Lord Forsyth of Drumlean, chair of the Financial Services Regulation Committee, has written to Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), pushing for a resolution to the cost disclosure issue that has been plaguing the investment companies sector. This is a very welcome intervention, we think, and hopefully it will add to […]
Aquila Energy Efficiency Trust (AEET) announced its annual results for the year end December 31 2023. The company saw a NAV total return of 0.3%, while shares fell 17.6%, leading the discount down to 39.3%. The company has made no new investments outside its existing commitments since the failed continuation vote back in Feb 2023 […]
Invesco Perpetual UK Smaller Companies (IPU) announced its annual results for the period ended 31 Jan 2024. The company saw NAV total return of -4.1%, slightly worse than the benchmark fall of -3.3%. Shares fell -3.1% while the discount narrowed to 11.1%. Longer term performance remains positive, with the cumulative NAV total return over the […]
In QuotedData’s morning briefing 1 May 2024: Picton Property (PCTN) has announced a 5.7% increase in its dividend, following recent portfolio activity and the repayment of floating rate debt. The interim dividend payment for the first quarter of 2024 (to be paid this month), will be 0.925p per share (Q4 2023: 0.875p per share). Picton […]
AI can be a daunting yet exciting prospect for many businesses. At Oakley’s recent AI Forum in London, they gathered leaders from across portfolio companies to network and share insights into how they are leveraging AI tools and data analytics to disrupt their markets and boost productivity. At this link, Oakley shares some of their […]
abrdn Property Income Trust reported annual results for 2023, in which NAV total return was -3.0%. The real estate investment portfolio returned 0.7%, which outperformed the MSCI Quarterly Property Index benchmark return of -1.5% over the same period. The company’s portfolio has outperformed the index over one, three, five and 10 years. The group’s NAV […]
Digital9 Infrastructure has published results for 2023. It published an NAV as at 31 December 2023 on 28 March of £728m or 84p per share. At that time, the board had obtained an independent valuation of Aqua Comms, Elio Networks, Arqiva Group and the potential earn-out payment of up to US $135m from the sale […]
Berlin residential landlord Phoenix Spree Deutschland has reported a 22.4% fall in EPRA net tangible assets to €3.96 per share (24.0% drop in sterling terms) in the year to 31 December 2023. The fall was mainly due to a 11.9% like-for-like drop in the value of its portfolio to €675.6m as buyer sentiment and transaction […]
Marwyn Value Investors has published results for the year ended 31 December 2023. The NAV total return on the ordinary shares for the year was 5.1%, for the 2016 realisation shares it was 5.0% and for the 2021 realisation shares it was 4.2%. Those figures compare to a return on the Small Cap Index of […]
In QuotedData’s morning briefing 30 April 2024: Gulf Investment Fund (GIF) says that the 1,157,160 shares that were tendered last month were valued at $2.5088 each or $2,903,083. Those investors that sold will get paid around 15 May 2024. Now that the sale of abrdn’s European private equity business to Patria Investments is complete, abrdn […]
Baker Steel Resources Trust (BSRT) has released its annual results for the 12 months ending 31 December 2023. Over the year BSRT’s NAV per share decreased by 2.8%, compared with the increase in the MSCI World Metals and Mining Index of 13.8%. BSRT’s share price fell by 15.1%, finishing the year on a 48.8% discount. […]
Ecofin U.S. Renewables Infrastructure Trust (RNEW) released its annual financial results for the 12 months ending 31 December 2023: RNEW reported a negative NAV total return of -5.5% and share price total return of -28.0%. NAV per share decreased from 94.3 cents per share to 85.2 cents. The company’s total NAV was $117.7m as of […]
Vietnam Enterprise Investments Limited (VEIL) has released its annual results for the 12 months ending 31 December 2023. VEIL has reported a NAV per share return of 10.5% over 2023, slightly below the Vietnam Index’s 11.1% gain, both in US$ total return terms. Over a 3-year period, VEIL still outperformed the Vietnam Index by 2.6%. […]
Blackstone Loan Financing (BGLF) has released its annual results for the 12 months ending 31 December 2023. BGLF reported a NAV total return of 10.39%, based on its published NAV, ending the period with a NAV of €0.9098 per share. BGLF also reports on an IFRS NAV basis, under which it returned a share price […]
Gresham House Energy Storage Fund (GRID) has released its annual results for the 12 months ending 31 December 2023. GRID’s NAV per share declined 17% to 129.07p as of 31 December 2023, down from 155.51p at the end of 2022. This was largely driven by a significant reduction in third-party revenue forecasts impacting project valuations. […]
The board of Aberforth Split Level Income Trust (ASIT) had, in its interim report published on 29 January 2024, shared its views on a possible wind-up of the company. Today it has provided an update. The board has reached agreement in principle with Aberforth Geared Value & Income Trust (AGVIT), a soon-to-be-launched trust, on the […]
Supermarket Income REIT has acquired a portfolio of Carrefour supermarkets in France – its first foray into markets outside the UK – through a sale and leaseback transaction for €75.3m, reflecting a net initial yield of 6.3%. The portfolio comprises 17 omnichannel supermarkets, which are geographically diversified, with a weighting towards northern France, and operated […]
The board of Hipgnosis Songs Fund (SONG) has recommended that shareholders accept the $1.30 per share offer made by Blackstone Europe, via its wholly-owned investment subsidiary Lyra Bidco. The $1.30 offer, equivalent to £1.04, would represent a 4% premium to the revised Concord offer of $1.25 (made on 24 April 2024), the other competing party […]
In QuotedData’s morning briefing 29 April 2024: Literacy Capital (BOOK) has announced its Q1 2024 NAV as well as providing a quarterly trading update. It generated a NAV total return of 2.0%, an uplift of £6.0m (10.0p per share), bringing its NAV per share to 510.4p, or total NAV of £306.2m. BOOK had cash inflows […]
Vietnam celebrates its ‘Reunification Day’ on 30th April each year. The date, which is one of the largest public holidays in Vietnam, marks the day when North Vietnamese and Viet Cong forces captured what was then called Saigon (now Ho Chi Minh City), the capital of South Vietnam, ending the Vietnam War. This year marks […]
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: • GCP Infrastructure (0:23) • Hipgnosis (3:55) • Riverstone Credit Opportunities (8:49) This week’s interview was with Ken Wotton from Strategic Equity Capital – watch it again […]
abrdn European Logistics Income (ASLI) reported a big hit to its NAV in full year results for the year to 31 December 2023, as the impact of higher interest rates weighed on portfolio values. IFRS NAV decreased by 21.4% to 93.4 cents (31 December 2022: 118.9 cents), while the EPRA net tangible assets metric was […]
JPMorgan Emerging EMEA Securities (JEMA) has announced that it has been named as a defendant to civil proceedings being brought by VTB in the Russian courts, which were commenced on 17 April 2024. The claim has been brought against certain JPMorgan entities and relates to US$439m held in a correspondent banking account with JPMCB (NY […]
GCP Infrastructure (GCP) has sold its interest in loan notes secured against Blackcraig Wind Farm at a 6.4% premium to the valuation of the project as at 31 March 2024. The disposal has generated net cash proceeds of around £31m and these will be used to prepay drawings under GCP’s revolving credit facility. GCP says […]
In QuotedData’s morning briefing 26 April 2024: NB Distressed Debt has published its annual results for the year ended 31 December 2023. As a reminder, each share class is in its harvest period and there is now very little left of the fund. Perhaps reflecting this, there is not the usual depth of information that […]
In a further development to the recent offers by Concord Chorus Limited and Blackstone Europe for the assets of Hipgnosis’s (SONG) over the past week (discussed here, and here), Concord Chorus Limited has announced that it has reached agreement on the terms of an increased cash offer. This is at an increased price of US$1.25 […]
Boussard & Gavaudan Holding (BGHL) announced its annual results for the 12 month period to 31 December 2023. The NAV for the Euro shares decreased by 0.79% and the Sterling shares increased by 0.57%, whilst the market price of BGHL’s Euro shares increased by 13.51% and the market price of the Sterling shares increased by […]
GCP Asset Backed Income Fund (GABI) announced its annual report for the year end 31 December 2023. The company delivered a NAV total return of 5%, although the share price total return was -14.1%, leading to a large increase in the discount which now sits at 27%. The company did announce profits of £18.3 million […]
Aquila European Renewables (AERI) announced its annual results for the year end 31 December 2023. The NAV total return was -6.0% while shares fell -9.0% with the discount widening to 20.3%. The company sited substantial interest rate increases, supply chain disruptions and falling commodity and electricity prices for the negative returns. AERI did deliver a […]
GCP Infrastructure Investments (GCP) has provided a company update for the three months to 31 March 2024. The company’s NAV fell 2.2% over the period, driven by changes to the inflation forecast to reflect the OBR’s Spring Budget 2024 figures. This contributed around 1.6 pence per ordinary share. Further reductions in forecast electricity prices, primarily […]
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