GCP Asset Backed Income has announced results for 2021. Highlights are: Dividends of 6.30p declared, including a dividend of 1.575p for the quarter to 31 December 2021, which was paid post year end. Total shareholder return of 13.2%, total NAV return of 3.4% and an annualised total shareholder return since IPO of 5.3%. Profit for […]
SDCL Energy Efficiency wants £75m – SDCL Energy Efficiency Income Trust has announced a proposed placing to raise £75m through an issue of new ordinary shares. The placing will be non pre-emptive (existing shareholders don’t get any preferential treatment). Jefferies International Limited has commenced a book-building process to determine the level of demand from potential investors for participation […]
US Solar Fund says its NAV increased by 1% over the course of 2021 to $0.975. Dividends totaling 5.5 cents were declared for the year and these were covered 1.82x by cash. The company is targeting a dividend of 5.58 cents for 2022. The statement says that the NAV uplift reflects the impact of useful […]
HydrogenOne backs Cranfield Aerospace – HydrogenOne Capital Growth and Safran Corporate Ventures have signed definitive agreements for a common investment in Cranfield Aerospace Solutions as part of a more than £10m funding round. HydrogenOne is investing £7m in this funding round. With this purchase of a minority equity stake, each company has the right to a […]
International Public Partnerships has published results for the 12 months ended 31 December 2021. The NAV increased from 147.1p to 148.2p and dividends totalling 7.55p were declared. The company has set out dividend targets for 2022 of 7.74p (+5.2%) and 2023 7.94p (+2.6%). The chairman says that: “Whilst overall the portfolio performed well in 2021, […]
Temple Bar beat its benchmark over 2021 – the first full calendar year under Redwheel’s management – delivering a return on NAV of 24.3% against 18.3% for the All-Share. The total dividend for the year was 39.5p, up from 38.5p for 2020. A small part of this has, once again, been paid from revenue reserves. […]
M&G Credit benefits from discount narrowing but tougher times await – M&G Credit Income Trust has published results covering the year ended 31 December 2021. The fund exceeded its target return of LIBOR+4%, returning 4.3% against 4.1% for the benchmark. Rates are rising though and so this target is going to be tougher to achieve. The […]
In QuotedData’s morning briefing 24 March 2022: Starwood European Real Estate Finance (SWEF) generated an NAV return of 6.6% for the year ended 31 December 2021 and paid a reduced dividend of 5.5p (down from 6.5p). Subject to the discount triggered realisation mechanism not being activated, the directors will put forward a realisation vote no […]
CIP Merchant Capital rejects Corporation Financière Européenne’s ‘highly opportunistic’ final takeover offer – Following a bid approach from Corporation Financière Européenne S.A. (CFE) which we reported earlier this year, CIP Merchant Capital (CIP), having duly considered the final offer and consulted with its financial adviser, has, once again, unanimously and unequivocally rejected the final offer. […]
In QuotedData’s morning briefing 23 March 2022: Baillie Gifford Japan (BGFD) has published its half year report for the six months to 28 February 2022. During the period under review, the trust’s NAV fell by 14.8% while its share price fell by 18.3%. This compares with just a 4.9% decrease from the TOPIX over the […]
EPE Special Opportunities results for the 12 months ended 31 January 2022 show its NAV increasing by a modest 4.1% and its share price by 14.0%, thanks to a narrower discount. Highlights within the portfolio: Luceco released its trading update for the year ended 31 December 2021 in January 2022, announcing strong revenue growth 36.0%. […]
Gore Street Energy Storage is holding a meeting of its shareholders on Monday 11, April 2022. Shareholders will be voting on proposed changes to the investment policy, and a proposed new initial issue and share issuance programme. The company intends to significantly increase the size of its portfolio and execute against its exclusive near-term pipeline […]
BioPharma Credit 2021 dividend uncovered by earnings – Over the course of 2021, BioPharma Credit generated an NAV return of 6.2% and a return to shareholders of 4.5% (as the discount widened slightly from 0.8% to 2.5%). Net income per share was 6.18 cents, meaning that the 7.29 cent per share dividend was not covered by […]
Over the course of 2021, European Assets generated a total return of 16.3% – ahead of the 14.9% return generated by the EMIX Smaller European Companies (ex UK) Index. Shareholders did even better as the discount narrowed by five percentage points. The return to shareholders was 23.2%. The dividend for 2022 (calculated at 6% of […]
On 21 March 2022, The Apax Digital Fund and Apax Digital Fund II, both of which are investments in Apax Global Alpha’s portfolio, announced an investment in ClearBank, one of the largest next-generation clearing and embedded banking platforms in the UK. On a look through basis, Apax Global Alpha is expected to invest about €5.4m. […]
Cordiant Digital Infrastructure has updated investors on its acquisition of Emitel, operational performance of CRA, sales progress at DataGryd, and an update on its pipeline. Emitel Emitel is a multi-asset digital infrastructure business based in Poland. It operates a network of communication towers, fibre-optics and a nationwide sensor network, serving major utilities. Cordiant Digital has […]
Harworth Group, the property developer and owner, reported a NAV total return for the year to December 2021 of 24.6% – a record for the company. EPRA net disposal value (NDV) was up a whopping 23.5% in the year to 197.6p per share, or £637.5m, due mainly to valuation gains at its industrial and logistics […]
In QuotedData’s morning briefing 22 March 2022: Schroder British Opportunities (SBO) – managed by Tim Creed and Rory Bateman (pictured) – says that it thinks its portfolio of UK companies with strong growth prospects is a differentiated offer with appeal to all investors who believe in the UK recovery story. It therefore intends to increase […]
Strategic Equity Capital tender taken up in full – Strategic Equity Capital has announced the final results of its tender offer, as described in the circular to shareholders dated 28 February 2022. A total of 41,095,966 shares (equivalent to 64.9% of the shares in issue as at 6.00 p.m. on 18 March 2022 – the […]
Gresham House sale of Rockwood sparks rethink of future – Gresham House, parent company of Rockwood Realisation’s former investment manager, has sold its entire roughly 23.7% interest in the company to a number of institutional investors, including Rockwood Realisation’s current investment manager, Harwood Capital. Harwood now owns 28.9% of Rockwood Realisation and Richard Staveley, who now […]
Greencoat Renewables looking for more money to fund attractive near-term opportunities – Greencoat Renewables (GRP) has announced a proposed placing by way of a non-pre-emptive issue at a Placing Price of €1.12, under its existing 400 million share issuance programme launched on 4 October 2021. The placing price represents a discount of 6.7% to the […]
Continued recovery sees JPMorgan US Smaller Companies outperform – JPMorgan US Smaller Companies (JUSC) has published its final results for the year to 31 December 2021. The company’s total return on net assets over the year was +17.7% which compares favourably with the increase of 15.7% in its benchmark, the Russell 2000 index in sterling […]
VH Global Sustainable Energy Opportunities off to a strong start in first final results – VH Global Sustainable Energy Opportunities (GSEO) has posted its annual results for the period from incorporation in October 2020 to 31 December 2021. This was the company’s first financial period. Following incorporation on 30 October 2020, the company commenced operations […]
Investors are coming round to a ‘resilient India’ says India Capital Growth manager – India Capital Growth (IGC) has published its final results for the year to 31 December 2021. During this time, it reported an NAV increase of 37.9% and a share price increased of 42.7%. However, the company’s NAV underperformed its benchmark, the […]
In QuotedData’s morning briefing 21 March 2022: Further to the announcement on 8 February 2022 in relation to the proposed merger of TwentyFour Income Fund Limited (TFIF) and UK Mortgages Limited (UKML), the board of UKML has announced that the special resolutions proposed at its EGM last week were approved and that liquidators have been […]
Not only is it Spring – nice sunny days, great for solar funds – it is also results season. Funds with calendar year ends have started publishing their annual figures. One of these is AVI Japan Opportunities (AJOT). The prospect of interest rate rises has been overshadowing markets. This week, we finally saw the US […]
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 covered the week’s top stories: • Fundsmith Emerging Equities • Renewables Infrastructure • Raven Property This week’s interview was with Tom Moore and Henrik Dahlström of Downing Renewables Infrastructure. – […]
Symphony International Holdings (SIHL) has released its preliminary results for the year ended 31 December 2021. During the period, SIHL’s NAV increased by 28.94%. The chairman, Georges Gagnebin, says that the improved operating environment particularly benefited SIHL’s investments in the hospitality, healthcare, and lifestyle sectors while ongoing disruptions to supply chains facilitated stronger margins in […]
Fidelity European (FEV) has announced its annual results for the year ended 31 December 2021. During the period, FEV’s NAV increased by 23.5%, which it says outperformed its World Europe (ex UK) benchmark index, which returned 17.4%. The discount widened over the course of the year but has narrowed in recent months. Reflecting this, FEV […]
Dunedin Enterprise (DNE) has announced its annual results for the year ended 31 December 2021. The trust, which is in wind-up, had realisations of £38.5m during the year and returned £26m via a tender offer in November 2021 (27.4% of the issued share capital at a 1.2% discount to the net asset value). Its share […]
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