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 […]
European Convergence Development Property has published its results for the year ended 31 December 2013. Its net asset value fell during that time to €0.2883 (down from €0.3010). One of its investments delisted after the year end and another was written down to zero. The Board has concluded that shareholders have no appetite for the […]
Bluefield Solar Income Fund has announced that it has made its tenth major acquisition, dipping into its RBS credit facility for the first time. It is buying a new plant in Hertfordshire, being constructed by Solarcentury, that will, when complete, generate up to 17.5MW. The acquisition price is £19m. The plant will qualify for government subsidy at the rate of 1.4 […]
Reconstruction Capital II has published its accounts for the year that ended 31 December 2013. The net asset value back then was €0.3287, down from €0.3933 at the end of 2012 but we already know that at the end of April 2014 the asset value had recovered a little to reach €0.3436. The reasons behind […]
LXB Retail Properties has published its interim results covering the six months ended 31 March 2014. Its EPRA NAV rose by 4.3% to 120.98p over the period and it bought back £40m of its shares. Cash levels fell from £35m to £20m. They got planning permission for the Old Gasworks at Sutton and Brocklebank Retail […]
Target Healthcare REIT is buying two purpose-built care homes – Bromford Lane in Washwood Heath, Birmingham (pictured) and Beechdale Manor in Bilborough, Nottingham, for £14.3m. The homes can cater for 181 residents between them, offering residential, nursing and dementia care as well as specialist high dependency care at Bromford Lane. The price equates to a net […]
Having struggled to make any investments, GCP Sovereign Infrastructure has talked to 92% of its shareholders (by votes) and has agreed that it will seek to wind up the company and cancel its admission to the Specialist Funds market. The manager, GCP, will make a contribution to cover all the expenses of the initial offer […]
Tritax Big Box REIT is buying William Morrison’s distribution centre in Sittingbourne, Kent for £97.8m. The 919,443 sq ft South East Regional Distribution Centre was developed in 2009. The distribution centre is being acquired from Wm Morrison Supermarkets plc subject to a new leaseback agreement for 25 years and with annual rent reviews indexed to […]
Geiger Counter has published its interims – over the six months to the end of March 2014 its net asset value rose from 31.29p to 32.81p and the ordinary share price rose from 24.75p to 30.88p. Gains from holdings in Denison Mines, Fission Uranium and Cameco were offset by a fall in the value of UEC. […]
F&C Global Smaller Companies has published its results covering the year that ended 30 April 2014. On a net asset value basis returns were broadly in line with the benchmark – 12.3% generated by the portfolio, rising to 12.6%, calculating the effect of marking the company’s debt to fair value, and a 12.4% return on […]
Invesco Income Growth has published its results covering the year that ended on 31 March 2014. Over the period the fund generated a total return of 14.2% on net assets – ahead of the 8.8% return generated by the FTSE All-Share Index. The discount narrowed and so the return to shareholders was 16.7%. The dividend […]
Tamar European Industrial Fund announced on 16 June that Lux Starlight, a newly incorporated Luxembourg private limited liability company, and TEIF have agreed on the terms of a recommended cash offer to be made by Lux Starlight for the entire issued and to be issued ordinary share capital of TEIF. The offer is 38.25p in cash, valuing the total […]
Origo Partners has today released its results for the year ended 31 December 2013. The net asset value back then was $0.39 (down 20% from $0.49 at the end of 2012). The main reason for the fall was a 50% write down in the value they put on their holding in Gobi Coal & Energy. […]
Custodian REIT has made its third acquisition, buying a 49,919 sq ft distribution warehouse near Biggleswade let to Turpin Distribution Services on a lease that expires in 2019. The price of £3.785m equates to an initial yield of 7.5%.
Picton Property Income has published results for the year that ended on 31 March 2014. Over the year its net asset value rose from 49p to 56p. Dividends paid fell from 3.5p to 3.0p. The total return on net asset for the year was 21.6% but the total return to shareholders was 50.2% as the company’s […]
ARC Capital Holdings has published its final results for the year that ended on 31 December 2013. While these numbers are very out of date now, they do say that the NAV fell from $0.92 to $0.83 over the year. It made two sales in the year – of Goodbaby and Shaanxi Dade Eucation Development […]
Assura Group has announced that it is buying 28 medical centres at a total cost of £107m – paid as £10m in cash, the assumption of £77.7m of debt and by the issuance of 44.3m new shares in Assura to the vendors, a company controlled by Ray Seymour and Alistair Blacklaws, founders of MP Realty Holdings. The […]
Standard Life Investments Property Income was on the other side of three of the four deals that New River Retail announced yesterday. SLI sold Halfords in Paiseley, Poundstretcher in Wymondham and Clough Road Retail Park for £11.89m. The aim of the deal from SLI’s point of view was to reduce its exposure to upcoming tenant lease […]
GCP Sovereign Infrastructure has released a statement to update shareholders on the difficulty of investing its IPO proceeds. They say that “Whilst the Company has reached substantive agreement with Borrowers in relation to transactions in a total size of c$100m, the due diligence process has highlighted risks which GCP believes would take such transactions outside […]
India Capital Growth has been thinking about its future and has decided to call an EGM where it will propose 1) that shareholders are issued with subscription shares and 2) that the dates of the company’s forthcoming continuation votes are changed. The subscription shares would, if issued, be exercisable at asset value two years after being […]
Tau Capital has cut the value of Stopharm again and will now vale this investment at $8m. Tau Capital say the devaluation of the Tenge in February made Stopharm’s imports of pharmaceuticals (most of which are priced in euros or US dollars) more expensive without automatically allowing it to raise prices in Tenge as sales prices […]
Spark Ventures has drawn investors’ attention to the announcement from IMIMobile, Spark’s largest investment, that it intends to float on the AIM market. Spark Ventures say they will hang onto some of their investment in the company. At the moment they own 27% of IMIMobile and value it at £14.8m.
GLI Finance has announced that, following a successful placing and offer for subscription by Fair Oaks Income Fund, GLI has exchanged its holdings in its two remaining CLO investments for $20.4m in cash and 34,298,425 shares in Fair Oaks Income Fund (issued at $1). The total value of the CLO investments at 3 June (the […]
Real Estate Credit Investments has published its results for the year that ended 31 March 2014. Over the year its net asset value rose from £1.50 to £1.54. The £50m it raised in November 2013 was successfully deployed into or committed to a number of loans. The dividend for the year is 2.7p – matching […]
TwentyFour Income Fund released its results on 10 June. These cover the period from 11 January 2013 to 31 March 2014. The company was admitted to trading on 6 March 2013 raising £150m – expanded through subsequent issuance to £267m. The net asset value at the end of the period was 117.66p and the share […]
Results for European Residual Income Investments have been released alongside those of Real Estate Credit Investments. Over the year to the end of March 2014, ERII received a cash inflow of €3.1m. At the end of the period ERII had sufficient assets for the Directors to recommend a further dividend and they have declared a […]
Unitech Corporate Parks has received a cash offer for Candor Investments – the holding company for its property interests – that values the subsidiary at £205.9m – freeing up enough cash to make a return to shareholders equivalent to 56p per share. Shareholders will have to approve the transaction but the Board is pointing out […]
