In QuotedData’s morning briefing 9 November 2020 – Tufton Oceanic Assets (SHIP) has agreed to divest one Suezmax Tanker for $19m. The divestment will reduce the company’s fleet from nineteen to eighteen vessels. SHIP says that the realised yield and internal rate of return (IRR) will greatly exceed the targets expressed in its prospectus. This will be the […]
Latin America – the only way is up? This week saw the publication of results from Aberdeen Latin American Income. Unfortunately, they did not make good reading. Over the year ending 31 August 2020, the trust generated an NAV return of -27.5% (in total return terms, adjusting for the effects of the dividend) and a […]
QuotedData’s weekly news show 6 November 2020 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: Riverstone Energy triggering a discontinuation vote ICG Longbow recommending an orderly realisation of its assets Wellcome Trust bidding […]
Hg sells Eucon – the manager of HgCapital Trust has agreed the sale of Eucon Group to VHV Group, a leading insurance group in Germany. The terms of the transaction were not disclosed. The transaction is subject to customary anti-trust approvals and closing is expected later this year. This transaction values HGT’s investment in Eucon at approximately […]
Civitas Social Housing has announced its net asset value as at 30 September 2020, made a dividend declaration and has provided a trading and market update. The key highlights from the announcement are as follows: Strong financial and operational performance in line with expectations IFRS NAV per share 108.01p (30 June 2020: 107.92p) Rents received […]
The Wellcome Trust has announced that terms have been agreed with the Board of Urban&Civic (UANC) for a recommended cash offer by Wellcome for the entire issued and to be issued share capital of UANC at 345p per share. The announcement provides the following key highlights of the deal: Under the terms of the Acquisition, […]
In QuotedData’s morning briefing 6 November 2020, as Biden overtakes Trump in the race for Georgia: Scottish Mortgage has released its interim results for the six months ended 30 September 2020. The trust says that, since the end of March, its NAV has risen by 76% compared to a 24% increase in the index. The Board is […]
RDI REIT targets full exit from retail assets – RDI REIT says that, for the year ended 31 August 2020, its EPRA NAV fell by 18.3% from 185.5p to 151.5p and its earnings per share almost halved from 13p to 6.9p. The dividend was cut in half – to 5p from 10p. Highlights for the year […]
Latin America’s struggles with COVID reflected in ALAI results – Aberdeen Latin American Income (ALAI) says that, for the year ending 31 August 2020, it generated an NAV return of -27.5% and a return to shareholders of -24.4%. The return on the trust’s benchmark was -22.9%. The dividend has been maintained at 3.5p but this was […]
Fidelity Special Values hit as “defensive” stocks struggle with COVID. For the year ended 31 August 2020, Fidelity Special Values reports an NAV return of -18.5% and a return to shareholders of -25.4%. This compares to -12.6% for the wider UK market. The dividend was increased marginally to 5.8p from 5.75p, some of that is payable […]
In QuotedData’s morning briefing 5 November 2020, as it looks as though Joe Biden is on his way to the White House: JPMorgan Emerging Markets reminds us that, if shareholders approve at today’s AGM, its shares will be split on a 10 for one basis from tomorrow morning. Shareholders should note that this should not change […]
Standard Life Investments Property Income reports flat quarter – The NAV at the end of September 2020 was 78.8p, 1% down on the level at the end of June. This was offset by dividends declared and so the NAV return for the quarter was fairly flat at -0.1%. The quarterly dividend was maintained at 0.714p, 60% […]
Over Henderson Far East Income’s (HFEL) annual results period to 31 August 2020, it delivered total NAV and share price returns of -9.9% and -7.8%. These returns compare with a -7.7% result by the MSCI AC Asia Pacific ex Japan high dividend yield index. Despite low interest rates, high yield strategies underperformed, making the backdrop for […]
In QuotedData’s morning briefing 4 November 2020 – It has been a quiet morning of news so far, with all eyes on the US election. Value and Income (VIN) has received notice from OLIM Limited, the investment manager responsible for the management of VIN’s equity portfolio, of its intention to terminate the investment management agreement. The […]
Regional REIT buys Cardiff office – Regional REIT has completed the acquisition of a modern Grade A flagship office building in Cardiff for £8.4m.The four-floor, 61,641 sq. ft. building is set in a 6.0 acre site with some 200 dedicated car parking spaces and is located in Global Reach, Cardiff. They say that it benefits from […]
ICG Longbow headed for the exit – ICG-Longbow Senior Secured UK Property Debt Investments’ board has decided to recommend to shareholders that the investment objective and policy of the company are amended so that it can pursue a strategy of orderly realisation and the return of capital over time to shareholders. The board says that “the […]
In QuotedData’s morning briefing 3 November 2020 Finally, Waterfall has made its offer to investors in Alternative Credit Investments (ex P2P/Pollen Street Secured Lending). The bid is at 870p per share in cash plus a 12p dividend. It values the fund at £639.2m. This is a 6.3% discount to NAV. The bid is recommended by ACI’s […]
When Riverstone Energy launched, it had a performance-driven discontinuation vote built into the structure. This would be triggered if, on 29 October 2020: the trading price for the shares had not met or exceeded £14.70 at any time since the initial admission to listing on 29 October 2013; and the company had not generated a […]
Scottish Oriental Smaller Companies (SST) had a poor year to 31 August 2020, delivering total NAV and market returns of -13.2% and -14.2%. In the announcement, SST notes that the MSCI AC Asia ex Japan and MSCI Asia Ex Japan Small Cap indices returned 10.9% and 7.1%, respectively. We note that at the financial year-end, […]
New IPO from Downing Renewables and Infrastructure Downing Renewables & Infrastructure Trust has published an intention to float announcement. It is looking to raise up to £200m via a placing, an offer for subscription and an intermediaries offer of new shares at 100p each. The sponsor, financial adviser and sole bookrunner is N+1 Singer. The trust will […]
Hipgnosis Songs (SONG) has acquired a portfolio that as at 30 September 2020, comprises 42 catalogues from Kobalt Music Copyrights S.à.r.l. (an investment fund owned by family offices and institutional investors and advised by Kobalt Capital), for a total consideration of $322.9m. The announcement notes that the consideration, net of right to income, represents a blended […]
International Biotechnology Trust’s (IBT) has reported full-year results, to 31 August 2020. IBT’s NAV per share and share price returned 22.4% and 18.7%, whilst the NASDAQ Biotechnology index (NBI) returned 20.6% (to 31 August 2020) and the FTSE All-Share index returned -12.6% (to 28 August 2020). The table below summarises IBT’s cumulative total return performance over […]
In QuotedData’s morning briefing 2 November 2020 – Downing Strategic Micro-Cap (DSM) reported interim results for the six months ended 31 August 2020. The NAV increased by 22.5% from the March 2020 low-point, but was down 5.5% over the period, on a per-share basis. Chairman, Hugh Aldous, noted the following: “I said in May that we […]
We received news on Monday that the planned launch of Buffetology Smaller Companies Investment Trust would not proceed. The statement simply said that overall demand had not been sufficient to meet the minimum gross proceeds. This failure to launch follows hot on the heels of similar news from Tellworth British Recovery & Growth, that we […]
The COVID induced discounts that some UK real estate investment trusts (REITs) are trading on have been grabbing the attentions of investors for many months now. Private equity giant Brookfield Asset Management took a 7% stake in British Land in May and upped it to 9.2% last month, while KKR has snapped up a chunk […]
QuotedData’s weekly news show 30 October 2020 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: a crossroads for UK Mortgages an unwelcome tender offer for shares in Alternative Income REIT Augmentum raising £28m […]
Asia Dragon (DGN) reported annual results to 31 August 2020. The trust, previously known as Edinburgh Dragon, delivered an NAV increase of 4.7% and a market return of 4% (both on a total return basis). DGN’s benchmark, the MSCI Asia ex Japan index, fared better, returning 10.9%. DGN’s manager said that much of the stock market exuberance was fuelled […]
In QuotedData’s morning briefing 30 October 2020 – Augmentum Fintech (AUGM) successfully completed its placing and retail offer, with demand exceeding the issue size. Admission of the new shares to the LSE is expected on 3 November 2020. Tim Levene, CEO of AUGM’s manager, commented: “The success of this fundraise reflects the growing shift in the move […]
Custodian REIT has reported a modest 0.5% fall in net asset value (NAV) for the third quarter of 2020 and updated on rent collection. The company, which owns a diversified portfolio of property assets across the UK with a 47% weighting to the industrial sector, posted a NAV per share of 95.2p at 30 September […]
Octopus Renewables Buys French wind project – Octopus Renewables Infrastructure Trust has completed the acquisition of a 100% interest in the Cerisou wind farm, a construction-ready onshore wind project in the Vienne department of France. The project has been acquired from RES SAS, part of the RES Group, a leading worldwide developer, constructor and manager of […]
