Prices and Markets

You don’t need me to tell you that last month’s Queen’s Speech was so light on content it’s almost as if the Conservatives are admitting they don’t expect this parliament to last for longer than it takes Theresa May to apply for a new job (wheat farmer, maybe?). One of the few actual specific policies that the Queen was forced to read out by the Commons (what kind of monarchy is this?) was the abolition of lettings fees. Rather than...

QuotedData is publishing a new update note on a company in the Small Media, Communication & IT Companies sector: Herald Investment Trust - Backing growing businesses The Technology sector has been rising strongly in recent months. This note discusses a number of stocks that contributed to a near 40% increase in Herald Investment Trust’s NAV over the year to the end of May 2017. Nevertheless, Herald’s manager is convinced that UK technology companies in particular, which comprise over half the portfolio,...

Phaunos Timber manager resigns - following the loss of the continuation vote, the Manager of Phaunos Timber Fund Limited, Stafford Capital Partners Limited, has informed the Board of Phaunos that it will resign with effect from the Company's General Meeting to be held in August 2017. From that date a six month notice period will commence. Since being appointed as manager of the Company, Stafford has worked with the Board to turn around the company's performance including the sale of...

John Laing Environmental Assets (JLEN) has announced that its placing has raised £40 million through the issue of 38,834,951 new ordinary shares at a price of 103 pence per new ordinary share. JLEN says that the Placing was significantly oversubscribed and applications have been scaled back in accordance with the terms of the placing. The company says that it intends to use the net proceeds of the placing to repay its revolving credit facility and allow it to deliver on...

TwentyFour Income Fund (TFIF) has announced its annual results for the year ended 31 March 2017. During the period, the company’s NAV grew by 10.2% whist its share price grew by 12.8% reflecting a widening of its premium to NAV from 1.94% to 4.29%. The company also paid dividends of 6.99p (2015: 7.14p). Including the impact of the dividends, the company provided total returns of 14.57 %and 17.02% for NAV and share price respectively. Strong recovery in European ABS market...

BlackRock Income and Growth Investment Trust (BRIG) has announced that Mark Wharrier, co-portfolio manager of the Company, has resigned to pursue another role. It says that Adam Avigdori, who has been co-portfolio manager of the Company since November 2011, continues as co- portfolio manager, while David Goldman, a senior director within the BlackRock UK Equity Team has been appointed co-portfolio manager alongside Adam Avigdori with immediate effect. About the co-managers Adam Avigdori joined Merrill Lynch Investment Managers in 2001, which...

Sirius buys properties in Berlin and Grasbrunn - Sirius Real Estate, a leading operator of branded business parks providing conventional space and flexible workspace in Germany, is pleased to announce the completion of the acquisition of two properties for a combined total acquisition cost of EUR24.5 million. On 1 July 2017, the Group completed the acquisition of Berlin-Mahlsdorf II. The property is a mixed used building, in a commercial area 15 km east of the centre of Berlin and adjacent...

QuotedData is publishing a new update note on a company in the Private Equity sector: Standard Life Private Equity - Loading the portfolio SL Capital Partners, the manager of Standard Life Private Equity Trust (SLPE), sees the outlook for Europe improving. However, it thinks that some form of market disruption could occur during the next one to two years. This might lead to greater volatility and better prices for those of its underlying funds that wish to make investments. SLPE has...

Derwent London sells Copyright building - Derwent London is pleased to announce that it has exchanged contracts on the sale of its long leasehold interest in The Copyright Building, 30 Berners Street W1 to Union Investment Real Estate GmbH ("Union Investment").  The consideration is GBP165.0m, or GBP148.7m net of top-ups relating to rent free periods and a rent guarantee on the vacant retail space.  The building, which is under construction, will comprise 87,150 sq ft offices let to Capita Business...