Further to its announcement of a new revolving credit facility (RCF) two days ago (click here to read more on this), Hipgnosis Songs Fund (SONG) has announced that it has now completed the interest rate swap agreements that it said were in negotiations when it made the RCF announcement. Crucially, at a time of rising […]
In QuotedData’s morning briefing 5 October 2022: Brunner (BUT) has announced that Julian Bishop will be joining the AllianzGI team managing the trust’s portfolio on 1 November 2022 as a senior portfolio manager with a view to becoming co-lead manager alongside Christian Schneider in due course. Julian has 25 years investment experience as a global […]
BB Biotech saw an almost 3% rise in its NAV yesterday to CHF51/share, helped by a 36% jump in the share price in one of its holdings – Myovant – triggered by a cash buy-out offer. BB Biotech’s share price, however, was largely unchanged at CHF52.8, which has had the effect of reducing the investment […]
Great Portland Estates (GPE) has exchanged contracts to sell 50 Finsbury Square, EC2, for £190m – in a fillip for the real estate market. The price represents a net initial yield of 3.85% – which reflects the continued strength of investor demand for prime office buildings despite economic woes. The 121,800 sq ft office, which […]
SDCL Energy Efficiency says that it recognises that recent market volatility has resulted in its share price trading below its most recently published NAV per share [7.5% at close of play last night, better than the 15% it was at last Thursday night, when we were making the slides for the weekly show, but unusual […]
Hg has become a majority investor in TrustQuay, a leading technology provider to the global trust, corporate and fund services industry. TrustQuay provides entity management, client accounting, practice management, compliance and workflow software for trust, fund and corporate service providers around the world. Over its next phase of growth, TrustQuay is aiming to scale its business […]
Riverstone Credit Opportunities Income has made a secondary investment in a ‘stapled bundle of private securities’ [this harks back to the old days when paper certificates were literally stapled together] in Seawolf Water Resources. The bundle includes a first lien term loan along with preferred stock and common equity. The aggregate price paid is at […]
In QuotedData’s morning briefing 4 October 2022: Mobius Investment Trust (MMIT) is offering investors a voluntary redemption opportunity as at 30 November 2022. However, performance has been good and the shares are trading close to NAV so we doubt that there will be much take up of the offer. Redemption requests have to be submitted […]
Henderson Eurotrust (HNE) has published its annual results for the 12 months ended 31 July 2022. During the year, which HNE’s chairman, Nicola Ralston, describes as “a tough one for the Company’s investment portfolio”, HNE provided NAV and share price total returns of -13.9% and -19.6% respectively. In comparison, HNE says that its benchmark, the […]
Vietnam Holding (VNH) has published its annual results for the year ended 30 June 2022. During the year, VNH’s NAV per share declined by 4.36% in USD terms, while the market as a whole, as measured by the Vietnam All Share Index (VNAS), declined by 16.5%. However, in sterling terms, VNH’s NAV increased by 9.0% […]
Hipgnosis Songs Fund has refinanced its debt facilities. The company has entered into a new revolving credit facility (RCF) with a commitment of US$700m which runs for five years until 30 September 2027. The facility will be used to refinance, in full, the company’s pre-existing RCF and for working capital purposes. In accordance with the investment policy, any […]
In QuotedData’s morning briefing 3 October 2022: Jasmine Yeo has been made co-manager of Ruffer Investment Company (RICA). She joins Duncan MacInnes who has co-managed the company since October 2016. Jasmine graduated from Warwick Business School with a degree in international business with Spanish, and joined Ruffer’s UK private client team in 2017. She became […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Andrew McHattie covered the week’s top stories: Bluefield Solar The rise in discount rates Mixed progress with IPOs for Welkin China Private Equity, Independent Living REIT and Sustainable Farmland […]
The UK economy looks increasingly precarious. The recent ‘targeted fiscal event’ has sent the pound sliding, gilt yields rising and confidence to rock bottom. With recession looming, it has also proved a tough moment for UK smaller companies, which were already battling poor sentiment. Smaller companies managers are no strangers to volatility, but how are […]
Bluefield Solar Income Fund (BSIF) has published its annual results for the year ended 30 June 2022. It has been a very successful year for BSIF, which has recorded its highest earnings and dividend since its launch, along with 320m of solar and battery investments; an oversubscribed fundraise of £225m, 1.1GW of capacity being developed […]
JPMorgan Global Growth & Income (JGGI) has announced its annual results for the year ended 30 June 2022. During the year, JGGI provided an NAV total return of -3.4% and a share price total return of -4.8%, both of which compare to a return on the trust’s benchmark, the MSCI AC World Index of -4.2% […]
Crystal Amber (CRS) has announced its annual results for the year ended 30 June 2022. The year was a defining one for the fund in that it was not able to secure a 75% majority in favour of its continuation at its AGM on 1 November 2021. Following this, shareholders approved a new investment policy […]
JPMorgan Emerging Markets (JMG) has announced its annual results for the year ended 30 June 2022. During the year, JMG provided NAV and share price total returns of -17.3% and -20.6% respectively, both underperforming its benchmark, (the MSCI Emerging Markets index) which provided a total return of -15.0% (all in sterling terms). Stock selection was […]
JLEN Environmental Assets (JLEN) and Foresight Solar (FSFL) have announced the acquisition of Gigabox No 4 Limited, which holds the development rights to construct a 49.9MW lithium-ion battery energy storage plant based in Angus, Scotland. Both parties are taking a 50% equity stake in the project which will see each of them invest up to […]
In QuotedData’s morning briefing 30 September 2022: NextEnergy Solar Fund (NESF) has announced that it has increased the commitments available under its Revolving Credit Facility (RCF) with AIB Group (UK) Plc and NatWest from £75m to £135m – an increase of £60m. The additional commitments have been agreed at a margin of 120bps over SONIA […]
Harmony Energy Income Trust is proposing to raise capital via a placing of new C Shares at 100p per share to fund its pipeline of 2-hour duration battery energy storage systems. The company was launched on 9 November 2021 raising £210m (before expenses), and now has net assets of about £244m. The current portfolio comprises […]
In QuotedData’s morning briefing 29 September 2022: Rockwood Strategic (RKW) confirms that its shares are now admitted to listing on the premium segment of the Official List maintained by the FCA and to trading on the premium segment of the London Stock Exchange’s Main Market. The trust is moving across from AIM. [Now the focus […]
Ceiba Investments (CBA) has published its interim results for the six months ended 30 June 2022. During the period, CBA’s NAV per share fell by US$0.04 per share to US$1.12 per share – a fall of 3.5%. However, reflecting currency moves over the period, in sterling terms, CBA’s NAV rose by 7.1% from 86.4p per […]
In QuotedData’s morning briefing 28 September 2022: AVI Japan Opportunity (AJOT) has published its interim results for the six months ended 30 June 2022. During the period, AJOT provided NAV and share price total returns of -9.74% and -12.81% respectively, both underperforming the trust’s benchmark, the MSCI Japan Small Cap Total Return Index, which returned […]
In QuotedData’s morning briefing 27 September 2022: North American Income Trust (NAIT) beat its benchmark over the six months ended 31 July 2022, returning 5.5% in NAV terms to the Russell 1000 Value Index’s 4.9%. The discount narrowed and that meant the return to shareholders was 8.6%. A dividend of 5p (up from 3.8p last […]
Riverstone Energy says that two of its portfolio companies, Hammerhead Resources Inc., a Calgary-based energy company, and Decarbonization Plus Acquisition Corporation IV (Nasdaq: DCRD, DCRDW, DCRDU), a special purpose acquisition company, have announced a business combination that values Hammerhead at an enterprise value of C$1.39bn, which is approximately 2.2x DCRD’s projected 2024 EBITDA for Hammerhead. […]
For the 12 months ended 30 June 2022, Tufton Oceanic Assets reported an NAV return of 32.5% and a profit of $107.3m, or $0.362 per share. It raised its dividend target from 7.5 cents to 8 cents. The manager thinks that this will be covered 1.8x up to the end of 2023. Containership and bulker […]
In QuotedData’s morning briefing 26 September 2022 India Capital Growth (IGC) had a difficult start to 2022, underperforming the BSE Midcap total return index by 6.2% over the six months ended 30 June 2022. The trust returned -14.7% in NAV terms and -19.8% in share price terms (and that is after benefitting from a 4.3% […]
Revolution Beauty has announced that BDO LLP, its auditor, has written to the board and identified a number of serious concerns that have arisen during the course of its work on the FY22 audit regarding, amongst others, the group’s ability to provide sufficient and accurate audit evidence in respect of a number of key audit […]
Switzerland’s BB Biotech has opened a new investment position in Rivus Pharmaceuticals, a privately held US biotech developing a mitochondrial-based approach to obesity and cardio-metabolic disease. This was made as part of a $132m Series B financing that is notable for its size and the top-tier syndicate of healthcare specialist investors who have participated. The […]
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