News

Central Asia Metals (CAML) reports H1 2016 copper production from its Kounrad dump leach copper recovery plant, in Kazakhstan, up 27% year-on-year to 6,908 t. Sales were 6,355 t, a 24% increase on H1 2015. The company further reports that the expansion project to exploit the Western dumps, which is being funded from cashflow generated […]

The Board of Private Equity Investor has announced that it has received a proposal to acquire 15 of its Limited Partnership investments. The proposal covers approximately 87% of the NAV of the investment portfolio of the Company.  The proposal is priced at a 35% discount to the net asset value of these holdings at 31 December 2015. […]

Dolphin Capital announced results on 30 June 2016 that cover the year to the end of 31 December 2015 – so these figures are quite a bit out of date. The dramatic 44% NAV drop is mainly down to a dilutive share issue. We have just reproduced the key points from the statement: Gross Assets of […]

Miton Global Opportunities has released results for the year ended 30 April 2016. The net asset value per share rose to 182.4p, a total return of 0.4% – there is no dividend. The manager says the company’s shares ended the financial year standing at an all-time high, moving from 162.75p to 164.25p during the year. […]

According to an article in the Daily Telegraph (which you can access here), Elliott Advisors (the activist investor in Alliance Trust) has built up a 5% stake in British Empire worth £32m. So far neither side has commented on the story. BTEM : Activist building stake in British Empire

EP Global Opportunities annunced yesterday that it has hedged the equivalent of £27m of its Japanese Yen exposure back into Sterling. This is the first announcement we have seen of a fund locking in the gais made on its overseas exposure as a result of the recent weakness of the pound. EPG : EP Global […]

Electra has raised €72m from the redemption of preferred equity and from the sale of c28% of its 15% equity interest in Allflex. This is equivalent to a return of 0.8x cost. the retained stake in Allflex has a value, implied by this transaction, of €78m (£65m). Together this repreents a 48% uplift to the […]

In the half-year to 31 March, 2016, the net assets of Ecofin Water & Power rose by 1.8% and the NAV per Ordinary Share rose by 0.5%. At the same time, the price of an Ordinary Share fell by 0.7% and the discount to NAV at which Ordinary Shares traded widened from 18.3% to 19.3% […]

John Laing Environmental has announced  the acquisition of Dungavel Wind Farm from John Laing Group for a cash consideration, including working capital, of GBP38.2 million. Dungavel Wind Farm is located in South Lanarkshire, South-West Scotland and comprises 13 Vestas 2MW V80 turbines with a total generating capacity of 26MW and is accredited for 0.9 ROCs. […]

BlackRock North American has published interim results covering the six months to the end of April 2016.  Over the period the company produced an 8.0% net asset return per share (‘NAV’) compared with a return of 7.5% in the Russell 1000 Value Index. The Company’s share price return was 11.1% over the same period (all figures […]

Wolf Minerals reports that tungsten prices improved in Q2 16 with the ammonium paratungstate (APT) price reaching US$225/mtu in May, up from an average of US$172/mtu for the March quarter. APT is the main traded intermediary tungsten product on which tungsten concentrate prices are based. The company notes, however, that the price remains some US$160/mtu […]

Qannas has published account for the year ended 31 December 2015 – somewhat ancient history now. Briefly QIL has further committed to five deals: AED 2.9 million ($0.8 million) for the purchase of residential units in a building in Dubai Marina; GBP3.5m ($5 million) in a preferred equity investment in BL Development Limited, the company […]

New City Energy reports that, over the six months ended 31 March 2016, its net asset value in total return terms was slightly down at -1.0% (they say, as the portfolio was defensively positioned). The ordinary share price (total return) was down by 0.1%, ending the period at a discount of 28.1%. The chairman says, […]

Over the year to the end of March 2016, Alcentra Floating Rate Income Fund’s net asset value fell from 105.3p to 103.0p. In Euros the fall was more pronounced (€1.457 down to €1.303). The share price fell too – from 108.75p to 100.75p. The dividend for the year was 5.36p – up from 5.04p the […]

Lazard World Trust Fund announced two years ago that it intended to commence paying dividends, for the first time in the Fund’s history.  The Fund was one of the few funds in the global growth sector which did not pay any dividend and a number of potential investors questioned why this was the case.  While the […]

Infrastructure India has announced that it has completed the sale of its entire 26 per cent interest in Western MP Infrastructure & Toll Roads Private Limited. The transaction was originally announced on 8 April 2016 and completed on 28 June 2016. Western MP Infrastructure & Toll Roads operates a 125km toll road in the central […]

For the six month period ended 30 April 2016, BlackRock Income & Growth’s net asset value per share returned -2.8% and the share price returned -2.3%. By comparison, the FTSE All-Share Index was unchanged over the period. Since the period end and up to 27 June 2016, the Company’s NAV per share has fallen by […]

The Board of Schroder European Real Estate Investment Trust has announced the completion of the acquisition of two grocery anchored retail investments located in Rennes and Anglet (near Biarritz), France. The freehold properties are located in established retail parks which benefit from strong local catchments. The acquisition has been made in a joint venture with […]

International Public Partnerships Limited has announced that it has acquired an additional interest in the Wolverhampton Building Schools for the Future (“BSF”) project. INPP will commit a further GBP7.2 million to acquire Carillion Private Finance’s 72% direct investment, growing the Company’s existing 10% investment in the Project to 82%. The opportunity to acquire the additional […]

Amedeo Air Four Plus has published its first set of accounts covering the period from incorporation to 31 March 2016. The Company’s shares were first listed on 13 May 2015 upon the admission of 202,000,000 redeemable ordinary shares (“Shares”) at an issue price of 100 pence per Share. On 15 December 2015, pursuant to an […]

Global Resources Investment Trust says it has entered into a legally binding subscription agreement with RDP Fund Management LLP under which RDP has agreed conditionally to subscribe (subject to having the right to assign some or all of the right to subscribe) for a total of 40,000,000 new ordinary shares of GBP0.01 in GRIT  (plus warrants) at […]

NextEnergy Solar reports that, at 31 March 2016, the company’s NAV was GBP273.8m, equivalent to 98.5p per share (March 2015: NAV of GBP248.4m, 103.3p per share) mainly affected by reductions in power price forecasts and removal of LECs (which had a combined negative impact on NAV of 14.6p per share). As experienced during the previous reporting […]

UK Commercial Property Trust Limited has announced that on 24 June 2016 it completed the sale of Dolphin House, an office in Sunbury-on-Thames, having also completed the sale, earlier in the month, of 6 Arlington Street, in London’s St James’s.  The sales were completed in two separate transactions for a total consideration of GBP45.6 million, […]

Picton Property Income has announced results for the year ended 31 March 2016. The EPRA NAV increased by 12.7% to 77 pence per share. EPRA earnings increased by 30.1% to GBP19.9 million, equivalent to EPS of 3.7 pence per share (up 8.3% on the year before). The dividend has been increased by 10% to 3.3p. The total […]

The year to the end of April was a difficult one for Asian funds. Invesco Asia outperformed however, returning -7.1% on net assets against -14.3% for the MSCI AC Asia ex Japan Index. The return to shareholders was -10.3% (the discount widened from 9.8% to 13.1%). The dividend is being maintained at 3.65p. At the […]

Aberdeen Emerging Markets Investment Company beat its benchmark over the six months ended 30 April 2016.  The company’s net asset value total return for the period was 6.1%, comparing favourably with a return of 5.6% from the benchmark index, the MSCI Emerging Markets Net Total Return Index (in sterling terms). The share price total return […]

Over the six months to the end of March 2016 Geiger Counter’s net asset value rose by 28.9%. The Company’s share price lagged the increase in the net asset value rising 11.5 per cent over the six months. As a result the discount widened to reach 25.7 per cent at the end of March. The […]

Jupiter Green has published results for the year ending 31 March 2016. During the period under review, the total return on the net assets, adjusted for share cancellations decreased by 1.0 per cent. This compares with a decrease in the Company’s benchmark index, the MSCI World Small Cap Index Total Return of 2.4 per cent. […]

Target Healthcare REIT Limited has announced that it has completed the acquisition of a modern, purpose built care home in Cheltenham, Gloucestershire for approximately GBP7.9 million including acquisition costs. The home was completed in 2010 and the striking modern design was award-nominated.  It comprises 66 bedrooms with full en-suite bathrooms with wetroom showers, spread over […]

Funding Circle SME Income Fund has published its first set off accounts, covering the period from launch to 31 March 2016. At the end of the period the NAV was 98.85p and the share price 93p putting the shares on a 5.9% discount. They said at IPO that they were targeting an annual dividend of […]