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).
BBGI has acquired an additional 50% stake in Golden Ears Bridge (pictured, a concession to manage and operate a bridge near Vancouver, Canada which has been open since 2009) and Women’s College Hospital in Toronto, Canada (the project is expected to be completed and operating by March 2016).
Following discussions with shareholders, IGC will not proceed with its planned issue of subscription shares.
Sale of two non-core assets for 15% more than their value at the end of September Picton has sold Highgrove Industrial Estate, Portsmouth and Spencers Wood near Reading for £4.89m. Picton plans to use the proceeds from this and other sales to make larger acquisitions.
Results for the year ended 30 September 2013 PCGH’s NAV total return was 21.0%, adjusted for the likely impact of PCGH’s subscription shares being exercised, and 23.2% without making that adjustment. The benchmark, the MSCI All Countries World Index Healthcare Index, returned 25.4%. The Board say that the main reason for the underperformance relative to the […]
Interim results for the six months ended 30 September 2013 Trinity’s net asset value per share at the end of September was 14pence. At the end of March the equivalent figure was 18pence (adjusting for the 5pence per share distribution Trinity made to shareholders in September). Most of the fall in the asset value is accounted for by […]
JP Morgan Senior Loans started trading this morning. 79m shares were issued at £1 per share. The fund is domiciled in Guernsey and managed by Jim Shanahan and Bill Morgan from J.P. Morgan Asset Management’s High Yield team, based in Cincinnati, Ohio. JPSL will invest in a broadly diversified portfolio of floating-rate debt instruments, at least 80% […]
VNL has raised £15m by issuing zero dividend preference shares with a life of three years and repayable at 126p, equivalent to a gross redemption yield of 8%.
Results for the six months ended 31 October 2013 show the fund underperforming its benchmark, the MSCI All Countries Asia Pacific ex Japan Index. Over the period ABD’s NAV fell by 4.4%, its share price by 7.9% and the index by 1.8%. The manager attributes this, in part, to ABD’s asset allocation (which is driven by […]
St. Peter Port is a fund of pre IPO investments (companies that are planning to list or have another exit opportunity for their shareholders in the offing). In its interim results for the six months ended 30 September 2013, SPPC announced that its net asset value fell by 10.4%. They attributed this, largely, to the strengthening of […]
Over the six months to end October 2013 MIGT delivered an NAV return of 6.8% – well ahead of its objective which is to beat 3 month LIBOR +3% with low volatility (MIGT’s annualised volatility was 8.3% over the period vs. 12.8% for the FTSE All-Share Index). MIGT’s Chairman has said that he believes the […]
Results for the six months ended 31 October 2013 show an NAV return of 10.5% vs. a benchmark return of 10.8%. The share price return was 9.4%. The Board has increased the interim dividend by 25% to 2.5p per share.
Geiger Counter has published its results for the year ended 30 September 2013. Over the year GCL’s NAV fell by 29% and its share price by 24%. The main problem for the fund (which is focused on the uranium market) has been the consequences of the Fukushima disaster on the current and potentially the future […]
Over the year to the end of October 2013 DNDL managed to deliver a 38.1% total return on net assets which, after some discount widening, translated into a 33.8% for shareholders. this compares to a 47.8% return on the FTSE Small cap. ex investment companies index. Underperformance is attributed by the Board and the manager […]
Invesco Asia has released its results for the half year ended 31 October 2013. IAT outperformed over the period as the NAV returned 3.2%, the share price 2.6% and the benchmark lost 1.8%. The discount widened a little but the Board has reaffirmed its commitment to getting the fund to trade at a discount narrower […]
Eredene’s interim results for the period ended 30 September 2013 show a fall in the NAV from 17.2p to 13.3p as write downs in the valuation of investments were exacerbated by the falling rupee. The Board has taken steps to cut overheads by employing a new manager (Ocean Dial, manager of India Capital Growth Fund […]
Globalworth (a recently launched Romanian property company) is buying two office buildings in Bucharest comprising c82 thousand square metres of office space and associated car parking. The buildings were completed in 2008 and 2009. The acquisition price is €152m. This deal was flagged in GWI’s prospectus and is part of a larger deal that the company says will take […]
Annual results have been released for the year ended 31 October 2013. The Board is making plans to wind up the fund by offering either a rollover into an open-ended fund or cash, consequently they have elected to prepare BRNE’s accounts on a liquidation basis. Over the year BRNE’s NAV rose by 27.4% and its […]
SDP’s Annual results for the period ended 30 September 2013 have just been released. They show the company produced a return of 1.9% in net asset value terms and 3% in share price terms while the benchmark, the MSCI All Countries Asia ex Japan index, delivered a total return of 5.3%. The manager says stock […]
Half year results to 31 October 2013 show an NAV uplift of 6.5% and an increase in the share price of 5.6%. MWGT’s benchmark is the return on Sterling LIBOR +2% (equal to 1.3% over the period – so MWGT comfortably outperformed its benchmark). MWGT’s return lagged that of the FTSE All-Share and MSCI World Indices […]
Greencoat has raised an additional £83m from investors and will issue 80.975m shares at 102.5p using the money to pay down part of its debt – to leave £50m outstanding.
RSE will contribute $100m towards $300m being committed by Riverstone companies towards Eagle Energy Exploration. Eagle’s focus is on oil & gas exploration and production in mid US (exploiting the Mississippi Lime trend).
Over the year to the end of October BRNA returned 17.1% in NAV terms and 16.5% in share price terms vs. a return for the Russell 1000 Value Index of 27.4% – underperformance relative to the index is attributed by the Board to the outperformance of “lower quality stocks” that BRNA does not hold.
JAI has released its results for the year ended 30 September 2013. In NAV terms the company returned 6.4%, beating its benchmark which returned 5.1%. The discount narrowed so the share price return was 7.2%. The Board are pleased that JAI beat its benchmark over the year but say they are determined that this should only be […]
Results for the six months ended 30 September 2013. NAV falls to 40.7p from 55.3p in part because of an 11% adverse shift in the sterling / rouble exchange rate but also because the valuations of AURR’s remaining investments has been reduced. AURR’s valuation of Unistream fell to £10.7m from £12m – growth has been lower […]
Praetorian Resources six months to the end of September 2013 saw the NAV fall from 32p to 21p as junior resources companies remained out of favour. The Board is asking for investors’ patience and hopes to raise more money for the fund to take advantage of what it thinks are the recovery prospects for its […]
DCG Iris has released a statement about the winter storm known as Xaver or Bodil. DCG believe the impact of the storm may have been less than that of Christian, the previous winter storm that struck Europe. Christian hit when the trees were in full leaf and caused many to topple while Xaver’s main impact […]
MedicX plans to buy a primary care medical centre in Buckley, Flintshire for £7.6m when it is complete in February 2015
Results for the year to end October 2013. SCIN had a good year, beating both the FTSE All-World Index and the FTSE All-Share (SCIN NAV +28%, SCIN share price +29%, World Index +24%, UK Index +23%). Gearing was positive, adding 1.4% to returns.
In its eighth deal, LBOW lends £13.25m against a London based portfolio of high street retail and residential properties. LBOW now 85.1% invested with an average coupon of 7.28% per annum and an average yield to maturity of 8.29%.
Lowland has published its results for the year ended 30 September 2013 and the fund has had another great year. The total return was 33.3% on the NAV and 37.5% on the share price. they compare themselves to the AIC UK Growth & income sector – this returned 26.4% on average – and the FTSE […]
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