VOF : VinaCapital Vietnam Opportunity Fund selling stake in An Giang Plant Protection An Giang Plant Protection is the leading pesticides manufacturer and distributor in Vietnam. VinaCapital Vietnam Opportunity Fund is selling its 23.6% stake in the company for $63.1m. Over the period that VOF has held the stake it has generated an IRR of 23.7%. […]
FSFL : Foresight Solar plans fund raise to expand portfolio Foresight Solar Fund Limited has announced that two of its projects, Bournemouth and Kencot, are now connected to the grid. It has decided to raise £100m now and is also seeking shareholders’ permission to issue a further 200m shares between now and 24 September 2015 as and when […]
JMF : William Meadon steps down as co-manager of JPMorgan Mid Cap JPMorgan Mid Cap results for the year ended 30 June 2014 have been published today. These show the total return on net assets was 18.3%, ahead of the 17.8% return on the FTSE 250 Index. The discount tightened up resulting in a return […]
ESP : Empiric invests in Nottingham Empiric Student Property is buying a 98 bed student accommodation property in Nottingham. Talbot Studios opened in 2012 and is a purpose built property with 98 self-contained studio apartments together with various communal facilities. Empiric is paying £8.2m for the property. They say they’ll publish a trading update next […]
PMEA : PME Africa signals delay to portfolio sales PME Africa has reported an unchanged NAV for the half year to 30 June 2014 of $046. As shareholders rejected its proposal to become a rail transport company, PME Africa is focused on managing its remaining assets and finding buyers for them. The property they own […]
IIP : Flat NAV at Infrastructure India Infrastructure India’s results for the year ended 31 March 2014 have been published today. As the figures are almost six months old they probably aren’t much use for investors but the company has released more detail on the progress of its investments. The net asset value decreased marginally […]
OCL : Oakley Capital buys majority stake in Facile.it Oakley Capital, through OCPE II Master LP, is investing €27m into the acquisition of a majority stake in Facile.it, Italy’s largest car insurance broker and online price comparison website. Oakley is excited by the prospects for the business – just 10% of car insurance is bought […]
ADAM : Adamas Finance NAV hit by dilutive issue Adamas Finance Asia saw its net asset value per share fall from 20.2 cents to 6.9 cents over the six months that ended on 30 June 2014. The principal reason for this was the fund’s issue (as a result of a reverse takeover) of 1.5bn shares at 6 […]
LBOW : ICG Longbow fully invested and on track ICG Longbow has deployed all the money it raised and is generating sufficient income to pay the 1.5p per quarter dividend it promised investors. A little money has been repaid early and the company says it is looking to redeploy this capital but it cautions that […]
GLIF : GLI Finance secures £30m borrowing facility GLI Finance has announced that it has arranged a borrowing facility with Sancus, one of the platforms it is invested in. Under the terms of the facility it can draw down £10m initially and a further £20m at a later date. The interest rate on the facility […]
NAS : North Atlantic Smaller Companies thinks markets fully valued North Atlantic Smaller Companies interims for the six months ended 31 July 2014 have been released. These show the net asset value rising by 4.4% over the period (after adjusting for the dilutive effect of the convertible loan stock and valuing the holding in Oryx […]
DCI : Dolphin Capital seeking funding for Jack Niklaus Golf resort Dolphin Capital has announced results for the half year to end June 2014. The net asset value rose by 5.7% over the period to €0.99 (€0.86 taking deferred taxes into account). They report progress at Amanzoe with one villa sold, more sales under discussion […]
GLIF : GLI Finance portfolio repositioning continues GLI Finance has announced its interims for the six months ended 30 June 2014. Over that period the net asset value fell from 49.99p to 48.53p – in part because of the strength of Sterling affecting the value of its dollar assets. It made a return on equity […]
CREI : Custodian UK REIT looking to raise £20m Custodian UK REIT has announced that it is seeking to raise £20m by issuing new shares at 104.75p – a 5% premium to NAV. UPDATE 3rd October In the end Custodian REIT raised £25m – the Board said the issue was 2significantly oversubscribed” and so, “in […]
UKW : Greencoat UK Wind raising another £100m Greencoat UK Wind has announced that is looking to raise £100m from investors by issuing 93,457,944 shares at 107p – a small premium to net asset value at the end of June (105.8p, 102.7p after the last dividend went ex) but a discount to the share price […]
HICL and INPP trade in Sheffield School Project HICL Infrastructure is buying a 19% stake in Sheffield Building Schools for the Future project and a 50% stake in Oldham Library PFI project. The Sheffield stake was sold by International Public Partnerships for £3.2m which implies that HICL paid £1.9m for the Oldham deal. INPP said […]
ELTA : Electra responds to Sherborne Electra Private Equity has responded to Sherborne’s letter to Electra shareholders. The response is so detailed that we have taken the unusual step of reproducing it in full below. Electra Private Equity PLC (“Electra” or the “Company”) notes the letter from Sherborne Investors Management (Guernsey) LLC (together with its […]
PAX : Pacific Alliance Asia Opportunity tackles its discount Pacific Alliance Asia Opportunity will provide a facility for selling shareholders over the next six months with the aim of narrowing the fund’s discount. $15m will be used to buy back at an 8% discount to the NAV at 30 September 2014 and $15m will be used to […]
SLI : Standard Life Property Income acquiring in Rotherham Standard Life Property Income is paying £14.6m for a logistics and industrial development in Rotherham. The property has three units totalling 360,000 sq ft and is let to Symphony Group. The initial rent is £1.08m which rises in line with RPI, capped at 4% per annum, […]
HSLE : Harbourvest Senior Loans exits last four investments Harbourvest Senior Loans Europe says that Spire Partners have sold the last four loans left in the portfolio at a small premium to book value. The Board complemented Spire on their efforts. Proceeds are expected in October and they say they will be returned to shareholders […]
RSE : Riverstone invests in Mexican Exploration and Production company Riverstone Energy has committed $75m towards a $525m investment in Sierra Oil & Gas. They describe Sierra as Mexico’s first independent exploration and production company. They have the opportunity to double their investment once the first lot of money has been fully committed. The announcement […]
VNF : PXP Vietnam considering rollover into open ended fund The Board of PXP Vietnam Fund has announced that it is considering the merits of offering shareholders a rollover into an open ended fund managed by the same team (led by Kevin Snowball – pictured) The proposals are at an early stage and there is […]
CTY : City of London maintains dividend record City of London Investment Trust, managed by Job Curtis (pictured), has published final results for the year that ended 30 June 2014. Over this period the net asset value delivered a total return of 14.7% which compares favourably with a 13.1% return on the FTSE All-Share Index […]
JPS : JPMorgan Japan Smaller issuing warrants The Board of JP Morgan Japan Smaller Companies has announced that it is considering issuing shareholders with warrants on the basis of 1 warrant for every 5 shares held. The Board will let shareholders have more details soon.
TCSC : Town Centre Securities boosted by Merrion Centre Town Centre Securities results for the year ended 30 June 2014 show its net asset value climbing from 285p to 320p. The dividend for the year is being maintained at 10.44p. the portfolio total return was in-line with that of the IPD Index at 17.6%. Their […]
ELTA : Sherborne discloses why it targeted Electra Sherborne has today published a long letter that it is asking Electra to send to its shareholders that sets out its reasons for targeting Electra. Sherborne has compared Electra’s performance to the FTSE 250 index from 2004 and, from 2009, unlisted “private equity funds of similar size” and […]
PEW : Premier Energy and Water scheme effective Premier Energy and Water has announced that its scheme to move its zero dividend liabilities into a separate company has become effective today. The scheme will allow the fund to prolong its life beyond 2015.
DIGS: GCP Student Living first results ahead of target GCP Student Living has published its first set of results. These show that it made an annualised total return of 11.5% for the period that ended on 30 June 2014 – ahead of its 8%-10% per annum target. Shareholders got 6.1p in dividends. The triple net […]
QIF : Good year for Qatar Investment Fund Qatar Investment Fund’s net asset value rose by 21.6% over the year to end June 2014, lagging the Qatari stock market which rose by 23.9%. The total return to shareholders over the year was 29.1%, this includes a 3.2 cent dividend. A 3.5 cent dividend is proposed […]
UTL : Utilico on track to repay zeros Utilico Investments results for the year to 30 June 2014 show the fund generating a total return per share of 18.1%. This compares to 13.1% for the FTSE All-Share Index over the same period. The Board has decided to reduce the fund’s gearing by cutting the overall […]
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