On 14 August 2015, Custodian REIT and Scottish Widows, with Lloyds Bank acting as agent, entered into an agreement for Scottish Widows to provide the Company with a new term loan facility of £20m, repayable on 14 August 2025. Under the terms of the agreement, the Company will pay fixed interest of 3.935% per annum on the balance. […]
Schroder Global Real Estate has reported a negative total return for the six months ended 30 June 2015 of 2.9%. An improvement in the fund’s discount gave shareholders a positive return of 1.9% however. They also say the performance is ahead of the return on the FTSEEPRA/NAREIT Index. The Company announced that a continuation vote […]
Alpha Pyrenees has published its interim results for the six month ended 30 June 2015. Its net asset value is now zero (though adjusting for the impact of derivative contracts and deferred tax gives an NAV of 2.4p). The Chairman said: “Given the current economic environment and the maturation of the Group’s bank borrowings on 15 […]
Diverse Income has reported results for the year ended 31 May 2015. Over the period the total return on net assets was 8.9% which compares favourably to a 7.5% return on the FTSE All-Share Index an 8.6% return on the FTSE Small Cap (excluding Investment Companies) Index and -4.0% return on the AIM All-Share Index. The fund […]
Taliesin Property Fund has reported results for the six months to June 30 2015. Its portfolio is now valued at €228.2m, an increase of €16.1m. The adjusted NAV per share increased by 10.0% to €26.40 (from €24.00 on 31 December 2014). On an EPRA basis the NAV increased to €26.16 (€23.88). the valuation per […]
RAB Special Situations has prepared its interim accounts as though it is no longer a going concern as it prepares itself for a wind up vote due at the end of 2015. Its NAV improved nevertheless from 11.43p to 12.61p as the underlying master fund recorded a 9.36% gain in NAV. However, since 30 June 2015, the […]
CatCo Reinsurance Opportunities has published its interim accounts for the period ending 30 June 2015. The Net Asset Value return was 4.47%, the share price total return 4.86%. these figires compare well to the Eurekahedge Insurance-Linked Securities Advisers Index return of 1.26%. In January they announced the return of c$35m (roughly 10% of the Company’s market capitalisation as at […]
The asset values of NB Global Floating Rate Loan’s Sterling and Dollar share classes both edged up over the first half of 2015 – the Sterling NAV rose from 97.7p to 98.75p and the dollar NAV from $0.9862 to $0.9954. The total NAV returns on these two classes were 2.97% and 2.81% respectively. The shares moved […]
Following the publication of a definitive feasibility study in June this year on its 100%-owned Tulu Kapi gold project, in Ethopia, KEFI Minerals is now reviewing bids from prospective Engineering, Procurement and Construction Management (EPCM) contractors as well as looking at options to lower the estimated peak capital investment of US$130 million to around about […]
Over the first half of 2015 Canada’s S&P/TSX Composite Index returned just 0.9%, weighed down by the poor environment for resources stocks. Canadian & General did better than this however, returning 3.5% on net assets. The manager says the leading sector, by a wide margin, was Health Care, dominated by Valeant Pharmaceuticals International and Catamaran Corporation. The latter […]
EP Global Opportunities has reported a 4.2% return on net assets for the first six months of 2015 which compares favourably to a 2% return ion the FTSE All-Share Index. The shares moved from trading at a small discount to trading on a 0.1% premium. They say their performance benefited from the emphasis on Japan […]
Murray International’s interims for the first half of 2015 show the fund underperforming its benchmark – the net asset value total return declined by 2.6% compared with a positive total return of 2.0% on the Company’s benchmark (40% the FTSE World UK and 60% FTSE World ex UK). Over the six month period the share price total […]
Kennedy Wilson Europe has bought a portfolio of 16 Spanish supermarkets. The portfolio, which comprises 11 Carrefour supermarkets and five Dia supermarkets, was acquired from a joint venture between French institutional investors managed by AEW Europe. The purchase price of the portfolio was €85.5m, reflecting a yield on cost of 6.9%. The acquisition was funded […]
Empiric Student Property is buying the freehold of a high quality purpose-built student accommodation scheme on Pendennis Rise, in Falmouth, for £8.1m (excluding costs). The property is located next to the Falmouth Docks, within a few minutes’ walk to the Woodlane campus of Falmouth University and the marine School, and with good public transport links […]
Dalradian Resources is moving directly to a feasibility at its 100%-owned Curraghinalt gold project, in Northern Ireland after originally planning to produce a pre-feasibility study by the end of 2015. The company now plans to expand its infill drilling programme and conduct underground exploration to complete a resource update in 2016. Depending on the results […]
AEW UK REIT, which listed on the LSE in May raising £100.5m, has announced the purchase of its fifth property for £12.2m. 225 Bath Street in Glasgow (pictured) has 87k square feet of office space, over seven floors and is currently fully let to six tenants. The purchase brings total capital invested to £52m. The purchase price reflects a […]
They believe Aberdeen Asian Income has reported that its net asset value total return fell 2.4% in sterling terms over the six months to 30 June 2015, compared with the MSCI AC Asia Pacific ex Japan Index, which returned 2.6%. Against this backdrop, the Ordinary share price total return fell by 2.1% with the premium over […]
Empiric Student Property has acquired the freehold to a 134 bed new-build premium student accommodation scheme, in Sheffield, for £10.7m. Portobello House, as the development is known, is located in the heart of the University of Sheffield campus and within a 10 minute walk to the city centre and Sheffield Hallam University. The scheme comprises a mix of […]
Camper & Nicholsons Marina (CNMI) have announced that Miral Asset Management LLC, the owners of Yas Marina in Abu Dhabi, have exercised their no-fault option to terminate the management contract with the company. The contract generated operating revenue and net profit of €1.4m & €0.4m respectively for CNMI in 2014. Miral will be absorbing the business and staff associated […]
Threadneedle UK Select beat the FTSE All-Share index over the first half of 2015 delivering a total return on net assets of 4.5% against 3% for the index. The discount narrowed slightly from 6.5% to 6.2%. The dividend was upped from 1.85p to 1.9p. The investment manager says Crest Nicholson climbed after delivering an encouraging […]
The continued slump in commodity markets weighed on the performance of BlackRock World Mining over the first half of 2015. the total return on net assets was -7.0% for the period and the return to shareholders was -2.8%. These figures are better than the return on the Euromoney Global mining Index however – this returned […]
Middlefield Canadian has reported interim results for the first six months of 2015. The return was well ahead of its benchmark, recording outperformance of 6.3% in Canadian dollar terms – In Canadian dollars, the Company’s net asset value is up 4.4% for the six month period ending 30 June, well ahead of the S&P/TSX Composite High […]
The board of Leaf Clean Energy Company has announced the completion of the realisations of four of its investments: the biomass power plants Multitrade Telogia, LLC and Multitrade Rabun Gap, LLC, the landfill gas portfolio owned by Johnstown Regional Energy, LLC and the solar thermal power technology company SkyFuel. These transactions closed on 11 March, 31 […]
Caledonia Mining’s earnings fell 59% to Canadian cents 3.4/share in H1 2015 (adjusted: Canadian cents 5.2/share), as gold production at its 49%-owned Blanket mine, in Zimbabwe, dipped to 20.4 koz (H1 2015: 21.5 koz), AISC rose 11%, to US$984/oz, and the gold price received was lower at US$1,187/oz gold. Costs rose as a result of […]
Derwent London has published interim results covering the first half of 2015. Over this period, its EPRA net asset value per share increased by 10.9% to 3,226p from 2,908p. EPRA earnings per share were 33.97p, 16.5% up on the equivalent period last year – this was on the back of a 21.9% increase in PBT and […]
Fondul Proprietatea has published interim results covering the six months ended 30 June 2015, its first since listing in London in April. Over this period the total return on net assets was 1.9% but the discount widened from 26.1% to 32.9% and this meant the return to shareholders was -5.8%. Romania underperformed most markets in […]
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