Over the course of 2016, Kubera Cross Border’s net assets decreased from US$55.33 million to US$41.37 million during the year ended 31 December 2016. The fund’s net asset value per share decreased from US$0.50 to US$0.38. The share price has remained fairly constant at around US$ 0.20 between 31 December 2015 and 31 December 2016. The discount decreased […]
Blackstone/GSO Loan Financing delivered a total NAV return per Euro share of 13.28% in 2016, finishing the year with a NAV per Euro share at EUR1.0238. The Euro shares finished the year at a discount to NAV of 1.10%. They paid four dividends in respect of the reporting period ended 31 December 2016, equating to an […]
Hansteen has agreed to up its offer for Industrial Multi Property Trust by 10% to 330p per share. The surprise move (Hansteen had already declared the previous offer unconditional) has been welcomed by Alpha Real Trust, Industrial Multi Property’s largest shareholder. “Alpha Real Trust Limited (“ART”) and Antler Investment Holdings Limited (“Antler”) are IMPT’s two […]
Blue Capital Management Ltd., the company’s Investment Manager, advised Blue Capital Global Reinsurance Limited of Mr. Adam Szakmary’s resignation from the Investment Manager effective as of 21 April 2017. Mr. Szakmary resigned from all of his former executive positions and directorships with the Investment Manager and its subsidiaries. In his letter, Mr. Szakmary did not […]
GCP Infrastructure has committed to subscribe for a loan note of up to £40 million in aggregate, the proceeds of which will be used to finance supported living units for occupation by adults with learning or physical difficulties. The Loan Note, with an expected term of c.35 years, will be used to provide funding for […]
HgCapital, the Manager of HgCapital Trust has agreed the sale of QUNDIS, a leading provider of sub-metering solutions in Europe, to a German investment group around KALORIMETA (“KALO”), a leading service providers for climate-intelligent solutions in the buildings sector, for a total enterprise value of c. EUR400 million. The sale of QUNDIS delivers a c. 3.5x […]
Phaunos Timber Fund Limited has announced its audited results for the year ended 31 December 2016. It made a net profit of US$18.3 million for the year compared to a net loss of US$10.5 million in the prior year. Total net assets now stand at US$301.3 million so that the NAV per share increased from US$0.49 as at […]
Civitas Social Housing PLC has completed the purchase of a portfolio of regulated social housing for a total consideration of GBP3.5 million, comprising the freehold interest in 3 supported living properties, with 13 tenancies, in the West Midlands and South East of England. The portfolio is immediately income generating with an initial net yield of […]
The Kennedy Wilson Holdings Board (KW) and the Independent Committee of Kennedy Wilson Europe (KWE) are pleased to announce that they have reached agreement on the terms of a recommended all-share merger. Eeach KWE Scheme Shareholder will be entitled to receive: 0.667 New KW shares for each KWE share. Based on the closing price of US$22.50 per […]
Lxi REIT has acquired the Cambridge Belfry Hotel at Cambourne, Cambridge. The purchase price for the Property is GBP18.53 million, reflecting a net initial yield of 6.1% on the asset acquisition (net of acquisition costs). The property is fully let to Marstons Hotels Limited and guaranteed by its parent, QHotels Holdings Limited. QHotels is a […]
Woodford Patient Capital says that 2016 was a challenging year, with its net asset value declining modestly from 97.37p to 93.24p. Meanwhile, the share price moved from a 3.7 per cent premium to net asset value at the end of 2015, to a slight discount of -2.4 per cent at the end of the period, […]
NextEnergy Solar Fund (NESF) has announced that it has signed six share purchase agreements to acquire the special purpose vehicles owning six plants, totalling 28MWp, with an investment value of £30.5m. Completion expected during the first half of 2017. The plants are Rampisham, Aller Court, Hill, Forest Farm, Wasing and Flixborough solar plants and are […]
Hammerson has announced that it has signed a £360 million unsecured Revolving Credit Facility (RCF) at an initial margin of 90 basis points. The RCF is with a syndicate of fourteen international banks and has a maturity of five years which may be extended to a maximum of seven years. Hammerson says that the new […]
Aurora has announced its results for the 10-month period from 29 February 2016 to 31 December 2016. Its chairman, Lord Flight (pictured), explains that reason for the ‘short year’ is to align Aurora’s accounting period with that of its Investment Manager, Phoenix Asset Management Partners, who have been in place for approximately 15 months, following […]
Vietnam Enterprise Investments (VEIL) had a great 2016, its NAV rising 22.98%, outperformed the VN Index by 5.7%, despite a flurry of market-boosting new listings and the outlier performance of index heavyweights Faros (“ROS”, +791.7%, 3.3% of VN Index) and Sabeco (+51.5%, 8.5% of VN Index). This was VEIL’s best relative performance against the VN Index […]
Caledonia Mining’s Blanket gold mine, in Zimbabwe, produced 12.8koz of gold in Q1 2017, an 18% increase on Q1 2016. Production continues to be supported by access to resources below the 750m level through the development of a second decline into the AR Main ore body as well as through the current decline at AR […]
GCP Infrastructure – funding for Green Investment Bank – The Board of GCP Infrastructure notes the announcement by Macquarie Group today in respect of its acquisition of the UK Green Investment Bank. The Board confirms that the company has entered into a conditional, binding commitment with a Macquarie-owned entity to subscribe for a series of loan […]
Primary Health Properties (PHP) has announced that it has agreed revised terms with Nexus Tradeco Limited (its investment adviser) with respect to the fees payable for the management of its property portfolio with effect from 1 January 2017. Under the revised terms, the fee payable for the management of the Company’s property portfolio will be […]
In August 2015, SQN agreed a 5 year financing arrangement with a US solar cell manufacturing company (not named by SQN but almost certainly Suniva) that was secured against its manufacturing and production equipment and supported by a parental guarantee from a public company. In the NAV as at 28 February 2017, being the last published […]
UK Commercial Property Trust (UKCM) has announced its final results for the year ended 31 December 2016. During the year, which the Trust’s chairman, Andrew Wilson, describes as, “a positive and progressive year” for the trust, UKCM provided an NAV total return of 3.8% and a share price total return of 3.8%. UKCM says that […]
Reconstruction Capital II says that the Top Factoring Group has been acquired by Intrum Justitia AB. Accordingly, RC2 received yesterday a total of EUR 12.83 million (after the repayment of Glasro’s bank debts), and is due to receive a further EUR 0.28 million on 4 May 2017. Accordingly, the Company will have received a total […]
John Laing Environmental Assets has announced that it has acquired the Moel Moelogan 2 wind farm (MM2) for £22.65m cash, including working capital and the repayment of a project finance loan at completion. The acquisition was funded by a draw-down under the Company’s revolving credit facility. Moel Moelogan 2 is an onshore wind farm located […]
JZ Capital Partners has announced that, following a review and consultation with its largest Shareholders, its board that the current dividend policy, which seeks to distribute out of profits in each financial year in the form of dividends an amount equal to approximately three per cent of the Company’s net assets for that financial year, […]
BlackRock World Mining Trust says that following the completion of the recapitalisation of Banro Corporation, it receive a mix of cash and common equity in Banro for its investment in the gold-linked preferred shares of Banro Group (Barbados) Limited, including accrued dividends. The transaction is expected to complete on 19 April 2017. Based on the market […]
SEGRO has published its trading update for the period from 1 January to 18 April 2017. David Sleath, Chief Executive, said: “SEGRO has had an excellent start to 2017. We have signed GBP16 million of new headline rent, including almost GBP11 million of pre-let agreements relating to 300,000 sq m of new projects which have been […]
Epiris has announced the sale of Electra Private Equity PLC’s interests in CALA Group, the national house builder, and Retirement Bridge Group, a home reversion equity release provider, to Patron Capital Partners for aggregate proceeds of GBP94 million. Both of Electra’s investments were made alongside Patron. In the case of CALA, as a minority investor in […]
Over the course of 2016, the Numis Smaller Companies (ex investment companies) Total Return Index lagged the broader market with an increase of 11.08%. Acorn Income Fund suffered from the relative weakness of the small company sector, some underperformance of the Numis Index and a widening of the discount to NAV at which its Ordinary […]
Civitas Social Housing has exchanged contracts on the purchase of a portfolio of regulated social housing for a total consideration of GBP11.5 million. The portfolio includes ten care homes and 79 tenancies across the Midlands, managed by Inclusion Housing Association, which is regulated by the HCA. This portfolio was sourced off-market by Civitas Housing Advisors […]
Marwyn Value Investors says that, for the year ended 31 December 2016, its NAV decreased by 11.91%, representing a negative 6.86% total return including distributions to shareholders, compared with a total return of 16.75% for the FTSE All-Share over the same period. They say that the reduction in NAV is primarily attributable to a decline in the […]
The board BH Global Limited has announced that following discussion with the manager, they have agreed a reduction to the management fee from two per cent. to one per cent. of net asset value per annum. The board believes that the reduction in the management fee is a very positive enhancement for investors and a significant affirmation by the […]
