Over the year ended 30 November 2013 Throgmorton managed to generate a 52.3% total return to shareholders as the NAV returned 40.1% and the discount narrowed. The equivalent return on the Numis Smaller Companies plus AIM (excluding investment companies) Index – THRG’s benchmark – was 31.6%. the performance was good enough to generate a performance […]
Following last week’s announcement of a dispute between ARC Capital and its manager, ARCH has today announced that the manager has resigned with immediate effect. ARC Capital say though that they understood that the manager had to give them six months notice under the terms of the management agreement.
Origo issued 60m convertible ZDPs in March 2011. These mature in September 2017 and, according to the articles says Origo, on a change of control of Origo these are automatically convertible into ordinary shares. Following an acquisition, Brooks Macdonald Group controls 85.7% of the convertible ZDPs. Brooks Macdonald say they should have an option to redeem the convertible ZDPs on a […]
Schroder Real Estate has bought Morgan Sindall House in Rugby for £3.95m (an initial yield of 8%) and sold its stake in the Merchant Property unit trust (which holds a portfolio of Travis Perkins builders merchants) for £3.25m
JP Morgan US Smaller Companies investment trust is planning to try to raise some more money and split its shares so that for each existing share shareholders will get ten new ones. The Board is asking shareholders to approve the issue of new shares up to an amount equivalent to 20% of the existing share […]
The Ottoman Fund has sold 505,694 sqm of land at $101 sqm for a total of $51m and given the buyers the chance to buy the remaining land for a further $32m. Tax on the sale of the initial parcel is estimated at $1.3m and in due course the Board say they will announce a […]
In December 2010 ARC Capital lent Orient Home Co Limited RMB480m ($79m) so that it could buy Orient Home Industrial Co. but, although “Orient Home Co failed to comply with the conditions precedent set out in the Agreement” which should have meant that the loan should have been repaid, it wasn’t. In July 2013 ARC Capital […]
BP Marsh (which provides venture capital to financial services businesses) has bought a 12% stake in LEBC for £1m and lent another £1m to LEBC’s employee benefit trust to allow it to buy more shares in the company. LEBC is an IFA with £2bn under advisory operating from 11 branches across the UK. BPM first invested […]
Foresight Solar is buying a 10.7MW solar power plant – Hunters Race on 12.4ha of a former quarry in West Sussex. Altogether FSFL now has 137.4MW of generating capacity across seven plants. Only one 32MW plant, in Leicestershire, is currently delivering energy to the grid. However Castle Eaton and High Penn are expected to be grid connected […]
Manx Telecom is to IPO on the AIM market (completion of the listing is expected to be on 10 February 2014). Manx’s shares have been priced at 142p, valuing the business at £160m, and the IPO is fully underwritten at this price. Hg Capital is selling its entire shareholding in the IPO, realising cash proceeds of c£13.1m. […]
British Land is buying £41m worth and tendering for an additional £35m worth of additional units in the Hercules unit trust at a price equivalent to a 3.8% discount to NAV. Hercules unit trust owns £1.5bn of retail property spread across 17 retail parks including the Glasgow Fort Shopping Park (pictured). British Land is the […]
Over the six months ended 31 December 2013 Mid Wynd returned almost twice as much as its benchmark as the net asset value total return was 12.5% and the FTSE World Index total return was 6.6%. The company says that it benefited as money moved from bond investments to equities during the period. Investments that […]
Better Capital has released a trading statement today in which it cautions that trading conditions in two of the companies held in the 2009 cell have been “significantly below expectations”. Both are said to be profitable however. BCAP is warning that there could be a significant write down in the value of these companies at […]
Target Healthcare REIT has bought a 61 bedroom purpose built care home in Glasgow for £4.3m. The home is let to Mossvale Care Home limited for 30 years at a rent equivalent to an initial yield of 7.75% and the rent is subject to an annual uplift in line with RPI (subject to a cap […]
Masawara, a fund specialising in investment in Zimbabwe, has sold its 51% stake in Masawara Energy Mauritius Limited for $29.325m ($4.437m more than when the deal was first announced in July 2013). The proceeds will be reinvested in new deals.
Qannas is a small fund investing in private equity situations in the Gulf countries of the Middle East (pictured). It has agreed to a deal, technically a reverse takeover, whereby it will combine with two similar but unlisted limited partnership funds domiciled in Cayman and move its domicile from Jersey to Cayman. There is a […]
INPP has made a number of deals to tidy up its portfolio of Building Schools for the Future investments – adding to its investment in Kent BSF at a cost of £7.2m (taking its interest to 58% with Kent County Council owning the balance) and selling its minority interests in Hul, Leeds, Newcastle, Rochdale, Sandwell […]
Green REIT has now made two announcements concerning press speculation about its involvement with the Central Park portfolio of commercial real estate being sold by NAMA (Ireland’s National Asset Management Agency, which ended up owning a wide range of assets after Ireland’s financial sector ran into trouble in the credit crunch). GRN has confirmed that […]
Over the six months to the end of November 2013 the UK equity share portfolio’s net asset value rose by 8.9% vs. 3.9% for the FTSE All-Share index (this portfolio is managed by Mark Barnett). The Global Equity Income portfolio NAV rose by 4.6% vs. 3.3% for the MSCI World Index. The Balanced Risk portfolio NAV […]
Intu Properties has commented on press speculation that it is considering buying Westfield’s shopping centre in Derby and buying an interest in and getting the management contract for the Merry Hill shopping centre in Dudley. Intu says discussions are taking place and, if the acquisition happens, it will be funded, in part, by a new issue […]
Between 30 April 2013 and 31 October 2013 Cambium Global Timberland’s net asset value per share fell from 59p to 48p. As previously announced (in October 2013) Cambium wrote down the value of its Tarrangower property in Australia and its properties in Hawaii. At the time they said they might have to make a provision […]
Over the six months to end November 2013 HSL delivered a NAV return of 14.5% and a share price return of 14.7% – marginally outperforming the Numis Smaller companies Index which returned 14.4%.
Prospect’s manager is keen that their investment remit be expanded, arguing that if they are allowed to take larger positions in companies and engage with them to encourage share buy-backs, asset sales and reconstructions, the fund will benefit. To that end the Board is proposing that the maximum investment in any one company be set […]
IERE’s Annual Report as at 30 September 2013 shows a fall in NAV from €0.38 to €0.246. They have €100m of property on the block and are working on renegotiating their bank debt. Disposals and new lettings have reduced the vacancy rate on the portfolio from 24% to less than 20%. The debt was reduced […]
Over the year to the end of September 2013 the assets of the company rose by 6.8%. The total return to an ordinary shareholder was 13.0% and the NAV return 11.0%. The numbers were held back by a fall in the value of ECWO’s largest holding, Lonestar Resources, in part because of a fall in […]
MedicX has announced that it has acquired a specialist primary care medical centre in Cardonald, Glasgow for £3.2m
Great Portland Estates reports a 5.8% uplift in the portfolio valuation over the final quarter of 2013 driven by an 8.2% uplift in the valuation of development properties and rental growth of 1.3%. This helped drive an 8.2% uplift in the EPRA NAV to 527p. Vacancy rates across the portfolio have fallen as they signed […]
Bilfinger Berger infrastructure has bought a one third stake in the Ohio River Bridge / East End Crossing PPP project. the bridge, close to Louisville, Kentucky connects Clark County Indiana with Jefferson County, Kentucky
