BioPharma Credit announced that, together with BioPharma Credit Investments V, it has entered into a definitive senior secured loan agreement with BioCryst Pharmaceuticals, Inc. The company will invest up to US$180.0m and BioPharma-V will invest up to an additional US$270m in parallel, with the company acting as collateral agent. Based in the US, BioCryst is […]
AVI Japan Opportunity Trust announced a Q1 update with NAV increasing by 7.4% over the quarter despite a -3.2% weakening in the Japanese Yen. This was well ahead of the MSCI Japan Index which returned +3.3% (all in GBP). [The outperformance was driven by strong stock selection and was particularly impressive considering the general underperformance […]
Balanced Commercial Property Trust has posted annual results for 2022 and, in line with the property sector, saw the valuation of its portfolio hit in the second half of the year due to higher interest rates. Highlights include: A net asset value (NAV) total return of -9.2% NAV per share as at 31 December 2022 […]
Invesco Perpetual UK Smaller Companies Investment Trust announced annual results for the year ended 31 January 2023. The company returned 17.5% in NAV terms, underperforming its benchmark index, the Numis Smaller Companies + AIM (excluding investment companies) Index, which returned –12.4%. The company’s share price total return for the year was 17.0%. The performance stands […]
VinaCapital Vietnam Opportunity Fund has announced that Thuy Dam has retired from her position as director of the company with effect from 18 April 2023. Thuy has been a director of VOF for nine years since 2014 and her retirement is in compliance with best corporate governance practices. Thuy played an important role in the […]
Oakley Capital Fund IV has entered into a strategic partnership to provide growth capital to Thomas’s London Day Schools, in order to fund capex and development projects across the Thomas’s schools. Oakley Capital Investments’ indirect contribution via Fund IV will be £14m. This is Oakley’s eighth investment in the education sector. Thomas’s is a family […]
Fair Oaks Income announced annual results for the year ended December 2022. The company generated share NAV and share price total return of -0.9% and -6.5% respectively in 2022 with shares closing out the year trading at a discount to NAV of -14.4%. Its realisation share NAV and share price generated a total return of […]
Foresight Sustainable Forestry (FSF) announced the publication of its first dedicated ESG report. The report outlines the company’s ambitious sustainability and ESG vision and provides stakeholders with an update on the company’s delivery against its key sustainability and ESG objectives over the period ended 30 September 2022. With the release of this document, the company […]
Schroder UK Public Private Trust (SUPP) has reported annual results for its financial year ending 31 December 2022. SUPP has reported a NAV total return of -40.7% and a share price return of -53.3%. SUPP’s negative returns were driven predominantly by its largest holding, Oxford Nanopore, whose share price fell by 64.6%, having IPOed earlier […]
In QuotedData’s morning briefing for 17 April 2023: RTW Venture Fund (RTW) has announced that its largest holding, Prometheus Biosciences (equal to c14.8% of RTW’s NAV) has been acquired by Merck for $200 per share, a 75% premium to its prior closing price. This would value Prometheus at c.$10.8bn. Prometheus is a clinical-stage biotechnology company […]
As we had expected, given its strong track record and relatively small discount, there was little appetite for Gulf Investment Fund’s latest tender offer. The tender pool determination date was set at 11 April 2023. As at that date the final tender offer asset value was $492,144.60, giving a tender price of $1.9555 per share. […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Ashoka WhiteOak Emerging Markets (0:43) • GCP Asset Backed Income (5:42) • Industrials REIT (12:42) This week’s interview was with Stephen Inglis from Regional REIT […]
Boards have traditionally been a selling point for investment trusts. Shareholders have a group of independent experts, tasked with looking after their interests. They hold the investment manager to account, help set the strategic direction of the trust, negotiate fees and other important work. However, occasionally it becomes clear that perfect alignment of shareholder and […]
Ecofin US Renewables Infrastructure Trust (RNEW) has published its annual results for the year ended 31 December 2022, which its chairman, Patrick O’D Bourke, describes as one of sound progress. This included the announcement on 24 October 2022 of the appointment of Eileen Fargis as group lead and portfolio manager for RNEW (Eileen appeared on […]
GCP Asset Backed Income (GABI) has published its annual results for the year ended 31 December 2022. The year saw continued challenges for GABI, with the headwinds in the UK economy, and the availability of a broader range of income producing investments arising from increased interest rates. While these factors have contributed to GABI trading […]
Industrials REIT has agreed terms on a £511m cash offer for the company by US private equity giant Blackstone. Under the offer, each shareholder would receive 168p per share, which represents a premium of 42.4% to the closing price on 31 March 2023 (the last day before the initial announcement about a possible bid was […]
Value and Indexed Property Income Trust (VIP) has announced that it has acquired a freehold leisure investment at Coventry Crosspoint Business Park that comprises a bowling alley and two small restaurant units. Rental income totals £0.6m, 77% of which is from Tenpin Limited (bowling) on a lease without break until 2050, with RPI-linked rent increases […]
In QuotedData’s morning briefing 14 April 2023: Atrato Onsite Energy (ROOF)has announced that it has acquired a ready-to-build, ground mounted 50MW solar project in Richmond, North Yorkshire, which will be constructed under a fully wrapped EPC contract. ROOF will invest a total of £38m, over a 12-month period, to acquire and construct the project, which […]
In QuotedData’s morning briefing 13 April 2023: Round Hill Music (RHM) had FTI Consulting produce another independent valuation report on its portfolio. The FTI Report supports the valuation as at 31 December 2022, prepared by the company’s original independent valuer, Citrin Cooperman. FTI comes up with two weighted average discount rates: one assumes the use […]
Ashoka WhiteOak Emerging Markets Trust, a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global emerging markets, announces its intention to launch an initial public offering targeting gross proceeds of £100 million through the issue of 100 million ordinary shares at an issue […]
Impax Environmental Markets (IEM) announced the appointment of Guy Walker as an independent non-executive director of the company with effect from 17 May 2023. Guy is currently senior independent director at JPMorgan European Growth & Income plc, having joined them in 2021. He was previously managing director UK & European Equities at UBS Asset Management […]
Martin Currie Global Portfolio (MNP) has recently released its annual results, for the financial year ending 31 January 2023. Over the 12 month period MNP reported a NAV total return of -8.8%, compared to the 0.3% return of its benchmark index, the MSCI ACWI. MNP also reported a share price total return of -9.3%. MNP’s […]
BioPharma Credithas announced that it has entered into a definitive senior secured loan agreement with ImmunoGen along with BioPharma Credit Investments V. The company will invest up to $62.5m and BioPharma-V will invest up to an additional $62.5m in parallel. $37.5m was drawn at closing in the first tranche and up to an additional $25.0m […]
Caledonia Investments (CLDN) provided a portfolio update to March 31 2023. The company announced that the NAV total return over the past 12 months was 5%. While this is below its long-term target of inflation plus 3% to 6%, it compares favourably to the FTSE All Share return of 2.9% for the same period. This […]
“One of the greatest wealth transfers from shareholders to managers in listed history.” That was the assessment of Sean Hurst, incoming chairman of Dolphin Capital Investors – the small-cap high-end resort developer focused on eastern Mediterranean. The board is tasked with overseeing the sell-off of the company’s remaining assets and returning as much money as […]
Schroder UK Public Private Trust is making its first transaction in Asia, with an investment of $8.0m (about £6.6m) in AgroStar (Ulink Agritech Pvt. Ltd.), one of India’s foremost agricultural technology (AgTech) start-ups. You can visit its website here. This investment forms part of a $25m (£20.6m) total investment by Schroders Capital that led the […]
Octopus Renewables Infrastructure Trust has agreed to invest up to £5m into HYRO Energy Limited, a new joint venture between the trust (co-invested alongside another fund managed by Octopus Energy Generation, Sky (ORI SCSp) and Renewable Energy Systems. HYRO has been established to develop green hydrogen electrolysis projects in England, Scotland and Wales for industrial […]
Dunedin Income Growth’s results for the year ened 31 January 2023 show that its NAV increased by 2.4% on a total return basis, underperforming the All-Share Index which produced a total return of 5.2%. The chairman notes that just 23% of companies outperformed the benchmark index. The best performing sectors were energy, defence and mining […]
Gresham House Energy Storage has announced its audited annual results for the year ended 31 December 2022. 2022 performance highlights NAV total return (TR) of 39.1%, mostly driven by revaluation of new projects and increases in third-party revenue forecasts [Share price total return not disclosed in the report but we think it was 29.1%] EBITDA of […]
Nippon Active Value Fund has published results for the year from 1 January 2022 to 31 December 2022. At the end of the year, the NAV 140.5p, +3.5% over the year and the MSCI Japan Small Cap Index returned -1.6% (both in sterling terms). The closing share price on 31 December 2022 was 117.5p, reflecting […]
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