JPMorgan Claverhouse has announced changes to its investment management fee arrangements, which it says are intended to be more appropriate for attracting private wealth and retail investors. With effect from 1st July 2016, the investment trust’s performance fee will be terminated and the management fee will be charged at an amended annual rate of 0.60% […]
Secure Property Development & Invest has announced that it has signed heads of terms, with Temania Enterprises Ltd, for the sale of its Kiev based warehouse, Terminal Brovary, at a Gross Asset Value exceeding US$16m (before deducting the outstanding EBRD attached loan). The company says that, as completion of the disposal is subject to a […]
Tetragon Financial Group Master Fund, a subsidiary of Tetragon Financial Group, has announced the Final Results of its tender offer (a modified Dutch auction) to purchase shares in Tetragon Financial Group Limited. In accordance with the terms of the Offer, the Master Fund has accepted for purchase 9,999,997 TFG non-voting shares at a purchase price […]
Investment companies were put on a more equal footing with open-ended funds following implementation of the Retail Distribution Review (RDR) in 2013, which phased out commission paid by fund groups to financial advisers for product purchases. Historically, it had been less attractive for financial advisers to recommend investment trusts because they did not pay commission […]
Monks lagged its benchmark a little over the year to 30 April 2016 – the first year that a new investment team, led by Charles Plowden, has been in charge of the portfolio. Monks’ net asset value total return was minus 0.4% compared to a total return of 0.5% for the FTSE World Index (in sterling […]
Bluefield Solar is seeking approval from shareholders for an amendment to the company’s investment policy which would, if approved, enable it to incur long term structural debt at the holding company level. The existing investment policy envisages that Bluefield Solar will only use short term debt at the holding company level. Shareholders should note that the proposed […]
Rio Tinto plc has offered to purchase for cash up to US$3 billion of its 2018, 2020, 2021 and 2022 US dollar-denominated notes in an effort to reduce its debt position. The move follows the successful completion of cash tender offers launched in April to purchase US$1.5 billion of its 2017 and 2018 notes. The […]
Templeton Emerging Markets has published its results for the year ended 31 March 2016. TEMIT’s benchmark index declined by 8.8%. Unfortunately, the NAV suffered a much worse decline of 17.1% and the return to shareholders was -17.0% (all figures on a total return basis). Without the gains from share buy backs, the relative performance would have been rather worse. The […]
Workspace has published results for the year ended 31 March 2016. At the end of the period, the EPRA NAV per share was GBP9.23, an increase of 31.3% over the year. The Board is recommending an increase in the final dividend to 10.19p per share. This represents an increase in the total dividend for the […]
Canadian General Investments, Limited announced today that it has entered into an agreement with a Canadian chartered bank for a $75 million three-year fixed rate secured credit facility. Proceeds from the facility will be used to fund the previously announced June 10, 2016 redemption of its $75 million 3.90% Cumulative Redeemable Class A Preference Shares, […]
Perpetual Income & Growth has published results for the year ended 31 March 2016. Over that period its net asset value was unchanged. By contrast, the return on the FTSE All-Share Index was -3.9%. The discount widened however and so the return to shareholders was -2.9%. The dividend was increased by 4.1% to 12.8p and […]
Sirius Minerals Plc has selected the preferred contractors for key components of its North Yorkshire polyhalite project after a 19-month tendering process. Sirius has chosen AMC UK (a joint venture between Thyssen Group and Redpath Group) as the contractor for the design and build of mine site development, which includes all of the shaft construction […]
No intention to make an offer for Alliance Trust plc On 31 May 2016, RIT Capital Partners announced that the possibility of combining the Company with Alliance Trust for the benefit of both sets of shareholders was at a preliminary stage of consideration. Following careful analysis and constructive discussions with representatives of Alliance Trust, RIT Capital […]
Custodian REIT’s results for the year ended 31 March 2016 show that its NAV per share rose by 0.2% to 101.5p resulting in an NAV total return of 6.2%. The share price total return was 3.5%. Dividends rose by 19% to 6.25p. Profit after tax rose by 28.7% and EPRA EPS was up 21.4% on the prior year to 6.8p. On the back […]
VinaLand Limited has published a copy of a VNL update presentation dated 3 June 2016 that will form the basis of discussions with shareholders at the forthcoming meetings scheduled in Europe commencing this week and in Asia thereafter. The shareholder discussions have been organised to discuss possible future strategic options for the Company which could […]
Montanaro European Smaller Companies has announced its annual results for the year ended 31 March 2016. During the period the trust’s NAV grew by 11.1% thereby outperforming its benchmark, the MSCI Europe Small Cap (ex UK) Index, which increased by 7.6%. During the same, the trust’s share price increased by 4.9%, which reflects a widening […]
Electra Partners has announced that it has agreed the sale of Elian to Intertrust for £435m. Electra Partners say that the transaction is subject to regulatory and Intertrust Group N.V. shareholder approvals. Following completion of the transaction, which Electra Partners say is expected during the third or final quarter of 2016, Electra Private Equity is […]
Ranger Direct Lending Fund has announced that, following consultation with potential investors, it intends to raise up to £30m through a placing of zero dividend preference shares (ZDP Shares). The Company currently expects the ZDP Shares to be issued with a 5 year term and a gross redemption yield of 5% per annum. The company […]
VinaLand Limited and Vinacapital Vietnam Opportunity have announced that they are divesting their stakes in Project Pham Hung. The project, acquired by VNL and VOF in 2007, is a 2.4 hectare parcel of land located in Hanoi and has planning approval for a future mixed use development. VNL will dispose of its entire stake at a total valuation 0.2% […]
Personal Assets has announced results for the year ended 30 April 2016. Over the year to 30 April 2016 Personal Assets ‘s net asset value per share rose by 5.0%. This compares to a fall of 9.0% in the FTSE All-Share Index. Personal Assets ‘s share price rose by GBP21.80 or 6.2% during the year and at 30 […]
Globalworth has just published results for the year ended 31 December 2015 so these figures are somewhat out of date now. Its EPRA NAV rose by 12.2% over the year, mainly on the back of new acquisitions and the revaluation of development projects. The appraised value for the remainder of the portfolio was, on a like-for-like basis, marginally […]
Over the year to the end of March 2016, Value and Income Trust generated a Net Asset Value total return (with debt at par) of 0.2%. this compares to a FTSE All-Share Index total return of -3.9%. However the Share price total return was -9.6%. The Board is recommending a substantial increase in the final dividend, […]
Alpha Pyrenees has provided an update on its situation as at the end of March 2016. The fund’s NAV has fallen again. KEY POINTS MATURITY OF BORROWINGS EXTENDED TO 31 OCTOBER 2016 TRUST HAS THE SUPPORT OF ITS LENDER FOR AN ORDERLY REALISATION OF ITS REMAINING PROPERTY ASSETS SALES PROCESS WILL NOT RESULT IN ANY […]
Kefi Minerals has reduced the estimated funding required to build a mine at its 100%-owned Tulu Kapi gold project, in Ethiopia, from US$145.0 million in the 2015 definitive feasibility study to US$131.7 million, principally through a change in the life-of-mine plan. With an open pit processing ore by conventional CIL at a revised rate of […]
Fidelity China Special Situations has published results for the year ended 31 March 2016. For the year under review, the company’s NAV total return increased by 0.02% while the share price total return fell by 4.53%. The Benchmark Index, MSCI China, fell by 16.17%. The Board recommends a dividend of 1.80 pence (2015: 1.30 pence) per share for the year […]
Schroder European Real Estate has confirmed completion of the purchase of a convenience retail property located in Rodelheim (Frankfurt) at a purchase price of EUR11.05 million reflecting a net initial yield of 5.6%. The investment is well located in a growing inner urban area of Frankfurt am Main and is anchored by a 1,600 sqm Lidl supermarket […]
Schroder UK Mid Cap has published results for the six months ended 31 March 2016. The company’s net asset value produced a total return of 3.0%, compared to a total return of 2.2% for the company’s benchmark, the FTSE 250 (ex Investment Companies) Index. However the performance of the company’s share price disappointed during the period, […]
The Board of Industrial Multi Property Trust notes a press comment today and announces that it has received an unsolicited proposal from a third party to acquire the entire property portfolio of the Company by way of a sale and purchase agreement. The Board considers that the Proposal undervalued the Company’s assets significantly and therefore has […]
