Reconstruction Capital II has announced that “Due to a recent severe deterioration in the financial condition of East Point Holdings Limited” it is planning to write down the value of their holding in this company from €6.7m to zero. The value of the whole company at the end of November 2013 was €39.3m so the […]
Redefine International has announced that it hopes to issue 86.6m shares or 7.5% of its issued share capital to fund some tidying up of minority interests in its portfolio, c£10m of redevelopment opportunities in its German retail portfolio, repaying a £20m debt facility and fund potential acquisitions. The fund raising exercise will take place in […]
Picton Property has sold its leasehold interest in 28 Austin Friars, EC2 (pictured) and a retail property in George Street, Richmond for a combined total of £6m – Picton bought these in 2010 for £3.6m.
EPE Special Opportunities has sold its interest in Bighead Holdings – getting £4m for its stake. Bighead makes a variety of fasteners – www.bighead.co.uk. The stake in Bighead was valued at £3m in EPE Special Opportunities’ last set of accounts. Overall, including income, ESO says it made 3.6x its money on its original investment and say […]
BlackRock World Mining suffered in 2013 as commodities fell out of favour. the net asset value fell by 27.2% over the year (-24.6% including reinvested income). The share price did better, falling by 20.7% (-17.5% total return) as the discount contracted. The Euromoney Global Mining Index fell by 24.1%.
JP Morgan Overseas figures for the second half of 2013 show a total return on the NAV of 8.8%. The discount narrowed so the total return on the share price was 9.7%. The fund outperformed its benchmark, the MSCI All Countries World Index which returned 6.0%. the manager says a return to favour for cyclical […]
Utilico Investments figures for the six months ended 31 December 2013 show an uplift of 4.1% in its NAV, behind the return on the FTSE All-Share (+11.4%). Utilico say the main problem was adverse movements in exchange rates – this cost them 10.9%. Revenue fell too but UTL reckon they are comfortable paying an uncovered […]
Shareholders in JP Morgan Mid Cap were rewarded with a 30.5% total return over the second half of 2013 at the fund outperformed its benchmark index (the FTSDE Mid 250), delivering a 19.0% return vs. 18.3% for the index, and its discount narrowed significantly
Hirco is cancelling its AIM admission – in other words its shares will no longer be traded on AIM. The shares have ben suspended for some time as Hirco felt unable to publish its accounts as it struggled to get useful information about the value and status of its investments. The Hirco story is a long […]
Globalworth Real Estate has bought Tower Center International – the second tallest building in Bucharest with 24,711 sqm of space over 26 floors. The €58m cost is being settled in part through the issue of new shares – the terms of the deal were outlined in Globalworth Real estate’s prospectus released in September 2013
City of London has released figures for the six months ended 31 December 2013. Over that period the total return on City of London’s net asset value was 23.8% – well ahead of the equivalent return on the FTSE All-Share Index of 17.9% but 2.2% behind the average UK Growth & Income Investment Trust. CTY’s […]
Over the second half of 2013 Altus Resource Capital’s net asset value rose by 1.3%. This improvement in the asset value was achieved despite a fall in the gold price of 2.3% over the period and falls in the FTSE Gold Mines Index and S&P TSX Gold Index of 8.6% and 2.9% respectively.
Bluefield Solar is buying its ninth solar plant, a 19MW facility north of Swindon. The plant will cost £21m and will be connected to the grid in March. It is eligible for government subsidy (qualifying for 1.6 renewable obligation certificates). BSIF cash £14m of cash so to fund the balance of the deal it needs […]
Figures announced for the six months ended 31 December 2013 disclose a fall in earnings per share for the period (from 11.4p to 10.4p) but an uplift in Mucklow’s EPRA NAV from 305p to 317p. Net debt rose slightly but not enough to shift the gearing ratio from its level of 41%. The vacancy rate […]
BP Marsh has released a trading update that covers the period to the end of January 2014. Deals concluded during the final quarter were the purchase of a 40% stake in a motor vehicle insurer based in Sydney, Managing General Agent, the purchase of a 30% stake in Walsingham, a specialist motor vehicle insurer based […]
CatCo had a good year in 2013, generating NAV growth of 21.9%. They rewarded shareholders with a special distribution. Their market has become more competitive with rates falling markedly in some areas. The managers say the 2014 portfolio is 20% less risky than 2013’s and is set to generate a no-loss return of 18% with the […]
The return on NAV for Murray Income for the six months ended 31 December 2013 was 10.1%, a little behind the return on the FTSE All-Share Index of 11.3%. The manager says the reason for that was the fund’s overweight positions in pharmaceuticals and utilities
Harbourvest Global Private Equity is keen to move its listing to the main market. To achieve this it will have to grant full voting rights to its A shareholders. This is problematic at the moment as a majority of its shareholders are based in the US but their share of the register has been declining. […]
Hammerson has announced results for the period ended 31 December 2013 that show its EPRA NAV rising to £5.73 from £5.42, a gain of 5.7%. EPRA earnings per share rose by 10.5% to 23.1p, aided by a 2.1% growth in like for like rental income and occupancy of 97.7% and Hammerson announced an 8% increase […]
Sirius Real Estate has refinanced its BerlinHyp facility with a new five year €115m facility provided by BerlinHyp and Deutsche Pfandbriefbank AG. Sirius has also announced that it has sold two lots of land in Dusseldorf and Bremen for a total of €6.3m.
Better Capital has released its interim management statement and this has provided some colour to BCAP’s announcement on 4 February which cautioned that the NAV would fall on the 2009 cell. It is not immediately obvious which two companies are going to be written down however. The negatives highlighted in the IMS are: Gardner has […]
Advance Frontier Markets has released its results for the last six months of 2013. Over that time AFMF’s share price rose by 14.6% and its net asset value by 12.9%. One contributor to this performance was an Argentinian fund, Advance Copernico Argentina Equity fund, whose NAV rose 60%, a result, AFMF say, of a growing […]
Riverstone Energy has published numbers for its financial period which is fairly short, covering the period from incorporation on 23 May 2013 to the end of December 2013. Most of this time it was a shell; RSE listed on 29 October 2013, raising $1.23bn. The NAV at the end of December was $16.04. So far […]
Over 2013 Scottish American Investment Trusts total return on its share price was 18% and, on the NAV, 17% ; lagging the return on the fund’s benchmark by 4%. They say the main reason for the company’s underperformance was its exposure to emerging markets investments. SCAM is increasing its dividend by 4.1% to 10.2p for the year. […]
GCP Student Living has published figures that cover the period from incorporation on 26 February 2013 to the end of December 2013. The NAV at the end of the year was 99.06p, the EPRA NAV (excluding the effect of derivatives transactions was 100.29p) – that’s up from the opening NAV of 97.4p as they recorded […]
Duet Real Estate Finance is paying a 2.25p dividend for the final quarter of 2013 (shareholders get paid on 14 March). They are also announcing that their NAV at the end of 2013 was 93.5p. this has been impacted by a provision made against one of their loans (“loan 5” – they don’t tell us […]
Over 2013 SVG Capital’s NAV rose by 31.5%, well ahead of the return on the MSCI world Index of 20.3%. They gave £151.1m back to shareholders and plan to return another £217m )including a tender offer of at least £50m planned for May 2014). They repaid £150m of debt and ended the year with net […]
CQS Diversified is holding continuation votes for each class of shares on 4 March 2014. The votes have been triggered by the US dollar shares trading at an average discount of 6.29% over a 12 month period to 4 November 2013 and the Sterling class trading at an average discount of 7.17% over the same period. […]
3i Infrastructure has announced that Cressida Hogg is leaving 3i at the end of march “to pursue a senior role outside the group”. Phil White and Ben Loomes will be appointed co-managing partners of the infrastructure business and Neil King will become a Senior Partner.
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