News

Nimrod Sea Assets has published its first set of results covering the period from 1 March 2014 to 31 March 2015. The fund has 54% of its capital invested in seven companies holding nine vessels. The falling oil price has led to problems of varying degrees across six of the seven investments. The two most serious […]

Alpha Pyrenees has sold the Connecta Retail Park investment in Córdoba, one of the principal cities in the Andalucia region, for €15.3m – 100k more than its 31 December 2014 valuation. The property totals approximately 16,880 square metres and is located on the Avenida de Cadiz, the main access route from the A4 motorway to the […]

HICL Infrastructure has announced the proposed acquisition of a 99.9% interest in the Royal Canadian Mounted Police ‘E’ Division Headquarters P3 Project (“RCMP”) in Surrey, British Columbia, Canada for consideration of approximately C$53m. The Project is being acquired from the InfraRed Infrastructure Fund III, a fund managed by HICL’s Investment Adviser; and therefore, as a matter […]

Black Sea Property has just raised £1.52m before expenses to put towards its new investment policy of acquiring property assets in Bulgaria. However, until it has invested the money, it is failing to implement the policy and, as it is now a year since the last of the company’s old portfolio was sold off, it […]

Princess Private Equity has announced that Partners Group, its investment advisor, has sold its controlling interest in US security services provider Universal Services of America (“Universal”). The transaction is expected to close in the coming weeks. They say the exit valuation represents an uplift to Universal’s carrying value as at 31 May 2015 and will be reflected […]

Independent Investment Trust generated a 13.9% return on net assets over the six months ended 31 May 2015 – well ahead of both the FTSE All-Share Index and the FTSE World Index which returned 7.5% and 6.0% respectively. The interim dividend is unchanged at 2p. Within the technology and telecommunications weighting in the portfolio, two Chinese […]

Investment trusts specialising in smaller companies were among the top performers of the past few months after a decisive election result improved confidence in the sector, new research shows. But commodity and Asia-focused investment trusts were among the stragglers as investors shunned stocks exposed to an economic slowdown in China or a US rate rise, […]

JPMorgan Brazil published its results covering the year that ended on 30 April 2015 last night. During the year the company’s return on net assets was -14.6% and the return to shareholders was -11.9%, reflecting a narrowing of the discount from 9.1% to 6.4%. JPMorgan Brazil underperformed its benchmark, the MSCI Brazil 10/40 Index (in sterling terms), which returned […]

Last night, after the market had closed, Marwyn Value Investments announced it would sell 26.5m shares in Entertainment One – about 9% of the company. The mechanism it is using to do this is called an accelerated bookbuild.. This morning Entertainment One’s shares are down 10% on the news. At the current price, the stake […]

International Public Partnerships Limited has announced that the Bazalgette Consortium comprising INPP, Allianz, Amber Infrastructure Group, Dalmore Capital Limited, DIF and Swiss Life Asset Managers has been appointed preferred bidder for the Thames Tideway Tunnel (“TTT”) licence. INPP will invest up to £210m in the project, with the residual risk capital being funded by the remaining […]

Jupiter Green Investment Trust underperformed the MSCI World Small cap. Index by some margin over the course of the year ended 31 March 2015 delivering a return of 5.1% against the index’s 14.6%. The share price return was 4.4%. The dividend halved from 1.1p to 0.55p. Performance more or less offset buybacks to leave the […]

Yesterday Origo Partners announced that the Isle of Man Court handed down judgment in favor of it, regarding a complaint raised by Brooks MacDonald in relation to terms of convertible zero dividend preference shares issued on March 8, 2011. Today Brooks Macdonald Asset Management (International) Ltd., notified Origo Partners that it was making a claim against it. Brooks Macdonald believes […]

At 30 June 2015, Candover had $83.9m (£53.1m) of US private placement notes outstanding, with a maturity date of 31 December 2015. The Company’s net debt position as at 30 June 2015 was £32.3m (as they had $20.8m of cash and cash equivalents. The Company has agreed a new term loan facility with 17Capital LLP for up […]

NewRiver Retail is buying a portfolio (“the Ramsay Portfolio”) of retail parks and development sites for £69.1m. the price is equivalent to an initial yield of 8% on the income producing assets. The Portfolio is to be acquired from a major foodstore operator utilising a portion of the funds to be raised following completion of the […]

Invista European says its Strategic Review has included a number of discussions with third parties in order to achieve either a recapitalisation of the Company or a sale of subsidiary undertakings owning the core portfolio. Recently, there has been a tenant default as well as the unexpected exercise of lease breaks which, in the absence of […]

Oryx International Growth outperformed both the FTSE Small Cap. and the AIM Index over the year that ended on 31 March 2015, producing a total return on net assets of 5.2% vs. 2.8% for the FTSE Small cap. and -15.8% for the AIM Index. This result builds on the company’s good track record of recent […]

Templeton Emerging Markets Investment Trust has announced that, with effect from 1 October 2015 and subject to regulatory approvals, Carlos Hardenberg, senior vice president and managing director, Templeton Emerging Markets Group will be named lead portfolio manager of TEMIT working alongside Mark Mobius, who remains as a portfolio manager on the fund.  Carlos will relocate to London. […]

Artemis Alpha announced results for the year ended 30 April 2015 late on Friday. These show it underperforming the FTSE All-Share index by some margin – the total return on net assets was -0.9% while the return on the index was 7.5%. Shareholders did even worse however as the discount widened from 10.2% to 15.7% […]

Infrastructure India has published its results for the year ended 31 March 2015. Over this period the net asset value fell from 62p to 55p despite by strengthening of the Indian Rupee against Sterling at the end of the fiscal year, a decrease in the yield of the Indian 10 year bond, which serves as the […]

Hammerson says it has exchanged contracts to sell its interest in Grand Maine shopping centre situated to the south west of Angers, to a leading French institutional investor for a net €63.2m (£45.3m). Grand Maine comprises 8,600 sqm of retail space with 57 units over two levels, and is adjacent to a large Carrefour supermarket. […]

North Atlantic Smaller Companies announced that on 8 July it signed a conditional contract to sell its investment in Celsis. On completion, the transaction will increase the net asset of the Company by just over £1 per share and increase the cash balance by approximately £50m. NAS : North Atlantic Smaller sells Celsis

Spark Ventures’ results for the year to the end of March 2015 show that the NAV fell by 12% over the year (adjusting for cash returns) but they point out that it has recovered most of this fall since the end of the period. 4.5p or £19m has been returned to shareholders. They struck a […]

AEW UK REIT has made two further acquisitions for £14.65m. Sandford House, located in Solihull town centre, provides 34,418sq ft of offices with parking for 130 vehicles. It was acquired for £5.4m. The property is fully let to the UK Borders Agency with a tenant break option in just under 2 years. The purchase price reflects a […]

Over the year to the end of March 2015, SVM UK Emerging underperformed its benchmark index, the IMA UK All Companies Sector Average Index, as it returned 2.0% on net assets against the benchmark’s 5.6%. The return to shareholders was 2.2% as the discount narrowed slightly from 21.9% to 21.7%. The manager did not charge […]

Changes in yesterday’s budget in relation to the Climate Change Levy (removal of Climate Change Levy exemption) for renewable electricity have had a knock-on effect on the net asset values of companies operating in the renewable energy sector as it changes the assumptions used to calculate them. Greencoat UK Wind says it was already factoring […]

On 7 July 2015, Japan Residential Investment Company acquired Minamisuna 7 Chome Building, a seven story apartment complex located in Koto Ward, Tokyo. The purchase price was Yen488m (£2.5m), excluding tax and other acquisition costs, and has an estimated prospective net operating yield of 4.7%. The property was purchased at a 2.4% discount to a […]

3i Infrastructure and AMP Capital will jointly acquire 100% of Danish company ESVAGT from Maersk Group.  3i Infrastructure will be investing approximately £109m for a 50% interest in ESVAGT and will have an equal shareholding with AMP Capital. Headquartered in Esbjerg, Denmark, ESVAGT is a leading provider of emergency rescue and response vessels and related […]