Aberdeen Asian Smaller results of CULS Placing, Open Offer and Conversion – On the 16th of April, Aberdeen Asaian smaller companies (AAS) published the detail of gives details of the proposed restructuring of the 2019 CULS and the terms of a new class of convertible unsecured loan stock that it intends to issue (“2025 CULS”). Click here to read […]

WPCT sees £43m drop in value of Prothena stake value Woodford Patient Capital Trust (WPCT) lost £43m on its investment in Prothena last month, following the failure of the company’s NEOD001 for AL amyloidosis, according to an analysis of its portfolio by Marten & Co.  Having for some time last year been WPCT’s largest investment, […]

Invesco Perpetual Enhanced Income agrees to EGM request –  Invesco Perpetual Enhanced Income (IPE) has received requests from some of its largest institutional shareholders to hold an extraordinary general meeting. The shareholders are Invesco Perpetual, Practical Investment Fund and GAM Star Credit Opportunities.  The shares are held by Bank of New York (Nominees) Limited, on behalf […]

Biotech Growth doubles down on Biogen and Alexion OrbiMed-managed Biotech Growth Trust (BIOG) appears to have increased its already substantial positions in Biogen and Alexion and reduced (or possibly even sold) its previously large stake in Regeneron in the last month, according to its an analysis of its top holdings by Marten & Co. The […]

MedicX reports on positive performance – MedicX Fund (MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Republic of Ireland, announced its results for the six month period to 31 March 2018. The company became a REIT on 1 October 2017. The company reported a 8.0% total […]

First annual report from Warehouse REIT Warehouse REIT (WHR), which listed on the London Alternative Investment Market (AIM) on 20 September 2017, has released preliminary annual results for the period from IPO to 31 March 2018. The IPO, which was oversubscribed, raised net proceeds of £146.8 million. On admission to AIM, the company completed the acquisition of the seed […]

Schroder Real Estate Investment Trust see 48% increase in profits – Schroder Real Estate Investment Trust (SREI) use the headline “winning cities focus and asset management driving outperformance” for the full year results for the year ended 31 March 2018. The company’s NAV rose by 6.4% and delivered a NAV total return of 10.5%. It outperformed the MSCI peer group […]

Strong occupancy performance driving 7% revenue growth at Big Yellow – The Big Yellow Group (BYG) has reported its annual results to 31 March 2018. When the company reported its results in May 2017, the company emphasised its ambition to achieve its long held occupancy target  of 85%. In November that year, it raised that to 90%. The company […]

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 […]