Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Civitas Social Housing (0:33) • abrdn Diversified Income & Growth (4:03) • Monks (13:34) This week’s interview was with Jonathan Hick from Triple Point […]
CK Assets has received enough support from shareholders for its 80p bid for Civitas Social Housing and the offer has now become unconditional. Just over 64% of Civitas shareholders (including CK Assets’ 17% holding) accepted the bid, which was made on 9 May and was a 27% discount to net asset value (NAV) but a […]
Fondul Proprietatea has announced that The Romanian Financial Supervisory Authority (FSA) has approved the publication of a prospectus in relation to initial public offering (IPO) by the Fund of Hidroelectrica’s existing ordinary shares. Hidroelectrica has applied for admission to listing and trading of its shares on the regulated market of the Bucharest Stock Exchange (BSE). […]
In a very unusual move, Princess Private Equity (PEY) has announced that two of its directors, Steve Le Page and Felix Haldner, have decided to withdraw their nominations for the company’s AGM, which is scheduled for today. PEY has not provided any explanation for the sudden development, which will almost certainly lead to speculation as […]
Montanaro European Smaller Companies (MTE) has released its annual results for the year ended 31 March 2023. During the period, the MSCI Europe (ex-UK) Small Cap Index (in sterling terms) fell by -5.5% while, in comparison, MTE’s NAV fell by 7.6% to 158.4p per share. Share price performance was slightly worse as the discount widened […]
In QuotedData’s morning briefing 23 June 2023: Gore Street Energy Storage (GSF) has increased the size of its existing revolving credit facility (RCF) with Santander from £15m to £50m. Pricing for the £50m facility remains unchanged at 300 basis points over SONIA. If the increased RCF is fully utilised, GSF’s debt would be equivalent to […]
As fears that high interest rates may persist, we examine how a potential recession could affect equities with Alliance Trust Stock Pickers Ben Whitmore and C.T. Fitzpatrick in the latest of our ‘The big question’ interviews. previous story | next story
Urban Logistics REIT has reported a strong operational performance in annual results to 31 March 2023, with net rental income up 45%. However, EPRA net tangible assets (NTA) was down 14.0% to 162.44p, reflecting the outward movement in investment yields in the real estate sector in the high interest rate environment. The group’s portfolio was […]
Pantheon Infrastructure has committed to invest approximately €23.1m (£19.9m) in a telecommunications infrastructure operator GlobalConnect. The investment is being made through a co-investment vehicle managed by affiliates of EQT AB Group, a leading global investment organisation managing about €119bn in fee-generating assets. GlobalConnect is a digital infrastructure company with the most extensive fibre network across […]
Cordiant Digital Infrastructure generated a total return of 10.0% over the 12 months ended 31 March 2023. The total dividend for the period increased to 4.0p, in line with guidance. This was 3.4x covered by earnings and 1.5x covered by adjusted funds from operations. [These are quite respectable numbers for a fund that investors appear […]
The Global Smaller Companies Trust moved more or less in line with its benchmark over the 12 months ended 30 April 2023, returning -2.9% to the benchmark’s -2.1%. The benchmark changed on 1 May 2023 but for the period under review it was 30% Numis UK Smaller Companies (ex investment companies) and 70% MSCI All […]
Rockwood Strategic’s results for the year ended 31 March 2023 encompass its very strong run of performance last year. Over the period, the trust generated an NAV total return of 21.4%, which compares to a 15.7% fall in its FTSE Small Cap (ex-ITs) benchmark. Shareholders got a return of 28.2% as the discount narrowed. There […]
In QuotedData’s morning briefing 22 June 2023: Augmentum Fintech (AUGM) has made a further £5.4m investment into Volt, the real-time payments infrastructure company, as part of Volt’s $60m Series B funding round. The new round implies a value for Augmentum’s existing stake of £17.8m (up £11.4m on the unaudited carrying value as at 30 September […]
AEW UK REIT (AEWU) has published its full year results for the year ended 31 March 2023. To summarise, AEWU’s investment manager has continued to actively manage the portfolio, outperforming the benchmark in all sectors and, according to its chairman, Mark Burton, AEWU has traded at the narrowest discount of all UK diversified REITs. The […]
GCP Infrastructure Investments (GCP) released its half-year report for the period ended 31 March 2023. The company’s total NAV return for the period was 2.7% while the total share price return was -9.7%. The company’s operational performance for the period was positive, generating operating income of £35.6 million, profit for the period of £25.8 million […]
In QuotedData’s morning briefing 21 June 2023: CK Bidco provided an update on the level of acceptances received following the announcement on 9 May 2023 of an all-cash offer made by CK Bidco for the entire issued and to be issued share capital of Civitas (CSH). The company announced that, as at 20 June 2023, […]
abrdn Diversified Income and Growth’s board has announced that it has commenced a strategic review. The obvious problems that the trust faces are its discount, which was about 26% last night ahead of this announcement, and its shrinking market cap, which at £255m is not a bad size but the board feels limits the scope […]
Montanaro UK Smaller Companies Investment Trust (MTU) announced its annual results for the year ended 31 March 2023. The NAV total return and share price were both down 12%. In comparison, the Numis Smaller Companies (excluding investment companies) Index was minus 7.9%. The company noted that the negative performance of UK SmallCap as an asset […]
Monks Investment Trust (MNKS), which in August 2022 announced it was combining with The Independent Investment Trust, released its annual report for the year ended April 2023. During the year the NAV total return was -1.6%. The share price total return was -7.0%, while the World Index returned +3.2%. This follows on from last year’s […]
CC Japan Income & Growth (CCJI) announced its half year report for the period ended 30 April 2023. NAV total return was up 11.3%, while shares rose 13.1%. The strong returns were ahead of the benchmark TOPIX index which was up 9.5%. Returns in Japan have been solid over the course of the year as […]
The UK’s first operating deep geothermal heating plant since 1986 was opened today at the Eden Project in Cornwall and is now generating heat. A 3.3 mile long shaft has been drilled into the Earth’s crust (making it the longest geothermal well in the UK). A 4000m vacuum insulated tube has been inserted into the […]
Utilico Emerging Markets (UEM) has released its annual results for its fincial year ending 31 March 2023. UEM reported a NAV total return of 2.1%, ahead of the -5.0% of the MSCI Emerging Markets Index. UEM’s performance is in large part due to the strong recovery it saw during the second half of its financial […]
NextEnergy Solar Fund (NESF) has released its annual report for the financial year ending 31 March 2023. Highlights are: NAV growth of 0.9%, with a NAV per share of 114.3p, as of 31 March 2023 (a breakdown of the major factors influencing the NAV is shown below). An NAV total return of 7.3% and a […]
Triple Point Energy Transition (TENT) has released its annual report for the financial year ending 31 March 2023. Over the 12 month period TENT reported a NAV total return of 9.2%. TENT paid a dividend of 5.5 pence per share, in line with its previous pay out, and was fully covered by its revenues. This […]
In QuotedData’s morning briefing for 19 June 2023: Hg Capital Trust (HGT) has announced that it has agreed to a part realisation of its investment in Azets Group, a leading provider of business-critical accounting, tax, payroll, audit and advisory services to SMEs. Azets was formed by Hg six years ago. The counterparty to this sale […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Personal Assets (0:33) • Hansa Investment Company (8:26) • Custodian Property Income REIT (12:49) This week’s interview was with Matthias Siller from Barings Emerging […]
Increasingly, investing in Asia has become a story of India and China. These twin behemoths account for over half of the MSCI Asia ex Japan index[1] and define the narrative for the region. However, some of Asia’s most interesting growth ideas – including China plus one, financial inclusion, and rising technology innovation – can be […]
Baillie Gifford UK Growth Trust (BGUK) has released its annual results for the year to 30 April 2023, during which BGUK provided an NAV total return of 1.1%, which the trust says compares to a 6.0% total return for the All-Share. During the period, BGUK’s share price total return was -1.3%, reflecting a small widening […]
Custodian Property Income REIT has published results for the year ended 31 March 2023. Its NAV (or net tangible assets, NTA in this sector) fell to 99.3p from 119.7p, contributing to an NAV total return of -12.5%. The NAV fall reflects a £91.6m writedown in the value of the portfolio, reversing gains of £94m recognised […]
Biotech Growth has reported results for the 12 months ended 31 March 2023 and they aren’t good. The NAV total return for the year was -11.0%, a whopping 16.4 percentage points behind the +5.4% return on the NASDAQ Biotechnology Index. The return to shareholders was -12.8%. The chairman’s statement attributes the underperformance to investors’ preference […]
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