Invesco Asia has released its results for the half year ended 31 October 2013. IAT outperformed over the period as the NAV returned 3.2%, the share price 2.6% and the benchmark lost 1.8%. The discount widened a little but the Board has reaffirmed its commitment to getting the fund to trade at a discount narrower […]
Eredene’s interim results for the period ended 30 September 2013 show a fall in the NAV from 17.2p to 13.3p as write downs in the valuation of investments were exacerbated by the falling rupee. The Board has taken steps to cut overheads by employing a new manager (Ocean Dial, manager of India Capital Growth Fund […]
Globalworth (a recently launched Romanian property company) is buying two office buildings in Bucharest comprising c82 thousand square metres of office space and associated car parking. The buildings were completed in 2008 and 2009. The acquisition price is €152m. This deal was flagged in GWI’s prospectus and is part of a larger deal that the company says will take […]
TEIF has sold an asset in Sweden (a 2,963 sqm light industrial building in Angelholm) for £0.98m – a small premium to its latest valuation. TEIF has also extended repayment of a €71m loan secured against assets in France, Belgium and Holland to July 2015. The new cost of this facility is 7.66% per annum including fees.
ERET has sold its largest investment, Europort (an industrial park in Frankfurt) for a figure between €49.5m and €51m – depending on the timing of the completion of the transaction. at the lower end this is 11% below their estimate of the property’s valuation at the end of June. the proceeds will be used to […]
Annual results have been released for the year ended 31 October 2013. The Board is making plans to wind up the fund by offering either a rollover into an open-ended fund or cash, consequently they have elected to prepare BRNE’s accounts on a liquidation basis. Over the year BRNE’s NAV rose by 27.4% and its […]
SDP’s Annual results for the period ended 30 September 2013 have just been released. They show the company produced a return of 1.9% in net asset value terms and 3% in share price terms while the benchmark, the MSCI All Countries Asia ex Japan index, delivered a total return of 5.3%. The manager says stock […]
Half year results to 31 October 2013 show an NAV uplift of 6.5% and an increase in the share price of 5.6%. MWGT’s benchmark is the return on Sterling LIBOR +2% (equal to 1.3% over the period – so MWGT comfortably outperformed its benchmark). MWGT’s return lagged that of the FTSE All-Share and MSCI World Indices […]
Results for the year ended 31 October 2013 show EWI had a great 2012/13 – delivering a 35.6% increase in NAV and 44.4% increase in share price as compared to a 21% increase in the MSCI All Countries World Index. EWI’s Board is concerned about its discount. It has decided to change the investment policy. […]
Half year results to end September 2013 – the fund, which is realising its investments and returning cash to shareholders, had 14.95p of cash per share at the end of September (out of a total NAV of 18.64p). IMAC is planning a distribution of 10p per share payable by 10 January 2014. IMAC still owns […]
JAI has released its results for the year ended 30 September 2013. In NAV terms the company returned 6.4%, beating its benchmark which returned 5.1%. The discount narrowed so the share price return was 7.2%. The Board are pleased that JAI beat its benchmark over the year but say they are determined that this should only be […]
Results for the six months ended 30 September 2013. NAV falls to 40.7p from 55.3p in part because of an 11% adverse shift in the sterling / rouble exchange rate but also because the valuations of AURR’s remaining investments has been reduced. AURR’s valuation of Unistream fell to £10.7m from £12m – growth has been lower […]
Praetorian Resources six months to the end of September 2013 saw the NAV fall from 32p to 21p as junior resources companies remained out of favour. The Board is asking for investors’ patience and hopes to raise more money for the fund to take advantage of what it thinks are the recovery prospects for its […]
DCG Iris has released a statement about the winter storm known as Xaver or Bodil. DCG believe the impact of the storm may have been less than that of Christian, the previous winter storm that struck Europe. Christian hit when the trees were in full leaf and caused many to topple while Xaver’s main impact […]
HMRC has rejected Gresham House’s application for investment trust status for the year ended 31 December 2012. GHE intends to appeal but says it does not have any liability to corporation tax or capital gains for that period. QD comment: this is all a bit technical but failing to get investment trust status can be […]
Atlantis Japan Growth announced its interim results for the six months ended 31 October 2013. In NAV terms AJG outperformed its benchmark, the Topix, returning 5.1% vs. 2.9%. The manager believes the Tokyo market looks good value on a price / earnings and price / book basis. They also note that domestic investors have started buying […]
Brian O’Neill will retire as manager of Henderson Global on 31 January 2014 after 30 years of managing the fund; Brian is one of the longest serving investment managers in the closed-end fund world. He will be replaced by Wouter Volckaert. Wouter only recently joined Henderson; he was a Global equity fund manager at Morgan […]
Results for the year ended 30 September 2013. RIG’s NAV increased from 34.72p to 35.65p – shareholders total return in NAV terms was 7.2%. The various members of the CQS Group own 68.7% of RIG’s shares between them (CQS Cayman LP made a mandatory offer for RIG’s shares last year). There is a continuation vote […]