John Laing Environmental buys Welsh wind farm – John Laing Environmental Assets has announced the acquisition of Llynfi Afan Wind Farm from John Laing Group for a cash consideration, including working capital, of GBP43.0 million. Llynfi Afan Wind Farm is located in the Afan Valley, Abergwynfi, West Glamorgan in Wales and comprises 12 Gamesa 2MW G80 turbines […]
Scottish Mortgage to benefit from Denali IPO – Baillie Gifford-managed Scottish Mortgage Investment Trust SMT looks set to receive a significant £85m windfall as a result of last week’s Nasdaq IPO of Denali Therapeutics, a US-based biotech in which it invested in 2016. Baillie Gifford was the lead investors in Denali’s $130m Series B financing round, investing […]
Investment Trust Insider on Blue Prism’s inexorable rise Carthew: the beneficiaries of Blue Prism’s inexorable rise Occasionally, early stage technology companies can produce spectacular share price gains. When this happens, even relatively small investments can make a noticeable difference to a fund’s returns. Regular readers of my column may recall that I wrote about the […]
Gilead reassures with CAR-T therapy durability data – Leading US biotech and investment company favourite Gilead Sciences has reassured investors with an important clinical trial update for its high profile cancer therapy Yescarta, which was obtained via the $12bn purchase of Kite Pharmaceuticals earlier this year. Longer follow-up data from 108 advanced lymphoma patients treated with Yescarta […]
BioPharma Credit acquires royalty interest in diabetes drugs – In its third deal announced in rapid succession, BioPharma Credit has purchased from Royalty Pharma Investments (RPI) a 50% interest in a former Bristol-Myers Squibb-owned royalty stream on two AstraZeneca diabetes drugs. The royalty interested was acquired by RPI from Bristol Myers Squibb on 14 November 2017 and relates to sales of Onglyza […]
Scottish Investment Trust held back by contrarian style this year – Scottish Investment Trust says that, during the 12 months to 31 October 2017, the share price total return was 12.8% and the net asset value per share (NAV) total return (with borrowings at market value) was 11.0%. These returns include a 1.4p uplift from […]
Real Estate Investors sells 24 Bennetts Hill Birmingham – Real Estate Investors has announced the sale of 24 Bennetts Hill, Birmingham for a cash consideration of GBP4.00 million, which is a premium to book valuation and represents a 5.90% net initial yield. The investment property was acquired by the company in December 2014 for GBP2.06 million. […]
International Public Partnerships buys Frankfurt cop shop – International Public Partnerships Limited has entered into a binding commitment to acquire a stake in the new public private partnership police centre of South-East Hesse in Offenbach. International Public Partnerships has committed to invest c.EUR8 million for a 45% shareholding in the project. The project has been […]
Edinburgh Worldwide gets new deputy managers – Following discussion between the board and managers, Edinburgh Worldwide has announced the appointment of Svetlana Viteva and Luke Ward as deputy portfolio managers with immediate effect. Svetlana and Luke are part of Baillie Gifford’s Global Discovery investment team which is headed by Douglas Brodie, the manager of Edinburgh Worldwide. This […]
Isaly steps down from OrbiMed and Worldwide Healthcare Trust Veteran US biotech analyst and OrbiMed Capital founder Samuel Isaly has stepped down from his role as Managing Partner and separately as a director of UK-listed Worldwide Healthcare Trust WWH, which is managed by OrbiMed alongside Biotech Growth Trust BIOG. Isaly will be replaced at the New […]
JPMorgan Elect will introduce borrowings in income pool – JPMorgan Elect has published its annual report covering the year ended 31 August 2017. The Managed Growth portfolio delivered a total return on net assets of 20.2%, compared with the portfolio’s benchmark which returned 16.7%. The share price total return was 19.6%. For the year ended 31st […]
Gilead acquires Cell Design Labs to bolster CAR-T presence Leading US biotech Gilead Sciences is to acquire privately-held Cell Design Labs in a structured buy out valued at to $567m, including the 12.2% shareholding it already holds as a result of its $12bn acquisition of Kite Pharmaceuticals earlier this year. The Kite deal propelled Gilead […]
Alexion stock rises on reports of activist investor – Stock in the US rare disease specialist Alexion Pharmaceuticals is up 6% this morning on reports that the famed New York-based activist hedge fund Elliot Management has taken a stake. Elliott has reportedly threatened to initiate a proxy battle potentially to replace the relatively new management team […]
Baring Emerging Europe outperforms as Polish stocks soar – For the year ended 30 September 2017, Baring Emerging Europe returned 26.9% in NAV terms and 27.6% in share price terms against a 21.4% return for its benchmark, the MSCI Emerging Markets Europe 10/40 Index. The dividend has been increased from 23p to 32p. The manager […]
FDA OK for Alexion’s Soliris in myasthenia gravis US approval for Alexion’s complement inhibitor Soliris in anti-acetylcholine receptor antibody-positive generalised myasthenia gravis could double the market for a product that is already selling $3bn/year, if some of the most optimistic sell-siders are to be believed. Soliris, which is famously one of, if not the, most […]
Electra underperforms as it shrinks – Electra Private Equity reports that, for the year ended 30 September 2017, its NAV total return was 9%, well behind that of the Mid 250 Index at 14%. Including their third special dividend announced 23 October 2017, they have returned GBP1.8bn to shareholders since 1 October 2016. The shareholder return was […]
For the year ended 30 September 2017, Invesco Perpetual Enhanced Income Limited “performed strongly” with a total return to shareholders, based on the share price with dividends reinvested, of 10.5%. The share price rose from 77.4p at the start of the year to 80.3p, an increase of 3.7%. The managers earned a £1m performance fee. […]
F&C Capital and Income continues record of outperformance – F&C Capital and Income announces, for the year ended 30 September 2017: Share price total return for the year was 15.8%, with an average premium to Net Asset Value of 1.6%. Total ordinary dividends of 10.65 pence per share – an increase of 3.4% over the previous […]
Schroder Asia Pacific beats benchmark – Schroder AsiaPacific Fund has published its annual report for the year ended 30 September 2017. The NAV total return was +23.2% over the twelve months to end September 2017. This was ahead of the performance of the benchmark, the MSCI All Country Asia ex Japan Index, which was up +18.8% […]
Biotech Growth manager denies allegations – The board of The Biotech Growth Trust says that it notes that the General Partners of OrbiMed Capital LLC, which acts as portfolio manager to the company, released a statement late on 5 December concerning founding partner Samuel Isaly, who is the subject of a press article containing allegations of […]
Schroder European Real Estate approaching full investment – Schroder European Real Estate has announced that its EPRA NAV at the end of September 2017 was 133.6 cents per share. EPRA earnings per share for the year ended September were 5.2 cents. This translated into a 6% total return for the year. the fund is paying […]
Henderson European Focus manager loves Carlsberg – Henderson European Focus Trust has published results covering the year ended 30 September 2017. Performance highlights The ordinary share price(1) total return (including dividends reinvested) was 35.9% (2016: 8.6%). The net asset value total return was 21.7% compared to a total return from the benchmark (World Europe ex […]
Hammerson in agreed bid for intu – The boards of Hammerson and Intu Properties have announced that they have reached agreement on the terms of a recommended all-share offer by Hammerson to acquire the entire issued and to be issued share capital of Intu. Intu shareholders will get 0.475 Hammerson shares for every Intu share that they […]
Sequoia secures new revolving credit facility – The board of Sequoia Economic Infrastructure Income Fund Limited has announced that it has secured a multi-currency Revolving Credit Facility (“RCF”) of GBP100 million from The Royal Bank of Scotland International Limited (Mandated Lead Arranger), ING Bank and Investec (Arrangers). The tenor of the RCF will be three […]
Custodian REIT sells Chepstow industrial estate – Custodian REIT has announced the disposal of a property from its portfolio. The company has sold a 82,081 sq ft multi-let industrial estate in Chepstow for GBP4.63 million, circa GBP0.9 million (25%) ahead of valuation and representing a net initial yield on sale price of 6.75%. The property was […]
Standard Life Equity Income boosted by asset manager stakes – Standard Life Equity Income has published results for the year to 30 September 2017. The Net Asset Value total return for the year was 14.7%, which compares with 11.9% from the All-Share Index. The discount narrowed slightly from 4.4% to 4.0%. This resulted in a share price […]
Majedie underperforms as absolute return investment loses money – Majedie says that, in the year ended 30 September 2017 the NAV (net asset value with debt at par) rose by 10.4% on a total return basis whilst the share price rose by 13.0%, also on a total return basis. The Board is recommending a total […]
Investment Trust Insider on ScotGems James Carthew: ScotGems’ soft start needs explanation It has been a busy year for new issues and we still might see a few more make it over the finish line before Christmas. Although property in various forms has been popular, we have also witnessed a few equity trust launches get […]
JPMorgan Asian’s dividend policy pays off – JPMorgan Asian reports that, in the year to 30th September 2017 the return on net assets was +21.5%, representing an outperformance of 2.7 percentage points over the benchmark, the MSCI AC Asia ex Japan Index, which returned +18.8% in sterling terms. The return to shareholders was +29.8%, reflecting a […]
