In QuotedData’s morning briefing 31 May 2024: North Atlantic Smaller Companies (NAS) has announced that an amendment has been made to its final results announcement that was released on 10 May 2024. Specifically, Christopher Mills holding in NAS was wrongly stated in the Directors’ Interests table on page 35 of the Annual Report. The correct holding […]
Special Opportunities REIT is a new internally-managed REIT seeking to capitalise on the recent dislocation in UK real estate capital markets to deliver highly attractive total returns. It has published a prospectus. If successful, the shares would be admitted to the Official List (standard listing) of the FCA and to trading on the standard segment […]
Since GCP Asset Backed Income announced a strategic review on 13 December 2023, the board received several approaches from third parties to acquire the company. The board gave several of them access to detailed due diligence information. None of the potential offerors made a proposal at a level which, in the board’s opinion and taking […]
Harmony Energy Income says its has cancelled the (previously postponed) first FY2024 quarterly dividend and does not anticipate being in a position to declare a dividend in line with the new policy for the remainder of the current financial year, although based upon current market forecasts it is anticipated that a covered dividend will be […]
HarbourVest Global Private Equity has published results for the 12 months ended 31 January 2024. The NAV ended the year 4% higher at $50.47 per share, lagging the return on global listed equity indices (the All World Index returned 15.3%). Ed Warner (the chairman) states that the trust’s relative underperformance is not surprising, and is […]
LondonMetric Property has sold seven properties in separate transactions for £31.3m, reflecting a blended NIY of 7.0% and a 3% profit over prevailing book values. They include £18.3m of non-core LXi REIT assets, which have been sold at 5% ahead of prevailing book values. The sales comprise: A 106,000 sq ft Asda foodstore in Scotland […]
In QuotedData’s morning briefing 30 May 2024: JZ Capital (JZCP) is calling a meeting of shareholders to ask them to make the company’s ordinary shares redeemable. That will help expedite returns of capital as the company continues its managed wind down. Separately, it announced results that showed its NAV was not much changed over the […]
Home REIT says that it has reached an agreement with Big Help (a collection of tenants comprising; Big Help Homes CIC, Big Help Project Ltd, CG Community Council, Dovecot & Princess Drive Community Association, N-Trust Homes CIC and Select Social Housing CIC) for the surrender of its leases on over 600 properties which it leases […]
Aberforth Geared Value and Income Trust has published its prospectus. This could be the first major new trust in years, the big questions are, how much money will roll over from Aberforth Split Level Income Trust (ASIT) and how much new money will the trust attract? The new trust will have a fixed seven-year life. […]
The boards of Foresight Sustainable Forestry Company (FSF) and Averon Park Limited are pleased to announce that they have reached agreement on the terms of a recommended acquisition. Arizona Bidco, a wholly-owned indirect subsidiary of Averon Park, will acquire the entire issued and to be issued ordinary share capital of FSF that the Averon Park […]
In QuotedData’s morning briefing 29 May 2024: CT UK Capital and Income Investment Trust (CTUK) announced its interim results for the six months to March 31 2024. The company’s NAV total return was 12.9%, outperforming its benchmark index which returned 6.9% over the same period. The share price total return was 9.5%. The dividend for […]
Oakley Capital Investments Limited (OCI) is pleased to announce that Oakley Capital Fund V has agreed to invest in ProductLife Group, a European provider of outsourced regulatory and compliance services to the global life sciences industry. OCI’s indirect contribution via Fund V is anticipated to be c.£41 million, which relates to OCI’s share of Oakley’s investment in ProductLife […]
The Edinburgh Investment Trust (EDIN) announced its annual results for the year end 31 March 2023. The NAV total return over the period was 13.4%, exceeding the 8.4% return of the benchmark index. The share price total return was 8.9%. Dividends for the financial year were up 3.8% compared with the previous year, equivalent to […]
In QuotedData’s morning briefing 28 May 2024: Finsbury Growth & Income Trust (FGT) announced its interim results for the six months ended 31 March 2023. The company’s NAV total return was 5.9% while shares were up 2.7%, underperforming its benchmark index which rose 6.9% over the same period. The principal contributors to the company’s net […]
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: • Marble Point Loan Financing (0:21)• Odyssean (4:37)• abrdn European Logistics Income (6:24)• NewRiver REIT / Capital & Regional (9:43)• Great Portland Estates (13:47) […]
Real estate is a cyclical market where timing is everything, and signals are starting to flash that the sector is primed to stage a recovery. Market data, company activity and macroeconomic events appear to be aligning to suggest that now is the time to invest in real estate. After months in the doldrums as values […]
Marble Point Loan Financing (MPLF) is convening a second round of EGMs (for both its liquidating share class and ordinary share class) following the receipt of a new requisition notice from Freestone Advantage Partners III LP to once again consider its proposals for amending MPLS’s articles of incorporation to allow for a liquidating share opportunity […]
HgCapital Trust (HGT) has announced that its manager Hg has acquired AuditBoard, which it describes as a leading connected risk platform transforming audit, risk, compliance and ESG management, in a transaction that values AuditBoard at over US$3bn. HGT will invest approximately £87.2m in AuditBoard, with other institutional clients of Hg investing alongside HGT through the […]
Scottish Mortgage (SMT) has published its annual results for the year ended 31 March 2024. In what its chair, Justin Dowley, describes as a challenging yet rewarding year, SMT provided NAV and share price total returns of 11.5% and 32.5%, which it says compares to at 21.0% return from its FTSE All-World Benchmark. Dowley comments […]
Capital Gearing (CGT) has published its annual results for the year ended 31 March 2024, during which it provided an NAV total of 1.8%, which its chairman, Jean Matterson describes as far from satisfactory when compared to the rise in the consumer price index (CPI) of 3.2%. The share price total return over the period […]
In QuotedData’s morning briefing 24 May 2024: JPMorgan Emerging EMEA Securities (JEMA) has announced that further to its announcement on 25 April 2024 that it has been named as a defendant to civil proceedings being brought by VTB in the Russian courts, which were commenced on 17 April 2024 (click here to see our coverage […]
A compelling outlook for real estate has resulted in Helical’s board concluding its strategic review into the company with a three-year blueprint for growth. Led by chairman Richard Cotton, a comprehensive business review found that the company’s “exciting pipeline of committed developments, which due to the quality of the schemes and anticipated supply shortages, are well […]
London office developer Great Portland Estates (GPE) has launched a fully underwritten 3 for 5 Rights Issue to raise £350m (£336m net of expenses) through the issue of 152 million new shares at a price of 230 pence. The issue price represents a 44.5% discount to the closing price of 414.6 pence on 22 May […]
NewRiver REIT is weighing up a bid for shopping centre landlord Capital & Regional. In a stock market release this morning, Capital & Regional revealed that it was aware that its majority shareholder Growthpoint Properties (which holds 68.13% of the company’s issued share capital) had received a preliminary expression of interest from NewRiver REIT in […]
Picton Property has reported solid earnings growth in full year results that support a 5.7% uplift in its annual dividend. The company posted a 2% increase in EPRA earnings to 4p per share in the year to 31 March 2024, which covered its annual dividend of 3.5p – which has now been increased to 3.7p. […]
Over the 12 months ended 31 March 2024, Shires Income generated an NAV return of 5.1% and a share price return of -5.5% (as the discount widened to 13.3%), both behind the 8.4% return delivered by the company’s All-Share Index benchmark. The chairman suggests that “the performance for the year is in line with what […]
Over the 12 months ended 31 March 2024, Scottish Mortgage returned 11.5% in NAV terms and 32.5% in share price terms, driven by a narrowing discount. It says that these figures compare to a 21.0% return on the FTSE All-World Index. The main driver of the narrowing discount from 19.6% to 4.5% was the announcement […]
In QuotedData’s morning briefing 23 May 2024: Blackstone Loan Financing (BGLF) will hand back €23m to its shareholders by way of a compulsory partial redemption of up to 24,779,142 shares on 10 June 2024. On this basis, a holder of 10,000 shares will have 559 shares redeemed, and receive €518.86 in cash. Crystal Amber (CRS) […]
Odyssean Investment Trust (OIT) was launched on 1 May 2018. At the time, the board said it would offer shareholders the opportunity to cash in their investment at NAV (less costs) during the trust’s seventh year and every seventh year thereafter. The exact timing of the realisation is up to the board (in consultation with […]
British Land has posted a robust set of annual results during one of the most turbulent periods, with EPRA net tangible assets (NTA) falling 4.4% to 562p in the year to 31 March 2024. The value of its portfolio was down 2.6% to £8,684m, and down just 0.2% in the second half of the year, […]
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