Regional REIT reported a particularly difficult 2023 with several headwinds contributing to a 23.3% drop in net asset value (NAV) to 56.4p per share. The office landlord’s portfolio valuation fell 9.3% on a like-for-like basis to £700.7m, as high interest rates impacted on the portfolio yield. Rent roll for the year was also down, from […]
Golden Prospect Precious Metals (GPM) has released its annual results for the 12 months ending 31 December 2023. Over the 12 month period GPM’s net assets fell from £30.6m to £32.0m. This was primarily due to a fall in the fair value of its investments, with GPM reporting a £0.5m loss over 2023. Despite this […]
Octopus Renewables Infrastructure Trust (ORIT) has released its results for the 12 month period ending 31 December 2023. Over those 12 months ORIT generated a NAV total return of 2.1%, and a negative share price total return of (4.4%) due to its widening discount. ORIT’s total NAV decreased from £618m to £599m during the year, […]
Pershing Square Holdings has published results for the year ended 31 December 2023 and they are good. The NAV return for the year was 26.7% and the share price return 36.0%, outperforming the S&P500 which returned 26.3%. The performance was driven by the underlying portfolio. The portfolio hedges detracted from returns in 2023 but have […]
Princess Private Equity Holding (PEY) has released its annual results for its financial year ending 31 December 2023. Over these 12 months PEY reported a NAV total return of 1.8%, finishing the year on a NAV per share of €14.16, while also reporting a share price total return of 32.6%. PEY’s NAV was driven primarily […]
Baillie Gifford Shin Nippon has published its accounts covering the 12 months ended 31 January 2024 and the figures do not make good reading. Over the year, the NAV declined by 14.9% and the share price by 20.5%. The MSCI Japan Small Cap Index rose by 6.3%. Over five years, the index was up 24.1% while […]
US Solar Fund has announced results for the year ended 31 December 2023. The company’s NAV fell sharply over the year from 96 cents to 78 cents (roughly a 20% fall). You might have thought that the biggest negative impact on the results would have been the increase in interest rates feeding through into a […]
Impact Healthcare REIT reported net asset value (NAV) uplift of 4.7% to 115.38p per share in annual results to 31 December 2023. The care home landlord’s portfolio grew in value by 4.1% over the year helped by strong rental growth. With a net increase of five homes taking the total portfolio to 140 properties and […]
Digital 9 Infrastructure (DGI9) has announced that it intends to serve a notice of termination to its current investment managers, Triple Point Investment Management, subject to the required consents. The board expects the termination to take effect on 31 March 2025. The board has chosen Liberum Capital as its financial adviser, in order to aid […]
In QuotedData’s morning briefing 25 March 2024: Literacy Capital (BOOK) has announced a new investment in the Live Business Group, a leading international entertainment supplier to the travel, tourism and leisure industry. BOOK has taken what it describes as a significant minority stake in the London-based firm, with the actual terms being undisclosed. BOOK’s investment […]
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • abrdn Property Income (0:34) • Hipgnosis (3:24) • Scottish Mortgage (5:18) • Witan (8:32) In today’s show, James discussed the merits of the bid for abrdn […]
Scottish Mortgage (SMT), Baillie Gifford’s flagship investment trust and the largest trust in the investment companies sector, has announced that Elliott Associates, the US activist hedge fund, has acquired a 5% stake in the trust. The announcement, which came out last night after the market had closed, revealed that Elliott has bought nearly 0.5% of […]
Supermarket Income REIT’s manager has made amendments to its investment advisory agreement to protect itself in the event of a takeover. In the event of a takeover, delisting or liquidation, Atrato Capital would be paid fees that would have been due over the existing rolling two-year written notice period. We have not heard any rumours […]
Dunedin Enterprise (DNE) has announced its annual results for the year ended 31 December 2023, during which it provided NAV and share price total returns of 3.6% and 8.6% respectively, and finished the year trading at a share price discount to NAV of 18.3%. In May 2016, shareholders approved a managed wind down of the […]
In QuotedData’s morning briefing 22 March 2024: BlackRock Greater Europe (BRGE) is not going implement its semi-annual tender offer in May 2024. Over the six months to 29 February 2024, the average discount to net asset value (cum income) (NAV) was 6.3%. However, as the discount to NAV on a cum income basis (diluted for […]
The Boards of Tritax Big Box REIT (BBOX) and UK Commercial Property REIT (UKCM) have reached agreement on the terms of a recommended all-share merger. Under the terms, each UKCM shareholder will be entitled to receive 0.444 new BBOX shares for each UKCM share. The exchange ratio is on an EPRA NTA for EPRA NTA […]
JPMorgan Claverhouse has published its results for 2023. Its returns came in just behind those of the All-Share Index, returning 7.3% in NAV terms to the index’s 7.9%. A widening discount left shareholders with a return of 2.9%. The dividend was increased (the 51st year in a row where this has happened!) to 34.5p from […]
Literacy Capital has published results for the year ended 31 December 2023 and they are very good. The NAV increased by 19.0% and the share price by 30.4% in a period where the All-Share Index only made 7.9%. The NAV per share finished the year at 500.4p and the net asset value now exceeds £300m. […]
In QuotedData’s morning briefing 21 March 2024: Gulf Investment Fund (GIF) is holding its regular 100% tender offer. Shareholders holding shares at the close of markets on 26 March have until 1pm on 11 April to say if they want to tender their shares. Provided that the fund won’t shrink too much (less than 38m […]
Urban Logistics REIT has announced that it will not proceed with an offer for abrdn Property Income Trust. The company had made a merger proposal to the company’s board in February, rivalling a merger bid by Custodian Property Income REIT, and in March set out the terms of an alternative proposal that would see it […]
Fidelity European Trust (FEV) has announced its annual results for the year ended 31 December 2023. The company reported a NAV total return of +17.5% while the benchmark Index, the FTSE World Europe ex UK Index, rose by +15.7%. Over the same period, the ordinary share price total return was +15.3%. The board also announced […]
European Assets Trust (EAT) announced its annual results for the year end 31 December 2023. NAV total return was 8.2% for the year ended 31 December 2023, slightly behind the benchmark return of 9.8%. Share price total return was 4.5% while the declared dividend for 2024 is 5.90, up 2% from 2023. Following the company’s disappointing […]
abrdn Property Income Trust (API) has sold two assets for a combined £16.55m, reflecting a very slight discount of 0.3% to their 31 December 2023 valuations. The sales cast doubt on the merits of Custodian Property Income REIT’s (CREI’s) merger proposal, which as it stands values API at a 28.2% discount to NAV. API’s board […]
In QuotedData’s morning briefing 20 March 2024: VietNam Holding ( VNH) announced an update for the month of February 2024. VNH’s NAV was up +7.8% in February due to overweights in outperforming sectors, particularly banks, telecoms, retail, and industrials. The growth comes on the back of strong domestic performance in Vietnam with the managers noting […]
Property development company Harworth Group posted a 4.4% uplift in EPRA net disposal value (NDV) to 205.1p per share in annual results to 31 December 2023. With dividends, which were up 10% to 1.466p, the company delivered a NAV total return of 5.1% for the year. The increase was driven by the unlocking of development […]
LMS Capital has announced the company’s annual results for the year ended 31 December 2023.The NAV total return for the year fell 7.9%. The main drivers of the negative returns were FX headwinds and an unrealised loss on the revaluation of the Brockton Fund 1. Offsetting this was the sale of the company’s Medhost investment […]
NextEnergy Solar Fund (NESF) has announced that it has successfully begun commercial operations at its standalone 50MW energy storage asset, named Camilla. This is a significant milestone for the company as it increases NESF’s total installed net capacity above 1GW to 1,014MW. Camilla connected to the National Grid in December 2023 and progressed successfully through […]
In QuotedData’s morning briefing 19 March 2024: SDCL Energy Efficiency Income Trust (SEIT) provided an interim update for the period from 1 October 2023 to 18 March 2024. The company noted that it is on track to deliver fully cash covered aggregate dividends of 6.24p per share for the financial year to 31 March 2024 […]
The board of Hipgnosis Songs Fund (SONG) has reported an error made due to the double counting of accrued revenue in the calculation of operative NAV by Hipgnosis Song Management Limited, the trust’s adviser. This error results in a 7.6% reduction in the pro forma operative NAV per ordinary share from $1.1657 (92.08p) as stated […]
Witan Investment Trust (WTAN) says its CEO Andrew Bell intends to step down this year after 14 years in the job. The board is taking this opportunity to review Witan’s management arrangements as well as beginning the search for his replacement. [QD comment: It has to be acknowledged that the trust’s returns have been poor. […]
