NCYF : New City High Yield makes 10% for year New City High Yield generated a total return on net assets of 10.3% for the year that ended on 30 June 2014. The shareholder return was 13.7% as the shares moved to trade on a 4.6% premium. The dividend was raised to 4.21p. The manager’s […]
JPG : Jupiter Primadona discount narrowing offsets underperformance Jupiter Primadona Growth has published its results for the year that ended on 30 June 2014. Over the year it generated a return on net assets of 9.7%, underperforming its benchmark, but shareholders did much better than that as the rating on the fund improved significantly, eliminating the […]
VNI : Vietnam Infrastructure restructuring details Following conversations with its major shareholders, Vietnam Infrastructure is putting forward proposals to shareholders. The proposals involve splitting the fund into two parts – one representing the private equity, unlisted investments (currently about $108m) and the other the listed investments (currently about $117m). the listed investment pool would be devolved […]
NESF : NextEnergy Solar looking to raise over £250m NextEnergy Solar Fund has announced that it has identified a pipeline of potential deals worth about £210m and has identified additional deals worth £333m. They have a revolving credit facility worth up to £31.5m and can use this to get the ball rolling but to fund […]
HNE : Narrowing discount boosts returns from Henderson Eurotrust The year that finished on 31 July 2014 was a good one for shareholders in Henderson Eurotrust as its discount narrowed considerably on top of outperformance of its benchmark index. For the period Henderson Eurotrust generated a return on net assets of 5.4% against a 4.1% […]
HICL : HICL buys more of desalination plant HICL Infrastructure has acquired another 3.4% of the Victorian Desalination PPP Project taking their interest to c9.3%. They have paid A$46m for the additional stake. The Project was procured under the State of Victoria’s Partnerships Victoria Policy and is the largest desalination plant in the southern hemisphere […]
BRWM : BlackRock World Mining writes off London Mining exposure With apologies for not picking this up yesterday, BlackRock World Mining, in its usual NAV announcement, disclosed that it had written off its £52m exposure to London Mining. This is a big blow to the net asset value – taking about 30p off the net […]
BGFD : Another good year for Baillie Gifford Japan Baillie Gifford Japan has announced full year results for the period that ended on 31 August 2014 (kudos to them for publishing their results so soon after the year end). It was a good year for shareholders as the share price rose by 10.8% on the […]
GHE : Gresham House proposals unveiled Gresham House has published more detail on its revamp. it will get a new set of directors, cease to be an investment trust, shift to the AIM market, adopt a new investment policy and raise some extra money. The proposals need to be approved by shareholders at a meeting […]
TFIF : TwentyFour Income plans share issue TwentyFour Income Fund plans to issue c9.99% of its issued share capital (26.69m shares). The managers say that as a consequence of the recent announcement by the ECB concerning the launch of the ABS Purchase Programme, they believe spreads in European ABS will compress further, increasing the prospect […]
CCSL : Chenavari makes new investment in Spanish debt Chenavari Capital Solutions has invested €21.6m in a bilateral transaction with a Spanish bank – the deal gives exposure to a concentrated portfolio of sub-performing and non-performing mortgage loans and repossessed real estate assets. The total original face value of the portfolio is ca. €400m – […]
JEMI : JPMorgan Global Emerging Income lags benchmark Over the year that ended on 31 July 2014 JPMorgan Global Emerging Markets Income’s net asset value return was 1.3%. this was a bit behind the MSCI Emerging Markets Index, which returned 3.6%. The good news for shareholders was that the share price returned matched this as […]
RC2 : Reconstruction Capital II planning to issue loan notes Reconstruction Capital II says it will hold a meeting on 29 October 2014 at which it will ask shareholders to approve the continuation of the company for two years until the AGM in 2016 and the issue of £8.45m of convertible loan notes. They say […]
ERII : Last few investments in European Residual Income sold European Residual Income Investments has announced that Alba 05, Alba 06 and Eirles 236B have been sold for values in excess of their last valuation. The fund now just holds cash of about €18.2m and one other holding that has zero value. The directors are now thinking […]
ALPH : Alpha Pyrenees sells office in Gennevilliers Alpha Pyrenees has announced that it has sold an office investment in Gennevilliers in France (north Western Paris suburbs) for €7.4m. The price is in line with book value. The property comprises 3,410 sqm and is let to Husqvarna France on a 9 year lease with a […]
TRG : TR European Growth discount narrows as fund outperforms TR European Growth’s results for the year ended 30 June 2014 show the fund delivering a 34.3% total return on net assets for the year – well ahead of the 26.8% return on the fund’s benchmark (The Euromoney Smaller Companies Index excluding the UK). TR European […]
KWE : Kennedy Wilson raising £350m Kennedy Wilson Europe Real Estate is aiming to raise £350m from investors. £100m of this has been raised already via a firm placing to a group of investors including Kennedy Wilson, Marketfield Asset Management, Quantum Strategic Partners and Wellington Management Company (all of which are considered related parties for the […]
ELTA : Electra defeats Sherborne Electra Private Equity has announced that at the meeting held today all the resolutions put forward by Sherborne were rejected by shareholders – the full results of the voting are shown below. 1. That Mr. Edward Bramson be and is hereby appointed as a director of the Company. Votes for 11,008,318 (38.22%), Votes against 17,796,709 (61.78%) 2. That […]
TRE : Trading Emissions NAV falls Trading Emissions has announced its full year results for the period ended 30 June 2014. It made quite sizeable distributions to shareholders during the year (15p in July 2013 and 8p in June 2014), in line with its policy to sell off its portfolio and return the proceeds to shareholders, […]
RLE : Real Estate Investors buys in Walsall Real Estate Investors has taken the size of its property portfolio past the £100m mark with the acquisition of 59/75 Park Street Walsall for £7.7m. The parade of shops is let to a variety of tenants including Wallis Retail, Burton, Superdrug Stores, BHS Limited and Waterstones Booksellers […]
JPEL : JPMorgan Private Equity balance sheet improving JPMorgan Private Equity’s results for the year ended 30 June 2014 show its net asset value rising by 2.7% or 3 cents to $1.14. The shares moved up 5.5%, narrowing the discount a little but still leaving it close to 30%. The Board and managers say they […]
SJG : Schroder Japan beats benchmark Schroder Japan Growth has published results for the year ended 31 July 2014. Over the year the strength of Sterling held back returns – translating a 15%+ gain in Yen terms into a 0.2% loss for the benchmark index. Schroder Japan Growth managed to beat this however, delivering a […]
JMG : JPMorgan Emerging Manager mulls what makes a good investor JPMorgan Emerging Markets annual results for the year ended 30 June 2014 show the fund delivering a net asset return of -3.5%, behind the MSCI Emerging Markets Index which returned +1.4%. The return to shareholders was a bit better (-1.0%) as the discount narrowed […]
PIN : Flurry of deals increases Pantheon’s exposure to co-investments Pantheon International Participations has published results for the year ended 30 June 2014. The net asset value rose by 2% over the year and the share price rose by 10%, narrowing the discount from 22% to 16%. The performance lagged that of the FTSE All-Share […]
HICL : HICL Infrastructure adds to hospital exposure HICL Infrastructure is spending £61.5m to by the other half of the Pinderfields and Pontefract Hospitals PPP project that it did not own from Balfour Beatty. the funding from the deal came from their existing resources. The PPP project covers hospitals on two sites, building work was […]
RSE : Riverstone investment funds Bellatrix Exploration Riverstone Energy has announced that Canadian Non-Operated Resources Corp (a Riverstone investment earlier this year) is funding half the cost of drilling, completion, equipping and tie-in capital expenditures associated with Bellatrix’s development plans to the tune of $250m ($40m of which is Riverstone’s). Bellatrix has extensive acreage and […]
LMP : London Metric buys Dixon Carphone distribution centre London Metric Property is paying £68.5m to acquire a 726,500 sq ft distribution centre in Newark leased to Dixons Carphone. The unit is let at a rent of £4.5m per annum with five yearly fixed uplifts to 3.0% pa compounded, and has an unexpired lease term […]
MCKS : McKay Securities expands redevelopment site in Woking McKay Securities has announced the acquisition of The Planets in Woking. The building occupies a site of just over an acre in the centre of Woking and is adjacent to a building (1 Crown Square) McKay bought in January this year. Currently The Planets is let to […]
WKP : Workspace sells part of Poplar Business Park to Telford Homes Workspace Group is selling the first phase of the redevelopment of its Poplar Business Park project (800m from Canary Wharf) to Telford Homes. Telford will build 170 apartments and 8,000 sq ft of light industrial space. Workspace is getting £16.3m in February 2015, […]
PAX : Pacific Alliance Asia Opportunity ups convertible bond exposure Pacific Alliance Asia Opportunity has published its interim accounts covering the six months to the end of June 2014. The net asset value rose by 4.8% over the period as the underlying Master fund rose in value by 5.1%. The announcement says that the Master […]
