Doric Nimrod Air Two has published accounts covering the year to the end of March 2014. There has been no change to the 4.5p per quarter dividend payment and the company has not changed the residual value of the aircraft it owns. The net asset value rose to 203.8p from 168.7p – this largely reflects foreign exchange […]
Doric Nimrod Air Three has published accounts covering the year to the end of March 2014. The company paid its first dividend in October 2013 of 0.1715p and a second dividend of 1.7185p in January 2014. From now on the company will be paying dividends of 2.0625p per quarter. The company has not changed the residual value […]
Schroder Real Estate has sold a 9.1 acre site in Hinckley for £4.525m (a £675,000 uplift on the last valuation). The buyer is Redrow Homes who will build houses on the site in Coventry Road, Hinckley – Schroder Real Estate secured planning for 122 residential units last August. The fund gets 50% of the consideration upfront […]
RCM Technology has reported its results for the six months ended 31 may 2014. Over that period the net asset value fell by 0.1%, this does not compare well with the return on the Dow Jones World Technology index which gained 7.6%. The share price fell by 3.6%. The result for this period should be set […]
Schroder Income Growth Fund has a fee structure today based on a percentage of the net revenue return (10%), a percentage of assets (0.375% on assets up to and including £75m, 0.35% on the next £50m, and 0.325% on assets in excess of £125m) and a performance fee (a symmetrical arrangement where the manager lost […]
Foreign & Colonial, which is now managed by Paul Niven (pictured) has released its interims. these cover the first half of 2014. Over that period the net asset value rose by 1.1% and the share price return was 0.8%. By comparison the benchmark return was 3.2%. The UK, North American, European and Emerging Market equity portfolios underperformed comparable […]
Japan Residential Investment Company has published interim figures for the period ended 31 May 2014. The net asset value climbed from 58.7p to 58.9p and the company paid a distribution of 1.8p per share (covered 94.7% by earnings). The property portfolio rose in value by 1.8% but this was offset by a fall in the […]
Riverstone Energy has published its first interim statement covering the period from 1 January 2014 to 30 June 2014. At the end of the period the net asset value per share was $16 and its shares were trading at a 1% discount to this. In Sterling terms the share price had fallen by 7.5% since launch […]
Better Capital has published results for the year ended 31 March 2014 for its two cells – the original (“2009”) cell, Better Capital : BCAP, and the 2012 cell – Better Capital 2012 : BC12. The net asset value of the 2009 cell fell by 10.7% or £31.2m over the year as the company wrote […]
ARC Capital, which is currently suspended, has released another update on the sale of Funtalk (it was hoping to get at least $137.3m for its stake). The situation is complex and so we have included the full text of the announcement below but in summary it looks as though that rather than ARC Capital selling […]
Law Debenture’s share price total return was flat over the first half of 2014. Its net asset value total return was 3.4%. The equivalent return o the FTSE All-Share Index was 1.6%. The income from the fiduciary services business fell by 0.3% but this was more than offset by revenue flowing from the equity portfolio […]
SEGRO has bought the other half of a logistics joint venture it invested in alongside Moorfield Real Estate Fund II. The jv owns 12 logistics warehouses, covering 377,000 sq ft, mostly in the South East and Midlands, is fully let (to the likes of Sainsbury, Tesco, DHL, Booker and Royal Mail) and has an average […]
Henderson High Income generated a net asset value total return of 3.6% over the first half of 2014 – 2% ahead of the 1.6% return delivered by the FTSE All-Share Index and ahead of the fund’s benchmark which returned 2.3%. The dividend for the first half was 4.25p as compared to 4.15p for the equivalent […]
Aberforth Geared Income has published its results covering the year to the end of June 2014. Over the year the total return on the company was 29.2% (well ahead of the return on the Numis Smaller Companies Index ex Investment Companies +20.3% and the FTSE All-Share Index +13.1%), the gearing effect of the company’s zero […]
The net asset value total return for Fidelity European Values matched that of its benchmark index for the first half of 2014. Over the six months to 30 June the fund returned 3.1% as did the FTSE World Europe ex UK Index. The discount narrowed though so the return to shareholders was 5.6%. The manager’s […]
Trinity Capital has published figures for the year ended 31 March 2014. They sold their investment in Luxor Cyber City for £9.2m and used the money to fund a distribution to shareholders of £10.5m. At the end of March they had five investments left valued at £22.8m or 10.9p per share. On 24 July 214 […]
SEGRO has acquired a portfolio of four UK logistics properties from Harbert European Real Estate Fund III, L.P for £49.5m, equivalent to a net initial yield of 6.3 per cent (the annual net rent is £3.2m). The portfolio is fully let for an average lease length of 6.2 years to the earlier of break or expiry. The portfolio comprises […]
Invesco Property Income, which has been struggling with its debt for some time, has been told by its lending bank that it will grant a three month extension to Invesco Property Income’s loan (due for repayment on 28 September 2014). However that’s it – Invesco Property Income will have to sell off its portfolio by […]
Eredene Capital has sold a further 23% of Sattva CFS & Logistics Pvt for £1.9m. Sattva is a container logistics business based in Chennai. The disposal price equates to 4.6x the price Eredene paid for the business in 2007. Eredene sold 10% of the company back in January 2012 for £1.1m and retains a stake […]
Electra has announced that, at the request of Sherborne (which holds 19% of the company), its Chairman met Edward Bramson of Sherborne Investors Management (pictured) on 24 July. At the meeting Mr Bramson suggested that Electra appoint three new directors, including Edward Bramson, and that he be given a mandate to conduct a strategic review […]
St Peter Port Capital has published results for the year ended 31 March 2014. The net asset value fell by 15.8% during the year. During the year the company made sales of portfolio companies totalling £3.4m and since the year end they have realised a further £1.6m. £1.3m was invested during the year – most […]
BlackRock World Mining is buying a royalty linked to production from Avanco Resources’ current licensed projects including the Antas North deposit and the Pedra Branca deposit both in Brazil. For $12m BlackRock World Mining gets a 25% royalty payment on gold production and a 2% payment on the production of other metals including copper. Following this transaction, BlackRock […]
The Better Capital 2012 Cell has committed £90m to the acquisition and restructuring of OfficeTeam – which they describe as “a leading UK supplier of office products and services”. The fund is paying £80m to acquire the business and has set aside £10m to fund its restructuring. OfficeTeam had revenues of £142m in 2013 and this […]
Real Estate Investors has bought Westgate House, Market Street, Warwick for £7.25m. The property is a 56,000 sq ft mixed use retail and office building, tenants include Boots UK Limited, Marks and Spencer, Simply Foods Limited and NHS Property Services. It produces rental income of £631,325 per annum – 8.7% on the purchase price.
Scottish American has published figures for the first half of 2014. The net asset value total return and the shareholder total return were both 1.6% over the period. The benchmark return (FTSE All World Index) was 3.2%. The dividends in the first half total 5.225p – 3.5% up on the corresponding dividends in 2013. Performance […]
Bluefield Solar is making two additions to its portfolio of solar parks, buying a 8.5MW plant in Devon (on a greenfield site, pictured, Capelands Farm close to Exmoor National Park) and a 6MW plant in Somerset. The cost for both projects is £15m and they are being built by Juwi AG, a German renewable energy contractor […]
JZ Capital Partners has announced that it has issued £38,861,140 nominal of convertible loan stock. The CULS carry a coupon of 6%, paid semi-annually in March and September. They will be repaid at par on 30 July 2021 (if not converted into equity earlier). They can be converted into equity in the company at any time from 40 days after […]
JPMorgan Brazil, chaired by Howard Myles (pictured), has published its results for the year ended 30 April 2014. The figures make poor reading as the total return on net assets came in at -24.4% and the return to shareholders was -26.0%. The fund underperformed its benchmark, the MSCI Brazil 10/40 index, by more than 7% over […]
Vinaland has sold its 64.5% stake in the Marie Curie project (a 3,386 sqm mixed use development planned for District 3 of Ho Chi Minh City). The price they achieved was 14.3% higher than the valuation they had on the asset as at the end of March 2014. Proceeds to Vinaland are estimated at $10.9m and […]
The Ottoman Fund has sold a parcel of land in Bodrum, Turkey for $28.5m. The buyer is Besa Marin Turizm Isletmeleri A.S and the sale price is at a premium to The Ottoman Fund’s valuation of this asset as at the end of February 2014 (in the accounts the value is $26.7m). The Board say they […]
