Trading Emissions is in dispute with Chinese counterparties to CER (Certified Emission Reduction) Transaction Agreements. Two claims came in in March – these total €6m and were disclosed in Trading Emission’s accounts. On 23 June they received claims totalling €18m relating to four agreements. The company thinks these claims are “unjustified and is rigorously defending them”.
After selling a shopping centre in Sunderland, Land Securities is spending the proceeds on a 30% stake in Bluewater. The purchase price is £656m, the seller is Lend Lease and Land securities are also paying £40m for the rights to manage the whole centre and the adjoining land (110 acres). The purchase price equates to […]
Gresham House has announced that a group of individuals have come forward with a set of proposals to put to Gresham’s shareholders as an alternative to liquidating the fund. The group consists of Tony Dalwood (ex manager of Strategic Equity Capital), Michael Phillips (ex chief executive of Iimia – which is now Miton, Anthony Townsend (ex […]
Dunedin Enterprise is making a £5.9m investment in EV Offshore Limited which designs, manufactures and provides high performance, ruggedised video cameras that are used to diagnose and analyse problems in oil and gas wells. EV Offshore is based in Aberdeen and Norwich and exports around the world.
The interim results for Henderson Opportunities Trust (for the six months ended 30 April 2014) show the net asset value total return outperforming the FTSE All-Share Index – NAV +7.0%, benchmark +2.7%. The return to shareholders was even better +14.1%. The dividend was increased by 12.1% to 3.7p. The biggest positive impacts ion the portfolio […]
Baker Steel Resources Trust has bought $2.5m of convertible loans to ZAO Argentum and 500 shares in Polar Silver Resources Limited for £ 1.32m. It is paying for this by issuing 2,259,357 new ordinary shares at 58.5p (equivalent to the latest NAV). Polar Silver is a holding company which holds 100% of ZAO Argentum, which in turn is the holder […]
F&C Global Smaller Companies, as disclosed in its annual results, is considering an issue of loan stock to replace its existing long-term debt. The terms of the proposed issue have been disclosed today – £40m worth of 3.5% convertible unsecured loan stock, the coupon payable semi-annually in January and July (first payment on 31 January […]
BlackRock Income & Growth has published figures for the six months to the end of April 2014. The net asset value total return for the period was 4.1% vs. 2.6% for the FTSE All-Share Index. The return to shareholders was 2.6% (the discount widened from 0.9% to 2.4%). The dividend was increased by 10% to 2.2p. […]
Greencoat UK Wind is buying two wind farms, dipping into its credit line to do so (it will have borrowed £135m after the transactions complete – about 27% of gross assets) Kildrummy has a capacity of 18.4MW and was commissioned in May 2013. The farm, which is in Aberdeenshire, has a forecast net load factor […]
Montanaro UK Smaller Companies’ results for the year ended 31 March 2014 show the fund lagging the Numis Smaller Companies Index by some margin – generating a return on net assets of 11% vs. 23% for the benchmark. The discount did narrow however (from 16% to 13%) and so the return to shareholders was 16%. […]
Lindsell Train Investment Trust has published results for the year that ended 31 March 2014. These show that the net asset value return for the year was 13.0% vs. 4.3% for the fund’s benchmark and 9% for the MSCI World Index (in Sterling terms). The share price did even better – generating a return of 16.0% […]
Phaunos Timber Fund announced this morning that it intends to appoint Stafford Timberland Limited as managers of the fund. They want to press on with restructuring the company and stick to the planned continuation vote in 2016. Phaunos say they will not be updating the net asset value before the annual valuation date at 31 […]
Hansa Trust has published its annual results for the year that ended on 31 March 2014. It announced a the results of a strategic review in April that will, over time, change the way that the company is managed in the future. Over the year Hansa’s net asset value rose by 12.3% while the FTSE All-Share Index […]
The year to 31 March 2014 saw Aberdeen Private Equity’s net asset value little changed – generating a negative net asset value return of 0.2%. The share price total return though was -10.0%. Good performance from Thoma Bravo IX – as it exited Roadnet (vehicle routing and scheduling software) and Entrust (a digital security business); Northzone VI – on continuing progress at […]
Land Securities has sold the 550,000 sq ft Bridges shopping centre in Sunderland for £152m – equivalent to an initial yield of 6.9%. Land Securities bought the centre in 1993 but is selling as it says the centre does not fall within its strategic focus and so it is taking advantage of strong market conditions to sell […]
Utilico Emerging Markets has announced its results covering the year that ended 31 March 2014. The net asset value fell over the period but outperformed the MSCI Emerging Markets total Return Index (which fell by 9.6% vs. UEM’s fall of 3.4%). They say Sterling strength took 14.2% off their performance for the year. Revenue declined […]
Custodian REIT is buying a 37,000 sq ft parcel distribution warehouse located on 3.26 acres of the Bermuda Park estate in Nuneaton. the purchase price is £2.95m and this equates to an initial yield of 7.75%. The tenant is DX Network services.
Jupiter Green Investment Trust has published its results for the year that ended 31 March 2014. Over that period the fund outperformed the MSCI World Small cap. Index – the net asset value was up 16.5% compared to a 10.7% rise in the index. Shareholders also benefited from a narrowing of the fund’s discount (the […]
RENN Universal Growth has published its annual accounts covering the year to the end of March 2014. Over the period the net asset value rose in US dollar terms but fell as Sterling strengthened against the dollar (up 2.1% in US dollars and down 7% in pounds). The Board directors decided to prepare the accounts on a […]
The Renewables Infrastructure Group is spending £19m buying two wind farms to add to its portfolio. Tallentire – a 12MW plant near Cockermouth in Cumbria has been operating since May 2013 and has a projected 25 year life. Meikle Carewe (pictured), near Aberdeen, has a capacity of 10.2MW, has the same operating life and has […]
Alpha Real Trust has released its results for the year ended 31 March 2014. Over the year its net asset value barely moved – falling from 107.6p to 107.0p. It declared dividends of 2.1p for the period and intends to move to quarterly dividends this year. Alpha real trust made a mezzanine loan to Alpha UK […]
Custodian REIT is buying a warehouse near Glasgow for £1.8m. The 38,164 sq ft warehouse in Hamilton International Park was built in 1998 and is let to Ichor Systems until 2024 at a rent equivalent to an initial yield of 9.0%.
Globalworth Real Estate Investments has been buying land plots intended for office and retail development – spending €14.3m. Altogether they have bought about 30,000 sq m of land located next to their existing investments in the BOB/BOC office and Upground residential properties (on top of the Pipera metro station at the corner of Dimitrie Pompeiu Boulevard and George Constantinescu Street in […]
Advance Developing Markets has released its interim figures covering the six months ended 30 April 2014. The net asset value return marginally outperformed the benchmark (the MSCI Emerging Markets) falling by 7.7% vs. a 7.8% fall in the index. the fund’s discount widened however to leave shareholders with a return of -10.6%. Overweighting Russia detracted […]
Metro Baltic Horizons has published its accounts for the year that ended 31 December 2013, back then its net asset value was €0.21 . It sold its last property in April 2013 but in 2014 it got €3.6m in settlements from its previous auditor and members of its previous board Before that, in July this year, Metro […]
Origo Partners has responded to a press release put out this morning by Brooks Macdonald (one of its largest investors). The two are already in dispute about Origo’s convertible zero dividend preference shares (CZDPs – NB you won’t find these on our zeros sheet as they are a more complex beast than most zero issues). […]
The interim figures published by JPMorgan Russian today cover the six months ended 30 April 2014 – a period when investors shunned Russian investments. The net asset value fell by 28.4% on a total return basis and the share price fell by 27.6% (leaving the fund on a 10% discount). The performance was a little […]
CQS Rig has released its interim figures for the half year to 31 March 2014. The net asset value rose marginally from 35.65p to 35.75p (total return, including income of 2.7%). The share price was unchanged. CQS Rig is facing a liquidation vote in the near future.
The Bankers Investment Trust, managed by Alex Crooke, has published its interim accounts for the six months that ended on 30 April 2014. The net asset value fell over the period by 2.2% while the FTSE All-Share Index rose by 1.0%. The statement attributes this to currency moves (a common complaint in many recent results announcements […]
Harbourvest Senior Loans Europe has received proceeds of loan refinancing totalling £15.7m and has decided to use that money to return 11.24p per share to shareholders. They have also announced more details of the new investment management agreement with Spire Partners – Spire will get an incentive fee on loan realisations between now and 31 December […]
