JP Morgan Overseas figures for the second half of 2013 show a total return on the NAV of 8.8%. The discount narrowed so the total return on the share price was 9.7%. The fund outperformed its benchmark, the MSCI All Countries World Index which returned 6.0%. the manager says a return to favour for cyclical […]
Utilico Investments figures for the six months ended 31 December 2013 show an uplift of 4.1% in its NAV, behind the return on the FTSE All-Share (+11.4%). Utilico say the main problem was adverse movements in exchange rates – this cost them 10.9%. Revenue fell too but UTL reckon they are comfortable paying an uncovered […]
Hirco is cancelling its AIM admission – in other words its shares will no longer be traded on AIM. The shares have ben suspended for some time as Hirco felt unable to publish its accounts as it struggled to get useful information about the value and status of its investments. The Hirco story is a long […]
Primary Health Properties has released its results for the year ended 31 December 2013. PHP’s EPRA NAV fell for the second successive year to 300p from 305p (and 319p at the end of 2011). The fall is accounted for by the payment of an uncovered dividend – they paid 19p for the year but earnings were just under 11p. […]
Globalworth Real Estate has bought Tower Center International – the second tallest building in Bucharest with 24,711 sqm of space over 26 floors. The €58m cost is being settled in part through the issue of new shares – the terms of the deal were outlined in Globalworth Real estate’s prospectus released in September 2013
City of London has released figures for the six months ended 31 December 2013. Over that period the total return on City of London’s net asset value was 23.8% – well ahead of the equivalent return on the FTSE All-Share Index of 17.9% but 2.2% behind the average UK Growth & Income Investment Trust. CTY’s […]
Over the second half of 2013 Altus Resource Capital’s net asset value rose by 1.3%. This improvement in the asset value was achieved despite a fall in the gold price of 2.3% over the period and falls in the FTSE Gold Mines Index and S&P TSX Gold Index of 8.6% and 2.9% respectively.
Bluefield Solar is buying its ninth solar plant, a 19MW facility north of Swindon. The plant will cost £21m and will be connected to the grid in March. It is eligible for government subsidy (qualifying for 1.6 renewable obligation certificates). BSIF cash £14m of cash so to fund the balance of the deal it needs […]
Figures announced for the six months ended 31 December 2013 disclose a fall in earnings per share for the period (from 11.4p to 10.4p) but an uplift in Mucklow’s EPRA NAV from 305p to 317p. Net debt rose slightly but not enough to shift the gearing ratio from its level of 41%. The vacancy rate […]
BP Marsh has released a trading update that covers the period to the end of January 2014. Deals concluded during the final quarter were the purchase of a 40% stake in a motor vehicle insurer based in Sydney, Managing General Agent, the purchase of a 30% stake in Walsingham, a specialist motor vehicle insurer based […]
CatCo had a good year in 2013, generating NAV growth of 21.9%. They rewarded shareholders with a special distribution. Their market has become more competitive with rates falling markedly in some areas. The managers say the 2014 portfolio is 20% less risky than 2013’s and is set to generate a no-loss return of 18% with the […]
The return on NAV for Murray Income for the six months ended 31 December 2013 was 10.1%, a little behind the return on the FTSE All-Share Index of 11.3%. The manager says the reason for that was the fund’s overweight positions in pharmaceuticals and utilities
Harbourvest Global Private Equity is keen to move its listing to the main market. To achieve this it will have to grant full voting rights to its A shareholders. This is problematic at the moment as a majority of its shareholders are based in the US but their share of the register has been declining. […]
Hammerson has announced results for the period ended 31 December 2013 that show its EPRA NAV rising to £5.73 from £5.42, a gain of 5.7%. EPRA earnings per share rose by 10.5% to 23.1p, aided by a 2.1% growth in like for like rental income and occupancy of 97.7% and Hammerson announced an 8% increase […]
Better Capital has released its interim management statement and this has provided some colour to BCAP’s announcement on 4 February which cautioned that the NAV would fall on the 2009 cell. It is not immediately obvious which two companies are going to be written down however. The negatives highlighted in the IMS are: Gardner has […]
Riverstone Energy has published numbers for its financial period which is fairly short, covering the period from incorporation on 23 May 2013 to the end of December 2013. Most of this time it was a shell; RSE listed on 29 October 2013, raising $1.23bn. The NAV at the end of December was $16.04. So far […]
Over 2013 Scottish American Investment Trusts total return on its share price was 18% and, on the NAV, 17% ; lagging the return on the fund’s benchmark by 4%. They say the main reason for the company’s underperformance was its exposure to emerging markets investments. SCAM is increasing its dividend by 4.1% to 10.2p for the year. […]
Advance Frontier Markets has released its results for the last six months of 2013. Over that time AFMF’s share price rose by 14.6% and its net asset value by 12.9%. One contributor to this performance was an Argentinian fund, Advance Copernico Argentina Equity fund, whose NAV rose 60%, a result, AFMF say, of a growing […]
GCP Student Living has published figures that cover the period from incorporation on 26 February 2013 to the end of December 2013. The NAV at the end of the year was 99.06p, the EPRA NAV (excluding the effect of derivatives transactions was 100.29p) – that’s up from the opening NAV of 97.4p as they recorded […]
Over 2013 SVG Capital’s NAV rose by 31.5%, well ahead of the return on the MSCI world Index of 20.3%. They gave £151.1m back to shareholders and plan to return another £217m )including a tender offer of at least £50m planned for May 2014). They repaid £150m of debt and ended the year with net […]
CQS Diversified is holding continuation votes for each class of shares on 4 March 2014. The votes have been triggered by the US dollar shares trading at an average discount of 6.29% over a 12 month period to 4 November 2013 and the Sterling class trading at an average discount of 7.17% over the same period. […]
3i Infrastructure has announced that Cressida Hogg is leaving 3i at the end of march “to pursue a senior role outside the group”. Phil White and Ben Loomes will be appointed co-managing partners of the infrastructure business and Neil King will become a Senior Partner.
Temple Bar has released its results for 2013. Over the year the total return on NAV was 31.4%, well ahead of the total return on the FTSE Al-Share Index of 20.8% – a good result for the company’s manager, Alastair Mundy. TMPL has also increased its dividend by 3% despite a fall in distributable income […]
Globalworth Real Estate has released its first set of annual results covering the period from incorporation (on 14 February 2013) to 31 December 2013. The shares were admitted to trading on AIM in July 2013. At the end of the year GWI’s portfolio was worth €121.3m and this was financed by €20.5m of debt = an LTV […]
Town Centre Securities figures for the second half of 2013 show an increase in NAV from 267p to 283p (the triple net asset value rose to 301p from 285p). Occupancy was maintained at 98%. The interim dividend was maintained at 3.1p. Borrowings fell slightly to £158m. TCSC reported progress on lettings at its Merrion Way […]
