The transition to electric transportation is key for tackling climate change. Scottish Mortgage’s Claire Shaw discusses how challenges facing this sector make battery recycling companies like Redwood Materials worth investing in. Capital at risk. Watch the film
The transition to electric transportation is key for tackling climate change. Scottish Mortgage’s Claire Shaw discusses how challenges facing this sector make battery recycling companies like Redwood Materials worth investing in. Capital at risk. Watch the film
Riverstone Credit Opportunities Income (RCOI) has made a new four-year US$150m sustainability-linked first lien term loan to NASDAQ listed Clean Energy Fuels Corp (CLNE) (cleanenergyfuels.com), which produces natural gas from animal waste and landfill containing organic matter. The floating rate loan has a maturity of 22 December 2026 with an all-in yield to maturity of […]
In QuotedData’s morning briefing 4 January 2023: On 30 December 2022 Alvarium RE Limited entered into an agreement to sell Alvarium Home REIT Advisors Limited (AHRA), the investment advisor to Home REIT (HOME), to a newly formed entity owned by the management of AHRA funded by way of a promissory note. These arrangements were made […]
Happy New Year to our readers. In QuotedData’s morning briefing 3 January 2023: Tufton Oceanic Assets (SHIP) has agreed to sell its last containership, the Riposte, for $13.0m (about equal to its depreciated replacement cost), following which its fleet will consist of twenty-two vessels. The realised net IRR on the Riposte exceeds 12%. In aggregate, the […]
In QuotedData’s morning briefing 29 December 2022: PRS REIT (PRSR) has secured a short-term extension to its £150m revolving credit facility with Lloyds / RBS, which matures in February 2023. The extension has been secured for the period to 14 July 2023 at the same margin above the three-month SONIA rate as the existing arrangements. […]
In QuotedData’s morning briefing 28 December 2022: Literacy Capital (BOOK) has completed the sale of its entire interest in Hometree, generating £3.8m for the trust. This represents a 1.3x return on BOOK’s investment. The cash was used to pay down borrowings and will be recycled in new investments in due course. Richard Pindar, director of […]
This time last year we highlighted climbing inflation and interest rates as issues overhanging markets. However, those headwinds were much stronger than we had anticipated thanks to Russia’s invasion of Ukraine. Given that backdrop, it was perhaps inevitable that markets would struggle in 2022. There were a few bright spots – Latin America and the […]
Bluefield Solar Income Fund (BSIF) has acquired a 46.4 MWp solar portfolio that comprises two large ground mounted solar assets located in Cumbria, in the UK. Both are 1.4 ROC assets that have been operational since 2015 and approximately 60% of their projected revenues are contracted and regulated. The larger of the two assets is […]
Activist investment fund, Crystal Amber (CRS) has sent the board of Hurricane a requisition notice requiring Hurricane to convene a general meeting at which resolutions will be proposed to remove six directors and appoint two new directors. The directors that CRS proposes removing are executives Antony Maris and Richard Chaffe, Non-Executive Chairman, Philip Wolfe and, […]
Aquila European Renewables (AERI) has announced that Jaén, a 50 MWp solar PV asset located in southern Spain that is part of the Greco portfolio, has completed construction and is now operational. Jaén was acquired, in full, in March 2022 and following the completion of the project, AERI has paid consideration of €42.5m to the […]
In QuotedData’s morning briefing 23 December 2022: Schroder European Real Estate (SERE) has completed the early refinancing of its largest debt expiry in 2023, a €14m loan with VR Bank Westerwald, secured against its Hamburg and Stuttgart office investments. SERE says that competitive financing terms were obtained from five different lenders with VR Bank Westerwald […]
Continuation Vote The Ground Rents Income board is required to convene a general meeting no later than 13 August 2023 at which it must table a proposal for shareholders to vote on a resolution for a voluntary wind-up and subsequent liquidation of the company. The vote is structured in such a way that if any […]
VPC Specialty Lending Investments has been reviewing options for tackling its persistent wide discount. Having taken professional advice and after consulting the major shareholders, the board thinks it is likely that there will be a 25% exit opportunity following the AGM in 2023. However, it does not believe that the exit opportunity alone would have […]
Over the 12 months ended 30 September 2022, JPMorgan Indian Investment Trust generated a return on NAV of 6.3% and a return to shareholders of 0.6%, lagging the 8.8% return on the MSCI India Index. The trust has not been geared into the rising market and has not renewed its borrowing facilities. In an effort […]
In QuotedData’s morning briefing 22 December 2022: Temple Bar (TMPL) has appointed Frostrow as its AIFM (with effect from 1 July 2023). Redwheel will continue to manage the assets of the trust, but Frostrow will take on responsibility for marketing and distribution. Palace Capital (PCA) has sold £7.6m of property since 30 September 2022, reducing […]
Aberdeen Diversified Income and Growth (ADIG) has announced its annual results for the year ended 30 September 2022. The report opens with a quote from the managers (Nalaka De Silva, Heather McKay, Simon Fox and Nic Baddeley), which says “We feel that the company is well protected in the current environment, and ready to take […]
Infrastructure India (IIP) has announced its annual results for the twelve months ended 31 March 2022. The key takeaways, from what we can see, are that IIP now has a value per share of 0p, or nil, and the accounts have not been prepared on a going concern basis. [QD comment: Unfortunately, this is no […]
BlackRock Greater Europe (BRGE) has announced that Stefan Gries has become the manager of its portfolio, effective immediately. Sam Vecht, Managing Director in BlackRock’s Global Emerging Markets Equities team, will be stepping aside from his role as co-portfolio manager, which apparently reflects the current focus and asset allocation within the portfolio. About Stefan Gries Stefan […]
In QuotedData’s morning briefing 21 December 2022: Doric Nimrod Air One (DNA) has announced that, following the lease end date and previously announced agreement to sell its Airbus A380-861 aircraft to Emirates (announced on 5 July 2022), sale proceeds of £25.30m have been received with the title of the aircraft passing to Emirates. DNA’s board […]
Aquila Energy Efficiency Trust says that its commitments to investments were £87.3m as at 19 December 2022, up from £55.5m at 31 August 2022. Total income-generating, deployed capital has increased to £54.4m (31 August 2022: £32.1m). The company is expected to achieve an average gross unlevered project yield of 8.0% over all investments made to […]
Over the 12 months ended 30 September 2022, Ecofin Global Utilities and Infrastructure produced an NAV total return of 12.5% and a share price total return of 14.0%. This significantly outperformed the total return of global equities, measured by the MSCI World Index, which was -2.4% in sterling terms. The MSCI World Utilities Index and […]
The Renewables Infrastructure Group (TRIG) has exchanged contracts to acquire a further 11% equity interest in the Merkur offshore wind farm, located in the German North Sea. This incremental investment is approximately 2% of TRIG’s portfolio value. Upon completion TRIG will hold a 36% equity interest in Merkur, the total stake in the project will […]
Round Hill Music Royalty Fund says that its Net Publisher’s Share (the amount received by the music publisher after deduction of all fees, commissions and all royalties and other shares of income payable to third parties) for the first nine months of 2022 was $21.8m, up from $16.0m for the nine months to 30 September […]
Over the 12 months ended 30 September 2022, Majedie Investments produced an NAV total return of -18.2% and a return to shareholders of -24.9%. This compares with a 4% fall in the All-Share and a 4.2% fall in the MSCI All Countries World Index. The dividend was cut from 11.4p to 10.4p (1.8p of which […]
In QuotedData’s morning briefing 20 December 2022: Geiger Counter (GCL) published results in which it reported an NAV return for the 12 months ended 30 September 2022 of 2.2%. A fall in the uranium price in the second half of the period weighed on returns. The NAV return was also diluted by the subscription rights […]
About Montanaro UK Smaller Companies Trust The Trust aims to achieve capital growth by investing in small companies listed on the London Stock Exchange or its Alternative Investment Market (AIM). It seeks relative outperformance of its benchmark, the Numis Smaller Companies Index. To watch the Fund Manager Brief: Montanaro AM, click here. To read our […]
About Montanaro European Smaller Companies Trust The trust aims to achieve capital growth by investing in small European quoted companies. It seeks to achieve capital growth in excess of its benchmark, the MSCI Europe SmallCap (ex-UK) Index. To watch the Fund Manager Brief: Montanaro AM, click here. To read our latest research on Montanaro European […]
Charles Montanaro – Chairman/Fund Manager Charles graduated with an honours degree in Anthropology from Durham University in 1976. He spent four years in industry before joining Merrill Lynch in 1980 as a private client broker in London. He joined Dean Witter Reynolds in 1984 and Drexel Burnham Lambert in 1987 as a Senior Vice President […]
In QuotedData’s morning briefing 16 December 2022: JPMorgan Global Core Real Assets (JARA) has announced its quarterly NAV and portfolio update. During the quarter to 30th November 2022 JARA paid a dividend of 1p per share, bringing the total return for the quarter to -3.8% and the total return for the year to 30th November […]
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