QuotedData’s other news 26 July 2019

In QuotedData’s other news 26 July 2019:

  • Scottish American (SCAM) has announced its interim results for the six-months ended 30 June 2016, in which it modestly outperformed its benchmark. SCAM’s net asset value total return for the first six months of 2019 was 17.3% and the share price total return was 17.5%. In contrast, it says that global equities from its benchmark was 16.4%. This partly reflects a rebound from the sharp sell-off that we saw in equity markets at the end of 2018. However, Baillie Gifford, the manager, says that There is not an obvious “theme” behind the holdings that are doing well. Rather, the results show the trust is benefitting from owning an eclectic portfolio of businesses, which have their own stock-specific drivers of growth, and here the management teams are each executing well on the opportunities ahead of them.
  • Greencoat UK Wind has announced its interim results for the half-year ended 30 June 2016. Tim Ingram, Chairman, describes this as “another good first half performance, which reflects the continued delivery of our simple, low risk and proven strategy. The solid performance and cash generative nature of our portfolio has enabled us once more to increase our dividend in line with RPI whilst maintaining strong dividend cover”. The announcement highlights that the Group’s investments generated 1,145GWh of electricity; Net cash generation (Group and wind farm SPVs) was £67.5 million; Acquisition of 3 further wind farms increased the portfolio to 35 operating wind farm investments, net generating capacity to 979MW and GAV to £2,443.1 million as at 30 June 2019; Acquisition of the 45MW Douglas West subsidy free wind farm project, expected to become operational in 2021; Issuance of further shares raising £505.7 million in the period; the Company declared total dividends of 3.47 pence per share with respect to the period; and £575 million outstanding borrowings as at 30 June 2019, equivalent to 24 per cent of GAV.
  • Henderson High Income has announced inerim results for the six months ended 30 June 2019. It has outperformed its composite benchmark with NAV and share price total returns of 15.7% and 13.7% respectively, versus the benchmark’s 11.6%. The trust benefitted from stock selection (within both its equity and fixed interest allocations) in addition to positive benefits from gearing (duing a period that the market rallied strongly).
  • Gresham House Asset Management Limited have been running LMS Capital’s portfolio for nearly three years. In advance of this three year anniversary, the trust’s board says that it has commenced a process to review its investment management arrangements. In what is otherwise a short statement, the Board says that it has taken this action to ensure that the ongoing interests of all shareholders are actively considered. A number of written proposals have been received and a select number of parties, including the incumbent manager, will be interviewed shortly. The Board will report to shareholders, in due course, the outcome of the process.

We also have stories on CatCo Reinsurance Opportunities reverse tender offer and share buyback; JPMorgan Global Core Assets Fund IPO; 3i Infrastructure’s acquisition of Ionosis; various proposals by UK Mortgages to improve its returns; a little tender offer by JZ Capital Partners, along with approval of sales to related parties; and amended fee arrangements by Finsbury Growth & Income Trust.

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