The six months to 31st October 2013 was not a good one for JP Morgan Brazil as the NAV and share price fell by more than the fund’s benchmark index. Over the period the NAV return was -16.6%, the share price return -15% and the MSCI 10/40 Brazil index fell by 9.3% in Sterling terms (3.5% […]
LXB’s sale of its Sainsbury’s and M&S investments at Greenwich has completed as planned, releasing £58m of sales proceeds. LXB’s Board plans to return “a substantial proportion” of this money to shareholders by buying in shares. At last night’s close LXB’s market capitalisation was just over £250m; what proportion of the company’s share capital will […]
Over the six months to the end of September 2013 SPK’s NAV fell to 11.4p, in part following a 2p per share distribution to shareholders but also due to operating losses and write downs in the values of some assets. Since the period end Spark has sold notonthehighstreet for £11m. The Board hopes to make […]
Hammerson, as part of a 50:50 jv with Aviva, are selling Queensgate Shopping Centre in Peterborough for £202m, equivalent to a yield of 6.4%. Hammerson says it is planning to put the money towards its development and refurbishment programme for 2014 and says it is also considering selective acquisitions.
TCF, a fund of property funds that is gradually liquidating its portfolio, has announced interim results for the period ending 30 September 2013. At that date TCF’s NAV was 86.4p and, following a compulsory redemption of shares in October, the NAV had risen to 96.2p by the end of October. There are now only two assets in […]
Artemis Alpha, the UK equity growth investment trust, has released interim results for the six months ended 31 October 2013 that show its portfolio comfortably outperformed its benchmark, the FTSE All-Share index. ATS’s NAV return was 13.1% over the period while the index returned 7.7%. Three stocks in ATS’s unquoted portfolio were written up – Metapack (a business […]
LMP is buying (as part of a jv) a 30.5% stake in 22 retail warehouses, four industrial units and a headquarters building – all rented to DFS – for £175m. LMP is managing the properties and will get 4% of rents as a fee.
BBGI has acquired an additional 50% stake in Golden Ears Bridge (pictured, a concession to manage and operate a bridge near Vancouver, Canada which has been open since 2009) and Women’s College Hospital in Toronto, Canada (the project is expected to be completed and operating by March 2016).
Following discussions with shareholders, IGC will not proceed with its planned issue of subscription shares.
Sale of two non-core assets for 15% more than their value at the end of September Picton has sold Highgrove Industrial Estate, Portsmouth and Spencers Wood near Reading for £4.89m. Picton plans to use the proceeds from this and other sales to make larger acquisitions.
Results for the year ended 30 September 2013 PCGH’s NAV total return was 21.0%, adjusted for the likely impact of PCGH’s subscription shares being exercised, and 23.2% without making that adjustment. The benchmark, the MSCI All Countries World Index Healthcare Index, returned 25.4%. The Board say that the main reason for the underperformance relative to the […]
Interim results for the six months ended 30 September 2013 Trinity’s net asset value per share at the end of September was 14pence. At the end of March the equivalent figure was 18pence (adjusting for the 5pence per share distribution Trinity made to shareholders in September). Most of the fall in the asset value is accounted for by […]
JP Morgan Senior Loans started trading this morning. 79m shares were issued at £1 per share. The fund is domiciled in Guernsey and managed by Jim Shanahan and Bill Morgan from J.P. Morgan Asset Management’s High Yield team, based in Cincinnati, Ohio. JPSL will invest in a broadly diversified portfolio of floating-rate debt instruments, at least 80% […]
LMP has sold Unilever House in Leatherhead for £75.8m (equivalent to a yield of 5.9%). LMP had bought the property in June 2012 for £61.15m.
Sirius has announced that it has signed a €32.5m banking facility with Macquarie, €22m of which has been used to repay loans to RBS – Sirius has repaid its RBS facility in full. The balance of the Macquarie money has been used to part repay money owed to Berlin Hyp AG and Sirius says it […]
St. Peter Port is a fund of pre IPO investments (companies that are planning to list or have another exit opportunity for their shareholders in the offing). In its interim results for the six months ended 30 September 2013, SPPC announced that its net asset value fell by 10.4%. They attributed this, largely, to the strengthening of […]
Over the six months to end October 2013 MIGT delivered an NAV return of 6.8% – well ahead of its objective which is to beat 3 month LIBOR +3% with low volatility (MIGT’s annualised volatility was 8.3% over the period vs. 12.8% for the FTSE All-Share Index). MIGT’s Chairman has said that he believes the […]
Results for the six months ended 31 October 2013 show an NAV return of 10.5% vs. a benchmark return of 10.8%. The share price return was 9.4%. The Board has increased the interim dividend by 25% to 2.5p per share.
Geiger Counter has published its results for the year ended 30 September 2013. Over the year GCL’s NAV fell by 29% and its share price by 24%. The main problem for the fund (which is focused on the uranium market) has been the consequences of the Fukushima disaster on the current and potentially the future […]
VNL has raised £15m by issuing zero dividend preference shares with a life of three years and repayable at 126p, equivalent to a gross redemption yield of 8%.
Results for the six months ended 31 October 2013 show the fund underperforming its benchmark, the MSCI All Countries Asia Pacific ex Japan Index. Over the period ABD’s NAV fell by 4.4%, its share price by 7.9% and the index by 1.8%. The manager attributes this, in part, to ABD’s asset allocation (which is driven by […]
Redefine has sold two sites in Harrow for £13.77m (12.4% more than their valuation at the end of August 2013). The sites have been acquired by Redrow Homes.
GCP released results for the year ended 30 September 2013. It generated a return to shareholders of 9.8% – 7.6% of which came in the form of dividends – the NAV at the end of September was 104.3p. GCP will move to making quarterly dividend payments. the proceeds of the last issue are substantially invested […]
ARC will distribute $30m (the proceeds of its sale of Beijing Science & Technology Management and Goodbaby – the buggy manufacturer). The distribution will be achieved via mandatory purchase of c11.5% of each shareholding at $0.88 per share (around NAV). The ex date for the distribution is 17 December and proceeds are payable on 23 […]
Over the year to the end of October 2013 DNDL managed to deliver a 38.1% total return on net assets which, after some discount widening, translated into a 33.8% for shareholders. this compares to a 47.8% return on the FTSE Small cap. ex investment companies index. Underperformance is attributed by the Board and the manager […]
Invesco Asia has released its results for the half year ended 31 October 2013. IAT outperformed over the period as the NAV returned 3.2%, the share price 2.6% and the benchmark lost 1.8%. The discount widened a little but the Board has reaffirmed its commitment to getting the fund to trade at a discount narrower […]
Eredene’s interim results for the period ended 30 September 2013 show a fall in the NAV from 17.2p to 13.3p as write downs in the valuation of investments were exacerbated by the falling rupee. The Board has taken steps to cut overheads by employing a new manager (Ocean Dial, manager of India Capital Growth Fund […]
Globalworth (a recently launched Romanian property company) is buying two office buildings in Bucharest comprising c82 thousand square metres of office space and associated car parking. The buildings were completed in 2008 and 2009. The acquisition price is €152m. This deal was flagged in GWI’s prospectus and is part of a larger deal that the company says will take […]
TEIF has sold an asset in Sweden (a 2,963 sqm light industrial building in Angelholm) for £0.98m – a small premium to its latest valuation. TEIF has also extended repayment of a €71m loan secured against assets in France, Belgium and Holland to July 2015. The new cost of this facility is 7.66% per annum including fees.
ERET has sold its largest investment, Europort (an industrial park in Frankfurt) for a figure between €49.5m and €51m – depending on the timing of the completion of the transaction. at the lower end this is 11% below their estimate of the property’s valuation at the end of June. the proceeds will be used to […]
