A proposal to wind up abrdn Latin American Income was announced on 15 March. Now we have more detail on the process of doing this. The proposals involve the company being placed, with the approval of shareholders, into summary winding-up. If the resolution is passed at the EGM and the joint liquidators are appointed, they […]
Heads of terms have been agreed for a proposed combination of the assets of abrdn Japan Investment Trust with those of Nippon Active Value Fund. The abrdn Japan board says that the proposal follows an extensive review of various investment strategies in the Japan fund sector. It believes the case for taking advantage of recent corporate […]
In QuotedData’s morning briefing 18 May 2023: JLEN Environmental Assets (JLEN) NAV at end March 2023 slipped very marginally (0.4p) from the level at end December. Falling near-term power prices, which have affected other renewable energy funds, are less impactful on JLEN, which has a high degree of protection from short term price hedges as […]
abrdn Private Equity Opportunities Trust (APEO) provided an update for its estimated NAV. At 30 April 2023, APEO’s estimated NAV was 738.1 pence per share (estimated net assets £1,134.8 million), representing a 1.0% per share decrease from the estimated NAV at 31 March 2023 of 745.9 pence per share (estimated net assets £1,146.8 million). The […]
Scottish Mortgage announced its annual results for the year to 31 March 2023. The company NAV fell 17.8%, and shares dropped 33.5%. This compares to the FSTE All World Index which fell 0.9% while the global sector average share price fell 13.6%. These numbers reflect the company’s exposure to high growth sectors of the market, […]
VietNam Holding Limited (VNH) has announced a monthly investor report and manager update for April. As of April 30, the company was up 4.4% YTD, a slight drag on the Vietnam All Shares Index which was up 5.2%. Shares were down 0.4% over the past month. In addition to its recent performance, management added the […]
Sequoia Economic Infrastructure Income Fund (SEQI) provided a monthly update for April. The company’s NAV grew 1.5% over the course of the month. The company also added an additional purchase of Samhällsbyggnadsbolaget (SBB) 2027 senior corporate bonds for €5.0m (SBB is a social infrastructure property company listed on the Nasdaq Stockholm (Large Cap) and the […]
Workspace Group has sold five non-core properties in the South East of England for a total of £82m. These disposals were from the portfolio of assets acquired as part of the McKay acquisition completed in May 2022. The properties sold comprise light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge. The site […]
In QuotedData’s morning briefing 16 May 2023: Apax Global Alpha (APAX) announced that it has signed a definitive agreement to acquire a significant minority stake in IBS Software through the Apax XI Fund in which APAX is a limited partner. IBS is a leading provider of modern software solutions to the global travel and logistics industry. […]
Tritax Big Box REIT has acquired a urban logistics park in Birmingham for £58.5m, at a 4.5% net initial yield and a reversionary yield of 6.7%. The group has bought Junction 6 Industrial Park, one of the UK’s leading urban logistics estates of scale totalling 384,000 sq ft across 12 assets. It is located less than […]
North Atlantic Smaller Companies (NAS) has announced its 12 month results for the financial year ending 31 January 2023: Over the 12 month period NAS generated a NAV total return of -11.8%, and a share price return of -9.9%. The investment team attributes this negative return to the difficulty of markets, which was “one of […]
In QuotedData’s morning briefing for 15 May 2023: Chrysalis (CHRY) has announced a £12.5m follow-on investment in its existing holding in Smart Pension. This investment forms part of a $95 million Series E funding round. This funding round will be used to drive Smart Pension’s growth in key markets, finance a pipeline of acquisitions, and […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Reed and Richard Williams covered the week’s top stories: Update on Renewables Octopus Renewables Infrastructure (1:30) Bluefield Solar (6:13) NextEnergy Solar (7:18) HydrogenOne (9:36) US Solar no longer up for sale […]
It has been a tough year for the investment companies in the growth capital sector. Valuations were hit hard by rising interest rates and widespread risk aversion among investors. The sector now offers some apparently attractive discounts to net asset value, but this depends on the continued strength of the underlying companies. Are the early […]
US Solar Fund (USF) has provided an update on its strategic review, which it undertook in October 2022 to maximise shareholder value. USF currently trades on a 16.5% discount, and has traded on a sustained, downward trending, discount since the start of 2022. The board has so far rejected an offer for the purchase of […]
The board of NextEnergy Solar Fund (NESF) has approved a dividend target of 8.35p, representing an 11% increase from the previous year’s dividend of 7.52p. This will represent NESF’s 10th consecutive dividend increase, with NESF paying a total of £305.8m in dividends since its IPO, or 55.72p per share, fulfilling its progressive dividend objective. NESF […]
In QuotedData’s morning briefing 12 May 2023: Tritax EuroBox (EBOX) has agreed a new 10-year green lease to a leading logistics company at its recently completed property in Dormagen, a prime logistics location in the Düsseldorf region of Germany. The 36,000 sqm letting was 17.8% ahead of the rental guarantee that EBOX was receiving from […]
Bluestar Group, which has bid for Home REIT, has launched a scathing attack on the board of the embattled homeless accommodation provider accusing it of effectively ignoring it or ‘ghosting’ it. The group complained that the board had not been in contact in weeks, despite offering 40p per share to buy the company on 14 […]
Bluefield Solar’s NAV as at 31 March 2023 was £850.2m or 139.1p per share, 3.3p down on the end December NAV of 142.4p. The NAV total return for the quarter was -2.3%. The main reason for this was the recent falls in power prices (linked to falling natural gas prices). The NAV includes the published […]
BioPharma Credit and BioPharma Credit Investments V (Master) LP has entered into a definitive senior secured loan agreement with Reata Pharmaceuticals, Inc. The company will invest up to $137.5m and BioPharma-V will invest up to an additional $137.5m in parallel. Based in the US, Reata is a publicly traded (NASDAQ) biopharmaceutical company with a current […]
In QuotedData’s morning briefing 11 May 2023: Krishna Shanmuganathan is to replace Norman Crighton as chair of Weiss Korea Opportunity (WKOF) when Norman steps down from the board at the AGM on 20 July 2023. Separately, holders of just 41,496 shares elected to take advantge of the company’s latest realisation opportunity. Ecofin Advisors, LLC has […]
HydrogenOne announced its quarterly net asset value and portfolio update for the period ended 31 March 2023. The company NAV grew 2.8% over the quarter and is up 3.3% year on year. Despite the positive NAV returns, shares were down more than 40%, although they are up 24% since the beginning of May. Some of […]
Oakley Capital Investments Limited (OCI) announced that the Oakley Capital Fund III has reached an agreement to realise its stake in IU Group, the largest and fastest-growing university in Germany and a global leader in education technology. OCI’s share of proceeds, subject to completion, will be c.£240 million, with the sale agreed at the 31 […]
3i Infrastructure (3IN) announced its annual results for the year-end 31 March 2023. The company achieved a 14.7% NAV return for the year, delivery of the FY23 dividend target of 11.15 pence, and a 6.7% increase in the target dividend for FY24 to 11.90 pence per share. Despite the solid NAV performance, shares were down […]
In QuotedData’s morning briefing 10 May 2023: UK Commercial Property REIT (UKCM) posted a 1.1% uplift in NAV to 80.6p for the quarter to 31 March 2023. With dividends of 0.85p, the group’s NAV total return for the quarter was 2.2%. Valuations within its portfolio grew slightly by 0.9% to £1.32bn, further evidence of value […]
Civitas Social Housing (CSH) has agreed the terms of a sale of the company to Wellness Unity Limited for £485m. Although the bid price, of 80p per share, is a 44.4% premium to the closing price of 55.4 pence on Friday (5 May 2023), we believe this is too low. The company’s unaudited NAV at […]
GCP Infrastructure Investments Limited (GCP) announced the publication of its quarterly investment report. At 31 March 2023: The net asset value was, as previously announced, 112.24 pence per ordinary share, an increase of around 9% over the past year; The company was exposed to a diversified and partially inflation protected portfolio of 49 investments with […]
Downing Strategic Micro-Cap Investment Trust (DSM) announced the company’s results for the year ended 28 February 2023. The company saw a 8.7% decrease in NAV per share and 9.7% decrease in the share price, compared to a 17.4% decrease in the FTSE AIM All-Share TR index over the 12 months to 28 February 2023, driven […]
RTW Venture Fund Limited (RTW) provided an update for one of its portfolio companies, Acelyrin which announced an up-sized $540 million initial public offering and admission to trade on the Nasdaq Global Market under ticker “SLRN”. Acelyrin is a late-stage clinical biopharma company focused on accelerating the development and delivery of transformative medicines in immunology. […]
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: • Aquila Energy Efficiency (0:27) • Chrysalis (3:15) Andrew McHattie discussed the tentative private equity rally (7:41) and a possible opportunity in Crystal Amber (19:14). This week’s […]
