the consortium that will design, build, finance, operate and maintain the infrastructure for a period of 30 years. The North Commuter Parkway Project involves the replacement of the 107-year-old Traffic Bridge in Saskatoon’s downtown core as well as the development of a new six-lane bridge crossing the South […]
Over the six months ended 31 August 2015, Thai equities dropped sharply. The SET Index fell by 19.2% on a sterling-adjusted basis. Aberdeen New Thai’s net asset value was similarly affected, falling 20.0% while the share price declined by 20.4% on a total return basis, to reach 357.6p. The baht’s depreciation against the pound during the period amplified […]
JPMorgan Private Equity has announced that the it is in discussions to potentially transfer the existing investment management contract from JPMorgan Asset Management to an affiliate of Fortress Investment Group LLC. As part of the deal, JPEL’s Board understands that the investment management team that has been responsible for managing the fund since its inception in 2005 (led […]
Caledonia Investments has agreed terms to acquire Gala Bingo Holdings Limited (“Gala Bingo”), the UK’s largest retail bingo operator, from Gala Coral Group Limited (“Gala Coral”) in a transaction which values the business at £241m. Led by Chief Executive Officer, Simon Wykes, and Chief Finance Officer, Alex Wood, Gala Bingo has a 38% share of […]
City Natural Resources’ investment manager, CQS (UK) LLP, has informed the Board that Will Smith, co-manager of the Company’s investments, will be leaving CQS/New City Investment Managers. Will’s co-management responsibilities have been passed to Keith Watson and Robert Crayfourd with immediate effect. Accordingly, the Company’s investments will be co-managed by Ian Francis, Keith Watson and Robert […]
Electra has announced results for the year ended 30 September 2015 (which is a pretty fast turnaround!). The total return on net assets was and the return to shareholders were both 25%. The equivalent figures for the Morningstar private equity index were 10% and 13% and for the FTSE All-Share Index -2%. The dividend for […]
Randgold Resources’ Tongon gold mine has paid off its shareholders’ loans of US$448 million, used to partially fund the US$580 million capital investment in building the mine five years ago. The Tongon mine is located within the Nielle exploration permit in the north of Côte d’lvoire, 55 km south of the border with Mali. Randgold […]
VinaLand’s annual report says its NAV fell by 0.7% from 92 cents to 91 cents over the year that ended on 30 June 2015. The share price fell by 6.8% to 52 cents. $16m worth of shares were bought back during the year or 28.6m shares. Within the residential portfolio, more than 279 sales and […]
Electra Private Equity has announced that it intends to exercise the mandatory conversion option in its 5 per cent. Subordinated Convertible Bonds due 2017. The exercise of such option will automatically and mandatorily convert all of the outstanding Bonds into new ordinary shares of Electra. Electra expects to deliver a notice to holders of the […]
HgCapital Trust has announced the sale of a minority interest in JLA to a group of institutional investors. JLA is a leading UK provider of business-critical asset maintenance services to SMEs. After the deal, finds managed by HgCapital will retain c. 62% of JLA’s equity. In addition to the sale of a minority equity interest, […]
JPMorgan Global Convertibles has published results for the year ended 30 June 2015. The total return on the Company’s net assets was -1.0% and the return to shareholders was -4.8%. Three quarterly dividends totalling 3.375 pence per share were declared and paid during the year. Whilst income after expenses fell by 6.2% in the year, […]
Fidelity Asian Values, got a new manager in the shape of Nitin Bajaj, a new benchmark – the MSCI All Countries Asia ex Japan Index, will use treasury shares for the first time, has cut its fees and is proposing changes to its investment policy. The proposed changes would extend the ways in which derivatives can […]
BlackRock Greater Europe has announced results for the year ended 31 August 2015. The total return on net assets was 7.3% and the return to shareholders 6.8% both of which compare favourably with the 1.3% return on the FTSE World Europe ex UK Index. The dividend was upped from 4.7p to 5p. The manager’s report […]
CQS New City High Yield has published results for the year ended 30 June 2015. The return on net assets for the year was 1.0% but the discount widened and so the return to shareholders was -3.6%. They declared one interim dividend of 0.94p, two of 0.96p and one of 1.45p. The Company has in recent […]
BlackRock World Mining has announced that, with effect from 1 October 2015, the management fee has been reduced to 0.8% of gross assets. If they invest in another BlackRock fund the underlying fee is rebated to the trust to avoid double charging. This is the second fee cut this year – in July the fee […]
Lonmin plc, the platinum producer with operations in South Africa, is proposing a financial restructuring to weather the low PGM price environment. The plan involves a US$400 million rights issue, a US$400 million new equity issue and an amendment of its debt facilities to replace the existing US$543 million, which matures in H1 2016. The […]
Hammerson has announced the successful launch of a £350m bond that matures in 2025. The bond has an annual coupon of 3.5% and the company says it was priced at 1.73% over the reference gilt rate. However, the company then entered into a transaction to swap the sterling bond nominal amount and coupon payments into […]
NextEnergy Solar Fund has announced the acquisition of three operational assets with a combined investment value of £22.1m. These are the 11.5MWp North Farm solar power plant in Dorset for £14.5m, the 5.0MWp Birch solar power plant in Essex for £5.3m and the 1.8MWp Thurlestone Leicester rooftop solar power plant portfolio in Leicestershire for £2.3m. […]
The Board of JPMorgan Asian Investment Trust has announced that Richard Titherington, Chief Investment Officer of J.P. Morgan Asset Management’s Emerging Markets & Asia Pacific Equities team, has been appointed co-manager of the Company’s portfolio with immediate effect. Richard’s appointment follows the Company’s announcement on 15th April, 2015, that Ted Pulling, co-manager of the Company’s portfolio for the […]
Henderson International Income has announced results for the year ended 31 August 2015. Over that period the fund underperformed the MSCI World ex UK Index on an NAV basis – returning 2.1% against 5.0% for the benchmark but the fund moved from a discount to a premium and so the return to shareholders was 12.2%. […]
AXA Property Trust say that AXA Investment Managers have informed the Board that after eight years as Senior Fund Manager, Martin McGuire has resigned his position at AXA Investment Managers and will leave the organisation on 27th November 2015. The Board wishes to thank Martin for his considerable contribution to the management of AXA Property […]
Electra Private Equity, together with Exponent Private Equity, is pleased to announce the proposed acquisition of Photobox Group, Europe’s leading digital consumer service for personalised products and gifts. Present in 22 European markets, Photobox Group is the parent of the PhotoBox, Moonpig, PaperShaker, Sticky9, Hofmann, Posterjack and posterXXL brands. The group has a strong customer […]
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