Investment Trust Insider on Middlefield Canadian Income James Carthew: Middlefield – North America with income Canada tends to get overlooked by investors, dismissed perhaps as a play on resources. Of course, while these are an important part of its economy, there is much more to the country than that. Within the investment companies market, we […]

Yew Grove REIT buys two Dublin offices – Yew Grove REIT has exchanged contracts to acquire the One and Three Gateway office buildings, which are situated on the East Wall Road in Dublin 3 for an agreed price of EUR29 million. The two office buildings, which were included as part of the property pipeline in the […]

Renewables Infrastructure buys Solwaybank wind farm – The Renewables Infrastructure Group has acquired an onshore wind farm in the UK, Solwaybank, located in Dumfries and Galloway, Scotland. Solwaybank is in the early stages of construction and expected to become operational in Q1 2020. Once complete, Solwaybank will comprise 15 Senvion MM100 wind turbines, each with […]

Aberdeen New India flat result belies turbulent year – For the year ended 31 March 2018, Aberdeen New India’s NAV rose by 0.4% to 490.0p as compared to the benchmark MSCI India Index which fell by 1.7% (both in Sterling terms). However, the share price fell by 3.5% to 426.0p reflecting a widening of the discount to […]

Leaf gets payment from Invenergy – On June 14, 2018, the Delaware Court of Chancery entered its final order and judgment. The trial court’s final order entered judgment in Leaf‘s favor on Invenergy’s counterclaim seeking a declaration that Leaf had breached certain provisions governing Leaf’s ability to put its shares, and Invenergy’s ability to call those […]

BlackRock Emerging Europe will wind up – BlackRock Emerging Europe says that 21,821,195 ordinary shares were validly tendered under its tender offer, representing approximately 60.75% of its issued share capital. The remaining assets of the company would be approximately GBP48 million, which is below the minimum level which the Board deems necessary for the company to continue. The […]

The trust formerly known as Chelverton Small Companies Dividend Trust has announced that it is changing its name to Chelverton UK Dividend Trust. According to the company, the change of name is expected to become effective on 15 June 2018 and updated by the FCA and LSE on 18 June 2018. The Company say that […]

PRS REIT invests in Manchester and Merseyside – PRS REIT has announced that it has acquired three development sites, with a combined gross development cost of about £34.4m, and has purchased an additional completed PRS site for about £9.1m. Development sites to provide 238 family homes The three development sites comprise a site in Greater […]

Arix, Syncona and WPCT look set to reap gains on pending Autolus Nasdaq IPO Three LSE-listed health/biotech venture capital investment firms – Arix Bioscience (ARIX), Syncona (SYNC) and Woodford Patient Capital Trust (WPCT) – should see a nice boost to their NAV if Autolus, the UK-based CAR-T cell company completes its proposed Nasdaq IPO. Autolus is a portfolio company for […]

Duke Royalty signs letter of intent for its fifth loan – Duke Royalty (DUKE) has signed a letter of intent with a US provider / publisher of legal information for US$ 3.5m. Royalty financing Royalty financing is an alternative to regular debt financing (loans and trade credit) and equity financing (venture capital and stock sales). Duke Royalty […]

John Laing Environmental Assets has been busy, diversifying its portfolio –  John Laing Environmental Assets Group Limited (JLEN) has published its results for the year ended 31 March 2018. In what the company sees as an increasingly competitive markets in all of the main sectors that JLEN operates, the NAV per share was 99.6 pence, compared with 100.1 […]

Hg Capital invests in IT Relation – Hg, the Manager of HgCapital Trust, has announced an investment in IT Relation, a leading Danish supplier of managed IT services to small and medium sized enterprises (SMEs). The terms of the transaction were not disclosed. HgCapital Trust plc will invest approximately GBP16.0 million in IT Relation, with other […]

Primary Healthcare Properties buys Swindon medical centre – Primary Health Properties has acquired the Moredon Medical Centre (net assets acquired GBP6.1 million), a standing let investment property situated in Moredon, Swindon. The property comprises of a modern, purpose built 1,446 m(2) medical centre which is fully let to the Moredon Medical Centre Partnership, receiving rent […]

Phaunos board urges shareholders to take no action – Talking about the announcement made on 5 June 2018 by Stafford Capital Partners Limited, regarding a possible cash offer for Phaunos Timber, Phaunos’ board re-iterates its commitment to balance maximising the value from the company’s investments with making timely returns of capital to shareholders. At the Annual […]

A year of significant progress for NextEnergy Solar – NextEnergy Solar Fund (NESF) has published its results for the year up to 31 March 2018. The NAV of the company has risen to £605m from £479m. The NAV per share rose by 0.7%  from 104.9p in 2017 to 105.1p. The company reported profit before tax of £32.2m (2017: £49.8m) with […]

LMS Capital sells Penguin Computing – LMS Capital says that San Francisco Equity Partners Fund 1 has received proceeds from the sale of its investment in Penguin Computing, Inc. Penguin supplies enterprise and high performance computing and cloud computing solutions, principally in North America. LMS owns its interest via its holding in San Francisco Equity […]

Strength of the pound hurts the Establishment Investment Trust – The Establishment Investment Trust (ET.) released it financial results for the year ended 31 March 2018. The company’s share price rose by 8.9% (total return), although the NAV fell by 2.5%. Excluding dividends, the share price rose 3.9%. The NAV fell by 6.3%. Since launch in 2002, the share price total return has […]

Lindsell Train has another stellar year – although the premium remains stubbornly high. The NAV of Linsell Train Investment Trust (LTI) rose by 30.0% (total return) in th year to 31 March 2018. It outperformed  its own benchmark, which returned 4.0%. For comparison, the MSCI World Index in Sterling rose by 1.3%. The company’s share price returned by 29.6%, reflecting […]

VinaLand will hand back $54m after another housing project sold – VinaLand Limited will make a distribution of USD0.33 per ordinary share. The distribution of approximately USD53.9 million in total will be returned equally to all shareholders, the pay date is Thursday 28 June 2018. Sale of Aqua City Project In addition, VinaLand has announced the sale of its […]

Introduction of AIM stocks benefits Montanaro UK Smaller Companies – the NAV per share of Montanaro UK Smaller Companies (MTU) increased by 7.3% during the year. The share price rose by 9.8% to 560p, reflecting a modest tightening of the discount over the year from 16.0% to 18.0% at 31st March 2018. The company reported that the introduction of […]

Both JPMorgan European’s portfolios beat the index – JPMorgan European has reported its full results for the year ended 31st March 2018. There are two share classes – Growth (JETG) and Income (JETI). Over the 12 month period under review, the company’s benchmark index, the MSCI Europe ex UK Index in sterling returned 3.0% (total return) Results JPMorgan […]

Civitas Social Housing reports “a strong start” – Civitas Social Housing REIT (CSH) aims to provide its shareholders with an attractive level of income, together with the potential for capital growth from investing in a portfolio of social homes. The homes are let to local authorities or housing associations. The objective of Civitas Social Housing is to acquire […]

Triple Point Social Housing adds six properties – Triple Point Social Housing REIT has exchanged contracts to acquire six properties, comprising 27 units, for an aggregate commitment of GBP4.4 million (excluding costs) of these, four were subject to simultaneous exchange and completion (totalling GBP1.8 million). The properties are located in East Anglia (3 units), the […]

Investment Trust Insider on ICG Enterprise James Carthew: the perverse discounts on private equity Some of the discounts in private equity investment trusts look perverse given the high prices they are achieving on the sale of mature portfolios. The listed private equity market has become cluttered with trusts suffering a slow death. Some of these […]

Positive performance and lower costs from Fidelity China Special Situations – The NAV of Fidelity China Special Situations (FCSS) returned +22.2% (total return) over the year ended 31 March 2018.  The company’s benchmark Index, the MSCI China index returned 23.8%. Therefore, the NAV of company underperfoprmed its benchmark by 1.6%. The share price delivered a […]

AEW UK REIT plans further expansion – AEW UK REIT has published results for the year ended 31 March 2018. the highlights are: Net Asset Value (‘NAV’) of GBP146.03 million and of 96.36 pence per share as at 31 March 2018 (30 April 2017: GBP118.67 million and 95.98 pence per share). Operating profit before fair value […]

HICL Infrastructure adds to A63 stake – Incremental Acquisition HICL Infrastructure Company Limited has agreed to acquire a further 7.2% interest in the A63 Motorway concession in France for EUR62m from funds managed by DIF Infrastructure III and DIF Infrastructure IV. The acquisition is not subject to any further conditions and will complete by the end […]

Ranger Direct Lending will wind up – Ares Capital Management III LLC has notified the board of Ranger Direct Lending that it no longer wishes to take up the position as investment manager. The board has concluded, therefore, that it doesn’t make sense to keep the company going. It has decided to recommend that the […]

GAM drops support for Invesco Perpetual Enhanced requisition – Invesco Perpetual Enhanced has published a letter from its chairman to shareholders and an overview of the situation regarding the requisitions to be put to a vote by shareholders at an Extraordinary General Meeting in Jersey, on Friday 20 July 2018. The requisitions are from Invesco Perpetual and […]