News

JEMI : JPMorgan Global Emerging Income lags benchmark Over the year that ended on 31 July 2014 JPMorgan Global Emerging Markets Income’s net asset value return was 1.3%. this was a bit behind the MSCI Emerging Markets Index, which returned 3.6%. The good news for shareholders was that the share price returned matched this as […]

RC2 : Reconstruction Capital II planning to issue loan notes Reconstruction Capital II says it will hold a meeting on 29 October 2014 at which it will ask shareholders to approve the continuation of the company for two years until the AGM in 2016 and the issue of £8.45m of convertible loan notes. They say […]

ERII : Last few investments in European Residual Income sold European Residual Income Investments has announced that Alba 05, Alba 06 and Eirles 236B have been sold for values in excess of their last valuation. The fund now just holds cash of about €18.2m and one other holding that has zero value. The directors are now thinking […]

ALPH : Alpha Pyrenees sells office in Gennevilliers Alpha Pyrenees has announced that it has sold an office investment in Gennevilliers in France (north Western Paris suburbs) for €7.4m. The price is in line with book value. The property comprises 3,410 sqm and is let to Husqvarna France on a 9 year lease with a […]

TRG : TR European Growth discount narrows as fund outperforms TR European Growth’s results for the year ended 30 June 2014 show the fund delivering a 34.3% total return on net assets for the year – well ahead of the 26.8% return on the fund’s benchmark (The Euromoney Smaller Companies Index excluding the UK). TR European […]

KWE : Kennedy Wilson raising £350m Kennedy Wilson Europe Real Estate is aiming to raise £350m from investors. £100m of this has been raised already via a firm placing to a group of investors including Kennedy Wilson, Marketfield Asset Management, Quantum Strategic Partners and Wellington Management Company (all of which are considered related parties for the […]

ELTA : Electra defeats Sherborne Electra Private Equity has announced that at the meeting held today all the resolutions put forward by Sherborne were rejected by shareholders – the full results of the voting are shown below. 1. That Mr. Edward Bramson be and is hereby appointed as a director of the Company. Votes for 11,008,318  (38.22%), Votes against 17,796,709 (61.78%) 2. That […]

TRE : Trading Emissions NAV falls Trading Emissions has announced its full year results for the period ended 30 June 2014. It made quite sizeable distributions to shareholders during the year (15p in July 2013 and 8p in June 2014), in line with its policy to sell off its portfolio and return the proceeds to shareholders, […]

RLE : Real Estate Investors buys in Walsall Real Estate Investors has taken the size of its property portfolio past the £100m mark with the acquisition of 59/75 Park Street Walsall for £7.7m. The parade of shops is let to a variety of tenants including Wallis Retail, Burton, Superdrug Stores, BHS Limited and Waterstones Booksellers […]

JPEL : JPMorgan Private Equity balance sheet improving JPMorgan Private Equity’s results for the year ended 30 June 2014 show its net asset value rising by 2.7% or 3 cents to $1.14. The shares moved up 5.5%, narrowing the discount a little but still leaving it close to 30%. The Board and managers say they […]

JMG : JPMorgan Emerging Manager mulls what makes a good investor JPMorgan Emerging Markets annual results for the year ended 30 June 2014 show the fund delivering a net asset return of -3.5%, behind the MSCI Emerging Markets Index which returned +1.4%. The return to shareholders was a bit better (-1.0%) as the discount narrowed […]

PIN : Flurry of deals increases Pantheon’s exposure to co-investments Pantheon International Participations has published results for the year ended 30 June 2014. The net asset value rose by 2% over the year and the share price rose by 10%, narrowing the discount from 22% to 16%. The performance lagged that of the FTSE All-Share […]

HICL : HICL Infrastructure adds to hospital exposure HICL Infrastructure is spending £61.5m to by the other half of the Pinderfields and Pontefract Hospitals PPP project that it did not own from Balfour Beatty. the funding from the deal came from their existing resources. The PPP project covers hospitals on two sites, building work was […]

SJG : Schroder Japan beats benchmark Schroder Japan Growth has published results for the year ended 31 July 2014. Over the year the strength of Sterling held back returns – translating a 15%+ gain in Yen terms into a 0.2% loss for the benchmark index. Schroder Japan Growth managed to beat this however, delivering a […]

RSE : Riverstone investment funds Bellatrix Exploration Riverstone Energy has announced that Canadian Non-Operated Resources Corp (a Riverstone investment earlier this year) is funding half the cost of drilling, completion, equipping and tie-in capital expenditures associated with Bellatrix’s development plans to the tune of $250m ($40m of which is Riverstone’s). Bellatrix has extensive acreage and […]

LMP : London Metric buys Dixon Carphone distribution centre London Metric Property is paying £68.5m to acquire a 726,500 sq ft  distribution centre in Newark leased to Dixons Carphone. The unit is let at a rent of £4.5m per annum with five yearly fixed uplifts to 3.0% pa compounded, and has an unexpired lease term […]

MCKS : McKay Securities expands redevelopment site in Woking McKay Securities has announced the acquisition of The Planets in Woking. The building occupies a site of just over an acre in the centre of Woking and is adjacent to a building (1 Crown Square) McKay bought in January this year. Currently The Planets is let to […]

WKP : Workspace sells part of Poplar Business Park to Telford Homes Workspace Group is selling the first phase of the redevelopment of its Poplar Business Park project (800m from Canary Wharf) to Telford Homes. Telford will build 170 apartments and 8,000 sq ft of light industrial space. Workspace is getting £16.3m in February 2015, […]

PAX : Pacific Alliance Asia Opportunity ups convertible bond exposure Pacific Alliance Asia Opportunity has published its interim accounts covering the six months to the end of June 2014. The net asset value rose by 4.8% over the period as the underlying Master fund rose in value by 5.1%. The announcement says that the Master […]

SQN : SQN Asset Finance lends against Snoozebox SQN Asset Finance announced in the middle of the month that its Board had approved £95m of investments and funded £15.9m of this. The Board said this was in-line with the progress they’d anticipated when the fund listed in July 2014. Today they have announced that they have […]

ESP : Empiric Student Property adds to Southampton exposure Empiric Student Property has announced that it is paying £3.5m for a student accommodation property in Southampton. The property is on London Road in in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton and has 46 beds arranged […]

CYN : City Natural Resources High Yield up but underperforming City Natural Resources High Yield results for the year that ended on 30 June 2014 show a total return of 1.4% and a return to shareholders of 2.2% but the benchmark returned 6.1%. The dividend for the year was 5.6p, a 1.8% increase over the […]

BABS, BABE, BABU, BBTS : Bluecrest spinning out systematic trading business Blucrest, managers of the Bluecrest BlueTrend and Bluecrest AllBlue funds, have announced that the systematic trading operations of the company are to be spun out into a separate vehicle, Systematica. The firm will launch in January 2015, and will initially have offices in Jersey, […]

RICA : Ruffer – dull performance precludes a crash? Ruffer Investment Company has published its annual accounts for the year ended 30 June 2014. Over the period its net asset value fell from £2.139 to £2.065, which after dividends translated into a negative total return of 2.6%. The share price fell by 6.5% over the period. […]

WKP : Workspace sells off ten industrial estates Workspace Group is selling off ten industrial estates, encompassing a total of 281,500 sq ft, for £44.3m The properties are being bought by Capital Industrial One BV. The price is a 35% premium to the value of the estates at the end of March 2014. The estates […]

GSS : Genesis Emerging Markets sells expensive Chinese internet stocks Genesis Emerging Markets has published its results for the year ended 30 June 2014. Over the period its net asset value rose from £5.61 to £5.78 – Sterling strength had an adverse impact on returns to UK investors. The 3% rise in the NAV came […]

THRG, BHUE : Richard Plackett stepping down as manager of investment trusts Richard Plackett is returning from his sabbatical on 7 October but will step down as co-manager of BlackRock Throgmorton Trust and BlackRock Hedge Selector. Ralph Cox who took on the job in Richard’s absence, will now get the job permanently.

BLCK : Blackstar Group hurt by weakening Rand Blackstar Group’s interims, covering the six months ended 30 June 2014, show its net asset value rising by 4.3% in Rand terms but by just 0.1% in Sterling terms as the Rand weakened vs. Sterling over the first half of 2014. Blackstar says it increased its stake […]

PJF : Prospect Japan considers investment in its manager Prospect Japan has announced that it is considering invest 3bn Yen ($28m) into a convertible issued by the ultimate parent of its fund manager. The convertible, to be issued by Gro-Bels Co Ltd., will have a coupon of 4% and converts into Gro-Bels’ shares at 60 […]