SQN Asset Finance Income (SQN) has released an announcement that says one of its borrowers failed to make an interest payment scheduled for 31 March. Although SQN didn’t name the borrower, it is obvious from the context and information published elsewhere that it is Suniva, a Georgia and Michigan-based manufacturer of photovoltaic solar cells and […]

International Public Partnerships has successfully completed its Placing, Open Offer and Offer for Subscription. Due to significant oversubscription from new and existing investors and after conducting a significant scaling-back exercise for non-pre-emptive allocations, the Board has elected to issue the maximum new shares available, raising gross proceeds of GBP330 million. The level of additional demand […]

Many investors have a bias against funds of funds because they charge management fees on top of the fees being paid to the managers of the funds in their portfolios. Often though, these funds do produce decent performance. One listed fund of funds exemplifies this situation – TR Property (TRY) managed by Marcus Phayre-Mudge only […]

The private equity sector has been going through something of an upheaval over the past couple of years. Many of the funds within it are in wind down mode and new issues in the sector are rare. Epiris, the team behind the success of Electra (ELTA), have been busy selling off its portfolio ahead of […]

Alliance Trust (ATST) has completed the buyback of Elliott’s stake in the company and removed the immediate threat to its future existence – but now the hard work starts. It will be looking to deliver measurable outperformance of its peer group and its benchmark in order to secure its long-term future. Shareholders are still heading […]

This week I thought I would take a look at FastForward Innovations (FFWD). It is not the biggest fund with a market value of £16.8 million, but it does live up to its name as the company and its portfolio is evolving constantly. FFWD is a Guernsey-domiciled investment company born from the ashes of China Growth Opportunities and […]

Civitas Social Housing REIT has completed the purchase of two portfolios of regulated social housing for a total consideration of GBP19.3 million, comprising the freehold interest in 19 supported living properties, with 98 tenancies. The portfolios are immediately income generating with initial net yields in line with the company’s expectations and both were sourced off-market by […]

Polar Capital Global Healthcare Growth and Income Trust has announced further details of its proposals for the future of the company. Subject to the approval of shareholders and final regulatory approvals as required, it is proposed that: the existing investment mandate will be changed to a growth mandate.  They expect to pay a dividend going forward, […]

AEW UK REIT has announced the acquisition of industrial assets in Basildon, Essex and Runcorn, Cheshire, for a total of c GBP2.6 million. Basildon comprises a 33,000 sq ft single-let industrial building located on the established Pipps Hill Industrial Estate, just off the A127, approximately five miles from Junction 29 of the M25.  The purchase […]

The Board of LXi REIT has exchanged contracts to provide forward funding for the development of a new discount retail park in Bradford, Yorkshire, pre-let to Aldi and T. J. Morris Limited (trading as Home Bargains). The development represents an investment of GBP10 million, reflecting a blended net initial yield of 6.15% on the asset […]

Dolphin NAV’s crashes as Aristo takes its toll Annual Financial Results for the year ended 31 December 2016 show that Dolphin Capital, an investor in high-end residential resorts in the eastern Mediterranean, saw its gross Assets of drop to EUR466 million (2015: EUR911 million). The sterling NAV per share as at 31 December 2016 stood at 25p before […]

International Public Partnerships Limited has acquired an additional interest in the Wolverhampton Building Schools for the Future (“BSF”) project. INPP will commit a further GBP1.536 million to acquire Carillion Private Finance’s 8% indirect investment in each of phase I and phase II of the Wolverhampton BSF scheme, growing the  existing 82% investment in the project […]

The PRS REIT plc, a closed-ended real estate investment trust established to invest in the Private Rented Sector, has today announced its intention to seek admission to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange plc and an associated fund-raising of up to £250 million by way of a […]

Following its recent successful placing, Real Estate Credit Investments is pleased to announce that it has made a new GBP20m loan commitment as part of an overall Cheyne transaction providing a senior facility secured against a high quality residential development asset in central London. The conservative Loan to Gross Development Value (LTGDV) is under 50% […]

Impact Healthcare REIT has completed the acquisition of the Core Seed Portfolio and the Mulberry Portfolio for a total consideration of GBP148,754,000. All outstanding lending facilities have been repaid in full and the Seed Portfolio has been acquired debt-free by the Company. The terms of the acquisition are in accordance with the prospectus published by […]

Invesco Asia Trust has announced that, as its discount was wider than 10% on average over the year to 30 April 2017, a tender offer for 15% of its shares at a 2% discount has been triggered. The average discount over the measurement period was 10.9%. The record date for participation in the tender offer […]

Damille II says that it notes the announcement by Sistema this morning and the fall in the share price of Sistema as a result (see below).  The company holds 1,599,452 shares in Sistema and this holding accounted for 40.19 per cent of the NAV as at 31 March, 2017. The company acquired its holding in Sistema […]

Sirius Real Estate has completed the sale of its Rupert Mayer Strasse business park in Munich for EUR85 million to Munich based Fiduciary Capital and the agreement to lease back and manage the asset for six years. Notarisation of this transaction was first announced on 6 January 2017. Rupert Mayer Strasse business park has approximately […]

The Board of Golden Prospect Precious Metals Limited is reviewing, with its advisers, a potential bonus issue of subscription shares to existing shareholders on the basis of one subscription share for every two existing ordinary shares held on the record date for the bonus issue. Each subscription share would confer the right (but not the […]

The Board of Geiger Counter Limited is reviewing, with its advisers, a potential bonus issue of subscription shares to existing shareholders on the basis of one subscription share for every two existing ordinary shares held on the record date for the bonus issue. Each subscription share would confer the right (but not the obligation) to […]

Oakley Capital Investments says that Oakley Capital Private Equity III has completed a deal to acquire the assets and operations of Plesk, at an enterprise value of $105 million, as a carve out from the Parallels Group. Fund III has invested $27.4 million for a 51% controlling stake in the business. The company’s indirect contribution […]

Custodian REIT has acquired a 22,663 sq ft retail warehouse on Southbrook Retail Park, Gloucester, near the town centre and within three miles of the M5.  The site comprises two units occupied by Magnet and Smyths Toys, with nearby retailers including Halfords, B&M Bargains, Lidl, The Range and McDonalds. The units’ leases expire on 9 […]

Central Asia Metal’s Kounrad copper operation, in Kazakhstan, is now recovering the metal from the Western dumps on the property. In April, the company applied the first acid through an extensive drip irrigation system to an initial leach area on its dump 22 and when QuotedData visited the site last week we observed pregnant leach […]

Honeycomb Investment Trust says that, following the initial share issue of GBP100.0 million, there have been two further successful share offerings with total gross proceeds of GBP100.0 million. The net share proceeds of all the share offerings have been deployed, with the latest gross proceeds of GBP50.0 million largely deployed on 13 January 2017 following […]

Third Point Offshore Investors Limited has announced its full year results for the twelve months ended 31 December 2016. The net asset value appreciated 6.1% for the U.S. Dollar and 5.6% for the Sterling share classes, respectively, in 2016. They say that performance was driven primarily by positive returns in the Master Fund’s corporate and sovereign credit positions. Gains […]

Wee-Li Hee, the lead portfolio manager for The Scottish Oriental Smaller Companies Trust ,  is due to return from maternity leave in July. In discussion with the First State Stewart Asia management team and the Board of Scottish Oriental, Wee-Li has expressed a preference to step back from lead portfolio manager responsibility for the Company. […]

Wolf Minerals reports that during the March quarter it implemented significant equipment changes and modifications in the processing plant at its Drakelands tungsten/tin mine, in Devon. These modifications have resulted in improvements in ore throughput rates in the plant and in the grade of tungsten concentrate being produced. In addition, open pit mining operations are […]

P2P Global’s board say that “2016 was a year of significant challenges, both for the company and its markets. The Board of the company has announced a review of its investment management arrangements, following a year of disappointing performance both on dividend yield and share price. The Board expects to update shareholders on the outcome […]

VPC Speciality Lending says its total NAV per share return was 0.85% for 2016. They declared dividends of 6.00 pence per ordinary share. Declared dividends were below the 8.0% targeted at the time of the IPO, with the underperformance being largely attributable to lower-than-expected returns from the company’s marketplace loan investments, due to higher-than-expected loss […]