On 14 October VinaLand announced it had sold its NPV project in Danang. The Project is a future development site and was acquired by VinaLand in 2007 for development into a dual purpose commercial and residential project.  The divestment of this project is consistent with the Company’s strategy to divest selected assets by the end […]

Hochschild Mining plc is to raise £64.8 million (net £61.1 million), through a rights issue, which it will use to strengthen its balance sheet by applying at least 50% to repaying debt. As at 30 June 2015, the company had short term debt of US$97.1 million and long term debt outstanding of US$442.9 million (US$343.3 […]

Fresnillo plc produced 34.8 Moz of silver in the first nine months of 2015, some 7% higher than the corresponding period in 2014, with the start-up of Saucito II and higher ore grade at Ciénega. Q3 production came in at 11.0 Moz, in line with Q3 14. The company states that it is on track […]

DiamondCorp plc, which is ramping up to commercial production at its underground Lace diamond mine, in South Africa, is currently commissioning a new conveyor system, which it believes will reduce operating costs. The 400 t/hr conveyor system to surface will replace the existing dump truck haulage, although the latter will still be used to transport […]

Caledonia Mining Corporation reports that the Blanket mine, in Zimbabwe, produced almost 11 koz of gold in Q3, taking gold production for the first nine months of the year to 31.3 koz (9 mnth 2014: 31.3 koz) The company expects the mine to achieve its target production for 2015 of 42.0 koz of gold. 49%-owned […]

GLI Finance is backing a company, Verus 360, established by Bibby, which offers small and medium sized companies borrowing facilities. The initial focus of Verus360 is to support businesses with annual revenue of between £200,000 and £8 million by offering facilities up to £250,000. GLI Finance is supporting the business with a £5m convertible loan. This has […]

JPMorgan Global Emerging Markets Income, in a refreshingly direct way, reports that its last financial year (to end July 2015) has been tough, particularly in the second half. The Company recorded a total return on net assets of -7.8%. This compares with a return on the benchmark index, the MSCI Emerging Markets Index with net dividends reinvested (in […]

The Board of Renewable Energy Generation Limited announces that it has received a non-binding approach for its trading subsidiaries. The assets would be acquired by a new company formed by the company’s executive management team. The Offer, which is subject to due diligence, would generate an estimated net cash distribution of around 60p per share representing […]

Electra Private Equity has announced it is selling its 23% interest in Zensar Technologies Limited, the listed Indian IT services business, to a company backed by funds advised by Apax Partners, the private equity firm. On completion of the transaction, Electra will receive proceeds of approximately £84m (based on current exchange rates). Inclusive of dividends and proceeds […]

Global Resources has announced that a fall in its net asset value means that its total assets equate to 3.8x the value of its convertible. One of the covenants that GRIT was obliged to abide by when the convertibles were issued is that the asset cover should not drop below 4x. Otherwise the convertible holders […]

Electra has published the text of a letter it is sending to its shareholders in response to Sherborne’s latest requisition. Rather than cut and paste it, we have attached a pdf of the response here: 151008 Electra Private Equity PLC – RNS ELTA : Electra responds to Sherborne requisition

The Baillie Gifford Japan Trust outperformed its benchmark index, TOPIX, over the year to 31 August 2015 by 7 percentage points.  Net asset value per share, after deducting borrowings at fair value, rose 20.4%, while the benchmark index gained 13.4%.  In this period the Company’s share price increased by 26.3%. The statement say the positive absolute and […]

Henderson EuroTrust has announced results for the year ended 31 July 2015. The net asset value per share total return (including dividends reinvested and excluding transaction costs) was 13.9% compared to a total return from the benchmark index, the FTSE World Europe (ex UK) Index of 9.6%.  The final dividend will be 13.0p, (2014: 12.5p) producing a […]

Custodian REIT has announced the acquisition of Lancaster House (pictured), an office building in Birmingham City Centre for £6.65m. The 39,600 square foot, recently refurbished, building is currently let to 15 tenants with a total passing rent of £505,752 per annum, reflecting a net initial yield of 7.19%. The company has said that there is […]

Electra Private Equity has announced that portfolio company, AXIO Data Group, has agreed to sell MIMS, its Asian healthcare information business, to SMS and Mitsui for $250m. The transaction, which is expected to complete later today, will result in an increase in Electra’s diluted NAV per share of 122p compared to the 31 March 2015 […]

Sanditon Investment Trust has published its first annual report for the period 14 May 2014 to 30 June 2015. The trust aims to return 2% above the UK retail price index and provide low correlation with equity markets. The trust finished the year with its NAV at 103.02p, just below its objective, but the board […]

Schroder UK Mid Cap Fund has announced that Rosemary Banyard has decided to leave Schroders, and will be stepping down as the Company’s lead portfolio manager with effect from 31 March 2016. Rosemary will continue to manage the portfolio until that time, following which Andy Brough, who has co-managed the portfolio with Rosemary since Schroders […]

Tiso Blackstar has changed its year end from December to June and so has just released final results covering the six months to the end of June 2015. Over that period its “intrinsic NAV” fell by 13.1% from 99p to 86p. in South African Rand terms the NAV fell 7.5% from 17.84 to 16.51 so […]

Drum Income Plus REIT has announced three acquisitions, for a total consideration of £19.7m. These are the Company’s first acquisitions since it was listed on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange on 29 May 2015, raising gross proceeds of £31.9m. The Company […]

Cambium Global Timberland is supposed to be selling off its assets and winding itself up but that process is proving hard to achieve. The Board now say: “Global reduction in demand for wood supplies has led to lower wood prices and presented challenges. In preparing the Company’s assets for sale the Board has discovered complications […]

International Public Partnerships Limited has announced its first investment in the US.  The Company has invested approximately US$48m (£32m) into a series of fully yielding mezzanine debt instruments with a remaining average life of 37 years. The mezzanine debt is being acquired by the Company from the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and […]

The Board of European Real Estate Investment Trust has announced that, following the extension of the ground lease interest to a 99 year fixed term, the sale of the retail property located in Kaiserslautern, Germany has been notarised at a price of EUR24.0 million. The sale price of EUR24.0 million represents a 12% premium to […]

Recent attempts by Sherborne Investors (SIGB) to take over the board of Electra Private Equity investment trust (ELTA) is an example of where a large shareholder can exert a great deal of control and influence over an investment trust – whether the small private shareholders want it to or not. However, some instances where having […]

The Investment Company’s annual report for the year ended 30 June says the NAV of the Company fell slightly from 394.41p to 389.34p, a reduction of 1.3%. The return to shareholders, including the dividends paid during the year, totalled 16.9p. The FTSE All-Share Index generated a total return of 2.6% over the twelve months to […]

Target Healthcare REIT reports 3.4% growth in its EPRA NAV for the year to the end of June 2015. EPRA earnings per share were 5.7p, 36% higher than the previous year. The dividend for the year is 6.12p – an increase of 2%. This works out at an NAV total return of 10.3% which is […]

Schroder Japan Growth had a great year for the twelve months ended 31 July 2015, generating a total return on net assets of 24% while its benchmark delivered a return of 17.7%. The Directors have declared a final dividend of 2.00p per share for the year, an increase of 11.1% over the 1.80p per share […]

Tritax Big Box REIT has announced that it has agreed a £500m secured debt facility, with a syndicate of four lenders, for five years. The facility comprises a £320m term loan which the company says will be drawn in full immediately, a further £80m term loan available to draw up until the first anniversary of […]

Henderson Global Trust has published its interim results covering the six months ended 31 July 2015. Over this period the net asset value total return of 1.6% matched that of its benchmark, MSCI All Country World Index (in sterling terms, total return),  but a small widening of the discount left the fund with a return […]

Bluefield Solar’s results, covering the year to the end of June 2015, are out. Over the year the fund generated a return on net assets of 6.7% and a return to shareholders of 13.0%. The total dividend for the year was 7.25p – ahead of their target of 7p. The report says the portfolio has performed […]