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Harworth delivers the goods with strong development activity

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 […]

Challenging year for LMS Capital

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 […]

view of tthe corner of the castle view retirement living development near windsor
NextEnergy Solar Fund reaches 1GW milestone

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 […]

BSIF
QuotedData’s morning briefing 19 March 2024 – SEIT, SHIP, PINT

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 […]

a stack of newspapers next to a mug of tea 230601 morning 2
SONG’s woes compound thanks to double counting by adviser

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 […]

The Hipgnosis elephant going downhill
Witan is up for grabs with CEO stepping down

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. […]

British Land sells stake in 1 Triton Square for £192.5m

British Land has sold a 50% stake in its 1 Triton Square, in London’s Regent’s Place, to Royal London Asset Management Property for £192.5m. This is the building that Meta (Facebook) surrendered its lease on last year, paying British Land £142m in order to walk away from its lease agreement. The combined impact of the […]

Urban Logistics REIT details new proposal for abrdn Property Income

Urban Logistics REIT has outlined details of an alternative proposal for abrdn Property Income Trust (API), that it says provides a better deal for API shareholders than the current Custodian Property Income REIT (CREI) bid. The proposal involves the acquisition by Urban Logistics of API’s logistics and retail warehouse assets (portfolio 1 – 66% of […]

QuotedData’s morning briefing 18 March 2024 – JPEL, OCI, AIRE, ASLI, CHRY

In QuotedData’s morning briefing 18 March 2024: JPEL Private Equity (JPEL) has released its 31 December NAV, along with its semi annual report. Its NAV per share declined from $1.63 to $1.50, giving it a total NAV of $21.6m. The decline in NAV is primarily due to mark to market adjustments in JPEL’s investment in […]

QD view – Does the UK market need more than the best of British?

The story of the UK equity market over the last decade has few uplifting moments. It has lost 25% of its companies[1], retail investors have pulled out more than £50bn, it has fallen off the radar of many international investors and even domestic companies are seeking to list elsewhere. It has also been a terrible […]

QuotedData’s weekly news show 15th March 2024

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: • Henderson EuroTrust / Henderson European Focus (0:53) • GCP Asset Backed Income (5:36) • Scottish Mortgage (7:41) • Regional REIT (11:02) This week’s interview was with […]

QuotedData’s weekly news show 23rd June 2023 with Jonathan Hick from Triple Point Energy Transition
NextEnergy Solar’s first two international solar co-investments energised

NextEnergy Solar Fund’s (NESF’s) first two international solar co-investments alongside NextPower III ESG (NPIII ESG) have been energised, bringing an additional 260MW of generation capacity online in Europe and increasing NESF’s total installed net capacity to 979MW. The two assets are a 210MW solar project located in Santarém, Portugal (known as Santarém), and a 50MW […]

Scottish Mortgage to make at least £1bn available for buybacks

Scottish Mortgage (SMT) has announced that its board has taken the decision to make at least £1bn available for buybacks over the next two years. The trust says that its public and private portfolio is delivering strong operational results, with free cashflow from the portfolio companies having more than doubled over the past year, and […]

QuotedData’s morning briefing 15 March 2024 – DGI9, AJOT, PSDL, HLCL

In QuotedData’s morning briefing 15 March 2024: Digital 9 Infrastructure (DGI9) has announced that its much publicised sale of Verne Global to funds managed by Ardian France SA for up to US$575m (approximately £450m) has completed. The sale price is variable as there is an earn out feature built in that could enhance the price […]

coffee cup and milk jug on chequered cloth in black and white
Henderson to merge its two European trusts

The boards of Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE) have signed Heads of Terms in respect of a proposed merger of interests to form Henderson European Trust plc. HNE is being folded into HEFT using a s110 scheme. The City Code on Takeovers and Mergers is not expected to apply to the proposals. The combined […]

Empiric Student Property delivers strong rental growth

Empiric Student Property has delivered a strong set of results with earnings growth of 17.6% and a net asset value (NAV) uplift of 4.6%. The company’s EPRA earnings per share jumped to 4.0p (from 3.4p) in the year to 31 December 2023, allowing it to increase its dividend by 27% to 3.5p. Revenue was up […]

Empiric Student Property
abrdn Property Income board rejects SHED offer

The board of abrdn Property Income Trust (API) has said it would not recommend the Urban Logistics REIT (SHED) proposed bid or new proposal (see details below) for the company on the current terms, reaffirming its recommendation of the Custodian Property Income REIT (CREI) bid. SHED has until the close of play on Friday (15 […]

54 Hagley Road, Birmingham
Oakley Capital Investments makes solid progress in 2023

Oakley Capital Investments has published results for the 12 months ended 31 December 2023. They show that the fund produced an NAV return of 4% for the year, matching the return on the All-Share Index. However, a narrowing discount meant that the return to shareholders was 18%. The dividend for the year is 4.5p. Once […]

the words oakley capital investments set against a purple background 230309 oci 2022
GCP Asset Backed Income will recommend discontinuation

The GCP Asset Backed Income board has been talking to shareholders about the way forward for the company. Feedback on the future strategic direction came from shareholders representing a majority of the total voting rights in the company. Whilst differing views have been expressed by shareholders, a majority indicated a preference for an orderly realisation or […]

an end of track sign at the end of a railway
Another great year for AVI Japan Opportunities

AVI Japan Opportunity’s results for 2023 show it continuing to pull ahead of its benchmark. For the 12 month period ended 31 December 2023, AVI Japan Opportunity generated an NAV total return of 15.8% and a share price total return of 14.8%, both well ahead of the 6.9% return on the MSCI Japan Small Cap […]

a man climbing wooden stairs at the fushimi inari temple in Japan, surrounded by red torii gates
Great stockpicking boosts Schroder Asia Total Return

Schroder Asian Total Return has published its final results for the year ended 31 December 2023. Returns were good, with a NAV total return of 8.8% coming in well ahead of the 1.3% return posted by the MSCI All Countries Asia ex Japan Index. Shareholders got a return of 10.3%, helped by a narrowing discount. […]

230316 atr
QuotedData’s morning briefing 14 March 2024 – FCSS, ACIC, TIGT, STS, PHI

In QuotedData’s morning briefing 14 March 2024: Fidelity China (FCSS)  is expanding by £126.6m as it issues 59m shares to abrdn China shareholders in connection with the merger of the two companies. Each abrdn China (ACIC) share rolling into Fidelity China will be exchanged for 2.06481 Fidelity China shares (although each shareholder’s total position will […]

a radio microphone in front of a blurred screen
Allianz Technology Trust returns more than 40% in 2023

Allianz Technology Trust (ATT) has released its annual results for the 12 months ending 31 December 2023. Over the 12 month period ATT generated a NAV total return of 46.4%, and share price total return of 44.5%. Both slightly underperformed its benchmark, the Dow Jones World Technology Index, which retuned 48.2%. ATT attributes this underperformance […]

QuotedData’s morning briefing 13 March 2024 – AEIT, UEM, SSIT, SUPR, CREI

In QuotedData’s morning briefing 13 March 2024: Asian Energy Impact Trust (AEIT) has released its NAV for the period ending 31 December 2023. It reported a NAV per share of 48.5 cents per share, down from 50.4 cents as of 30 September 2023. This is represents a total NAV of $85.0m. NAV movements are attributed […]

a cup of tea, a croissant and some magazines
Higher rates impact on Foresight Solar NAV

Foresight Solar Fund has published results for the year ended 31 December 2023. The highlights are: Net Asset Value (NAV) of £697.9m or 118.4p per share, down from £771.5m or 126.5p Higher discount rates (used to value the fund’s future cash flows to calculate the NAV) took 6.8p off the NAV – the discount rate […]

solar panels in the sun with the text '10 years' superimposed and a picture of a site visit to a solar farm inside the zero
TRIG sells a windfarm for 15% more than its previous valuation

The Renewables Infrastructure Group (TRIG) says that it has exchanged contracts for the sale of its 100% equity interest in Pallas, an onshore wind farm located in the Republic of Ireland, for a consideration of €62m. The proceeds from the sale represent a 15% premium to the last published valuation as at 31 December 2023. The […]

a wind turbine viewed from its base
QuotedData’s morning briefing 12 March 2024 – RGL, THRL, LAND, GSF

In QuotedData’s morning briefing 12 March 2024: Regional REIT (RGL) says that it is exploring a possible equity capital raise of around £75m through a rights issue that would be at a material discount to the current share price. The company adds that the rights issue is one of a range of refinancing options it is […]

a pair of glasses sitting on the corner of a newspaper
Cost disclosures – letter to The Times

We have co-signed a letter in today’s Times that calls for more urgent action on cost disclosures. You can read the letter on The Times site here Or you can see a version with the full list of signatories at the new website dedicated to this issue here   James & Ed  

HGT’s double-digit returns take its size to £2bn

HgCapital Trust (HGT) released its annual results for the 12 months ending 31 December 2023. HGT reported NAV returns of 11.1% over the year, ending with a NAV per share of 500.4p, and total net assets of £2.3m. HGT also reported a share price total return of 26.2%, with its market cap hitting the £2.0bn […]

130323 HGT logo
QuotedData’s morning briefing 11 March 2024 – SHC, GPE

In QuotedData’s morning briefing 11 March 2024: Shaftesbury Capital (SHC) has completed the acquisition of 25-31 James Street, Covent Garden, London for £75.1m. The properties have a contracted rent of £3.9m and comprise 21,000 sq ft of lettable area, including 12,000 sq ft of retail and 9,000 sq ft of residential and office accommodation. The company says […]

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