In QuotedData’s morning briefing for 2 February 2024: JPMorgan Global Growth & Income (JGGI) has announced the completion of its placing and WRAP retail offer, which raised gross proceeds of £34.5m. The WRAP retail offer was materially oversubscribed, with orders received exceeding the €8m limit and being subject to scale back. JGGI will issue 6.5m […]
Urban Logistics REIT (SHED) has approached the board of abrdn Property Income Trust (API) regarding an indicative share-for-share offer for the company. The indicative offer exchange ratio is 0.469 SHED shares for each API share (and was reached on the basis that both companies will pay existing shareholders dividends due for the final quarter of […]
In QuotedData’s morning briefing for 20 February 2024 NB Global Monthly Income Fund (NBMI) has announced that it intends to distribute to shareholders an aggregate amount of approximately £23m by way of a partial compulsory redemption of shares on 4 March 2024. The redemption will amount to c. 69% of existing shares of shareholders on […]
The board of Hipgnosis Songs Fund (SONG) has announced today that its investment adviser (founded by Mr Mercuriadis and where he is a director), has refused to indemnify SONG against liabilities which may arise from Mr Mercuriadis’ alleged misconduct. SONG had previously been assured by Mr Mercuriadis and the investment adviser that the legal claims […]
abrdn European Logistics Income (ASLI) has said that it has received a number of proposals to acquire the company, after putting itself up for sale in November 2023. A broad range of preliminary, indicative non-binding proposals have been made to the company, it said. The company added that “there can be no certainty at this […]
In QuotedData’s morning briefing on 19 February 2024: Unite Students (UTG) has entered into a joint venture framework agreement with Newcastle University for the development of 2,000 new student beds. The scheme will replace an existing student accommodation building at the university’s Castle Leazes site in Newcastle. The Castle Leazes site currently provides 1,250 beds […]
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Brunner (0:38) • Tritax Big Box REIT & UK Commercial Property (9:19) This week’s interview was with Richard Hulf from HydrogenOne Capital – watch it again […]
Jonathan Mills from Metropolis Capital talks about his conviction in the equipment rental firm, Ashtead, which supplies a wide range of plant and commercial equipment to companies in the UK, US and Canada. Filmed in December 2023.
With inflation rates much reduced, investors became convinced in October that interest rates had peaked. Share prices in the renewables and infrastructure sectors began to rise while yields began to fall and there was a sense that as we entered 2024 we had passed the worst of the sell-off in those sectors. However, as the […]
Polar capital Global Financials Trust says that its NAV total return for the year ended 30 November 2023 was -2.8%. This compares to a return on the MSCI ACWI Financials Index of +0.3%. Unfortunately, investors were hit by a widening of the trust’s discount to 12%, leaving them with a return of -7.5%. The discount […]
SEGRO reported rental growth across its portfolio of 6.5% during 2023, as occupier demand for logistics space remained strong. Net rental income grew 12.5% to £587m, including new developments and the rental growth within its existing portfolio. This was achieved in the backdrop of falling property values in the high interest rate environment. The group’s […]
In QuotedData’s morning briefing 16 February 2024: CT UK High Income Trust has decided to cancel the listing of its units (CHIU). Until now, investors had been able to hold and trade in units in the fund that were comprised of three ordinary shares and 1 B share. Now, the units are being discontinued and […]
Bluefield Solar’s NAV slipped slightly over the final quarter of 2023, from 136.4p to 136.0p. Higher opeartional costs offset the benefit of recognising the company’s Renewable Energy Guarantees of Origin certificates (REGOs) and slightly higher long term forecast power prices. The board has reiterated its target dividend for the full year of not less than […]
Scottish American has published results for the 12 months ended 31 December 2023. Its NAV returns did not match those of its benchmark (the All-World Index), returning 11.8% to the index’s 15.7%, and a widening discount left shareholders with a return of 8.2%. Although the chairman points out that discounts have widened across the invetsment […]
In QuotedData’s morning briefing 15 February 2024 Invesco Select (IVPG / IVPE / IVPM / IVPB) has published a circular in connection with its plan to merge its share classes into the global equity income pool. Nothing seems to have changed from the original proposal. Holders of the managed liquidity and balanced risk classes can […]
Brunner Investment Trust (BUT) released its annual results for the period ended 30 November 2023. The company’s NAV total return was 8.7%, versus 5.5% for the composite benchmark (70% FTSE World Ex. UK / 30% FTSE All-Share). This marks the 5th consecutive year of outperformance of the benchmark by the trust. Despite the outperformance, the […]
Balanced Commercial Property Trust has sold its largest office holding as it continues to reduce its exposure to the challenged UK offices sector and rebalance its portfolio. Contracts have exchanged for the sale of the Leonardo Building in Crawley, a 110,000 sq ft out-of-town business park office, for a price of £26.1m. This represents a […]
In QuotedData’s morning briefing 14 February 2024: Diverse Income Trust (DIVI) released its half year report for the period ended 30 November 2023. The Trust’s NAV total return was down 1.3% over the half year, in contrast with the total return of the Deutsche Numis All-Share, Index, (dominated by returns on the largest stocks) which […]
The Financial Conduct Authority (FCA) has launched an investigation into scandal-hit Home REIT. Trading in shares of the company has been suspended since January 2023 after allegations of serious wrongdoing by its manager Alvarium surfaced in a short-seller report in November 2022. The allegations in the short-seller report led to a delay in the publishing […]
Life Science REIT has fully let Building 5 at Oxford Technology Park (OTP), covering 57,000 sq ft to WAE Technologies Limited. The technology and engineering services provider, which delivers innovative solutions to a range of sectors including green energy, medical engineering and automotive, has signed a 10-year lease and will pay an annual rent of […]
In QuotedData’s morning briefing 13 February 2024: JPMorgan Global Growth & Income (JGGI) announced a placing and retail offer of shares in light of the ongoing demand in the market (with a total of 50,975,336 JGGI shares being issued over the last 12 months) and a recent approach by a large wealth manager who has […]
A possible £3.9bn merger of Tritax Big Box REIT (BBOX) and UK Commercial Property REIT (UKCM) was announced this morning – although UKCM’s chairman has yet to support the deal. BBOX announced that both boards, excluding UKCM chairman Peter Pereira Gray, had “reached agreement on the key terms of a possible all-share offer” for the […]
In QuotedData’s morning briefing 12 February 2024: Warehouse REIT (WHR) has sold two assets in separate transactions for a total of £13.4m. The combined price is 3.7% ahead of the September 2023 book value and reflects an average net initial yield of 5.3%. The sales comprise Warrington South Industrial Estate, a 106,000 sq ft single-let […]
In the latest episode of the Scottish Mortgage Invest in Progress podcast, deputy manager Lawrence Burns speaks to Climeworks CEO Christoph about why he thinks the carbon removal industry could be as big by 2050 as oil and gas is today. Capital at risk. Listen to the podcast below.
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Pershing Square Holdings (0:31) • Gore Street Energy Storage (9:11) • Digital 9 Infrastructure (12:35) This week’s interview was with Kartik Kumar from Artemis Alpha Trust […]
The Chinese year of the Dragon begins tomorrow, 10 February 2024. Dragons are associated with prosperity and abundance. This has been conspicuously absent from 2023’s year of the Rabbit, which has delivered a combination of volatile geopolitics, domestic economic weakness and unwelcome regulation. Chinese markets are now the ultimate contrarian investment option. Can they revive […]
Syncona’s (SYNC’s) portfolio company Autolus Therapeutics plc has announced that it has entered into a strategic collaboration with BioNTech SE, a next-generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. The strategic collaboration is aimed at advancing both companies’ autologous CAR-T programmes towards commercialisation, pending regulatory authorisations. In connection with the strategic […]
In QuotedData’s morning briefing 9 February 2024: Schroders Capital Global Innovation Trust (INOV) has invested US$1.6m in Neurona Therapeutics through its Series E financing round, which raised US$120m. The fundraising was co-led by Viking Global Investors and Cormorant Asset Management with participation from new and existing investors including The Column Group, Passaic Capital Management, Lyfe […]
Riverstone Energy proposes to return $200m (equivalent to approximately £158m) of its excess capital to shareholders by means of a tender offer at a price of £10.50 per ordinary share. The tender price represents a premium of approximately 31% to the closing market price of £8.00 on 7 February 2024 and a 16% discount to […]
Pershing Square Holdings says that its investment manager (Pershing Square Capital Management, L.P) has proposed and the board has approved some changes to the fund’s investment management agreement that will reduce the performance fees paid by Pershing Square Holdings from this year. The amendments to the management agreement are to its variable performance fee provision. […]
