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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).

13 May 2014

Primary Health Properties : PHP – bonds

Primary Health Properties plans to issue £75m of unsecured guaranteed convertible bonds. Maturing in May 2019, the bonds will be priced to carry a coupon somewhere between 3.75% and 4.25% and convertible in ordinary shares at a 15% to 25% premium to their current value. Primary Health Properties will use the money raised to pay […]

13 May 2014

Prosperity Voskhod : PVF – return of capital

Prosperity Voskhod will make a $50m return of capital to shareholders by means of a compulsory redemption of shares. The transaction will take place on 16 May with payment on 28 May and shareholders will get back $1.13 per share. After this, on 29 May, shareholders will vote on whether to cancel Prosperity Voskhod’s admission […]

Sectors
13 May 2014

Custodian REIT : CREI – first acquisition

Custodian REIT has made its first purchase since it listed in March buying a 25,000 sq ft industrial / distribution unit at Willowbridge Way, Castleford for £1.575m – a price equivalent to an initial yield of 7.5%. The property is let to Bunzl.

12 May 2014

GCP Infrastructure : GCP – further investment

GCP Infrastructure has announced that it has invested a further £12.5m in loan notes issued by its Biomass entity. These have a 12 year life and a coupon of 10.5%. The money is being used to build 500KW anaerobic digestion plants in Northern Ireland.

09 May 2014

LMS Capital : LMS – tender offer

LMS Capital, which is gradually selling off its portfolio and returning money to its shareholders, will tender for £40m of shares. Forms must be submitted by 22 May, the tender will be approved by shareholders on 27 May and the result of the tender will be announced on 28 May.

09 May 2014

Kennedy Wilson Europe Real Estate : KWE – acquisitions

Kennedy Wilson Europe Real Estate is buying a portfolio of residential and commercial properties (the Central Park portfolio) in Sandyford, Dublin for €88m and another portfolio (the Opera portfolio) of seven offices and six retail properties – mostly in Dublin but with one asset in Cork for €391m. The Central park portfolio comprises 272 residential units and 31,000 […]

Sectors
09 May 2014

3i Infrastructure: 3IN – full year results

3i Infrastructure has published its results for the year ended 31 March 2014. Over the year it generated a total return on net assets of 6.6% (the NAV went to 126.4p from 123.0p and the dividend for the year is 6.7p). Good performance from their investments in Europe was offset by further disappointment in India […]

09 May 2014

NextEnergy Solar Fund : NESF – acquisition

NextEnergy Solar Fund has spent 9% of its IPO proceeds (£7.98m) on a 6.3MW solar plant at Shacks Barn in Northamptonshire. the plant has been producing energy since march 2013 and qualifies for an older, more generous, government subsidy than a new plant would.

09 May 2014

Scottish Mortgage : SMT – annual results

Scottish Mortgage has released figures for the year ended 31 March 2014. It was good year for the fund as the net asset value total return of 23.1% was well ahead of the 6.8% return on the FTSE All-World Index.  The share price did even better, returning 28.9% as the discount closed to zero. The […]

Sectors
08 May 2014

The Ottoman Fund : OTM – return of capital

The Ottoman Fund has announced that it will return £27m to shareholders (the sale proceeds from the Riva land sale it reported earlier this year. Shareholders will be entitled to the cash if they hold the shares on 14 May and the payment will be made on or about 27 May

Sectors
08 May 2014
Henderson European Focus Trust HEFT Tough Year

Henderson European Focus Trust : HEFT – interim results

Henderson European Focus Trust has announced its half year results for the period ended 31 March 2014. Its net asset value total return for those six months was 16.5%, well ahead of the 8.7% return generated by the FTSE World Europe Index (in sterling). The discount narrowed over the period, moving to a premium at times, and […]

Sectors
08 May 2014

Polar Capital Global Healthcare : PCH – interim results

Polar Capital Global Healthcare has released figures covering the six months ended 31 March 2014. The fund outperformed its benchmark during this period – generating a total return of 13.5% on the net asset value against an 11.8% return on the MSCI All Countries World Index – Healthcare Index. The fund’s shares underperformed however as […]

07 May 2014

Symphony International Holdings : SIHL – acquisition

Symphony International Holdings has announced that it has invested in the Wine Connection Group – a 50 strong portfolio of wine themes food and beverage outlets trading across South East Asia. Symphony International Holdings also announced today that its net asset value at the end of March 2014 was US$1.2134 (up from $1.1759 at the […]

07 May 2014

Schroder Real Estate : SREI – acquisition

Schroder Real Estate has announced that it has spent £33m of the £40.2m it raised recently to acquire a 25% stake in City Tower, Manchester. The rest of the tower is being bought by other property funds managed by Schroders. City Tower has over 600,000 sq ft of offices, retail and leisure space. The price is […]

07 May 2014

Infrastructure India : IIP – loan facility

Infrastructure India has arranged an $8.1m loan facility. The lender is Cedar Valley (an entity connected to GGIC who own more than 50% of the fund’s shares), the interest rate is 15%, there is an arrangement fee of $81,000 and the money is repayable on 30 November 2014. The loan proceeds will mostly be used […]

Sectors
07 May 2014

Troy Income & Growth : TIGT – interim results

Troy Income & Growth has released its results covering the six months ended 31 March 2014. Over this period the net asset value total return was 7.6% – ahead of the 4.8% return on the FTSE All-Share Index. the return to shareholders was 7.7%. The run rate of the quarterly dividends was upped to 0.55p […]

Sectors
06 May 2014

Chenavari Capital Solutions : CCSL – new investment

Chenavari Capital Solutions has made its second primary deal, a £9m investment in a first loss exposure to a portfolio of c250 primarily investment-grade corporate loans made by a German corporate and investment bank. Following this transaction, Chenavari Capital Solutions will have committed 70% of its IPO proceeds and the company says the manager is […]

06 May 2014

HICL Infrastructure : HICL – new investments

HICL Infrastructure has bought a 10% stake in a planned dual carriageway, the N17/N18, linking Gort to Tuam in the Republic of Ireland and due to be completed in November 2017. HICL Infrastructure has also bought an additional 16.5% stake in the Miles Platting Social Housing PFI Project in Manchester. The total cost for both […]

06 May 2014

JZ Capital : JZCP – final results

JZ Capital has announced figures for the year ended 28 February 2014. Over the period it generated a NAV return of 8.8%. It is making a distribution of $0.30 per share. The company invested $150m over the year and is making investments in a new industrial sector – logistics solutions – kicking off with an investment […]

Geographies
  • North America
  • Europe (EU and EEA ex UK)
  • UK
Sectors
02 May 2014

International Oil & Gas Technology : OGT – results

International Oil & Gas Technology announced its results for the year ended 31 December 2013 on 30 April. Over the year its net asset value fell from $9.34 to $4.10 as litigation against its former manager dragged on and it was forced to write down the value of some of its holdings.

02 May 2014

Phaunos Timber : PTF – update on Green Resources

Phaunos Timber has announced that Green Resources (a company that Phaunos Timber owns 26% of) is buying Global Solidarity Forest Fund (a company with plantations in Mozambique adjacent to Green Resources’ own forests). The deal will dilute Phaunos Timber’s holding down to 18.9% but is being struck at a price for Green Resources equivalent to […]

02 May 2014

JP Morgan Private Equity : JPEL – update

JP Morgan Private Equity has announced that it has invested $50m in four companies since December – one third of their target for the period ended 31 December 2015. All of the investment has been funded from the proceeds of distributions from its existing portfolio. $14m of the $50m was invested in a US based […]

02 May 2014

Invista European Real Estate : IERE – refinances debt

Invista European Real Estate has agreed a new €220m credit facility with Blackstone Real Estate Debt Strategies and has repaid all the money it owed to Cerberus Capital Management / Bank of Scotland. The new facility is priced at 770 basis points over LIBOR and has an initial LTV covenant of 85%. If, by selling […]

Sectors
30 Apr 2014
Edinburgh Dragon - Returning to form 1

Edinburgh Dragon : EFM – half year figures

Edinburgh Dragon’s figures for the six months ended 28 February 2014 show a fall of 5% I total return terms for the company’s net assert value – 4% worse than the 1% fall in its benchmark index. The Chairman attributes this Edinburgh Dragon’s holdings in Greater China and Singapore.

Sectors
30 Apr 2014

Aberdeen New Thai : ANW – annual results

Aberdeen New Thai’s net asset value fell over the course of the year to the end of February 2014, posting a negative total return of 25.6% – marginally better than the -26.6% return on the Stock Exchange of Thailand Index. The discount widened resulting in a return to shareholders of -33.3%. The average discount over […]

Sectors
30 Apr 2014

Witan Pacific : WPC – final results

Witan Pacific has published its results for the year ended 31 January 2014. The net asset value total return for the year was a fall of 6.5% – this compares to a positive 0.2% return from the company’s benchmark. The discount narrowed a little and so the return to shareholders was -5.2%. Gillian Nott, the […]

30 Apr 2014

Mid Wynd : MWY – new investment manager

Mid Wynd has announced that as Michael MacPhee, who is the company’s existing investment manager, is retiring, they have decided to move Mid Wynd’s management contract from Baillie Gifford to Artemis. The new management team will comprise Simon Edelsten, Alex Illingworth and Rosanna Burcheri who are, collectively, Artemis’s Global Select team. They focus on “a […]

Geographies
  • North America
  • Middle East
  • Europe (EU and EEA ex UK)
  • Asia
Sectors
29 Apr 2014

F&C Commercial Property : FCPT – acquisitions

Back in 2012, F&C Commercial Property entered into a forward agreement to buy four pre-let office buildings in Aberdeen – once construction had finished. Two blocks were ready in March and F&C Commercial Property has just announced that it completed on the other two on 17 April. The total cost of the 300,000 sq. ft. […]

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