Montanaro UK Smaller Companies’ results for the year ended 31 March 2014 show the fund lagging the Numis Smaller Companies Index by some margin – generating a return on net assets of 11% vs. 23% for the benchmark. The discount did narrow however (from 16% to 13%) and so the return to shareholders was 16%. […]
Lindsell Train Investment Trust has published results for the year that ended 31 March 2014. These show that the net asset value return for the year was 13.0% vs. 4.3% for the fund’s benchmark and 9% for the MSCI World Index (in Sterling terms). The share price did even better – generating a return of 16.0% […]
Phaunos Timber Fund announced this morning that it intends to appoint Stafford Timberland Limited as managers of the fund. They want to press on with restructuring the company and stick to the planned continuation vote in 2016. Phaunos say they will not be updating the net asset value before the annual valuation date at 31 […]
Hansa Trust has published its annual results for the year that ended on 31 March 2014. It announced a the results of a strategic review in April that will, over time, change the way that the company is managed in the future. Over the year Hansa’s net asset value rose by 12.3% while the FTSE All-Share Index […]
The year to 31 March 2014 saw Aberdeen Private Equity’s net asset value little changed – generating a negative net asset value return of 0.2%. The share price total return though was -10.0%. Good performance from Thoma Bravo IX – as it exited Roadnet (vehicle routing and scheduling software) and Entrust (a digital security business); Northzone VI – on continuing progress at […]
Custodian REIT is buying a 37,000 sq ft parcel distribution warehouse located on 3.26 acres of the Bermuda Park estate in Nuneaton. the purchase price is £2.95m and this equates to an initial yield of 7.75%. The tenant is DX Network services.
Jupiter Green Investment Trust has published its results for the year that ended 31 March 2014. Over that period the fund outperformed the MSCI World Small cap. Index – the net asset value was up 16.5% compared to a 10.7% rise in the index. Shareholders also benefited from a narrowing of the fund’s discount (the […]
RENN Universal Growth has published its annual accounts covering the year to the end of March 2014. Over the period the net asset value rose in US dollar terms but fell as Sterling strengthened against the dollar (up 2.1% in US dollars and down 7% in pounds). The Board directors decided to prepare the accounts on a […]
The Renewables Infrastructure Group is spending £19m buying two wind farms to add to its portfolio. Tallentire – a 12MW plant near Cockermouth in Cumbria has been operating since May 2013 and has a projected 25 year life. Meikle Carewe (pictured), near Aberdeen, has a capacity of 10.2MW, has the same operating life and has […]
Alpha Real Trust has released its results for the year ended 31 March 2014. Over the year its net asset value barely moved – falling from 107.6p to 107.0p. It declared dividends of 2.1p for the period and intends to move to quarterly dividends this year. Alpha real trust made a mezzanine loan to Alpha UK […]
Custodian REIT is buying a warehouse near Glasgow for £1.8m. The 38,164 sq ft warehouse in Hamilton International Park was built in 1998 and is let to Ichor Systems until 2024 at a rent equivalent to an initial yield of 9.0%.
Globalworth Real Estate Investments has been buying land plots intended for office and retail development – spending €14.3m. Altogether they have bought about 30,000 sq m of land located next to their existing investments in the BOB/BOC office and Upground residential properties (on top of the Pipera metro station at the corner of Dimitrie Pompeiu Boulevard and George Constantinescu Street in […]
Advance Developing Markets has released its interim figures covering the six months ended 30 April 2014. The net asset value return marginally outperformed the benchmark (the MSCI Emerging Markets) falling by 7.7% vs. a 7.8% fall in the index. the fund’s discount widened however to leave shareholders with a return of -10.6%. Overweighting Russia detracted […]
Metro Baltic Horizons has published its accounts for the year that ended 31 December 2013, back then its net asset value was €0.21 . It sold its last property in April 2013 but in 2014 it got €3.6m in settlements from its previous auditor and members of its previous board Before that, in July this year, Metro […]
Origo Partners has responded to a press release put out this morning by Brooks Macdonald (one of its largest investors). The two are already in dispute about Origo’s convertible zero dividend preference shares (CZDPs – NB you won’t find these on our zeros sheet as they are a more complex beast than most zero issues). […]
DCG Iris has announced that it is planning to put proposals to shareholders to wind up the company. The Directors say that the fund was too small (£68m). Returns were in line with its original projections – annualised 4.6% at 30 April 2014. However, in our view, the fund was always likely to be vulnerable […]
Alliance Trust (headed by Katherine Garrett-Cox pictured) has secured £100m of fixed rate financing through an unsecured private placement note. The notes have a 15 year life (31 July 2014 to 31 July 2029) and pay a coupon of 4.28%. The cash raised is to be used to retire £100m of the ATST’s existing debt (currently £380m – all […]
Nimrod Sea Assets has made its first purchase – buying a share in three vessels for $6.7m. The vessels – the Swiber Elsie-Marie, the Swiber Anne Christine and the Swiber Mary-Ann are 10800 BHP AHTS / Supply vessels and are on a bareboat charter to Swiber, a Singaporean listed off-shore contractor, until 2019/20.
Kimberly Enterprises has appointed Liron Or as Chief Executive Officer. He replaces Gad Raveh who resigned after Engel General Developers (who hold 68% of Kimberly’s shares) called an EGM to dismiss him and M Naveh from the Company’s management Board.
The interim figures published by JPMorgan Russian today cover the six months ended 30 April 2014 – a period when investors shunned Russian investments. The net asset value fell by 28.4% on a total return basis and the share price fell by 27.6% (leaving the fund on a 10% discount). The performance was a little […]
CQS Rig has released its interim figures for the half year to 31 March 2014. The net asset value rose marginally from 35.65p to 35.75p (total return, including income of 2.7%). The share price was unchanged. CQS Rig is facing a liquidation vote in the near future.
The Bankers Investment Trust, managed by Alex Crooke, has published its interim accounts for the six months that ended on 30 April 2014. The net asset value fell over the period by 2.2% while the FTSE All-Share Index rose by 1.0%. The statement attributes this to currency moves (a common complaint in many recent results announcements […]
Harbourvest Senior Loans Europe has received proceeds of loan refinancing totalling £15.7m and has decided to use that money to return 11.24p per share to shareholders. They have also announced more details of the new investment management agreement with Spire Partners – Spire will get an incentive fee on loan realisations between now and 31 December […]
European Convergence Development Property has published its results for the year ended 31 December 2013. Its net asset value fell during that time to €0.2883 (down from €0.3010). One of its investments delisted after the year end and another was written down to zero. The Board has concluded that shareholders have no appetite for the […]
Bluefield Solar Income Fund has announced that it has made its tenth major acquisition, dipping into its RBS credit facility for the first time. It is buying a new plant in Hertfordshire, being constructed by Solarcentury, that will, when complete, generate up to 17.5MW. The acquisition price is £19m. The plant will qualify for government subsidy at the rate of 1.4 […]
Reconstruction Capital II has published its accounts for the year that ended 31 December 2013. The net asset value back then was €0.3287, down from €0.3933 at the end of 2012 but we already know that at the end of April 2014 the asset value had recovered a little to reach €0.3436. The reasons behind […]
LXB Retail Properties has published its interim results covering the six months ended 31 March 2014. Its EPRA NAV rose by 4.3% to 120.98p over the period and it bought back £40m of its shares. Cash levels fell from £35m to £20m. They got planning permission for the Old Gasworks at Sutton and Brocklebank Retail […]
Target Healthcare REIT is buying two purpose-built care homes – Bromford Lane in Washwood Heath, Birmingham (pictured) and Beechdale Manor in Bilborough, Nottingham, for £14.3m. The homes can cater for 181 residents between them, offering residential, nursing and dementia care as well as specialist high dependency care at Bromford Lane. The price equates to a net […]
Having struggled to make any investments, GCP Sovereign Infrastructure has talked to 92% of its shareholders (by votes) and has agreed that it will seek to wind up the company and cancel its admission to the Specialist Funds market. The manager, GCP, will make a contribution to cover all the expenses of the initial offer […]
Tritax Big Box REIT is buying William Morrison’s distribution centre in Sittingbourne, Kent for £97.8m. The 919,443 sq ft South East Regional Distribution Centre was developed in 2009. The distribution centre is being acquired from Wm Morrison Supermarkets plc subject to a new leaseback agreement for 25 years and with annual rent reviews indexed to […]
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