International Biotechnology beats benchmark on strong listed portfolio performance – In the year ended 31 August 2017, International Biotechnology Trust’s NAV rose from 575.1p to 672.9p, including a significant currency gain, equivalent to 14.4 pence per share. The NAV returned 20.9% in. Over the same period, the Shareholders total return was 30.5%. This compares to a rise […]
Fidelity Special Values beats its benchmark again – Fidelity Special Values has published results for the year ended 31 August 2017. The net asset value increased by 19.1% over the year and the share price by 28.1%, both well above the 14.3% return of the Benchmark Index (all returns on a total return basis). As […]
intu creates jv to own Chapelfield shopping centre in Norwich – intu properties plc and LaSalle Investment Management, acting on behalf of Greater Manchester Pension Fund and West Yorkshire Pension Fund, are forming a partnership to jointly own intu Chapelfield shopping centre in Norwich. LaSalle will acquire a 50 per cent interest in the property for net […]
Aberdeen stays as manager of Edinburgh Dragon on a reduced fee – Edinburgh Dragon says that, for the year ended 31 August 2017, the NAV rose by 21.6% on a total return basis. However, this performance was less than the benchmark’s increase of 27.2% in sterling terms. Following concerns over performance, the Board undertook a detailed […]
Premier Energy & Water becomes Premier Global Infrastructure – The Board of Premier Energy and Water Trust PLC has announced that the name of the company has changed to Premier Global Infrastructure Trust PLC in order to reflect a change of investment emphasis within the portfolio. The name change has been registered at Companies House today […]
JPMorgan Claverhouse fixes debt until 2045 – The Board of JPMorgan Claverhouse has announced that it has agreed to issue GBP30m fixed rate 25 year unsecured notes at an annualised coupon of 3.22% – nothing surprising there. However, the funding date is expected to be 30th March 2020, the date of the maturity of the 7% […]
Henderson International Income’s European bet pays off – Henderson International Income says that, for the year ended 31 August 2017, its net asset value (on a total return basis) increased by 18.8%. The return on the share price (on the same basis) was 19.3%. These returns compare to a total return of 19.1% for the MSCI World (ex UK) […]
Central Asia Metals PLC (AIM: CAML) has received approval, from the Macedonian Competition Commission, for the acquisition of Lynx Resources (see post 24 Sept). Therefore, the transaction is expected to be completed on 6 November 2017. About Lynx Resources Lynx is a Bermudan holding company set up explicitly to acquire the Sasa mine in 2015, […]
Ranger in discussions with potential co-managers – Ranger Direct Lending’s board, in conjunction with Ranger Alternative Management II, LP, today announces that it is in discussions with potential co-managers who could assist in and strengthen some or all aspects of the manager’s current role and responsibilities, including identifying new lending categories, sourcing platform partnerships, conducting platform due […]
Greencoat UK Wind buys five wind farms from EDF – Greencoat UK Wind PLC has acquired an 80% stake in five wind farms from EDF Energy Renewables for a total consideration of GBP98 million (including GBP7 million cash and working capital). All five wind farms are situated within 25 miles of Peterborough, and in total comprise […]
NextEnergy Solar piles into Italy – Next Energy Solar Fund has made its first investments in Italy; eight operating solar plants with an installed capacity of 34.5MWp at a total cost of €131.9m. Five of the acquired plants are in the region of Puglia (total 21.5MWp) and three are in the region of Campania (total […]
SEGRO swaps an industrial estate for a Big Box warehouse – SEGRO has acquired a fully let 390,000 sq ft big box warehouse in the Midlands region of the UK from LGIM Real Assets (“Legal & General”), in exchange for Kingsland Business Park, which is a multi-let industrial estate in Basingstoke, and a balancing cash […]
Investment Trust Insider on BioPharma Credit James Carthew: don’t let Biopharma’s slow start give you the wrong impression (title by Citywire!!) This week I’m revisiting Biopharma Credit (BPCR) which I last wrote about at the end of March, when it listed having raised £610 million. As things stand, it still holds the top slot for […]
Scottish Oriental ups Asian Frontiers exposure – Scottish Oriental Smaller Companies says that, over the 12 months to August, its Net Asset Value per share rose by 15.7 per cent in total return terms, while the ‘comparative indices’, MSCI AC Asia ex Japan Index and MSCI AC Asia ex Japan Small Cap Index, rose by […]
JZ makes two sales – JZ Capital Partners Limited has realised two of its US micro-cap investments, Nielsen-Kellerman and K2 Towers, for a total gross value of $39.9 million, representing a cumulative $13.4 million uplift to JZCP’s net asset value as of 31 August 2017. K2 Towers K2 was founded in 2009 and specialises in acquiring and maintaining […]
AEW Long Lease buys St Helens industrial estate – AEW UK Long Lease REIT has bought Pocket Nook Industrial Estate, St Helens for GBP9.0m reflecting a net initial yield of 5.4%. The 16.1 acre site is let to three tenants and provides a weighted average unexpired lease term of 66 years to expiry, with 49% […]
Investment Trust insider on Impax James Carthew: Impax ticks all the right boxes for the environment Many funds lay claim to incorporating environmental, social and governance (ESG) aspects into their investment approach, including many passive, index-tracking funds. However, often this is just a crude, and sometimes clumsy, box-ticking exercise. Few funds really set out to […]
Caledonia sells the Sloane Club – Caledonia Investments has today sold its 100% interest in The Sloane Club, the private members club located in the heart of Chelsea, London, to Sloane Investment Limited, a special purpose vehicle jointly owned by JK Chelsea Holdings Limited, an affiliate of the Queensway Group, and Clearbell Property Partners III […]
Alternative Liquidity discount narrows – At the start of the year (1 July 2016) Alternative Liquidity Fund had a Net Asset Value of $127.5 million and a NAV per share of US$0.8728. At the end of the year the NAV was US$111.1 million and the NAV per share was US$0.7574. This represents a 13.2% (US$16.4 million) […]
Wolf Minerals (AIM: WLFE, ASX:WLF) has secured an additional £10m in funding from major shareholder Resource Capital Fund VI to help it complete the operating turnaround plan at its Drakelands tungsten/tin mine. This increases the existing bridge facility from £45m to £55m. The key elements of the turnaround plan are modifications to the dense media […]
Witan swaps Marathon for Crux and SW Mitchell – Following a wide-ranging search covering active managers of European equities, Witan has decided to appoint Crux Asset Management Limited and SW Mitchell Capital LLP as specialist European equity managers. They have each been allocated approximately £100m (c. 5% of Witan’s assets) to manage in European equities, […]
EJF invests in TruPS securitisation – EJF Investments Ltd says that the company has invested approximately $17.0 million (approximately GBP12.9 million based on foreign exchange rates reported for the day the purchase occurred) in the preferred shares issued by TruPS Financials Note Securitization 2017-2 Ltd on 26 October 2017. The preferred shares are the lowest ranked security […]
Henderson Far East Income amends fees – Following a formal review of the management fee arrangements, Henderson Far East Income is pleased to report that with effect from 1 September 2017, the Board has agreed a tiering basis to the management fee arrangements so that the existing management fee of 0.9% per annum (calculated as 0.225% per quarter) will only apply to […]
Redefine moves to fully covered dividends – Redefine International has published results for the year ended 31 August 2017, its EPRA NAV rose to 41.4p rom 40p and EPRA earnings per share rose from 2.7p to 2.8p on earnings up from £44.1m to £50.9m. The Board has declared a second interim dividend of 1.3 pence per share […]
VinaCapital Vietnam Opportunity planning significant private equity investment – VinaCapital Vietnam Opportunity Fund has published accounts for the year ended 30 June 2017. The NAV increased in US Dollar terms by 25.5% to USD4.73, while the share price rose by 35.5% to USD3.82. Their listed equity portfolio returned 32%, outperforming the VN Index by 12%. VOF benefited from […]
Not just any big box… – Tritax Big Box REIT plc has completed contracts with ProLogis European Finance XI Sarl to acquire two modern Big Box logistics facilities at Prologis Park, Stoke-on-Trent, Staffordshire, let to Marks and Spencer and Dunelm (Soft Furnishings) Ltd, the UK’s number one homewares retailer. The combined net purchase price is GBP78.5 […]
Aberdeen Asian Smaller outperforms helped by financials – Aberdeen Asian Smaller Companies says that, for the year ended 31 July 2017, its net asset value increased by 15.4% on a total return basis, ahead of the MSCI Asia Pacific ex Japan Small Cap Index’s return of 14.3%. For UK-based investors the weakness in sterling boosted investment returns. […]
Alpha Real gets planning for Frankfurt data centre – Alpha Real Trust has successfully secured detailed planning consent for a 40,338 square metre data centre building at its data centre site, together with a commitment from the local utility provider to connect a 35 MVA dual feed power supply to the site. As announced in […]
Ottoman Fund nudges closer to the end – The Ottoman Fund Ltd has successfully repatriated its cash from Turkey and has placed its three Turkish subsidiaries in liquidation. This represents a substantial step in its efforts to wind up its business activities in Turkey and return excess capital to shareholders. The auditors and administrator are […]
JPMorgan Global Emerging Income lags on technology underweight – JPMorgan Global Emerging Income reports that, for the year ended 31 July 2017, it generated a total return on net assets of +16.4%. The total return to shareholders was +14.4% reflecting a widening of the share price discount to net asset value from 1.5% to 3.4%. […]
