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 […]
abrdn European Logistics Income (ASLI) has completed the sale of a 32,645 sqm warehouse, in Leon, Northern Spain, to SCPI Iroko Zen, for €18.5m. The disposal price reflects a 3% premium to the 31 December 2022 valuation. ASLI acquired the asset in 2018 for €15.3m with the sale reflecting a crystalised 20% gross profit. Located […]
For the second time in five years, investors are finding themselves in the grips of a global bear market that has punished most asset classes. The reasons underpinning the latest bout of selling have been well covered by market commentators, with QuotedData being no exception. Alongside this, many column inches have also been devoted to […]
Palace Capital has exchanged contracts for the sale of six industrial properties for £34.0m, as it continues to sell down its assets. The sale of the portfolio, to Clearbell Property Partners IV LLP (Clearbell), a fund managed by Clearbell Capital LLP, reflects a net initial yield (NIY) of 6.2% and is another indication of valuation […]
In this webinar recording, Scottish Mortgage manager Tom Slater and deputy manager Lawrence Burns answer the top questions on shareholders’ minds. They discuss private company investing, share price performance, the resilience of holdings in a challenging climate, investing in China and much more. Capital at risk. Watch the Webinar.
In this webinar recording, Scottish Mortgage manager Tom Slater and deputy manager Lawrence Burns answer the top questions on shareholders’ minds. They discuss private company investing, share price performance, the resilience of holdings in a challenging climate, investing in China and much more. Capital at risk. Watch the Webinar. previous story | next story
Chrysalis Investments announced a quarterly NAV update and a trading update for 31 March 2023. The unaudited net asset value per ordinary share was 130.02 pence. March’s NAV represents a 1.76 pence per share (1.4%) increase since 31 December 2022. Movements in fair values of the portfolio accounted for approximately 3.1 pence per share, with […]
In QuotedData’s morning briefing 5 May 2023: Ediston Property Investment Company (EPIC) has posted a slight increase in the value of its property portfolio in the quarter to 31 March 2023 of 0.6% to £204.3m. NAV per share was down slightly by 0.6% to 80.44 pence (31 December 2022: 80.93 pence). NAV total return (including […]
Great Portland Estates has acquired two central London offices for redevelopment for a total of £53m. It has bought 141 Wardour Street, in Soho, for £39m (£1,156 per sq ft). The 33,717 sq ft building is currently vacant, has been stripped out and benefits from planning consent for a comprehensive refurbishment. The building is located […]
Aquila Energy Efficiency lost a continuation vote at the end of February 2023. The board had six months to come up with a plan for what to do next. As at 31 March 2023, the fund had: 38 private investments across Germany, Italy, Spain and the UK, valued at about £62.6m, and with investment maturity […]
In QuotedData’s morning briefing 4 May 2023: AVI Japan Opportunity (AJOT) has appointed Singer Capital Markets Securities to manage an irrevocable share repurchase programme to buy back ordinary shares within certain pre-set parameters. The programme started yesterday and will run until 30 June 2023. Foresight Solar Fund (FSFL) is using £10m of cash to fund […]
Henderson International Income (HINT) announced results for the half-year ended 28 Feb 2023. During the six month period, the net asset value total return per ordinary share was 2.2% (debt at par) and 2.8% (debt at fair value). The company’s return on the ordinary share price was 6.5%. This included dividends totalling 3.7p per share […]
International Biotech (IBT) announced its half-yearly report for the year ended 28 Feb 2023. The company’s share price was up 8.0% over the six month period, well ahead of the Nasdaq Biotechnology Index (NBI), which had a total return of 1.8%. The company’s Net Asset Value total return over the period was 6.1%. Over three […]
Hipgnosis (SONG) announced that Vania Schlogel has stepped down as a director of the company with effect from 30 April 2023 to focus on her executive role at Atwater Capital, which she founded in 2017 and for which her commitments and responsibilities have recently increased significantly. The board of Scottish Mortgage Investment Trust (SMT) announced […]
