Private Equity Investor’s net asset value fell in dollar terms over the year to the end of March 2015 from $3.808 to $3.544 but rose in sterling terms from 228.4p to 238.7p as the dollar strengthened. The share price rose by 6.6% as the discount narrowed to 18.5%. £8.5m was returned via a tender offer […]
Wolf Minerals reports that commissioning of its Hemerdon tungsten/tin project continues on schedule with the first ore introduced into the plant in June 2015. The company expects the engineering construction firm to complete ‘Performance Tests’ in August before handing over the operation with first product scheduled for delivery to customers in September. Thereafter Wolf will […]
Tiso Blackstar says it will increase its interest in Robor from 19.4% to 51%. Tiso Blackstar will purchase additional ordinary shares in Robor from certain existing Robor shareholders for a consideration of R29.6m (£1.5m) which will be settled through the issue of new Tiso Blackstar shares at intrinsic net asset value per share. Established in 1922, Robor […]
Vedanta Resources has started to develop the US$630 million Gamsberg zinc project, in South Africa, located some 20 km east of its existing polymetallic underground Black Mountain mine. The open pit mine, which is expected to produce its first ore in early 2018, will produce a zinc concentrate, which it will deliver to the company’s refinery […]
M&G High Income Investment Trust has announced results for the year ended 31 May 2015. On a net asset value basis, each Package Unit delivered a total return of 8.8% over the 12 months to 31 May 2015. This was above the returns of the FTSE 350 Higher Yield Index and the FTSE All-Share Index, which […]
Aberforth Geared Income has announced results for the year ended 30 June 2015. The return on the portfolio for the period was 15.4% which compares well to a 2.6% return on the FTSE All-Share Index and 10.4% on the Numis Smaller Companies Index (excluding investment companies). The return due to the zeros was 6.75% so […]
British Land has announced that it has exchanged contracts for the sale of 39 Victoria Street, SW1 to Singaporean property company Ho Bee Land for a gross purchase price of £144m (net price of c. £139m after deduction of rent free top up). Ho Bee Land is quoted on the mainboard of the Singapore Exchange […]
Riverstone Energy reports a 2.25% uplift in its NAV for the six months ended 30 June 2015. They say assets at the end of the period were worth $1.244bn or $16.36 per share. they invested another $180m over the period taking the amount invested to 46% of their available capital. Commitments in the period totalled […]
BBGI has signed a Sale and Purchase Agreement with John Graham Holdings Limited to acquire 100% of the equity and subordinated debt interests in two educational PPP projects in Northern Ireland. Belfast Metropolitan College is an educational campus comprising two five-storey teaching facilities and a two-storey engineering facility with associated car parking and a landscaped […]
Law Debenture beat the FTSE All-Share Index over the first half of 2015 but the share price weakened. The NAV total return was 3.8% vs. 3% for the index and the share price return was -1.6%. The interim dividend has been increased from 4.7p to 5.2p. The report says the stocks that added the most […]
Antofagasta’s copper production in H1 2015 was 303.4 kt, almost 13% lower than the same period in 2014 primarily due to lower grades (expected) and lower throughput at the Los Pelambres mine, Chile, where the company lost 8 kt of copper production in Q1 2015 as a result of disruption caused by protestors. At the […]
Brunner’s performance over the six months ended 31 May 2015 was 3% better than its benchmark as it returned 9.8% vs. 6.8% for its composite benchmark (50% FTSE All-Share, 50% FTSE World Index ex UK). The dividend has been increased from 6.1p to 6.4p. The statement says “Performance benefited from positive stock selection in Consumer […]
Phoenix Spree Deutschland has announced the acquisition of an apartment complex located in Friedrichshain, Berlin. The purchase price is €16m which works out at a price per square metre of €2,580 or a prospective gross yield of 4.8%. they say the deal will increase the Fund’s rental income by c. 6%. The apartment complex is located […]
Candover Investments has announced a partial realisation of Stork BV with the sale of Fokker Technologies Group BV for €706m. Arle Capital Partners has agreed to sell Fokker, a subsidiary business of portfolio company Stork BV, to GKN. Fokker is a specialist Tier 1 supplier to the commercial, military and business jet markets. With almost 5,000 employees […]
Greencoat UK Wind has published results for the first half of 2015. Over the period the NAV rose by 0.2%. Dividends totalling 3.13p per share were declared for the period. High winds meant that electricity generation was 10% ahead of expectations at 408GWh. This helped them generate cash of £29.2m and pushed the dividend cover […]
Aquarius Platinum’s attributable PGM production from its two operating mines and one tailings retreatment plant rose 6% in the June 2015 quarter compared with the June 2014 quarter, to 88.8 koz. Most of this increase was due to a 6% rise in production at its primary Kroondal mine, to 56.0 koz (attributable, 50%-owned), a record […]
Bluefield Solar has acquired two UK-based sub-5MWp (Megawatt Peak) solar photovoltaic (“PV”) assets. The two assets are a 4.79 MWp plant in Cornwall and a 4.98MWp plant in Norfolk. They are being acquired for a total consideration of £11.22m, including transaction costs and working capital. Each project is eligible to qualify under either the Renewable […]
Polar Capital Global Financials beat its benchmark over the six months ended 31 May 2015 generating a return on net assets of 8.1% as compared to 4.9% on the MSCI World Financials Index. The share price total return was 7.6% as the discount widened to 8.3%. The interim dividend is 1.85p up from 1.75p last […]
Marwyn Value Investors L.P., the Master Fund through which Marwyn Value Investors makes its investments, intends to subscribe as a cornerstone investor for new ordinary shares in Gloo Networks plc, which has announced today its intention to float on the AIM Market of the London Stock Exchange plc. Gloo Networks is a technology company that […]
Kennedy Wilson Europe says it has completed the acquisition of nine south east offices from an entity affiliated with Apollo Global Management LLC. The underlying real estate is valued at £211m at completion, reflecting a yield on cost of 8.0%. The corporate acquisition was funded from the Company’s cash resources. Area Location sq ft Tenant (%) […]
Petra Diamonds produced 3.2 million carats in the financial year ended 30 June 2015, up 2% from the previous year and in line with company guidance. The company expects production to increase to 3.3-3.4 million carats in FY2016 and targets production of 5.0 million carats by FY2019 as mining at the Cullinan mine moves to […]
The value of Kubera Cross Border Fund’s net assets decreased from $56.9m to $54.8m during the six month period, which ended on 30 June 2015. The Fund’s net asset value per share decreased by 3.8% from $0.52 to $0.50. The company reckons the decrease in NAV is primarily attributable to the depreciation of Indian Rupee vis-à-vis the […]
EPE Special Opportunities has paid £8.6m to buy the Limited Partnership interest held by DES Holdings IV(A) LLC in ESO Investments 1 LP (the Limited Partnership through which it holds most of its existing portfolio). After the deal EPE Special Opportunities is the only investor in ESO 1. The £8.6m is being paid as £5.7m now and £2.9m before 30 September 2015. […]
Marwyn Value Investors revealed its plans for the bulk of the money it raised the other day by selling down its investment in entertainment one. Marwyn is investing £55m in Zegona Communications to help fund that company’s acquisition of Telecable Capital Holding. This deal will take Marwyn’s investment in Zegona up to £67m. They will […]
Scottish American interims covering the six months ended 30 June 2015 show the fund beating the FTSE All World Index with the net asset value total return being 4% vs. 2.2% for the index. Shareholders did even better as the fund moved to trading on a large premium (currently over 8%); the return to shareholders […]
The three Doric Nimrod Trusts have announced results for the year ended 31 March 2015. Doric Nimrod Air One says everything is going according to plan, Emirates have made all payments as they fell due and the company continues to pay quarterly dividends of 2.25p. As at 31 March 2015, the average of three external valuations showed a […]
Acacia Mining’s H1 2015 earnings fell 64% from H1 the previous year to US$14.8 million. Despite increasing gold production by 6%, to 367.3 koz, the combination of a lower received gold price (US$1,200/oz against US$1,290/oz previously) and higher All-in Sustaining costs (ASIC) (up marginally to US$1,133/oz) were principally responsible for the fall in earnings. Results were also […]
F&C Managed Portfolio has published results for the year ended 31 May 2015. The NAV total returns for the Income shares were 10.0% and for the Growth shares 12.8% compared to the FTSE All-Share Index of 7.5%. The investment company sector, as measured by the FTSE Equity Investment Instruments Index, returned 13.0%. The annual dividend increased […]
Duke Royalty shareholders approved the strategy changes proposed at the recent AGM and the fund’s new investments will now be focused on royalty streams. The NAV of the legacy resources assets fell by 69% over the year to the end of March 2015, finishing the period at 7p. the Board initiated a number of cost […]
