Randgold Resources has proposed an increase in its dividend for 2016 of 52%, to US$1.00 per share, based on a record year and its accumulated cash at the end of the period. The company has paid dividends each year since 2006. The increase comes after the company achieved record gold production in 2016 of 1.25Moz, […]
ICG Enterprise Trust PLC has announced the successful refinancing of part of its bank facilities. The Company has access to total bank facilities of GBP100 million, half of which is denominated in sterling and half in euros. These are jointly provided by The Royal Bank of Scotland and Lloyds Bank. Of the total facilities, GBP40 million […]
Schroder Real Estate Investment Trust has exchanged unconditional contracts to sell St. Augustine’s Courtyard in Bristol to the University of Bristol for GBP 11.75 million. The sale price compares with the independent valuation as at 31 December 2016 of GBP7.2 million and completion is due on 7 April 2017. St. Augustine’s Courtyard is a vacant […]
ICG Longbow says that the borrower under the Group’s Lanos (York) loan has completed a refinancing of the property which provided security for the Group’s loan. As a result, the GBP10 million loan has been repaid in full, together with accrued interest, exit and prepayment fees of approximately GBP1.1 million in aggregate. The Investment Manager […]
The Board of Strategic Equity Capital confirms that the company has received a request to requisition a general meeting from two of its shareholders, Ian Armitage and Growth Financial Services Limited, a subsidiary of Harwood Capital Management, representing 5.02 per cent. of the issued share capital. The proposed resolution Mr Armitage and Harwood wish to put to […]
Greencoat UK Wind has acquired Langhope Rig Wind Farm from GE (NYSE: GE) unit, GE Energy Financial Services for a total consideration of GBP39.8 million. The acquisition, which completed on 24 March 2017, was funded by UKW’s revolving credit facility (GBP37 million) plus cash resources (GBP2.8 million). Langhope Rig is located near Hawick in the […]
The Board of The Monks Investment Trust has announced a change in the calculation of its management fee, with the introduction of a second tier and the calculation to be based on total assets (the total value of all assets held less all liabilities, other than any liability in the form of debt intended for investment […]
In 2016, JPMorgan American’s board visited the Manager’s offices in New York where it held meetings with the Investment Management team to include both Garrett Fish and the manager of the small companies portfolio, Eytan Shapiro. The Board further met with senior management, the behavioural finance team of which Garrett is a member, the corporate engagement and the […]
Pershing Square Holdings (PSH) has announced that it intends to apply for a Premium Main Market listing, for its ordinary shares, on the London Stock Exchange and that, following admission, it expects that its shares will be eligible for inclusion in the FTSE All-Share and FTSE 250 indices. PSH says that its listing on Euronext Amsterdam will […]
Electra Private Equity (Electra) has announce that it is declaring a special dividend of £1.0 billion, representing 2,612p per share, to be paid on 5 May 2017 to shareholders on the register of members at the close of business on 7 April 2017. Electra says that its estimated pro forma NAV per share, as at […]
Primary Health Properties has contracted to fund and acquire a purpose built primary care centre in the Republic of Ireland. Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has contracted to provide development funding for the construction of a new primary care centre in Carrigaline, for a total cost of EUR7.3 million […]
LondonMetric Property has announced a placing of up to 62,804,390 new shares (approximately 9.9% of its issued share capital). They intend to use the net proceeds of the placing to fund the acquisition of predominantly “last mile” distribution assets and to finance newly committed distribution developments. The cash will be used to fund committed and potential investments and new […]
Standard Life Investments Property Income Trust posted a 4.4% return on net assets for 2016 (4.4% on an IFRS basis, on an EPRA basis the return was 4.9% – based on IFRS NAV of 81p, down from 82.2p, and EPRA NAV of 82p, down from 82.7p). The share price total return over the year was […]
Regional REIT’s results for 2016 (its first full year as a REIT) are out. Its EPRA NAV slipped slightly to 106.9p from 107.8p. Fully diluted EPRA earnings per share were 7.7p (IFRS EPS 4.9p) derived from an operating profit before gains and losses of GBP29.9m and Profit Before Tax of GBP13.4m, with rental income of GBP43.0m and an […]
Epiris has announced that it has sold Electra Private Equity’s remaining stake in Allflex Corporation to an existing shareholder. Electra has received proceeds of GBP70.3 million from the sale, an uplift of GBP1.5 million or 2% on the valuation of its investment in Allflex at 30 September 2016, equivalent to an increase in NAV per share […]
Hansteen Holdings has announced that its all-cash offer, of 300p per share, for Industrial Multi Property Trust (IMPT) has become unconditional. It says that, at 22 March 2017, it had received valid acceptances of its offer in respect of 2,500,657 IMPT shares, representing approximately 29.73% of IMPT’s issued share capital. In addition, Hansteen has acquired […]
International Public Partnerships (INPP) has announced that its current intention is to seek to raise additional capital following the publication of its annual results on 30 March 2017. It says that it expects to complete its investment in National Grid’s gas distribution network (announced on 8 December 2016) within the next few weeks and to […]
Prospect Japan’s chairman says that, for the year ended 31 December, 2016, the company had a disappointing year with a decline in published NAV of 9.49% compared with MSCI Japan Small Cap Index’s increase of 8.22%. Furthermore, the share price has fallen from $1.05 to $0.89 with an increased discount to published NAV of 27% (2015: […]
Marwyn Value Investors is launching a new management platform, Wilmcote Holdings plc, established in partnership with Adrian Whitfield, who has been appointed as its chief executive. Adrian is an experienced executive who recently spent nine years successfully implementing a turnaround and growth strategy at Synthomer plc, the UK listed specialty polymer operator. Over Adrian’s nine year tenure, he […]
JZ Capital Partners Limited has announced its intention to increase its c.$100 million credit facility with Guggenheim Partners by $50 million. The purpose of this increase in borrowings is to provide additional liquidity to JZCP in order to bridge certain planned realisations. The entire $150 million facility may be repaid, in whole or in part, with […]
Fidelity Japanese Values delivered an NAV total return of 20.5% for the year ended 31 December 2016, marginally underperforming its benchmark but beating the rest of its peer group. The share price also went up, but only by 17.0% per share to 101.50 pence, as the discount to NAV widened to 17.1%. Over the year, key […]
LXI REIT has announced that it has exchanged contracts to acquire the Travelodge hotel at Haverhill in Essex, and has now completed on the pre-let forward funded purchase of the Travelodge, Starbucks and Greggs bakery development at Melksham, near Bath, the exchange of which was announced on 10 March 2017. LXI REIT says that both […]
BlackRock Emerging Europe says that, following discussions with the Manager, agreement has been reached on a revised management fee. The management fee will be reduced with effect from 1 April 2017 from 1.00% per annum of the Company’s average daily market capitalisation to 0.80% per annum of the company’s net asset value. BEEP : BlackRock […]
Caledonia Mining has reported comprehensive 2016 earnings of US$11.1m against US$5.6m for 2015. When adjusted to reflect underlying performance, EPS was US21.4c against US8.8c a year earlier, an increase of 143%. The company has a 49% interest in the 100-year-old Blanket gold mine, in Zimbabwe, although, through the structure of its indigenisation arrangement, it participates […]
Jim Campbell, co-portfolio manager for JPMorgan European Smaller Companies Trust plc, is currently on personal leave from J.P. Morgan Asset Management. In the meantime, his long standing co-managers, Francesco Conte and Edward Greaves, and the broader investment team, will continue to manage the portfolio in his absence. There will be no changes to investment strategy. […]
Starwood European Real Estate Finance has received full repayment of the Dutch Industrial Portfolio and Danish Industrial Portfolio loans as a result of the sale of both portfolios, representing a total of approximately GBP51.5 million sterling equivalent proceeds. A number of loans in the Group’s portfolio benefit from prepayment protection in their early years, providing […]
The Board of Alpha Real Trust believes that the offer by Hansteen continues to grossly undervalue Industrial Multi Property Trust (IMPT) and have resolved to reject the offer. Given that the Board of Alpha Real Trust believes there is the potential for serious conflicts of interest between Hansteen and IMPT, resulting from Hansteen operating in the […]
The notice of the Annual General Meeting of Safestore to be held on Wednesday 22 March 2017 includes proposals to adopt a new Directors’ Remuneration Policy and the Long Term Incentive Plan (LTIP), which is intended to replace the existing LTIP (the proposals). Following consultations with shareholders, Safestore no longer intends to seek shareholders’ approval for […]
John Laing Infrastructure Fund (JLIF) has announced proposals to issue up to 89.8 million new ordinary shares by way of tap issuance. The company says that the net proceeds of the placing are to be used to repay majority of outstanding sterling debt drawn on its revolving credit facility and that this will create flexibility […]
JPMorgan US Smaller Companies Investment Trust has announced results for the year ended 31st December 2016. The share price increased by over 53% during the financial year. The backdrop to the dramatic share price rise was an increase of 50.1% in the Company’s net asset value, which compares favourably with the rise of 44.4% in the […]
