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).
INPP has made a number of deals to tidy up its portfolio of Building Schools for the Future investments – adding to its investment in Kent BSF at a cost of £7.2m (taking its interest to 58% with Kent County Council owning the balance) and selling its minority interests in Hul, Leeds, Newcastle, Rochdale, Sandwell […]
Over the six months to the end of November 2013 the UK equity share portfolio’s net asset value rose by 8.9% vs. 3.9% for the FTSE All-Share index (this portfolio is managed by Mark Barnett). The Global Equity Income portfolio NAV rose by 4.6% vs. 3.3% for the MSCI World Index. The Balanced Risk portfolio NAV […]
Between 30 April 2013 and 31 October 2013 Cambium Global Timberland’s net asset value per share fell from 59p to 48p. As previously announced (in October 2013) Cambium wrote down the value of its Tarrangower property in Australia and its properties in Hawaii. At the time they said they might have to make a provision […]
Over the six months to end November 2013 HSL delivered a NAV return of 14.5% and a share price return of 14.7% – marginally outperforming the Numis Smaller companies Index which returned 14.4%.
Prospect’s manager is keen that their investment remit be expanded, arguing that if they are allowed to take larger positions in companies and engage with them to encourage share buy-backs, asset sales and reconstructions, the fund will benefit. To that end the Board is proposing that the maximum investment in any one company be set […]
IERE’s Annual Report as at 30 September 2013 shows a fall in NAV from €0.38 to €0.246. They have €100m of property on the block and are working on renegotiating their bank debt. Disposals and new lettings have reduced the vacancy rate on the portfolio from 24% to less than 20%. The debt was reduced […]
Over the year to the end of September 2013 the assets of the company rose by 6.8%. The total return to an ordinary shareholder was 13.0% and the NAV return 11.0%. The numbers were held back by a fall in the value of ECWO’s largest holding, Lonestar Resources, in part because of a fall in […]
Bilfinger Berger infrastructure has bought a one third stake in the Ohio River Bridge / East End Crossing PPP project. the bridge, close to Louisville, Kentucky connects Clark County Indiana with Jefferson County, Kentucky
GRIO’s results cover the 17 month period between its incorporation on 23 April 2012 and 30 September 2013. It is not yet fully invested – it said it would be by end May 2014. At the end of September it was 51% invested and when the report was published that figure had risen to 60%. […]
3i’s interim management statement covering Q4 2013 mentions £29m of realisation proceeds received – making £557m for the last nine months – 35% up on the previous year; £322m invested including four European Private Equity investments; completion of their acquisition of BIFM (an infrastructure business); and successfully closing their third US CLO. The NAV at […]
Riverstone Energy has announced that Liberty Resources II, its largest holding, has bought a portfolio of oil & gas assets in North Dakota’s Williston Basin for $455m. Altogether the acquisition represents 53,000 acres and 4,000 barrels of oil equivalent per day production.
MedicX has announced that it has acquired a specialist primary care medical centre in Cardonald, Glasgow for £3.2m
Japan Residential Property has bought a 23 unit apartment building in the Toritsudai neighbourhood of Tokyo for Yen702m (£4.12m) equivalent to a 5.1% yield.
ACD has been buying back shares, subject to having available liquidity available after paying dividends and maintaining its currency hedging programme, with the aim of keeping its discount at or below a 10% discount. the Board has decided to reduce this target to 7.5%.
PHP has made Nexus Tradeco its sole advisor as Nexus will take on non-property services from JO Hambro Capital Management. At the same time, PHP has renegotiated its property advisory fee to reflect the recent growth of the business. The overall fee will fall. Old fees were: First GBP50 million 0.5500% Between GBP50 million and GBP350 million 0.4125% […]
Over the year to the end of November 2013 DIL2’s NAV rose by 2.82%. The portfolio was over 50% invested in cash at the end of the period. Shareholders on the register on 28 January 2014 will have the option to redeem up to 15% of their shareholding at NAV less 2.5%. Cheques will be […]
GCP Infrastructure has invested just shy of £5m in loan notes with a yield of 9.3% at 20 year maturity. The borrower is GCP Rooftop Solar 4 Limited – a portfolio of domestic solar panel installations installed by A Shade Greener. The loan will be serviced from income derived from the Government’s Feed-in-tariff scheme. The […]
The EDIN Board has appointed Mark Barnett as manager of the fund with immediate effect, keeping the management contract at Invesco Perpetual. EDIN has also cut its fee to 0.55% of the market capitalisation and no performance fee. In addition any performance fee payable for this year will be capped at £7.5m.
Over the six months to the end of December 2013, AGIT’s ordinary share NAV rose by 41% and the share p[rice by 41.2%. The zero dividend preference share NAV rose by 3.3% and its share price by 0.8%. The FTSE All-Share rose by 11.4% over the period while the Numis Small cap Index excluding investment […]
ND Distressed Debt is proposing to create a new class of shares. This new “Global” portfolio will invest in the global distressed debt market with a particular focus on Europe and North America. The manager will have until 31 March 2017 to invest the issue proceeds and after this date all capital and profit from […]
FSFL has announced that it expects all its IPO proceeds to be invested in fully operational and grid connected assets by the end of Q1 2014. The company’s largest asset, Wymeswold in Leicestershire (pictured), is generating electricity at rates 15% ahead of target. Foresight also say that they are on-track to pay the planned 6p per […]
DIVI’s interim accounts covering the six months ended 30 November 2013 show its net asset value rising by 19.2% – a good result when compared to the FTSE All-Share Index (up 2.1% or the FTSE Small cap ex Investment companies (up 15.9%). This translated into a 21.6% return for shareholders as the shares finished the […]
International Public partnership is buying all but 3% of a PPP project that is building a 55,000 sqm office for the Federal German Ministry of Education & Research in Berlin (estimated completion is July 2014). The cost to INPP is €11.9m.
HICL has invested in two new investments – Holdfast Training Services (a 30 year concession to design, build, refurbish and maintain 32 buildings, 21 refurbishments and five training areas across the UK for the Royal School of Military Engineering) and the Sheffield BSF Schools Project (a 27 year PFI deal to build, finance, maintain and […]
VNH has announced interim results covering the six month period ended 31 December 2013. During this period the benchmark index, the VNI, rose by 5.4% in US dollar terms, by contrast, VNI’s net asset value rose by 13.2%. VNH’s discount widened however, its share price rose by just 3.4% .
BlackRock Commodities Income’s full year results for the 12 months to the end of November 2013 reflect a difficult period for investors in commodity related assets but were well ahead of its benchmark. The net asset value total return was a decline of 5.9%. the share price return was negative 6.0%. By contrast the Euromoney Global Mining […]
DREF has announced today that the master fund has realised three of its mezzanine loan investments (numbered one, three and eight – DREF does not report who it lends money to but these borrowers were against a retail property in Denmark, against eight hotels in Germany and against an office and light industrial park in France). […]
Jupiter European has released results for the half year to 30 November 2013. Over the period the fund lagged the return on the FTSE World Europe ex UK index – the NAV returned 3.6% while the index returned 6.8%. The Board say relative performance has improved since the end of the period and now for […]
IIT has announced its final results for the 12 months ended 30 November 2013. Over the year Independent’s net asset value total return (including income) was 20.2%. By comparison the FTSE All-Share Index returned 19.8% and the FTSE World Index 22.5% over the same period. IIT’s discount narrowed during the year, boosting the return to shareholders to […]
New River Retail has raised £85m of extra capital in a placing. 32m new shares were issued at 265 pence per share. The new shares will start trading on 21 February 2014. NRR is a real estate investment trust (REIT) specialising in retail property. It describes itself as one of the UK’s largest value-creating owners and […]
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