JZ Capital Partners releases its annual results to 28th February 2018 – JZ Capital Partners (JZCP), which invests in US and European micro-cap companies and US real estate, announced its annual results for the twelve-month period ended 28 February 2018. Results and Portfolio Highlights NAV of $837.6 million, down 1.4% on the previous year NAV per […]
Investment Trust Insider on Civitas and Horizon James Carthew: I hope Horizon revives faith in social housing Horizon Housing (HZN) real estate investment trust (Reit) is the latest launch in the burgeoning social housing sub-sector. At one point, investors were falling over themselves to invest in this area, attracted by its stable, secure and inflation-linked […]
HBM boosts dividend by 20% after stellar year London-listed HBM Healthcare (HBMN) has proposed a CHF 7/share dividend for year to end April, a 20% rise, after a strong year in which it saw a 11% rise in NAV and 34% rise in share price, beating the broadest biotech index and all other sector specialist […]
McKay Securities dividend up 11% – McKay Securities results for the year ended 31 March 2018 show: Financial Highlights Adjusted profit before tax up 5.4% to GBP9.07 million (31 March 2017: GBP8.60 million) Adjusted basic earnings per share of 9.7 pence (31 March 2017: 9.2 pence) Gross rental income up 5.1% to a historic high […]
NewRiver responds to press speculation – NewRiver REIT has released a statement this morning: “NewRiver notes press comment regarding the potential acquisition of Hawthorn Leisure Holdings Limited (“Hawthorn”). NewRiver confirms that it has entered a period of exclusivity with Hawthorn and its major shareholder regarding a potential acquisition of the business. A transaction, if completed, […]
LXi REIT sets new 5.5p dividend target – LXi REIT has published its first set of accounts – covering the period from its launch on 21 December 2016 to 31 March 2018. The EPRA NAV per share increased by 9.87% to 107.67 pence (at the IPO in February 2017 it was 98.00 pence). Other highlights were: Raised total gross […]
New twist as Vietnam Holding manager resigns – a couple of days ago Vietnam Holding announced that it was serving notice on its manager as a way of triggering a review of the fee arrangements for its services. The announcement said though that the plan was to retain the services of the portfolio management team led by […]
Greencoat UK Wind announces the result of its capital raise – Greencoat UK Wind (UKW) has announced that it has raised its target of £118.8m from a capital raise announced on 8th May 2018. The proceeds of the raising, which was oversubscribed, will be used to complete the purchase of the company’s further shareholding in Clyde […]
In what its chief executive, Chris Griggs, describes as “another good year for British Land”, the company says that financial performance has been robust following significant asset sales and that it has made further strategic and operational progress, while leasing activity has been strong across the business. During the year, the completed over £1 billion […]
VietNam Holding announces significant changes – VietNam Holding (VNH) has announced that it is changing its investment agreement with its existing investment manager and will increase its size by acquiring the assets of another Vietnamese listed equity fund. The company has also intends that it is to seek shareholder approval to maintain its share buy-back programme. Investment […]
Residential Secure Income REIT acquires 277 property portfolio – Residential Secure Income REIT (RESI) is invested in residential asset classes that comprise the stock of UK social housing providers (mainly Housing Associations and Local Authorities) in order to provide secure, long-dated, inflation-linked income returns with the potential for capital growth and with low sensitivity to residential house […]
Change in investment management team at JPMorgan Global Convertibles Income – Robin Dunmall, one of JPMorgan Global Convertibles Income‘s portfolio managers, has decided to leave JPMorgan Asset Management to pursue other opportunities. The company’s portfolio will continue to be managed by the existing investment management team, which is led by Natalia Bucci and includes Paul Levene. […]
Proposed changes at Artemis Alpha – In the run-up to the continuation resolution due to be proposed at the company’s AGM to be held in October 2018, the board of Artemis Alpha Trust (ATS) had undertaken a strategic review. From the review, a number of proposals have been made, some of which will be voted upon […]
Land Securities reports on “an active and successful year” – In it’s annual report for the twelve months to 31 March 2018, Land Securities (LAND) reported a year of positive performance in its core activities, offset by the cost of refinancing the company’s bonds. During the year, the company completed and let major development projects at Nova, SW1 […]
Investment Trust Insider on Ranger Direct Lending James Carthew: Ranger board must give investors an exit A right royal row is underway about the future of Ranger Direct Lending (RDL). Letters are flying back and forth and PR companies are working overtime but Ranger’s shares continue to languish on the widest discount of any fund […]
Investment Trust Insider on Ecofin and Premier utilities and infrastructure funds James Carthew: knee-jerk rejection of utilities is wrong The lines between utilities and infrastructure have been blurred somewhat. The two investment companies that sit in the utilities sector, Ecofin Global Utilities and Infrastructure (EGL) and Premier Global Infrastructure (PGIT), have (as their names suggest) […]
Investment Tust Insider on Latin America James Carthew: Latin volatility requires a long-term view Latin America has done surprisingly well since I last looked at BlackRock Latin American (BRLA) and Aberdeen Latin American Income (ALAI) two-and-a-half years ago. Its markets were very much out of favour as sabre rattling by Maduro in Venezuela, falling commodities […]
Investment Trust Insider on Seneca Global Income & Growth James Carthew: this trust swerved Conviviality crash The collapse of stock market darling, Conviviality (CVRC), has caught a few people by surprise. Quite a few UK small cap managers benefited from Conviviality’s rise. It came to the market in an initial public offering in 2013 at £1 […]
British Land submits planning application for Canada Water –British Land has entered into a Master Development Agreement with Southwark Council and submitted an outline planning application for the Canada Water Masterplan. Alongside the overall Masterplan the planning submission also includes a detailed planning application for the project’s first three buildings, which include workspace, homes (of […]
Scottish Mortgage took in £145m – Scottish Mortgage returned 25% in NAV terms over the year to 31 March 2018 and 21.6% in share price terms. These figures dwarf the return from the company’s benchmark, the All-World Index, which returned just 2.9% over the same period. The board is recommending a total distribution for the year of […]
Hg buys Financial Express and sells JLA – Hg, the manager of HgCapital Trust plc, has announced an investment in Financial Express, a leading data, analytics and software vendor focussed on the European retail investment funds market. The terms of the transaction were not disclosed. HgCapital Trust plc will invest approximately GBP7.5 million in FE, with […]
Pershing Square says $300m tender is complete – Pershing Square Holdings has announced that the tender offer, for up to $300 million in value of its public shares, closed at 1:00 p.m. BST on 10 May 2018. The strike price for the tender offer was $13.47 per public share. A total of 22,271,714 public shares were acquired […]
Good year for North Atlantic Smaller Companies despite high liquidity – North Atlantic Smaller Companies says that, for the year ended 31 January 2018, its net asset value rose by 16.5%, to an all-time high of 3,458p. This compares with a rise in the sterling adjusted Standard & Poor’s Composite Index of 9.8%. There is no […]
VinaLand sells Pavilion Square project – VinaLand Limited has sold its entire stake in the Pavilion Square project. The project, located in Ho Chi Minh City, Vietnam and acquired by VinaLand in 2007, is designated for a future mixed-use development. VinaLand has sold its entire stake in the project to RC12 Investment Joint Stock Company […]
Stronger sterling depresses Harbourvest’s returns – HarbourVest Global Private Equity Limited has reported 16.2% NAV growth to $21.46 from $18.47 over the year to 31 January 2018. 55% of HVPE’s assets consist directly of US investments and a further 23% of assets are denominated in US dollars. In the year to 31 January 2018, sterling […]
3i Infrastructure’s ‘outstanding’ year – 3i Infrastructure has announced a 28.6% return for the year ended 31 march 2018 and a 10% increase in the target dividend for FY19 to 8.65 pence per share. Richard Laing, its chairman, said: “The company had an outstanding year. The realisations of our holdings in Elenia and Anglian Water Group generated […]
Prothena drags WPCT to bottom of performance league table in April The fall in the value of its large investment in Prothena on negative results from two late-stage trials last month had a predictable effect on Woodford Patient Capital (WPCT)’s performance among the biotech-specialist closed end funds this year, although its relative underperformance extends over […]
HBM set to gain on Lilly buyout of investee Armo Swiss-listed HBM Healthcare (HBMN) looks set to see a significant boost to its already strong investment performance this year as a result of a deal that will see Eli Lilly buy one of its investee companies, the US biotech ARMO Biosciences. Lilly’s agreed deal to […]
Life Settlement Assets announces three ‘maturities’ – Life Settlement Assets has made the following announcement: “The company has received notification of three policy maturities on two lives with a face value of USD1,784,882.18 for the benefit of the B share class (LSAB). These maturities reflect the lumpy nature of returns from the portfolio and are […]
Shaftesbury makes a strategic acquisition in Carnaby – Shaftesbury (SHB) the Real Estate Investment Trust (REIT) has exchanged contracts to acquire the freehold of 35 and 36 Great Marlborough Street, Carnaby for £22.7 million. Located at the northern gateway in to Carnaby, the buildings comprise two shops (3,000 sq. ft.) with 4,250 sq. ft. of office accommodation on the […]
