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Investment Companies News

Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).

30 Jul 2014

Law Debenture : LWDB – interims

Law Debenture’s share price total return was flat over the first half of 2014. Its net asset value total return was 3.4%. The equivalent return o the FTSE All-Share Index was 1.6%. The income from the fiduciary services business fell by 0.3% but this was more than offset by revenue flowing from the equity portfolio […]

Geographies
  • UK
  • North America
  • Europe (EU and EEA ex UK)
Sectors
30 Jul 2014

SEGRO : SRGO – acquisition and results

SEGRO has bought the other half of a logistics joint venture it invested in alongside Moorfield Real Estate Fund II. The jv owns 12 logistics warehouses, covering 377,000 sq ft, mostly in the South East and Midlands, is fully let (to the likes of Sainsbury, Tesco, DHL, Booker and Royal Mail) and has an average […]

30 Jul 2014

Henderson High Income : HHI – interims

Henderson High Income generated a net asset value total return of 3.6% over the first half of 2014 – 2% ahead of the 1.6% return delivered by the FTSE All-Share Index and ahead of the fund’s benchmark which returned 2.3%. The dividend for the first half was 4.25p as compared to 4.15p for the equivalent […]

Sectors
30 Jul 2014

New Europe Property Investments : NEPI – Half Yearly Report

New Europe Property Investments says its net asset value (after adding back deferred tax) rose to 3.89 from 3.70 over the first half of 2014. Recurring income rose by 19% when compared to the first half of 2013. The company is paying a distribution to shareholders of 14.87 euro cents per share. The company says […]

Sectors
30 Jul 2014

Doric Nimrod Air One : DNA – annual report

Doric Nimrod Air One has published accounts covering the year to the end of March 2014. There has been no change to the 2.25p per quarter dividend payment and the company has not changed the residual value of the aircraft it owns. The net asset value rose to 107p from 92p – this largely reflects […]

30 Jul 2014

Doric Nimrod Air Two : DNA2 – annual results

Doric Nimrod Air Two has published accounts covering the year to the end of March 2014. There has been no change to the 4.5p per quarter dividend payment and the company has not changed the residual value of the aircraft it owns. The net asset value rose to 203.8p from 168.7p – this largely reflects foreign exchange […]

30 Jul 2014

Doric Nimrod Air Three : DNA3 – annual results

Doric Nimrod Air Three has published accounts covering the year to the end of March 2014. The company paid its first dividend in October 2013 of 0.1715p and a second dividend of 1.7185p in January 2014. From now on the company will be paying dividends of 2.0625p per quarter. The company has not changed the residual value […]

29 Jul 2014

Eredene Capital : ERE – disposal

Eredene Capital has sold a further 23% of Sattva CFS & Logistics Pvt for £1.9m. Sattva is a container logistics business based in Chennai. The disposal price equates to 4.6x the price Eredene paid for the business in 2007. Eredene sold 10% of the company back in January 2012 for £1.1m and retains a stake […]

29 Jul 2014

Electra : ELTA – update on Sherborne Investors

Electra has announced that, at the request of Sherborne (which holds 19% of the company), its Chairman met Edward Bramson of Sherborne Investors Management (pictured) on 24 July. At the meeting Mr Bramson suggested that Electra appoint three new directors, including Edward Bramson, and that he be given a mandate to conduct a strategic review […]

Companies
29 Jul 2014

Aberforth Geared Income : AGIT – annual results

Aberforth Geared Income has published its results covering the year to the end of June 2014. Over the year the total return on the company was 29.2% (well ahead of the return on the Numis Smaller Companies Index ex Investment Companies +20.3% and the FTSE All-Share Index +13.1%), the gearing effect of the company’s zero […]

Sectors
29 Jul 2014

Fidelity European Values : FEV – interims

The net asset value total return for Fidelity European Values matched that of its benchmark index for the first half of 2014. Over the six months to 30 June the fund returned 3.1% as did the FTSE World Europe ex UK Index. The discount narrowed though so the return to shareholders was 5.6%. The manager’s […]

Sectors
29 Jul 2014

Trinity Capital : TRC – annual results and distribution

Trinity Capital has published figures for the year ended 31 March 2014. They sold their investment in Luxor Cyber City for £9.2m and used the money to fund a distribution to shareholders of £10.5m. At the end of March they had five investments left valued at £22.8m or 10.9p per share. On 24 July 214 […]

Sectors
29 Jul 2014

SEGRO : SGRO – acquisition

SEGRO has acquired a portfolio of four UK logistics properties from Harbert European Real Estate Fund III, L.P for £49.5m, equivalent to a net initial yield of 6.3 per cent (the annual net rent is £3.2m). The portfolio is fully let for an average lease length of 6.2 years to the earlier of break or expiry. The portfolio comprises […]

28 Jul 2014

BlackRock World Mining : BRWM – royalty purchase

BlackRock World Mining is buying a royalty linked to production from Avanco Resources’ current licensed projects including the Antas North deposit and the Pedra Branca deposit both in Brazil. For $12m BlackRock World Mining gets a 25% royalty payment on gold production and a 2% payment on the production of other metals including copper. Following this transaction, BlackRock […]

28 Jul 2014

Better Capital 2012 Cell : BC12 – acquisition

The Better Capital 2012 Cell has committed £90m to the acquisition and restructuring of OfficeTeam  – which they describe as “a leading UK supplier of office products and services”. The fund is paying £80m to acquire the business and has set aside £10m to fund its restructuring. OfficeTeam had revenues of £142m in 2013 and this […]

28 Jul 2014

Real Estate Investors : RLE – acquisition

Real Estate Investors has bought Westgate House, Market Street, Warwick for £7.25m. The property is a 56,000 sq ft  mixed use retail and office building, tenants include Boots UK Limited, Marks and Spencer, Simply Foods Limited and NHS Property Services. It produces rental income of £631,325 per annum – 8.7% on the purchase price.

28 Jul 2014

Scottish American : SCAM – interims

Scottish American has published figures for the first half of 2014. The net asset value total return and the shareholder total return were both 1.6% over the period. The benchmark return (FTSE All World Index) was 3.2%. The dividends in the first half total 5.225p – 3.5% up on the corresponding dividends in 2013. Performance […]

Sectors
28 Jul 2014

Bluefield Solar : BSIF – new acquisitions

Bluefield Solar is making two additions to its portfolio of solar parks, buying a 8.5MW plant in Devon (on a greenfield site, pictured, Capelands Farm close to Exmoor National Park) and a 6MW plant in Somerset. The cost for both projects is £15m and they are being built by Juwi AG, a German renewable energy contractor […]

28 Jul 2014
JZ Capital announces tender offer

JZ Capital Partners : JZCP – issue of convertible loan stock

JZ Capital Partners has announced that it has issued £38,861,140 nominal of convertible loan stock. The CULS carry a coupon of 6%, paid semi-annually in March and September. They will be repaid at par on 30 July 2021 (if not converted into equity earlier). They can be converted into equity in the company at any time from 40 days after […]

Geographies
  • North America
  • Europe (EU and EEA ex UK)
  • UK
Sectors
25 Jul 2014

JPMorgan Brazil : JPB – finals

JPMorgan Brazil, chaired by Howard Myles (pictured), has published its results for the year ended 30 April 2014. The figures make poor reading as the total return on net assets came in at -24.4% and the return to shareholders was -26.0%. The fund underperformed its benchmark, the MSCI Brazil 10/40 index, by more than 7% over […]

Sectors
25 Jul 2014

Vinaland : VNL – sale of Marie Curie project

Vinaland has sold its 64.5% stake in the Marie Curie project (a 3,386 sqm mixed use development planned for District 3 of Ho Chi Minh City). The price they achieved was 14.3% higher than the valuation they had on the asset as at the end of March 2014. Proceeds to Vinaland are estimated at $10.9m and […]

Sectors
25 Jul 2014

The Ottoman Fund : OTM – sale of land

The Ottoman Fund has sold a parcel of land in Bodrum, Turkey for $28.5m. The buyer is Besa Marin Turizm Isletmeleri A.S and the sale price is at a premium to The Ottoman Fund’s valuation of this asset as at the end of February 2014 (in the accounts the value is $26.7m). The Board say they […]

Sectors
25 Jul 2014

Alliance Trust : ATST – interims

Alliance Trust has published interim figures for the half year ended 30 June 2014. Alliance Trust underperformed slightly during this period – generating a total return on net assets of 0.3% and a return to shareholders of 0.4% compared to a return on the AIC Global sector of 1.6% on net assets and 3.0% on […]

Sectors
25 Jul 2014
Premier Energy and Water - 'Significant latent value' 1

Premier Energy & Water : PEW – reorganisation and extension of life

Premier Energy & Water, which we recently wrote an extensive report on, has announced proposals for reorganising the company with a view to extending its life. At the moment Premier Energy & water is due to wind up in December 2015 – coincident with the maturity date of its zero dividend preference shares. The Board […]

24 Jul 2014

BlackRock Throgmorton Trust : THRG – interims

BlackRock Throgmorton Trust has released its interim figures. These cover the six months ended 31 May 2014. Over that period the net asset value total return was 2.7% – representing a small underperformance of the fund’s benchmark (the Numis Smaller Companies excluding AIM (excluding Investment Companies) Index), which returned 4.1%. The discount widened as well […]

Sectors
24 Jul 2014

Kubera Cross-Border Fund : KUBC – interims

Kubera Cross-Border Fund has published its interim accounts for the six months ended 30 June 2014. The net asset value rose by 5% to $0.57 over the period but the share price was unchanged. No disposals have been made from the portfolio in 2014 and the manager’s commentary gives no indication as to how well the […]

Sectors
24 Jul 2014

F&C Managed Portfolio Trust : FMPG / FMPI – annual results

F&C Managed Portfolio Trust has published its results for the year ended 31 May 2014. The income share net asset value total return was 6.0% and the growth share net asset value total return 9.3%. The FTSE All-Share Index returned 8.9% over the same period and the FTSE Equity Investments Instruments Index rose by 6.9%. The annual dividend […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
  • Asia
Sectors
24 Jul 2014

Polar Capital Global Financials : PCFT – interims

Polar Capital Global Financials released interims for the six months ended 31 May 2014. Over this period the fund generated a net asset value total return of 3.2% – ahead of the 1.6% return on the MSCI World Financials Index. The premium on Polar Capital Global Financial narrowed however and the return to shareholders was 0.6%. […]

Geographies
  • North America
  • UK
  • Europe (EU and EEA ex UK)
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