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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).

01 Apr 2014

LMS Capital : LMS – sale of investment

LMS Capital has announced that it has sold its interest in Updata Infrastructure for £27.2m to Capita. The price reflects a 5.3x multiple on the cost of the investment and adds 4p per share to the net asset value. Updata was LMS capital’s largest investment.

01 Apr 2014

Caledonia Investments : CLDN – disposal

Caledonia Investments has sold its investment in The Amber Chemical Company for £23m – well up on its £15.2m book value as at the end of September 2013.

Sectors
31 Mar 2014

Bilfinger Berger Global Infrastructure : BBGI

Bilfinger Berger Global Infrastructure is buying a 37.5% interest in the Mersey Gateway Bridge project a new six lane toll bridge over the Mersey between the towns of Runcorn and Widnes – See more at: www.merseygateway.co.uk

31 Mar 2014

Perpetual Income and Growth : PLI – new debt facility

Perpetual Income and Growth is issuing £60m of 15 year notes (repayable on 8 May 2029). These carry an interest rate of 4.37% (paid semi-annually). Perpetual Income & Growth’s existing £30m debt facility matures in July this year. The interest on the old notes was 6.125%.

Sectors
31 Mar 2014
3i Infrastructure 3I

3i Infrastructure : 3IN – new investment

3i Infrastructure has made a £13.1m commitment to buy a 25% interest in the Mersey Gateway Bridge project a new six lane toll bridge over the Mersey between the towns of Runcorn and Widnes – See more at: www.merseygateway.co.uk

28 Mar 2014

Standard Life Investments Property Income : SLI – acquisition

Standard Life Investments Property Income is buying two industrial units in Livingston for £3.6m. The purchase price is equivalent to an initial yield of 10.65%. The units are let to UK Mail and Crown Worldwide.

28 Mar 2014

F&C Private Equity : FPEO – annual results

F&C Private Equity delivered a 9.9% return on net asset value over the course of 2013 as its NAV rose to 269.1p. Realisations from the portfolio totalled £42.5m and F&C Private Equity reinvested £39.6m of this. FPEO is thinking about how to refinance its zero dividend preference shares which mature this year and might do […]

28 Mar 2014

The Renewables Infrastructure Group : TRIG – acquisition

The Renewables Infrastructure Group is buying two more solar parks, one in Devon and the other in Essex. These add another 30.4MW of generation capacity to TRIG’s portfolio and come at a cost of up to £37m.

27 Mar 2014

BH Global : BHGE, BHGG, BHGU – final results

BH Global has announced results for the year ended 31 December 2013. The net asset value of the US dollar share class rose  by 1.79% in 2013, the NAV of the Euro shares rose by 1.47% and the NAV of Sterling share class rose by 2.32%. Recent continuation votes held for each share class mean that the euro class will […]

27 Mar 2014

Riverstone Energy : RSE – new investment

Riverstone Energy  has made a C$67 million commitment to Canadian International Oil Corp, part of $200m committed by Riverstone advised entities. Based in Calgary, Canadian International Oil Corp controls and operates an oil field centred on the Montney and Duvernay formations of Western Canada’s Deep Basin, about 400,000 acres in total and currently producing approximately 3,000 […]

27 Mar 2014

International Public Partnerships : INPP – final results

International Public Partnerships net asset value increased from 121p to 123p over the course of 2013. Its dividend was increased to 6.15p per share (up 2.5%) and the Board has set targets of 6.3p for the current year and 6.45p for the next. At the end of December it had interests in 122 projects spread […]

27 Mar 2014

Graphite Enterprise : GPE – final results

Graphite Enterprise has released its results for the year ended 31 January 2014. Over the year its net asset value rose by 7.2% as they harvested £118m from the portfolio, helped by a £14m contribution from the sale of Alexander Mann (the recruitment company) – this deal added £6m to the net asset value. They reinvested £90m […]

26 Mar 2014

GLI Finance : GLIF – final results

GLI Finance has reported an increase in its net asset value from 49.09p to 49.99p per share and paid 5p of dividends over the year, up from 4.7p in the previous year. GLI Finance, led by CEO, Geoff Miller (pictured), made four acquisitions over the year and has made five since, increasing its exposure to the […]

26 Mar 2014

UK Commercial Property : UKCM – sale of manager

The investment manager of UK Commercial Property, Ignis Asset Management, is being sold to Standard Life. The sale is supposed to complete by the end of Q2 2014. The Board of UK Commercial Property says it “will monitor the situation carefully and update shareholders as appropriate”.

26 Mar 2014

Bilfinger Berger Global Infrastructure : BBGI – final results

Bilfinger Berger Global Infrastructure has announced its results for the period ended 31 December 2013. Over the year its net asset value rose from 103.5p to 105.6p (helped by a decrease in the discount rate used to value its projects from 8.51% to 8.39%) and it paid out 5.5p in dividends. The company grew in size […]

25 Mar 2014

Picton Property : PCTN and SEGRO : SRGO – asset swap

Picton Property has swapped its investment in Magna Park, Lutterworth for SEGRO’s investment in Parkbury industrial estate in Radlett, Hertfordshire. Picton sweetened its side of the deal by paying SEGRO an additional £6.5m Parkbury is a 32,810 sq m multi-let industrial estate located between junctions 22 and 21a of the M25 with 24 units and a net […]

25 Mar 2014

Electra : ELTA – acquisitions

Electra has announced that it has invested a further £15m in house builder, CALA homes, so that CALA could buy Banner Homes – both companies concentrate on the high end house building sector. Electra has also invested £14m buying audio-mixing console manufacturer, Calrec,  

24 Mar 2014

Dunedin Income Growth : DIG – annual results

Over the year to the end of January 2014 Dunedin Income Growth generated a total return on net assets of 8.7%, an the return to shareholders was 8.6% – by contrast the return on the FTSE All-Share Index was 10.1%

Sectors
24 Mar 2014

Greencoat UK Wind : UKW – annual results

Greencoat UK Wind has announced results for the period ended 31 December 2013 (its first full results). At the end of the period Greencoat’s net asset value was 102.9p and its share price 103.0p. Dividends paid have been in line with projections. Power generation has been ahead of forecast. The company was fully invested and […]

24 Mar 2014

John Laing Infrastructure : JLIF – final results

Over the course of 2013 John Laing Infrastructure registered an increase in its net asset value from 105.7p to 106.8p, paid an increased dividend of 6.25p (vs. 6.0p) and delivered a total return to shareholders of 13.5%. JLIF plans to increase its overseas exposure and is looking at opportunities in Canada, Australasia and the US. […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
21 Mar 2014

Starwood European Real Estate Finance : SWEF – annual results

Starwood European Real Estate Finance has completed its first financial year. At the end of 2013 its net asset value was 99.13p and its share price 100.75p (it launched on 17 December 2012 at £1). It paid a dividend of 1.9p for the period in February this year, less than forecast at the time of the […]

Sectors
21 Mar 2014

Juridica : JIL – final results

Juridica Investments, chaired by Lord Brennan (pictured), has announced its results for the period ended 31 December 2013. Over the year its net asset value fell from $2.20 per share to $2.02 as it paid out a 14p dividend (cost to the fund $25.7m) while generating net income of just $5.1m. Net income was dragged down […]

20 Mar 2014

Asian Growth Properties : AGP – final results

Over 2013 Asian Growth Properties’ net asset value rose from 106.9p to 110p as property values were revised upwards. High occupancy at the Dah Sing Financial Centre in Hong Kong, the sale of commercial parking spaces and residential units at Forest Hills in Hong Kong and “satisfactory” hotel operations at the Crowne Plaza in Hong Kong […]

Sectors
20 Mar 2014

HICL Infrastructure : HICL – Australian purchase

HICL Infrastructure is making its first investment in Australia, a 5.85% stake in the AquaSure Victorian desalination project. The Board has decided, in the interests of good corporate governance, to ask shareholders to approve the transaction. They will get to vote on the deal on 15 April 2014.

20 Mar 2014

UK Commercial Property Trust : UKCM – annual results

UK Commercial Property has released its results for the year ended 31 December 2013. The net asset value rose from 69.6p to 73.1p over the year (the total NAV return was 13.2%) driven largely by income returns and an uplift in property values in Central London, South Eastern industrial assets, distribution warehouse and some regional offices. The […]

20 Mar 2014

North American Income Trust : NAIT – annual results

North American Income Trust has announced its results for the period ended 31 January 2014. Perhaps the most significant figure in these is a 38.5% increase in the dividend (from 19.5p to 27.0p). this comes on the back of a more than 50% rise in revenue per share and pushes the yield on the fund […]

Sectors
20 Mar 2014

JP Morgan US Smaller Companies : JUSC – final results

JP Morgan US Smaller Companies beat its benchmark in 2013 as its net asset value rose by 38.7% vs. 35.9% for the Russell 2000 Index (in sterling). The shares did even better, rising by 58.6%. JUSC was trading at a premium at the year end and issuing shares. The Board say that managing a tight […]

Sectors
20 Mar 2014

Dunedin Enterprise : DNE – final results

Dunedin Enterprise’s net asset value declined slightly over the course of 2013 but, including income, the total return was just positive (0.6%). By contrast the FTSE Small Cap. index rose by 43.9%. Gains in some investments, notably Practice Plan (sold) and CitySprint, (the same-day courier, now the largest holding) were offset by falls in the values of […]

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