Thursday, 13 June 2019
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This Morning’s News
Global Smaller Edinburgh Worldwide (EWI) – Interims (Apr 2019) Summary
NAV total return of 12.5% this compares to a benchmark return of 5.7% (S&P Global Small Cap).The share price return of 16.4%.
A number of the Company's holdings contributed to the positive relative and absolute performance, notably: Ilika, a UK developer of materials for mass market applications; LendingTree, a US online loan marketplace; and CyberArk Software, an Israeli cyber security solutions provider.
The Company's unlisted exposure was 4.0% of total assets, comprised of six unlisted investments: Akili Interactive Labs; KSQ Therapeutics; Oxford Nanopore Technologies; Reaction Engines; Space Exploration Technologies; and Spire Global.
During the period, the Company issued 8,175,000 new shares at a premium to its NAV, raising net proceeds of £14.8m. Since then a further 3,350,000 new shares have been issued raising a further £6.3m.
Currently the Company is trading on a 0.8% premium.
Asia Aberdeen New India (ANII) – Results (Mar 2019) Summary
NAV total return of 8.6% this compares to a benchmark return of 14.9% (MSCI India).The share price return of 8.2%.
The primary reason for the Company's under-performance against the Index was its underweight position to the energy sector and to Reliance Industries in particular.
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Thursday, 13 June 2019
In July 2018, the Company entered into a two year, £30m RCF with Natwest Markets Plc, of which £15m had been drawn down as at 31 March 2019 resulting in net gearing of 3.1% th The Board recommends that Shareholders vote in favour of Ordinary resolution 8 at the AGM (5 Sept) to allow the Company to continue as an investment trust.
Currently the Company is trading on -12.3% discount.
Healthcare Syncona (SYNC) – Results (Mar 2019) Summary
NAV total return of 37.9% and a share price return of 40.2%. NAV of 216.8p
Life science portfolio valued at £1,055.4m (2018: £514.5m), a 77.9% return (2018: 57.2%), primarily driven by valuation increases in Blue Earth, Autolus and Nightstar. Strategic capital pool of £399.7 million at year end to fund their growing Life Science portfolio (2018: £541.3m)
Foundation of three portfolio companies OMASS Therapeutics (drug discovery), Anaveon (immuno- oncology), and Quell Therapeutics (cell therapy).
Ongoing progress in the clinical pipeline with eight live clinical trials at year end.
Currently the Company is trading on a 7.5% premium.
Property Yew Grove (YEW) – Share Issuance Programme Summary The Company announced the proposed issue of up to 100m New Shares in a number of Tranches, through a 12-month Share Issuance Programme. The proceeds of the Share Issuance Programme will be used to fund the acquisition of assets. They also announce a proposed placing of between 8.0m and 10.0m Initial Placing Shares of nominal value €0.01, each at a price of €1.00 as part of the Initial Placing, which will represent the first Tranche of the Share Issuance Programme. The book is covered at 8m shares. The Placing Price represents a discount of 0.2% to the last reported NAV of 100.18c as at 31 Dec 2018. The book will close on 17th June with results announced 18th June. The Company has identified an attractive industrial property portfolio that is available for acquisition, totalling €13m in aggregate value and representing a 7.6%. Additionally, a projected pipeline of acquisitions with a combined cost exceeding €70m has been identified and is being progressed.
LXI REIT (LXI) – Result of Issue Summary
The Company raised gross proceeds of approximately £200m, issuing of a total of 169,111,138 ordinary shares at an Issue Price of 118p. The result of the Issue was in excess of the target fundraising size (£100m) and also oversubscribed at the maximum issue size. The net proceeds of the Issue are expected to be invested in an identified pipeline of additional assets. The Investment Advisor is confident that it will substantially invest or commit the net proceeds of the Issue within three months following Admission. Open Offer issued £76.6m, Placing £94.3m, Offer for Subs £21.9m, Intermediaries £6.8m
Infrastructure BBGI (BBGI) – Acquisition Summary
The completed the acquisition of a further equity interest in the A1/A6 PPP road project in the Netherlands. The project became operational in 2017 and the concession runs until 2042. The Company has acquired two interests over the last month being the 33.3% interest in the Ohio River Bridges - East End Crossing PPP Project and its interest in this A1/A6 project. The combined consideration payable by the Company for both projects is approximately £58m, which will be funded from the Company's existing cash resources and drawings under its credit facility
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Renewables John Laing Environmental (JLEN) – Results (Mar 2019) Summary NAV return 11.8% and a share price return of 16.3%. NAV of 104.7p Increase in NAV due to value enhancements, including successful refinancing of a portfolio of wind and solar assets and the ongoing review of potential asset life extension. Partially offset by the recognition of Ofgem's Targeted Charging Review. Total dividends declared of 6.51p (2018: 6.31 pence per ordinary share), in line with the target. Dividend cover of 1.2x. Target dividend for the year to 31 March 2020 of 6.66p. 43% wind, 25% solar, 21% AD, 11% waste and wastewater by value. Discount rates applied to the portfolio of assets range from 6.5% to 9.2% (31 March 2018: 6.5% to 9.2%). The weighted average discount rate of the portfolio at 31 March 2019 is 7.9% (31 March 2018: 8.1%). Overall portfolio performance in line with expectations. Wind portfolio generation below budget due to unusually low average wind speeds. Solar and anaerobic digestion assets ahead of budget for the year. Waste tonnages in line with expectations. Wastewater volumes below budget but offset by cost controls. Raised £105m of equity capital via oversubscribed placings during the year. RCF increase of £40m to £170m and a further one year extension, now expiring in June 2022. JLCM team and investment advisory mandate transferring from John Laing to Foresight with effect from 1 July 2019. Pipeline of assets for further growth both under the First Offer Agreement (continuing with John Laing) and from third parties Currently the Company is trading at 12.7% premium.
Company Events
Company Date Event Syncona Ltd 13/06/2019 Y 2019 Earnings Release John Laing Environmental Asset 13/06/2019 Y 2019 Earnings Call Standard Life Investment Prope 13/06/2019 Annual General Meeting John Laing Environmental Asset 13/06/2019 Y 2019 Earnings Release Electra Private Equity PLC 13/06/2019 SA1 2019 Earnings Release Polar Capital Global Healthcar 13/06/2019 SA1 2019 Earnings Release Aberdeen Standard Equity Incom 13/06/2019 SA1 2019 Earnings Release Geiger Counter Ltd 14/06/2019 SA1 2019 Earnings Release Real Estate Credit Investments 14/06/2019 Y 2019 Earnings Release Templeton Emerging Markets Inv 14/06/2019 Q4 2019 Earnings Release Avi Global Trust PLC 14/06/2019 Q2 2019 Earnings Release International Biotechnology Tr 17/06/2019 ABG Sundal Collier: International Biotechnology Trust UK Commercial Property REIT Lt 17/06/2019 Annual General Meeting Capital Gearing Trust PLC 17/06/2019 Y 2019 Earnings Release St Peter Port Capital Ltd 17/06/2019 Y 2019 Earnings Release Schroder Japan Growth Fund PLC 17/06/2019 Q1 2019 Earnings Release Schroder AsiaPacific Fund PLC 17/06/2019 SA1 2019 Earnings Release AEW UK REIT PLC 17/06/2019 Y 2019 Earnings Release Scottish Investment Trust PLC 18/06/2019 SA1 2019 Earnings Release Standard Life Private Equity T 18/06/2019 SA1 2019 Earnings Release Schroder European Real Estate 18/06/2019 S1 2019 Earnings Call JPMorgan European Investment T 18/06/2019 Y 2019 Earnings Release Avanti Capital PLC 18/06/2019 Y 2018 Earnings Release Schroder European Real Estate 18/06/2019 S1 2019 Earnings Release NB Private Equity Partners Ltd 18/06/2019 Q1 2019 Earnings Release NextEnergy Solar Fund Ltd 18/06/2019 Y 2019 Earnings Call
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NextEnergy Solar Fund Ltd 18/06/2019 Y 2019 Earnings Release Henderson Opportunities Trust 19/06/2019 Q2 2019 Earnings Release BMO Capital & Income Investmen 19/06/2019 Q2 2019 Earnings Release Fair Oaks Income Ltd 19/06/2019 Annual General Meeting BioPharma Credit PLC/The Fund 19/06/2019 Annual General Meeting Adamas Finance Asia Ltd 20/06/2019 Y 2018 Earnings Release BH Macro Ltd 20/06/2019 Annual General Meeting Hansa Trust PLC 21/06/2019 Y 2019 Earnings Release Blackrock North American Incom 21/06/2019 SA1 2019 Earnings Release BH Global Ltd/The Fund 21/06/2019 Annual General Meeting Genesis Emerging Markets Fund 21/06/2019 Extraordinary General Meeting Tiger Resource PLC 21/06/2019 Annual General Meeting Civitas Social Housing PLC 24/06/2019 Y 2019 Earnings Call Globalworth Real Estate Invest 24/06/2019 Annual General Meeting Civitas Social Housing PLC 24/06/2019 Y 2019 Earnings Release Hansa Trust PLC 25/06/2019 Edison: Hansa Trust PLC (HAN LN) - Ad Hoc Meeting Adams PLC 25/06/2019 Y 2019 Earnings Release Foresight Solar Fund Ltd 25/06/2019 Annual General Meeting Aberdeen New Thai Investment T 25/06/2019 Annual General Meeting NB Distressed Debt Investment 25/06/2019 Annual General Meeting Weiss Korea Opportunity Fund L 25/06/2019 Annual General Meeting Edison: The Diverse Income Trust PLC (DIVI LN) - Non Deal Diverse Income Trust PLC/ The 26/06/2019 Roadshow Securities Trust of Scotland P 26/06/2019 Y 2019 Earnings Release Ground Rents Income Fund PLC 26/06/2019 SA1 2019 Earnings Release LXI REIT plc 26/06/2019 Annual General Meeting
Z Scores – Sector Ranges 7 6 5
4 EXPENSIVE 3 2 1 0 -1 -2
-3 CHEAP CHEAP
-4
Japan
Global
Europe
Leasing
Financials
Grand Total Grand
Hedge Funds Hedge
Latin America Latin
Private Equity Private Infrastructure
Environmental
North America North
UK All Companies All UK
UK Equity Income Equity UK
Forestry & Timber & Forestry
Property Specialist Property
Property Securities Property
Flexible Investment Flexible
Global Equity Income Equity Global
UK Smaller Companies Smaller UK
Global Emerging Markets Emerging Global
UK Equity & Bond Income Bond & Equity UK
Country Specialists: Other Specialists: Country
Global Smaller Companies Smaller Global
Country Specialists: Europe Specialists: Country
Biotechnology & Healthcare & Biotechnology
Japanese Smaller Companies Smaller Japanese
European Smaller Companies Smaller European
Country Specialists: Asia Pacific Asia Specialists: Country
Infrastructure - Renewable Energy - Renewable Infrastructure
Commodities & Natural Resources Natural & Commodities
Insurance & Reinsurance Strategies Reinsurance & Insurance North American Smaller Companies Smaller American North
Showing current sector average and sector ranges of trusts above £150m
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Thursday, 13 June 2019
Z Scores – Cheap and Expensive 8 EXPENSIVE 6 4 2 0 -2 -4 -6 CHEAP
-8
Syncona Ord Syncona
Hansa Trust Ord Trust Hansa
Foresight Solar Ord Solar Foresight
Aberdeen New India Ord India New Aberdeen
Tiso Blackstar Group Ord Group Blackstar Tiso
F&C Investment Trust Ord Trust Investment F&C
CQS New City High Yield Ord Yield High City New CQS
Aberdeen Private Equity Ord Equity Private Aberdeen
Fidelity European Values Ord Values European Fidelity
Scottish Investment Trust Ord Trust Investment Scottish
Renewables Infrastructure Grp Infrastructure Renewables
Woodford Patient Capital Trust Capital Patient Woodford
Martin Currie Global Portfolio Ord Portfolio Global Currie Martin
Fundsmith Emerging Equities Trust Equities Emerging Fundsmith
BMO Global Smaller Companies Ord Companies Smaller Global BMO
John Laing Environmental Assets Ord Assets Environmental Laing John VPC Specialty Lending Investments Ord Investments Lending Specialty VPC
Aberdeen Diversified Income & Growth Ord Growth & Income Diversified Aberdeen
Showing current Z score compared to their sectors range of trusts above £150m
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