Edinburgh Dragon‘s recent half yearly results report a rise in NAV of 3.7% during the six-months to 28 February 2015, underperforming its MSCI All-Countries Asia (ex-Japan) Index which rose 5.9% (all in Sterling adjusted terms). The company reports that this was due to be underweight China (the Chinese stock market outperformed the broader region during […]

JZ Capital Partners has announced the acquisition of S.A.C, an operational van leasing company based to the south of Copenhagen in Denmark. S.A.C. is JZCP’s first Danish investment. S.A.C’s is engaged in flexible short and long term leases (the average lease period is approximately four years). The company controls the full life cycle of its product, including procurement, financing, service & […]

Masawara has published its final results for the year that ended 31 December 2014. During the period, shareholders’ equity rose by 16.5% to $84.6m. This $12m increase offsets the $9.6m fall that the company suffered during 2013. The company says that key contributors to this were the disposal of Masawara Energy Mauritius Limited at the beginning […]

Aberdeen New Thai results for the year ended 28 February 2015 have been published. The Thai market did well over the period, aided by a strong Baht, and the SET (Stock Exchange of Thailand) Index returned 35.3%. Aberdeen New Thai’s net asset value return lagged this a little, returning 31.9%. The shares did slightly better, returning 32.2%. […]

Nimrod Sea Assets is paying $8m for a 50% stake in a multi-ole support vessel – EDT Jane – and will charter the asset to EDT Offshore Ltd on a bareboat charter party deal lasting between five and ten years depending on purchase options the charterer can exercise. They say EDT Offshore Ltd is an […]

Phaunos Timber results for 2014 show the asset value falling from 78 cents to 57 cents and its share price falling from 49 cents to 37 cents. They aren’t paying a dividend. Part of the fall in the net asset value can be attributed to the dilutive issue of 30m shares at 40 cents during […]

Global Resources Investment Trust’s net asset value fell by 22.6% over the six months that ended 28 February 2015. The share price fell by 38.2% however and has fallen further since the end of the period. The manager notes than we are in the fourth year of a bear market in commodities, making it one […]

Acencia Debt Strategies says its net asset value, adjusted for dividends, increased by 4.9% over the course of 2014 and its share price grew by 8.0%. They are paying a dividend of 1.95p for the period. Notable investments include the Lehman estate (which is gradually working its way through liquidation) – they say the process is slow and litigious […]

Tritax Big Box REIT has announced that it is buying the B&Q Core Products Regional Distribution Centre at Worksop, Nottingham for £89.75m. The price is equivalent to a net initial yield of 5.13%. Constructed in 2005 for B&Q, the property is of a high specification and incorporates modern design features including cross docking, eaves height of […]

Redefine International has reported earnings per share up 5.2%, net asset value up 8.3% and a dividend up to 1.6p from 1.5p for the six month period ended 28 February 2015. Following the capital raising they have just completed the LTV ratio is 45.1% and they reckon they have cash of £72.5m available to invest. […]

Over the six months ended 28 February 2015, Schroder Oriental Income produced a total return on net assets of 7.3% and the share price produced a total return of 6.7%. This compares to a total return of 2.9% for the MSCI AC Pacific ex Japan Index. They paid a first interim dividend of 1.5p in […]

Summit Germany says its EPRA net asset value rose by 24% to 87 cents over the course of 2014 and earnings per share almost tripled to 23.7 cents as rents rose and occupancy hit 90.4%. They paid dividends of 2.85 cents for 2014 and are announcing a quarterly dividend of 0.77 cents today. the plan […]

Graphite Enterprise has sold its fifth largest investment, the National Fostering Agency, for £11.9m. They say this adds 0.5% or 3.6p to the net asset value. This was an investment managed by Graphite Capital that they bought in 2012. GPE : Graphite Enterprise sells National Fostering Agency

BlackRock Smaller Companies results for the year ended 28 February 2015 show the fund generated a return on net assets of -1.8%, much better than the 8.5% fall recorded by the Numis Smaller Companies plus AIM (excluding Investment Companies) Index. However the company’s discount widened leaving shareholders with a return of -9.2%. The dividend was increased […]

Prospect Japan says its net asset value rose by 9.2% over the course of 2014 – well ahead of the -0.12% return on the MSCI Japan Small cap Index but these numbers are calculated on an IFRS basis where their investment in a convertible bond issued by the manager is valued at $51m vs. its $25m cost. […]

P2P Global has published its first set of accounts – covering the period from its IPO in May 2014 to the end of December 2014. By the end of the year the company’s net asset value was 1001.76p (the issue price was 1000p), the shares were trading at a 17.8% premium and it had paid […]

Aseana Properties results for 2014 have been published. The net asset value rose from 0.75 cents to 0.76 cents and the share price from m0.44 cents to 0.45 cents. Increased sales of properties helped reduce the company’s borrowings and the net debt to equity ratio dropped from 120% to 110%. They did not pay a dividend. The […]

NB Global Distressed Debt has published results for the year ended 31 December 2014. The fund now has three share classes – ordinary, extended life and new global. At 31 December 2014, 92.9% of the ordinary pool (NBDD)’s NAV was invested in distressed assets and 7.1% of NAV was held in cash and equivalents. NBDD’s […]

Alliance Trust has announced this morning that they have reached an agreement with their largest shareholder, Elliott Advisers, whereby Elliott has agreed to withdraw its three resolutions from the Alliance Trust AGM on 29 April 2015 and has committed to support the Board and management on all other resolutions. As part of the deal, both the […]

Great Portland has announced the sale of 95 Wigmore Street to UBS Global Asset Management for £222.4m. Great Portland owned the building in conjunction with Aberdeen Asset Management through a 50:50 joint venture. The sale price works out at a net equivalent yield of just 3.4% or £2,209 per square foot. The 98,800 sq. ft. […]

Dexion Absolute’s discount control mechanism works by triggering a 25% tender every time the discount trades, on average, wider than 5% over the three month periods starting on 1 January and 1 July each year. The average discount over the first three months of 2015 was 6.4% and so the tender will happen – the […]

Boussard & Gavaudan published their annual report on Friday 24th. This showed that, over the course of 2014, the NAVs for the Euro and Sterling shares increased by 6.85% and 5.29% respectively, whilst the market price improved by 11.73% and 16.71%. This was a good result both in NAV and share price terms as, by […]

VPC Speciality Lending has entered into a new arrangement with an existing platform and two arrangements with new lending platforms. Victory Park Capital, the manager, will be the largest initial purchaser of marketplace loans from Avant Institutional Marketplace. VPC Speciality Lending is participating in this marketplace facility. Victory Park Capital was an early financial partner of […]

Fidelity Special Values has announced interim figures covering the six months ended 28 February 2015. Over the period the company’s net asset value total return was 5% – ahead of the 4.1% breturn generated by the FTSE All-Share Index. unfortunately the company’s discount widened from 4.7% to 9.6% and this left the return to shareholders […]

Henderson Far East Income’s performance lagged that of comparable indices a little over the six months to the end of February 2015. The net asset value total return was 3.3% as compared to 3.9% for the FTSE All-World Asia Pacific ex Japan Index and 7.7% for the FTSE All-World Asia Pacific Index. The discount narrowed a […]

Over the course of 2014 BlueCrest BlueTrend’s net asset value rose by 16.4%. At the end of the year the shares traded on a 3.5% discount. they bought back 30m Sterling shares and got rid of the US dollar share class as investors exited it. The Chairman’s statement says that the strongest performance came in […]

BlackStar Group has announced results for the year ended 31 December 2014. Over the year its net asset vale rose from 93p to 99p. They are paying a dividend for the year of 0.77p. The weakness of the Rand relative to sterling held back results. BlackStar is in the process of finalising two large transactions […]