ICG Longbow updates on loan portfolio – ICG Longbow is pleased to announce that it has agreed to fund an increase and extension to an existing loan secured by a North London retail park (the “Meadow Loan”). The increase, which takes the aggregate loan to GBP20 million, is on substantially the same terms and conditions […]
Carillion hit varies across infrastructure funds – on 15 January 2018, as Carillion entered liquidation, HICL Infrastructure announced that “a contingency plan has already been developed that specifically contemplated a scenario where Carillion enters liquidation and InfraRed has been working for some time with a number of potential replacement service providers. The contingency plan has […]
Ranger Direct Board asks Kinmont to review management arrangements – Ranger Direct Lending put in place a management contract at the time of its IPO with Ranger Alternative Management II, LP. The initial term finishes on 1 May 2018 and then there is a rolling one year notice period thereafter. On 1 November 2017, the Board announced that it, in conjunction […]
Honeycomb provides funding to GLI Finance – The board of GLI Finance has announced that the company has signed a new funding facility with Honeycomb Investment Trust. The funding line has a term of 3 years and comprises a GBP50 million accordion and revolving credit facility, of which GBP20 million will be drawn and deployed […]
GCP Infrastructure provides solar funding – The board of GCP Infrastructure says that the company has subscribed for three new loan notes for a consideration of c.GBP105 million. The loan notes, with an expected term ranging between 22 and 24 years, will be used to provide funding for the acquisition of twenty two ground mounted and […]
JPMorgan Income and Capital finds a MATE – On 17 October 2017, JPMorgan Income & Capital Trust announced, in its interim results, that it was considering offering shareholders a rollover option into a new multi-asset investment trust as an alternative to liquidating their shares for cash to coincide with the end of the company’s fixed […]
Aseana Properties wants to keep going – At an extraordinary general meeting held on 22 June 2015, shareholders voted in favour of Aseana Properties’ Board’s proposals to amend the investment policy to enable a realisation of the ssets in a controlled, orderly and timely manner. As part of that vote, the company committed to dispose of all its […]
Contrasting movements likely for Biotech Growth Trust investees Orbimed-managed Biotech Growth Trust (BIOG) looks set to see some contrasting fortunes for key investments in its January update, due in the middle of next month, but could nevertheless be able to offer investors a positive report. On the plus side, the trust will have seen its investment […]
UK Commercial Property sells shopping centres to Shropshire Council – UK Commercial Property Trust Limited has completed the sale of its three retail centres in Shrewsbury town centre to Shropshire Council for approximately GBP51 million, representing a small premium to book value. The three assets comprise the Charles Darwin, Pride Hill and Riverside shopping centres […]
SQN Asset Finance Income Fund (SQN) has provided an update on Suniva, in which it notes that the White House has now announced protective measures, which it says are aiming to ensure the long-term viability of the US solar cell manufacturing industry. It says that this action is intended to restore a fair and competitive […]
Ediston sees 4.8% uplift on property portfolio – Ediston Property Investment Company has announced its full year results for the year ended 30 September 2017. NAV per share at 30 September 2017 of 111.32 pence (30 September 2016: 107.07 pence), an increase of 4.0% after taking into account capital expenditure and transaction costs Fair value […]
Trinity Capital gets cash for last investment – Trinity Capital Plc says that, following the announcement made on 10 November 2017, its wholly owned subsidiary, Trinity Capital Mauritius Limited (“TCML”) has received from Trinity Capital (Ten) Limited (“TC-10”) an amount of GBP1.7 million. These monies constitute the proceeds from the disposal of TCML’s last remaining […]
CIP Merchant Capital takes Saffron Energy stake – CIP Merchant Capital has made its first investment following its admission to trading on AIM in December 2017, agreeing to subscribe for, in aggregate, GBP6.0 million worth of shares in Saffron Energy Plc. Saffron is an AIM quoted European gas company with interests in Northern Italy. It is […]
HBM Healthcare tops biotech trust league in 2017 Swiss-listed HBM Healthcare Investments (HBMN.S) can claim to have been the best performing biotech-specialist closed-end fund in 2017, according to an analysis by Marten & Co. The CHF1.1bn trust run by Swiss healthcare investment specialist HBM saw its share price rise from CHF99 to CHF134 last year […]
JPMorgan Russian dividend up 50% as it beats benchmark – The Russian market was up by 8.4% over the year ended 31 October 2017 (benchmark index RTS). JPMorgan Russian’s return on a net assets basis outperformed the benchmark by 1.4% returning 9.8%. The return to shareholders also outperformed the benchmark, with a rise of 13.1% […]
Chenavari Toro suspends buybacks until it can find other buyers – Chenavari Toro Income Fund says that, for the year ended 30 September 2017: The NAV total return was 8.92% and the share price total return was 10.75% (2016: 3.27% and -15.23% respectively). During the year, the NAV increased by 2.54% (2016: -4.10%) to close at 99.85 […]
Princess Private Equity has announced that Partners Group, the investment advisor to Princess Private Equity Holding (Princess), has agreed the sale of Trimco International Holdings Limited (Trimco), to funds advised by Affinity Equity Partners. The sale is for a total consideration of USD$520m, generating a 3.4x return on the original investment for Partners Group’s programs. […]
Dolphin Capital sells Sitia Bay project – Dolphin Capital Investors says that it has entered, on 18 January 2018, into an agreement for the disposal of its 77.8% interest in the Sitia Bay Resort project, the Group’s residential resort development in Sitia, eastern Crete, to its minority partner in the project, Iktinos Hellas S.A. EUR1.4m […]
JPMorgan Income and Capital liquidates portfolio ahead of possible rollover – JPMorgan Income & Capital Trust launched as a split capital trust in March 2008 with a fixed life ending on 28 February 2018 (the “Termination Date”). The Company’s portfolio (the “Portfolio”) has seen strong performance in recent months and, in light of the upcoming […]
CatCo takes new big hit from California wildfires – Markel CATCo Investment Management Ltd., manager of CatCo Reinsurance Opportunities, says the ordinary shares are exposed to potential losses related to the Tubbs, Atlas, and Mendocino wildfires that impacted parts of Northern California, U.S.A. during October 2017. Recent estimates have indicated a substantial increase to insured industry […]
River & Mercantile UK Micro Cap describes stunning year – The NAV total return of the River & Mercantile UK Micro Cap portfolio for the year ended 30 September 2017 was 45.30%, which compares with the total return of 21.26% posted by the benchmark index. Therefore the NAV per share closed at 183.42p, compared to […]
Small cap positions help CC Japan Income outperform – CC Japan Income & Growth reports that, over the financial year to 31 October 2017, and expressed in pounds sterling on a total return basis, the share price rose by 27.2% while the Net Asset Value per share increased by 20.7%. The Topix Total Return Index returned 10.1% […]
Investment Trust Insider on Scottish Mortgage – The investment company industry had a good 2017. Money flooded into the sector; we got a couple of new and potentially fast-growing sub-sectors in the form of social housing and biotech debt; discounts narrowed; and, in general, performance was pretty good. By my reckoning, the average equity-focused investment […]
Investment Trust Insider – trusts that didn’t escape me last year. As 2018 gets underway, I thought that it might be worth revisiting some of the funds that I wrote about in 2017. At the start of the year I hailed the changes that Standard Life Private Equity (SLPE) was implementing to broaden its investment proposition and noted the increasing […]
Derwent London gets control of Tottenham Court Road site – Derwent London has announced that Crossrail has completed the base infrastructure works at Soho Place W1 and handed over the site to the group. It is the first Crossrail site to be delivered to a developer, and this has been achieved almost a year before the […]
Henderson High Income amends fee structure – The board of Henderson High Income Trust has announced the following amendments to the fee arrangements with the Henderson Investment Funds Limited (“Janus Henderson”), the fund’s manager. The current agreement has a base management fee of 0.50% of adjusted average gross assets. Adjusted average assets is the average of the gross assets, […]
Funding Circle SME Income attracts money from Citibank – Funding Circle SME Income Fund Limited says that the company has entered into a formal agreement with Citibank, N.A. London Branch to establish a funding transaction to make loans to UK small businesses through the Funding Circle platform . The transaction will serve to support the […]
Renewables Infrastructure buys Clahane wind farm – The Board of The Renewables Infrastructure Group Limited (TRIG) has announced that it has completed the acquisition of a 41.2MW operational wind farm (“Clahane 1”) and its 13.8MW extension which is currently under construction (“Clahane extension”). The project is located in County Kerry in the Republic of Ireland. Clahane […]
Tritax’s latest deal is with AO.com – The Board of Tritax Big Box REIT plc says that it has acquired a National Distribution Centre at Weston Road, Crewe, Cheshire. The property is let to Expert Logistics Ltd, a wholly owned subsidiary of AO World Plc (“ao.com”), a leading European online electrical retailer listed on the […]
Independent publishes results for phenomenal year – Over the year to 30 November 2017, Independent Investment Trust produced a net asset value (NAV) total return of 54.8%. However one measures performance this was, by some margin, the best annual result in the history of the Independent: theoretical investments in the All-Share Index and the World Index would […]
