AGR : Assura adds four medical centres Assura Group is buying one medical centre and has completed the development of three others. The developments cost £11m to build and are located in Lanchester, Market Weighton and Blaenavon. The acquisition is of a medical centre in Wellington and cost £1.75m. The developments are let for an average […]
ERE : Eredene Capital to conduct tender and leave AIM Eredene Capital has announced that it will use the proceeds of recent disposals to fund a tender offer for shareholders – the terms of which are an offer for 12% of the company at 10p per share (vs. the current share price of 4.75p) – […]
IBT : International Biotech fee cut International Biotechnology Trust has announced its results for the year that ended on 31 August 2014. They show the net asset value rising by 26.4% which lags the return on the NASDAQ Biotechnology Index which returned 33.2% in Sterling terms. Shareholders were impacted by a widening of IBT’s discount […]
THRL : Target Healthcare REIT invests in Yorkshire and Lancashire Target Healthcare REIT has announced that it has bought three purpose built care homes located in Yorkshire and Lancashire for a total of £13.3m The three homes are in Fleetwood, Lancashire (pictured); Rastrick, West Yorkshire; and Sutton-in-Craven, North Yorkshire. Between them they have a total […]
HSTN : Hansteen sells industrial portfolio Hansteen Holdings has sold its interest in the the Hansteen UK Industrial Property Unit Trust for £146.1m. The deal was done in two parts with Brockton Capital LLP (“Brockton Capital”) in a partnership with Dunedin Property paying £110.5m for the portfolio excluding Saltley Business Park and a separate 50/50 joint venture between […]
FSV : Fidelity Special Values maintains run of outperformance Fidelity Special Values managed to beat the FTSE All-Share Index over the year to the end of August 2014, the third successive year that it has done so, delivering a total return of 10.7% on net assets vs. a return of 10.3% for the index. The fund’s […]
FAIR : Fair Oaks 88% committed Fair Oaks Income Fund says it plans to acquire $26m of equity notes that make up 51% of the equity of a new CLO, Covenant Credit Partners CLO II Ltd. Covenant Credit Partners CLO II Ltd is a $500m CLO backed by a portfolio of broadly syndicated secured loans to […]
BKSA : Black Sea Property requisition The board of Black Sea Property has received a requisition from Fitel Nominees Limited seeking to requisition an extraordinary general meeting of the Company for the purpose of considering resolutions to remove the entire board other than Antony Gardner-Hillman and to appoint Trevor Hunt and Alexander Borrelli as directors. […]
IIP : Infrastructure India unit restructures debt Infrastructure India’s Distribution Logistics Infrastructure business (the new name for Vikram Logistic & Maritime Services) has agreed to restructure the debt it owes to its banks. It was paying 15.5% interest on loans with a maturity date of 2020. Under the new deal it won’t have to repay […]
ESP: Empiric Student Property raising £66m cash to fund further asset purchases Empiric Student Property has published a prospectus to raise up to £66m initially through an open offer and placing of 65m shares, with the potential to issue up to 300m shares during the next 12 months. ESP IPO’d on the London Stock Exchange on 30 June […]
SDU : Schroder UK Growth sticks with Schroders The Board of Schroder UK Growth has been mulling who should be managing the fund post the departure of Julie Dean from Schroders (she has just turned up at Sanditon) and has decided to retain Schroders as the manager. The day-today manager of the fund will be […]
BSET : British Assets moves to BlackRock British Assets Trust has announced that, following a review by the Board, it will move its management contract from F&C to BlackRock. At the same time shareholders will be asked to vote in favour of the adoption of a new investment objective and policy for the fund. They […]
ESP : Empiric Student Property expands in Cardiff Empiric Student Property has announced the exchange of contracts on two freehold properties in Cardiff that are purpose built student accommodation blocks. They are paying £3.5m for Alwyn Court (pictured), on Salisbury Road in Cardiff. This block is up and running with 51 beds and communal facilities. They […]
RDI : Positive year for Redefine International Over the year to the end of August 2014 Redefine International’s net asset value rose from 38.7p to 40.5p. It declared dividends of 3.2p for the year, 2.1% up on the year before. £162.5m of banking facilities were extended or refinanced over the period, extending average debt maturity to […]
NESF : NextEnergy Solar buys plant in Shropshire NextEnergy Solar is buying a 10.2MW solar plant located at Condover in Shropshire. The purchase price is £11.7m and with this deal NextEnergy Solar has invested all of its IPO proceeds and has dipped into its credit facility to the tune of £6.6m. The Condover plant is […]
HSLE : Harbourvest Senior Loans to go into liquidation Harbourvest Senior Loans Europe, having sold the last of its investments, plans to ask shareholders to approve a voluntary liquidation of the company. After paying the managers a performance fee of £1m and after liquidation costs, the fund estimates that shareholders will get about 26p per […]
JZCP : Busy period for JZ Capital as it deploys $129m Adding back the dividend they declared in the period, JZ Capital’s net asset value rose from $10.25 to $10.27 over the six months that ended 31 August 2014. The dividend paid in the period was 16 cents per share and they have just announced […]
QIL : Qannas investing in London property Qannas Investments, the fund specialising in investments in countries that are members of the GCC (the Gulf Co-operation Council) is investing £11m into a £50m project to refurbish 1 Palace Street. 1 Palace Street is intended to be a luxury residential property with a spa / health center […]
VOF : VinaCapital Vietnam Opportunity Fund keen to tackle its discount VinaCapital Vietnam Opportunity Fund results for the year that ended on 30 June 2014 have been published today. The asset value increased from $2.88 to $3.27. They bought back $52.3m worth of shares – taking the total to 26.6% of the fund since they initiated […]
MNL : Manchester & London hit hard by hedging error and PZ Cussons Over the year to the end of July 2014, Manchester & London’s net asset value fell by 12.3% – a long way short of its benchmark which rose by 1.9%. The dividend was maintained at 13.75p despite revenue falling to 13.63p. The […]
ARR : Aurora hit by range of stock specific problems Aurora Investment Trust underperformed during the six months that ended on 31 August – the net asset value return was -2.5% vs. a 0.7% fall in the FTSE All-Share Index. The discount narrowed a little however (from 13.4% to 12.2%) and so the return to […]
MVI : Marwyn invests in Haversham Holdings Marwyn Value Investors LP (the master fund that underlies Marwyn Value Investors Limited) is investing £8.95m as part of a £30m fund raise for Haversham Holdings. Haversham Holdings is a new shell company that is floating on AIM. Haversham will target acquisitions in the UK & European automotive, support […]
THRL : Target Healthcare says it’s on track Target Healthcare REIT’s first set of results were published earlier in October and today it has published its first annual report. On 30 June 2014 its share price was 104.75 – a 10.6% premium to net asset value, and it had declared dividends totalling 8p since listing. […]
AAS : Better second half for Aberdeen Asian Smaller The year to the end of July 2014 saw Aberdeen Asian Smaller Companies generate a negative return for shareholders of 4.2%. By contrast the MSCI AC Asia Pacific ex Japan Index returned 7.3% and the MSCI AC Asia Pacific ex Japan Small Cap Index returned 4.6% […]
CMB : Cambria Africa sells Leopard Rock Hotel Cambria Africa has released a trading update covering the period up to the end of August 2014. They say their two main investments, Payserv and Millichem, delivered organic revenue and gross profit growth of 11% over the year. Millichem acquired another business, C&M, which is being integrated […]
PLI : Perpetual Income and Growth cuts fees The Board of Perpetual Income and Growth has negotiated a reduction in the fees it pays to Invesco. The base management fee, which is currently 0.75% on assets will fall to 0.6% on the first £500m of assets and 0.4% thereafter. The performance fee has a cap […]
NEPI : New European Property raising 1.1bn Rand of new equity New European Property is raising 1.1bn South African Rand (about €80m) of new equity to help fund two recent acquisitions. The equity issue is being done as part of a vendor consideration placing (a type of deal where the person selling the asset is given […]
BRGE : BlackRock Greater Europe suffers in second half BlackRock Greater Europe has announced results for the year that ended on 31 August 2014 that show its net asset value delivered a total return of 4.5% over the year – the fund underperformed the FTSE World Europe ex UK Index which returned 10.4% and unfortunately […]
BHUE : BlackRock Hedge Selector shrinks ahead of review result BlackRock Hedge Selector has announced that its December redemption facility was oversubscribed – shareholders with 6.54m shares tried to exit – more than the 5.2m share exit that was available under the facility. The fund will therefore shrink by 20%. In the meantime, we are still […]
KWE : Kennedy Wilson gets the £350m it was looking for Kennedy Wilson Europe, which was looking to raise £351.5m from a placing and open offer announced earlier in the month, says it got all the money it was after – shareholders took up 76% of the open offer shares and the balance came from the […]
