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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).

23 Jan 2014

F&C Managed Portfolio : FMPI – half yearly report

FMPI has announced its interim results covering the six months ended 30 November 2013. The net asset value returns for the period were 2.9% for the Income shares and 7% for the Growth shares. This compares to a 3.9% return on the FTSE All-Share Index and 3.1% on the FTSE Equity Investments Index. The Board say […]

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  • Europe (EU and EEA ex UK)
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Companies
23 Jan 2014

Hg Capital : HGT – acquisition

Hg Capital is acquiring Zenith Vehicle Contracts, one of the UK’s leading independent leasing, fleet management and vehicle outsourcing businesses. In total HGT will contribute £21m to the purchase price (as Zenith is acquired by a range of funds managed by Hg Capital). After this deal, using the figures announced as at the end of […]

23 Jan 2014

Eastern European Property Fund : EEP – disposal

Eastern European Property Fund has sold the Yellow Building and Asmali Cumba (buildings in Asmalimescit Street, Beyoglu, Istanbul). The properties fetched $1.6m – about 2% lower than the valuation on 30 June 2013.

Sectors
22 Jan 2014

Dragon Ukrainian Properties : DUPD – future of company

Dragon Ukrainian Properties is calling an extraordinary general meeting on 17 February 2014 to put a set of proposals to shareholders. First it plans to make no new property investments, to sell “as quickly and effectively as the Ukrainian property market will allow” the existing portfolio and return the proceeds to shareholders. DUPD also hopes to change […]

Sectors
22 Jan 2014

GLI Finance : GLIF – NAV and portfolio update

NB: one important disclosure – James Carthew, the author of this post, is a director of GLIF. GLIF’s Net asset value at the end of December fell to 50p from 51.8p at the end of September 2013 – mainly down to a fall in the value of GLIF’s US$ denominated CLO investments. A number of significant […]

22 Jan 2014

Land Securities : LAND – Q3 statement

LAND’s Q3 statement does not include a new NAV – they only value their properties twice a year – but it does states they have signed £7.3m of lettings in new developments and have a further £7.9m of lettings in solicitors’ hands. LAND have started £243m of new developments at 1 New Street Square and […]

Sectors
22 Jan 2014

Schroder Real Estate : SREI – end December NAV

SREI’s NAV increased from £161.6m to £168.5m over the final quarter of 2013 – the NAV per share increased from 45.4p to 47.3p – mainly driven by a 3.4% increase in the underlying property valuation.  

22 Jan 2014

Picton Property Income : PCTN – NAV

Picton has announced that its net assets increased to £204.3m at the end of December 2013, from £180.3m at the end of September 2013 as the underlying property portfolio increased in value by 3.3% and PCTN raised £11.9m by issuing 22.2m shares at 53.5p. The EPRA NAV per share increased by 6.7% to 53.8p. PCTN […]

21 Jan 2014

Golden Prospect Precious Metals : GPM – joint portfolio manager

Golden Prospect has appointed Keith Watson to work alongside Will Smith as co-manager of the portfolio. Keith was a senior natural resource analyst at Mirabaud Securities and before that had research jobs at Evolution, Dresdner Kleinwort Wassertein, Commerzbank, Credit Suisse/BZW and worked as a portfolio manager and research analyst at Scottish Amicable.

21 Jan 2014

John Laing Infrastructure : JLIF – new investment policy

JLIF has made a few minor changes to its investment policy. The fund will in future be able to invest up to 30% in projects under construction (up from 15%). QD comment: investing in assets under construction increases the risk profile of the fund but could increase the return. Invest up to 10% of the portfolio […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
20 Jan 2014

BlackRock Commodities Income : BRCI – change of manager

BRCI’s manager who has managed the fund since it was launched in 2005, Richard Davis, has stepped down as portfolio manager. The Board have agreed with BlackRock that the new manager will be Olivia Ker, assisted by Thomas Holl who was also deputy manager to Richard Davis.  

20 Jan 2014

VinaLand : VNL – sale of investment

VNL has sold its stake in Vina Properties which owns a 5 star hotel located in Ho Chi Minh City. The hotel fetched $16.1m, 19% more than its value in the NAV at the end of December 2013

Sectors
20 Jan 2014

Electra : ELTA – buys shoe company

Electra has announced that it has invested £85m in Hotter Shoes. The acquisition will have no immediate impact on Electra’s net asset value. Hotter Shoes is the UK’s largest manufacturer of shoes, has 59 own stores, sells through another 200 outlets and has a large online presence. If you are curious, the easiest thing to […]

20 Jan 2014

Prosperity Voskhod : PVF – compulsory redemption of capital

PVF will return $58m to shareholders by way of a compulsory redemption of capital which will retire 26.29% of its share capital. Shareholders will get their cash on 6 February 2014.

Sectors
20 Jan 2014

The Bankers Investment Trust : BNKR – final results

Bankers results for the year to the end of October 2013 show a 23.8% uplift in its net asset value and a closing of its discount, enabling a 33.9% share price return to investors and sufficient demand for its shares to allow it to issue 350,000 in the period. This was the first time Bankers has issued […]

Sectors
17 Jan 2014

NB Distressed Debt : NBDD and NBDX – capital distributions

NB Distressed Debt is ready to make its first distributions to shareholders. These will be done via compulsory redemptions of shares – $28m in the case of NBDD (the original fund) or $0.2255 per share and $20.9m in the case of NBDX (the continuation fund) or $0.0593 per share. For NBDD the money comes from […]

Geographies
  • North America
  • Central and South America
  • Australia and New Zealand
  • Europe (EU and EEA ex UK)
  • UK
17 Jan 2014

Ludgate Environmental : LEF – cut in NAV

Between the 30 September 2013 and 31 December 2013 LEF’s NAV fell from 85p per share to 70.8p per share. 5p of the fall reflects a distribution that was made to shareholders, the rest is mainly a reduction in the carrying value of ECO Plastics as LEF changed they way they valued and accounted for that […]

17 Jan 2014

SVG Capital : SVI – sale of ProSieben Sat

SVI has announced that the remainder of its investment in ProSieben Sat.1 Media AG has been sold. SVG Capital will get £85.6m from the sale. SVI also announced that they’ll announce their results n 13 February 2014.  

17 Jan 2014

Fidelity European Values : FEV – share split

FEV will split each of its shares into 10 new shares (subject to shareholder approval at the next AGM). The shares are currently well over £15, so by splitting them FEV will make it easier for shareholders to invest smaller amounts of money in the company.  

Sectors
16 Jan 2014

Ashmore Global : AGOL – complusory partial redemption

On 31 January AGOL will return 78.84p per sterling share and 79.71 cents per US$ share by way of a compulsory redemption of shares. 12.83% of a shareholder’s holding will be redeemed.

Sectors
16 Jan 2014

Primary Health Properties : PHP – investment

PHP is funding, to the tune of £2.25m, the building of a new medical centre in Wrexham and expects the centre will be operational by the end of 2014.

16 Jan 2014

M&G High Income : MGHU – interim results

Over the six months to the end of November 2013 M&G High Income’s package units delivered a total return of 6.1% – ahead of the returns on the FTSE 350 High Yield Index (up 2.3%) and the FTSE All-Share Index (up 3.9%). Dividends for the first half totalled 2.8p, 7.7% up on the equivalent period […]

Sectors
15 Jan 2014

HICL Infrastructure : HICL – purchases and sales

HICL has sold two assets and bought another three, raising £5.8m in the process. the assets sold were HICL’s stakes in the Dorset and Swindon police projects and the assets acquired were the remaining 20% stakes they did not own in the Derby and Newport Schools projects and the Medway police project.  

14 Jan 2014

Henderson Diversified Income : HDIV – results

Over the year to the end of October 2013 HDIV’s net asset value increased from 83.3p to 87.9p ( a total return, including income, of 12.0%). The dividend rose slightly from 5p to 5.05p but the Board have said that quarterly dividends will be 1.25p for the current financial year (i.e. back to 5p again). […]

Sectors
14 Jan 2014

HICL Infrastructure : HICL – acquisition in France

HICL has acquired an 85% interest in the University of Bourgogne PPP  (four new academic buildings on the university campus) and a 90% interest in the Troisseruex by pass RD901 PPP (a 7km dual carriageway being built as a bypass for the town of Troissereux near Beauvais). The total outlay for the two projects is […]

13 Jan 2014

Majedie Investments : MAJE – changes to management arrangements

Majedie has appointed Majedie Asset Management as its sole investment manager and has decide to close its hedge fund business, Javelin Capital and redeem its £29.5m investment in Javelin Capital Emerging Markets Alpha Fund. Majedie Asset Management will purchase 10% of its share capital from Majedie Investments – reducing the fund’s interest in the asset management […]

Sectors
13 Jan 2014

Henderson Value Trust : HVTR – final results

The financial year to the end of September 2013 was transformative for Henderson Value Trust as, following a period of disappointing investment performance, the management contract moved from SVM Asset Management to Henderson Global Investors and the fund changed its name (from SVM Global). Over the year the fund’s NAV rose by 4.3%, well behind the increase in its benchmark, […]

Sectors
10 Jan 2014

Schroder Real Estate : SREI – placing and acquisition

On 9 January 2014 Schroder Real Estate raised £17.2m by issuing 35.6m new shares at 48.25p. The money has been used to buy the Arndale Centre in Headingley, near Leeds, for £16.2m. They bought the centre from the receivers. The Arndale Centre is a 125,834 sq ft retail, leisure and office estate. At the moment […]

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