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Investment Companies News

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).

01 Sep 2015

Electra’s Park resorts to merge with Parkdean holidays

Electra Private Equity has announced the proposed merger, subject to regulatory approval, of its Park Resorts Group (Park Resorts, South Lakeland Parks and Southview and Manor Park) with Parkdean Holidays creating a nationwide operator with 73 sites. The transaction gives the enlarged company an enterprise value of £960m and combined EBITDA in excess of £100m. […]

31 Aug 2015

fx movements hit John Laing Infrastructure

John Laing Infrastructure has reported a 1.4% fall in its NAV for the first half of 2015 to 107.8p which is almost entirely down to adverse exchange rate movements although they also mention below forecast inflation in the UK cost them about 0.4%. They paid a dividend of 3.375p (up 3.8% on the previous dividend) and the NAV […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
31 Aug 2015

Renewables Infrastructure power production beats expectations

The Renewables Infrastructure Group delivered a 10.9% return to shareholders over the first half of 2015, including a dividend of 3.08p which they say was well covered by cash earnings. This results in a dividend target of 6.19p in aggregate per share in respect of the year to 31 December 2015. Looking further ahead, the […]

31 Aug 2015

Harbourvest Global Private Equity completes move to main market

At an EGM on 27 August shareholders approved Harbourvest Global Private Equity’s move to the main market of the LSE. Oddly, the fairly standard proposal that the company be allowed to issue new shares, although worded in an unusual way, was rejected by shareholders and the Board say they are going to tlk to dissenting […]

Geographies
  • North America
  • Emerging Europe and Russia
  • Asia
31 Aug 2015

DW Catalyst’s gains on Real Estate offset by Energy exposure

During the first half of 2015 DW Catalyst Fund’s NAV increased by 1.2% and 1.1% in the GBP and USD share classes, respectively. Over the same period the share prices of the GBP and USD share classes declined 2.2% and 2.4%, respectively. They say the largest positive contributors for the first half of the year were within Commercial […]

31 Aug 2015

Carador’s portfolio now mostly CLOs from after the crisis

During the six month period ended 30 June 2015 Carador Income Fund generated a total net asset value return of 4.58% including distributions. The Company started the year with a NAV per US Dollar share of US$0.8993 and ended the first half at US$0.8891, a -1.13% decline in the NAV per share, although the Company also […]

31 Aug 2015

Acorn Income Fund cashes in on FTSE Hedge

Over the first half of 2015 Acorn Income Fund generated a return on its gross assets of 11.9% – marginally ahead of the 11.8% return posted by the Numis Smaller Companies Index (ex investment companies). Thanks to the gearing effect of the zeros, the total NAV return on the ordinary shares was 16.3%. The return […]

Sectors
Companies
31 Aug 2015

Standard Life Investments Property Income interims

Standard Life Investments Property Income Trust reports that its NAV return for the first six months of 2015 was 6.6% and its share price rose by 7% to give a return to shareholders of 10.0%. On an EPRA basis the NAV rise was 3.4%. The total return on the portfolio was 5.8%. This figure was behind the […]

31 Aug 2015

BBGI targets 4% dividend increase

Over H1 2015 BBGI delivered an increase in NAV to 110.4p from 109.2p an increase of 1.07%. The Board has increased its 2015 dividend target from 5.76p to 6.00p which represents an increase of 4.2%. The 2015 interim dividend is 3p. At 30 June 2015 the Group had a total cash balance of £51m and total borrowings of £45m. Within the portfolio they […]

31 Aug 2015

28 August interim results roundup

A quick summary of interim results for periods ended 30 June 2015 announced on 28 August 2015 Aberdeen Smaller Companies High Income NAV total return 15.8%, share price total return 21.8%. Well ahead of FTSE Small Cap Index ex Investment Companies return of 11.9%. Outperformance helped by bids for Domino Printing and Anite Candover NAV […]

Geographies
  • UK
  • North America
  • Europe (EU and EEA ex UK)
Sectors
Companies
31 Aug 2015

Profitable sales offset by fx weakness for F&C Private Equity

F&C Private Equity’s NAV total return for the six months ended 30 June 2015 was 2.7% and its share price total return was 1.6%. The interim dividend is 5.58p per Ordinary Share. Currency took 2.3% off the NAV. The largest realisation, of £8.6m, was the sale of the co-investment in SMD Hydrovision, to Chinese buyer ZhouZou CSR. […]

28 Aug 2015

27 August interim results roundup

A quick summary of interim results for periods ended 30 June 2015 announced on 27 August 2015 Ashmore Global Opportunities The Company’s Net Asset Values (“NAVs”) per share have fallen slightly from $5.28 and 521p at the end of 2014 to $5.20 and 511p  as at 30 June 2015.  The US$ and GBP share prices […]

Geographies
  • Europe (EU and EEA ex UK)
  • North America
  • UK
Sectors
Companies
27 Aug 2015

Hansteen raising cash to fund acquisition

Hansteen is raising £40m at 110p per share to help fund the acquisition of a further £103.7m of units (35.7% of the fund) in the Ashtenne Industrial Fund. They say the deal represents an acquisition of £156.8m of UK industrial property valued at a yield of 8.3 per cent. The price is an effective c.5% discount […]

Sectors
27 Aug 2015

F&C Commercial Property outperforming in 2015

F&C Commercial Property Trust says it returned 8.2% on net assets over the first half of 2015. The return to shareholders was 5.7%. Shareholders got six, monthly dividends of 0.5p – keeping them on rack for their 6p target dividend for the year. The return on the property portfolio was 7.4%, ahead of the total […]

27 Aug 2015

VPC Speciality Lending releases first results

VPC Speciality Lending has published its first set of figures covering the period from launch to 30 June 2015. The net asset value at the end of the period was 99.62p and the share price was 102p. The first interim dividend of 0.9p was declared in August. The proceeds of the IPO had been fully […]

Geographies
  • North America
  • UK
  • Europe (EU and EEA ex UK)
27 Aug 2015

Part of Pan African’s Phoenix platinum feed supply in jeopardy

Pan African Resources has cautioned that one of the business partners of its Phoenix Platinum Mining subsidiary has entered into ‘Business Rescue’ in South Africa. Business Rescue is a statutory means of enabling a financially distressed company to continue business, under the supervision of a Business Rescue Practitioner, protected from its creditors. The company in […]

27 Aug 2015

Symphony International NAV affected by Baht weakness

Symphony International says its NAV fell 5.9% to $1.2685 from $1.3473 over the first half of 2015. Symphony’s share price was $0.75 at the period end. The discount to NAV that Symphony’s share price traded on 30 June 2015 was 40.9%. They say the change in NAV was predominantly due to a weakening of the share prices […]

27 Aug 2015

NB Distressed Debt suffers from difficult market environment

NB Distressed Debt said a difficult market environment led to falls in NAVs across its portfolios. It exited five investments during the first six months of 2015 which generated total returns of $9.3 million over the life of the investments. Over the first half of 2015, NB Distressed Debt distributed a further $30m to investors in the […]

Geographies
  • North America
  • Central and South America
  • Australia and New Zealand
  • Europe (EU and EEA ex UK)
  • UK
27 Aug 2015

Dexion Absolute to shut Euro and Dollar classes

Dexion Absolute has decided to shut its US dollar and Euro share classes on the grounds that they have become too small – shareholders will get the chance to switch into the sterling class. In its interim report (covering the first half of 2015), Dexion said the NAV returns on its Sterling, Euro and Dollar classes […]

27 Aug 2015

INPP benefits from Angel Trains write up

International Public Partnerships reported growth of its assets of 1.5% to £1.08bn with NAV per share increasing 1.3% to 128.6 pence (31 December 2014: 127.0 pence) for the first half of 2015. similar assets. The portfolio delivered a return of 6.1%, reflecting the move in market pricing of these assets, notably an uplift in the value of Angel […]

27 Aug 2015

Foresight Solar completes Wiltshire solar deal

Foresight Solar has announced the completion of its acquisition of the 34.7MW Port Farm asset, located in Wiltshire. The solar farm was connected to the Grid in March 2015 and has received Renewable Obligation Certificate (“ROC”) accreditation at the rate of 1.4ROCs/MWh. The acquisition has increased the Company’s net portfolio of assets to 322MW. The deal has […]

27 Aug 2015

Ukraine Opportunities will delist

Ukraine Opportunities reports that its NAV fell from $3.567 to $3.20 over the first half of 2015. The share price move was more dramatic – a fall from $3.10 to $2.20 – as the discount moved from 13.2% to 33.5%. The Board made the following statement: “Having consulted with its major shareholders, and taking into […]

Sectors
27 Aug 2015

Starwood European to trim dividend

Starwood European Real Estate Finance has published its interim results covering the six month period to the end of June 2015. As at 30 June 2015, the Net Asset Value was 99.94 pence per Ordinary Share and the share price was 107.25 pence. The Board believes that competition to provide loans is increasing and Starwood […]

Sectors
27 Aug 2015

26 August interim results roundup

A quick summary of interim results for periods ended 30 June 2015 announced on 26 August 2015 APAX Global Alpha reported its first set of results since listing. Its NAV was up 8% over H1 2015 t0 €1.79. BH Global said at the six month stage on 30 June 2015 the Net Asset Value per […]

Sectors
Companies
25 Aug 2015

NB Private Equity NAV uplift driven by sales

NB Private Equity has announced interim results for the first half of 2015. It is reporting a 2.6% increase in Net Asset Value to $713.0 million (31 December 2014: $694.8 million). This was driven by unrealised gains on public and private equity holdings as well as cash and payment-in-kind (“PIK”) interest on its income investment portfolio. Of the $45.1m uplift […]

25 Aug 2015

Fair Oaks invests in Alcentra CLO

Fair Oaks Income Fund  says the Fair Oaks Income Fund LP (the “Master Fund”) has entered into binding contracts to acquire, in the primary market, $28.0 million notional of equity notes, representing 73% of the total equity, and $8.6m notional of Class F notes of Shackleton 2015-VIII CLO, a new CLO backed by a portfolio […]

25 Aug 2015

Industrial Multi Property NAV climbs in H1

Industrial Multi Property Trust says its adjusted net asset value rose to 237p as at 30 June 2015 from 220p at 31 December 2014. The adjusted earnings per ordinary share worked out as a loss of 7.9 pence for the six months to 30 June 2015 (loss of 7.7 pence for the six months to 30 […]

25 Aug 2015

CVC Credit sees more opportunities in distressed assets

CVC Credit Partners European Opportunities says its Euro and Sterling Ordinary shares have returned 4.8% and 5.0% respectively on a total return basis for the six months ended 30 June 2015. They have been managing the portfolio with the aim of paying an annual dividend yield of around 5%. A 2.5p / 2.5c semi-annual dividend was declared […]

24 Aug 2015

South 32’s underlying earnings up 41% (pro-forma)

South 32, the resources company spun out of BHP Billiton earlier this year, has reported its first annual results (on a pro-forma basis). In the financial year to end-June 2015, the company reported headline profit of US$28 million, down 56% from the previous year, leading to EPS of USc0.5, against USc1.2 previously. The results include […]

24 Aug 2015

Bluefield Solar makes three small acquisitions

Bluefield Solar Fund is buying three solar assets: Bluefield EIS Solar Limited (“Solar EIS”), Bluefield Kite Limited (“Kite”) and Bluefield Peregrine Limited (“Peregrine”), which between them own and operate 28 solar photovoltaic (“PV”) plants (the “Plants”).  The Plants, each built and commissioned prior to the end of Q1 2012, have over three years of operational […]

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