Bluefield Solar Income’s first set of figures, covering the period from 29 May to 31 December 2013, has been released. Its net asset value at the end of December 2013 was 97.3p. It declared its first dividend of 2p per share on 19 February 2014 and the statement says it is on track to pay the […]
Japan Residential Investment Company is buying seven residential apartment buildings for YEN9.4bn (£55.3m) at a small discount to a recent valuation. In all the properties contain 419 units and 15,077 sqm of leasable space and are expected to generate a yield of 5.2%
F&C UK Real Estate generated a total return to shareholders of 18.9% over the second half of 2013. The net asset value total return for the period was 11.0%, driven by a 6.6% increase in property values, and a rising premium made up the rest. Voids have risen a little but FRCE believes the letting market is good. […]
Alternative Asset Opportunities (which used to be known as US Traded Life Interests Fund) saw its net asset value fall from 48.5p to 45.9p over the six months ended 31 December 2013. The fall was largely the result of adverse exchange rate movements. The Board say that policy maturities during this period have been sufficient […]
Henderson Opportunities Trust has released its results for the year ended 31 October 2013. The fund did very well, generating a total net asset value return of 47.1% – more than twice the 22.8% return on the FTSE All-Share Index. The total return to shareholders was 71.0%. The report details the largest contributors to this […]
Sherborne Investors (Guernsey) B Limited has an interest of 10.2% in Electra – about half in ordinary shares and the rest through total return swaps. Although Sherborne, run by Edward Bramson (pictured) and known as activists, have acknowledged the stake they haven’t said what their agenda is in taking the stake.
Macau Property Opportunities adjusted net asset value rose by 25.5% to $4.95 over the second half of 2013 as the valuation of its property portfolio increased by 24.7%. The disposal of the company’s Zuhai assets (announced recently) has added to the NAV since the year end. Shareholders did even better as MPO’s discount narrowed rom […]
Today’s announcement from Target Healthcare REIT covers the period from its incorporation on 22 January 2013 to 31 December 2013. THRL’s net asset value finished the year at 95.9p; the share price then was 105p. Target owned ten care homes at the end of December and more acquisitions are planned or in progress. The initial […]
Ruffer failed to meet its objective of producing an absolute return of at least twice the Bank of England base rate in the second half of 2013 as its net asset value total return was -0.55% over the period. The report points to the strength of sterling, especially against the US dollar, as one factor behind this.
From the company’s launch on 11 June 2013 to the end of December 2013 the total return on net assets was 5.8% and shareholders have had a total return of 7%. An initial dividend of 2.25p has been declared (the target for the full year is 4.5p).
Jupiter Primadona’s interims covering the six months ended 31 December 2013 reveal that its net asset value rose by 10.3%, outperforming the FTSE All-Share which rose by 9.7%. The shares rose by 16.4% as the discount narrowed to less than 3% (shareholders will hope that the discount stays narrow following JPG’s earlier announcement). The manager’s […]
Subject to the outcome of an EGM to be held on Thursday 29 May 2014, Prosperity Voskhod intends to delist its shares. PVF has been selling off its portfolio and returning cash to shareholders.
The Investment Company, managed by Gervais Williams and Martin Turner at Miton and invested in a range of preference shares, loan stocks, debentures and notes, saw a 15,5% increase in its net asset value and a 16.0% increase in its share price over the second half of 2013. Two dividends of 5p per share were declared […]
Strategic Equity Capital’s net asset value rose by 29.4% over the second half of 2013, 4.6% more than the return on the FTSE Smaller Companies ex Investment Companies Index. The manager’s reports notes five stocks that made a significant contribution to SEC’s performance during the period – E2V technologies, Wilmington, 4imprint, Andor Technology (recently highlighted […]
Derwent London has released results for the year ended 31 December 2013. Over the year its EPRA NAV rose by 20% to £22.64 and EPRA earnings per share rose by 7% to 53.9p. The dividend was hiked by 8.3% to 36.5p. Almost 250,000 sq. ft of projects were completed in 2013 and Derwent have another […]
TR European Growth outperformed its benchmark over the second half of 2013, generating a total return of 24.8% on its net asset value against an 18.9% return on the HSBC Smaller Europe (ex UK) Index. Shareholders did even better as the discount narrowed to 10.2% – helping push the total return in the shares to […]
Spark Ventures has sold its remaining stake in Kobalt, an independent music publisher, for £5.4m. Overall SPK has made 4.8x its money on this investment.
Over the year to 31 August 2013 (a long time ago now) Elephant Capital’s net asset value fell from 40p to 33p. ECAP wrote down the value of its investment in Amar Chitra Katha Private Limited and listed investment, Nitco Limited, lost circa 38% of its value during the year. The Board has changed the management […]
F&C US Smaller Companies’ net asset value rose by 8.3% over the second half of 2013, marginally behind the increase in the Russell 2000 Index which rose by 9.0% (in sterling terms – in US$ terms it rose by 19.1% but the US dollar weakened against the pound during the period). FSC’s discount widened over […]
GCP Student Living is entering into a forward purchase agreement to buy Scape Guildford – a140 bedroom purpose built accommodation block adjacent to the University of Surrey in Guildford.
Jupiter Primadona Growth has announced that “it will use share buy backs and new issues of shares with the intention of ensuring that, in normal market conditions, the market price of the Company’s shares will track their underlying net asset value”. The effect of this should be that JPG’s discount will be eliminated and its Board […]
With both its zero dividend preference shares and its 6% convertible unsecured loan stock due for maturity in 2016, the Board of Ecofin Water & Power Opportunities has decided that it makes sense to hold a continuation vote early in 2016 at which ordinary shareholders will have a say in the future of the company.
Law Debenture generated a net asset value return of 28.6% over 2013, well ahead of the return on the FTSE All-Share Index which returned 20.8%. The share price more or less kept pace with the asset value, returning 28.3%. Revenue from the fiduciary services business rose by 4.3%. The full year dividend rises to 15p […]
Cambria Africa has just released its results for the year ended 31 August 2013 – ancient history really. Cambria Africa now holds just two core assets, Payserve Africa and Milchem Holdings and is selling off its remaining holdings – diversifying its focus away from Zimbabwe. Over the year it lost $5m on continuing operations and […]
JP Morgan Private Equity’s net asset value rose by 2.8% over the second half of 2013. The share price rose by 0.2% so the discount widened a little over the period. NAV gains were derived in part from disposals – JPEL received $41.5m and invested $3.3m during the six months. Since the start of 2014 […]
Alliance Trust has disclosed that activist group Elliott Capital have a 10% interest in the company comprising a 5% holding in Alliance Trust’s shares and a 5% interest held through contracts for difference. QD comment: The question must be, what is Elliott after? Alliance Trust’s shares are currently trading on a 11.4% discount, having moved […]
The Renewables Infrastructure Group has released its first set of results covering the period from 29 July to 31 December 2013. The £310m it raised was spent on acquiring 20 wind and solar projects. The net asset value return for the period was 3.5%. Distributions have been in line with projections and the Board says it […]
Over 2013 SEGRO’s EPRA NAV rose by 6.1% to 312p, helped by a 4.1% like for like increase in their property valuations, but the EPRA earnings per share fell by 8.3% to 17.7p. SEGRO sold almost £600m of property during the year at a price, on average, 4.7% higher than their value at end of 2012. […]
New City High Yield’s net asset value total return for the second half of 2013 was +4.4%. The shares to trading on a premium over 5% so the return to shareholders was 8.6%.
Herald Investment Trust has released its results for 2013. Over the year Herald’s net asset value rose by 26.9% but the share price did even better, rising by 33.5% as HRI’s discount contracted from 18.9% to 14.7%. By comparison the Numis Smaller Companies Index plus AIM ex investment companies rose by 27.7% and the Russell […]
