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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).

08 Jul 2014

Midas Income & Growth : MIGT – annual results

Midas Income & Growth, managed by Alan Borrows (pictured) and Simon Callow has released its results for the year that ended on 30 April 2014. The total return on the net asset value for the year was 7.2% – well ahead of the company’s benchmark (LIBOR +3%) which, because LIBOR is so low, returned 3.6%. The Board […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • Asia
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Companies
08 Jul 2014

Tritax Big Box REIT : BBOX – expansion

Tritax Big Box REIT has published a prospectus and a circular as it prepares to try to raise c£150m this month and up to a further £350m thereafter. They have said that they intend to move to a listing on the main market as part of this deal. They have also declared their first dividend […]

08 Jul 2014

Highcroft Investments : HCFT – disposal

Highcroft Investments has sold a property it owns in Beckenham for £1m. The 5,913 sq ft building is let to Superdrug on a rent of £72,000 on a deal that expires in June 2018. The sale price was 25% more than its valuation at 31 December 2013. Highcroft intends to use the sale proceeds to invest […]

Sectors
07 Jul 2014

SVM UK Emerging : SVM – results

SVM UK Emerging, co-managed by Margaret Lawson (pictured) and Colin McLean, has published its results for the year that ended 31 March 2014. Over the year the net asset value generated a total return of 37.2% – over 20% ahead of the company’s benchmark (the IMA UK All Companies Sector) which returned 17.1%. The return to shareholders […]

Sectors
07 Jul 2014

Empiric Student Property : ESP – acquisition

Empiric Student Property has bought a development of an 86 bedroom student accommodation block being constructed on the site of a former cinema in Buccleuch Street in Edinburgh (next to the University of Edinburgh). Empiric has bought the freehold of the site from Cruden Homes (East) who are building the project for a cost of […]

Sectors
07 Jul 2014

SEGRO : SGRO – disposal

SEGRO has sold Pegasus Park in Brussels for €83.4m (no change on the valuation as at 31 December 2013). The property generated a yield, after admin costs, of 9.0%. Pegasus park is an 81,500 sqm office park close to Brussels airport. The high yield reflects the vacancy rate – about 20% – and relatively short […]

04 Jul 2014

Artemis Alpha Trust : ATS – annual results

Artemis Alpha Trust has released results for the period ended 30 April 2014. It generated a net asset value total return of 13.3% for the period, ahead of the 10.5% return generated by the FTSE All-Share Index. The dividend increased from 3.05p to 3.2p. The fund’s discount widened however so the return to shareholders was […]

Sectors
Companies
04 Jul 2014

Real Estate Investors : RLE – trading update and acquisition

Real Estate Investors has sold Cathedral Place, 42-44 Waterloo Street, Birmingham to Can Like UK for £4.6m. This price equates to an initial yield of 4.1%. They say that other disposals are on the cards. Real Estate Investors has also updated the market on the position of the company as at 30 June 2014. All of […]

04 Jul 2014

Small Companies Dividend Trust : SDV annual results

Small Companies Dividend Trust has published its anual accounts for the year ended 30 April 2014. It was a remarkable period for the fund as its net asset value per share rose by 37.9% and its share price by 46.3%. By contrast the MSCI UK Small Cap Index rose by 19.3%. The discount narrowed from […]

Sectors
03 Jul 2014

Burford Capital : BUR – Trading update

Burford Capital has released a trading update covering the six month period to the end of June. They say that, since the inception of the fund, 26 investments have generated $173.9 million in gross investment recoveries and $67 million net of invested capital, producing a 63% net return on invested capital. They go o to say […]

Sectors
02 Jul 2014

Oryx International Growth : OIG – results

Over the year to the end of March 2014, Oryx International Growth’s net asset value rose by 43.1% – outpacing the FTSE Small Cap Index by some margin (the index returned 17.5%). The main drivers of performance within the quoted portfolio were Essenden (the ten pin bowling company), up 200%; MJ Gleeson, up over 90%; Goals Soccer Centres, up over […]

Sectors
Companies
02 Jul 2014

Duet Real Estate Finance : DREF – loan repayment

Duet Real Estate Finance has announced that “loan 13” has been fully realised (because the underlying asset that it was secured against has been sold) and that the return on the investment was “in-line with its investment criteria”. Whilst that statement is not too informative, Duet Real Estate Finance has said that the net effect of […]

Sectors
01 Jul 2014

Empiric Student Property : ESP

Empiric Student Property has made its first acquisition since listing on 30 June. It has announced that it spent £31m on three properties – College Green in Bristol (an 84 bed long leasehold property bought for £9.97m at a net initial yield of 6.4%); Picturehouse Apartments in Exeter (a 102 bed freehold property, pictured, acquired […]

Sectors
01 Jul 2014

International Public Partnerships : INPP – acquisition

International Public Partnerships has bought 72% of the second phase of Nottingham’s Building Schools for the Future portfolio. They already held 10% of this so this takes their stake to 82%. INPP is buying this form Carillion Private Finance for £2.75m. The project comprises the Farnborough School and Technology College and caters for over 1000 […]

01 Jul 2014

Jupiter Second Split : JSS – interims

Jupiter Second Split has announced its interim results. Over the six months to the end of April 2014, the value of its portfolio was barely changed – off by 0.1%. As the zero dividend preference share NAV grew, so the net asset value of the geared ordinary shares fell – by 8.3% during this six month […]

Sectors
01 Jul 2014
Target Healthcare REIT tenant serves notice to exit six leases

Target Healthcare REIT : THRL – new care home

Target Healthcare REIT is acquiring a new, purpose-built, £6m care home in Hinckley, Leicestershire. The 72 bedroom home will be leased to Care Concern Group for 35 years on a lease that brings Target Healthcare REIT an initial 7% yield and increases in rent each year in line with RPI (subject to a cap and collar). […]

01 Jul 2014

F&C Private Equity : FPEO – debt facility

F&C Private Equity will replace its zero dividend preference share issue with a new debt facility. The ZDPs mature in December this year and the Board of F&C Private Equity has concluded that the most cost effective and flexible way of funding this and maintaining some modest level of gearing within the fund is to […]

30 Jun 2014

Polar Capital Technology : PCT – final results

Polar Capital Technology has published results for the year ended 30 April 2014 that show its net assets growing by 11.2% and its share price by 10.9% but both lagging the increase in the Dow jones World Technology Index of 13.1%. Very strong gains and outperformance of the index were given up in the last six […]

Sectors
30 Jun 2014

Aberdeen New Dawn : ABD – annual results

Aberdeen New Dawn has published figures for the year that ended 30 April 2014. Over the year the trust’s net asset value return was -8.9%, a bit worse than the benchmark  (MSCI All Countries Asia Pacific ex Japan index) total return of -6.8%. Unfortunately the discount widened and the return to shareholders was -14.0%. The […]

Sectors
Companies
30 Jun 2014

Custodian REIT : CREI – acquisitions

Custodian REIT has added further to its property portfolio with the acquisition of two modern industrial units on the 100 acre Estuary Commerce Park, Speke, Liverpool (next to Liverpool John Lennon International Airport) for £3.1m, equivalent to a net initial yield of 7.7%. Unit C is let to Powder Systems Limited on a 20 year […]

27 Jun 2014

Tau Capital : TAU – results for 2013

Tau Capital has published its results for the year to the end of December 2013. These are somewhat academic now but, for what it’s worth, its NAV declined from $0.53 to $0.30. Since the year end its investment in Stopharm has been written down further.

Sectors
26 Jun 2014

PME Africa : PMEA – results and acquisition

PME Africa has published its results for the year ended 31 December 2013 and has also announced that it intends to make a transformative deal that would result in it becoming a trading company. Over 2013 PMEA’s net asset value rose to $0.46 from $0.39. It bought back a quarter of its share capital at […]

25 Jun 2014

Trading Emissions : TRE – carbon arbitration

Trading Emissions is in dispute with Chinese counterparties to CER (Certified Emission Reduction) Transaction Agreements. Two claims came in in March – these total €6m and were disclosed in Trading Emission’s accounts. On 23 June they received claims totalling €18m relating to four agreements. The company thinks these claims are “unjustified and is rigorously defending them”.

25 Jun 2014

Land Securities : LAND – acquisition

After selling a shopping centre in Sunderland, Land Securities is spending the proceeds on a 30% stake in Bluewater. The purchase price is £656m, the seller is Lend Lease and Land securities are also paying £40m for the rights to manage the whole centre and the adjoining land (110 acres). The purchase price equates to […]

Sectors
25 Jun 2014

Gresham House : GHE – alternative proposals

Gresham House has announced that a group of individuals have come forward with a set of proposals to put to Gresham’s shareholders as an alternative to liquidating the fund. The group consists of Tony Dalwood (ex manager of Strategic Equity Capital), Michael Phillips (ex chief executive of Iimia – which is now Miton, Anthony Townsend (ex […]

Sectors
25 Jun 2014

Dunedin Enterprise : DNE – acquisition

Dunedin Enterprise is making a £5.9m investment in EV Offshore Limited which designs, manufactures and provides high performance, ruggedised video cameras that are used to diagnose and analyse problems in oil and gas wells. EV Offshore is based in Aberdeen and Norwich and exports around the world.

25 Jun 2014

Henderson Opportunities Trust : HOT – interims

The interim results for Henderson Opportunities Trust (for the six months ended 30 April 2014) show the net asset value total return outperforming the FTSE All-Share Index – NAV +7.0%, benchmark +2.7%. The return to shareholders was even better +14.1%. The dividend was increased by 12.1% to 3.7p. The biggest positive impacts ion the portfolio […]

Sectors
25 Jun 2014

Baker Steel Resources Trust : BSRT – acquisition

Baker Steel Resources Trust has bought $2.5m of convertible loans to ZAO Argentum and 500 shares in Polar Silver Resources Limited for £ 1.32m. It is paying for this by issuing 2,259,357 new ordinary shares at 58.5p (equivalent to the latest NAV). Polar Silver is a holding company which holds 100% of ZAO Argentum, which in turn is the holder […]

25 Jun 2014

F&C Global Smaller Companies : FCS – issue of loan stock

F&C Global Smaller Companies, as disclosed in its annual results, is considering an issue of loan stock to replace its existing long-term debt. The terms of the proposed issue have been disclosed today – £40m worth of 3.5% convertible unsecured loan stock, the coupon payable semi-annually in January and July (first payment on 31 January […]

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