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: • Ecofin US Renewables • RM Infrastructure Income • Round Hill Music This week’s interview was with Prashant Khemka from Ashoka WhiteOak Emerging Markets Trust – […]
The board of Ediston Property Investment Company (EPIC) has agreed a deal to sell the company’s entire portfolio of UK retail parks to US company Realty Income for £196.8m. The company expects to have net assets of £152.2m, equivalent to 72.0 pence per share. This is a 17.7% premium to the share price on 15 […]
I have been working with closed end funds – as an investment manager and an analyst – for almost 30 years. At times, the sector has felt like the poor relation of the investment industry. It does not attract the vast sums that flow into open-ended vehicles, exchange-traded funds (ETFs), or limited partnership structures, and […]
Round Hill Music Royalty (RHM) has announced that its board and that of Alchemy Copyrights, LLC, trading as Concord have reached agreement on the terms of a recommended cash offer at US$1.15 per RHM share, which values RHM’s share capital at approximately US$468.8m. On the basis of the closing price per RHM Share of US$0.69 […]
Ecofin US Renewables (RNEW) has announced that, given the wide discounts impacting RNEW and other alternatives investment trusts, and the unfavourable short-term prospects to raise new equity as a result, the board has decided to undertake a review of RNEW’s strategy, which will centre on a sale of the company’s assets. If a sale proceeds […]
QuotedData’s morning briefing 8 September 2023: AEW UK REIT (AEWU) has acquired a mixed-use asset in Bath city centre for £11.5m, reflecting a net initial yield of 8.0% and a capital value of £223 per sq ft. Following this acquisition, the company is close to full deployment, with remaining cash available to invest of £3m. The […]
Gulf Investment Fund (GIF) announced this week that its current portfolio manager, Jubin Jose, intends to step down at the end of December 2023. He will be replaced as portfolio manager by Bijoy Joy who is currently assistant portfolio manager of GIF, and who has been involved with Jubin in the day-to-day management of the […]
Greencoat Renewables has entered into a long-term strategic framework agreement with FuturEnergy Ireland, in respect of its 1GW+ pipeline of onshore wind projects. FuturEnergy Ireland is the recently established state-backed joint venture company co-owned by ESB and Coillte and is one of the country’s leading wind developers. This is the first strategic framework agreement entered […]
Pantheon Infrastructure has committed to invest approximately £35m in battery storage and electric vehicle fleet specialist Zenobe, through a co-investment vehicle managed by Infracapital, a leading European infrastructure investor that has raised and managed over £7bn in assets. Zenobe provides essential infrastructure that contributes to international power and transport sector decarbonisation targets. In addition to […]
Infrastructure India is selling its interest in 99.99% of Distribution Logistics Infrastructure Private Limited to Pristine Malwa Logistics Park Private Limited. Pristine Malwa is a wholly owned subsidiary of Pristine Logistics and Infraprojects Limited. The Pristine Group provides end-to-end multi cargo logistics solutions, and services including port handling, road and rail transport, warehousing, shipping, stevedoring, […]
The Romanian Ministry of Finance, which has a 5.96% stake in Fondul Proprietatea, has added a few extra resolutions for investors to consider at its upcoming shareholder meeting on 25 September 2023. First is a resolution that Franklin Templeton’s contract is renewed for just one year (1 April 2024 to 31 March 2025). Second a […]
Schroders Capital Global Innovation Trust says that its NAV as of 30 June 2023 was 24.73p per share, a decrease of 6.1% relative to the NAV per share as of 31 March 2023 (26.35p) and a decrease of 5.4% relative to the indicative unaudited NAV per share as of 30 June 2023 published on 3 […]
International Public Partnerships has announced results for the six months ended 30 June 2023. The main highlight of these was the dividend increase but the other salient points were: The NAV reduced by 2.4% to 155.2 pence per share. The decline was driven principally by an increase in the discount rates used to value the […]
In QuotedData’s morning briefing 7 September 2023: Gresham House Energy Storage (GRID) reports a fall in its NAV and a -3.5% return for the six months ended 30 June 2023. Most of the negative impact comes from lower revenue forecasts (these took 15.5p off the NAV). The discount rate used to value the portfolio has […]
After extensive consultation with its advisers and shareholders, the board of RM Infrastructure Income (RMII) has decided to put forward proposals for a managed wind-down of the company. This follows a separate announcement also released today from GCP Infrastructure that noted RMII and GCP had been unable to agree on structure and terms for a […]
Mid Wynd International (MWY) announced its annual report for the year ended 30 June 2023. The company’s share price rose by 1.0% on a total return basis. NAV total return was 5.6%. This compares with a rise of 11.3% in the company’s comparator index, the MSCI All Country World Index. The share price total return […]
GCP Infrastructure (GCP) has provided an update on its discussions with the board of RM Infrastructure Income (RMII) regarding a potential combination. The board of GCP has been unable to agree on structure and terms with RMII in respect of the RM Scheme that are acceptable to both parties. GCP Infra has therefore notified RMII […]
In QuotedData’s morning briefing for 6 September: Apax Global Alpha Limited (AGA) announced its results for the six months to 30 June 2023. Total NAV Return was 2.4%. Overall performance was supported by growth in the Private Equity portfolio and strong returns from the company’s debt investments. In Private Equity, Total NAV Return was 1.9% […]
The dedicated real estate stock exchange – IPSX (International Property Securities Exchange) – is winding down having struggled to find new investment. Launched in 2019, the exchange, which allows investors to invest in real estate investment trusts made up of a single asset or a group of assets with commonality, has just three companies listed. […]
In QuotedData’s morning briefing for 5 September: Caledonia Investments (CLDN) announced that it has agreed terms for the sale of its majority stake in Seven Investment Management , a vertically integrated retail wealth management business, to Ontario Teachers’ Pension Plan Board, a global investor with approximately C$250 billion in net assets. Caledonia is expected to […]
The majority of Home REIT’s board will be replaced over the next 12 months, the company said in the first of its monthly updates since its stabilisation period commenced. The board – made up of Lynne Fennah, chairman, Simon Moore, Peter Cardwell and Marlene Wood – oversaw the tumultuous period of wrongdoing at the REIT’s […]
In QuotedData’s morning briefing 4 September 2023: Atrato Onsite Energy (ROOF) has implemented a revolving credit facility. The trust now has a three-year £30m line of credit available to it from NatWest, financed at 1.3% over SONIA. BBGI Global Infrastructure (BBGI) has announced that its investment in Highway 104 in Nova Scotia, Canada has achieved […]
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: • Harmony Energy Income (0:35) • Triple Point Social Housing (8:19) Andrew McHattie looked at the major NAV, price and discount moves over August (12:46). […]
I was asked recently about the Murray International trust (MYI) and whether investors should stick with the fund as its long-term manager, Bruce Stout retires in 2024. While I actually quite like the current structure of the portfolio, its performance highlights the risks associated with relatively extreme positioning. The company’s annualised share price total return […]
What if it were possible to capture CO2 directly from the air and lock it away permanently? Scottish Mortgage holding, Climeworks wants to inspire 1 billion people to remove CO2 from the air to help tackle legacy and unavoidable carbon emissions. “Climeworks is the first direct air capture company to deliver third-party certified carbon dioxide […]
After over 43 years in financial services, including 13 years as Manager of Henderson European Focus Trust (HEFT), veteran fund manager John Bennett (pictured) is retiring from the asset management industry and Janus Henderson Investors at the end of August 2024. In the meantime, John will continue to work closely with both co-fund manager, Tom […]
Triple Point Social Housing REIT (SOHO) has announced that it has completed on the sale of four specialised supported housing properties, for a total of £7,586,600, to a private UK real estate investment firm. The sale price reflects a gain of £663,136 (9.6%) against the total purchase price (excluding transaction costs) and is principally in […]
ThomasLloyd Energy Impact (TLEI) has announced a date for the second EGM requisitioned by the manager (which holds around 15% of the trust’s shares), which is to be held on Monday 25 September 2023 at 10.00 am (at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH). We have been following this […]
In QuotedData’s morning briefing 1 September 2023: Greencoat UK Wind (UKW) has announced that it has completed the acquisition of South Kyle wind farm, in Scotland, from Vattenfall Wind Power Ltd. The transaction was first announced on 27 April 2020 (click here to read our coverage of this) with payment for the subsidy-free project due once […]
In QuotedData’s morning briefing 31 August 2023: Balanced Commercial Property Trust (BCPT) says it has secured two key leasing initiatives in its industrial portfolio. At unit 8, Hams Hall Distribution Park, Birmingham, Nestle Purina, a leading pet care and food company, has agreed a 10-year lease extension commencing March 2025, with a break at the […]
