Sarah Godfrey
5 July 2017 · 2 min read

JPMorgan Global Growth & Income raises annual dividend by 24%

Payout goes up under 4% distribution policy after year of strong performance

JPMorgan Global Growth & Income (JPGI) has announced it intends to pay dividends totalling 12.16p per share for the financial year beginning 1 July 2017. This will be the first full year of operation for the trust’s new distribution policy, under which it aims to pay out a sum equal to at least 4.0% of the year-end NAV. The proposed dividend – 4.01% of the 30 June 2017 NAV – will be paid in four equal instalments, in October, January, April and July.

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Gavin Wood
22 June 2017 · 2 min read

Altamir – Part-sale of Altran shares

Altamir has sold 50% of its largest holding, Altran, realising an estimated c 13% uplift to its portfolio valuation

Apax Partners and Altamir (LTA) have sold 14.8m shares in Altran Technologies, representing 50% of their combined 16.8% holding prior to the sale. In addition to the 8.4% of Altran’s share capital sold by Apax Partners and Altamir, the founding shareholders of Altran sold part of their shareholding, with a total 19.8m shares being sold, equating to 11.2% of Altran’s share capital. The shares were sold in a private placement to institutional investors at €15.0 per share, a 6.7% discount to the closing price of Altran’s shares on 21 June 2017, generating proceeds of €297m.

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Gavin Wood
20 June 2017

Deutsche Beteiligungs – First MBO investment in Switzerland

Third investment by DBAG Fund VII within six months of the start of its investment period

Deutsche Beteiligungs (DBAG) has announced that it will invest up to €14m for a 22% interest in duagon, a Switzerland-based provider of network components for data communication in railway vehicles. The deal represents DBAG’s first management buyout (MBO) in Switzerland and the third MBO investment by DBAG Fund VII within six months of the start of its investment period. The €1bn DBAG Fund VII will be 20% invested following the transaction, which is expected to complete in July 2017.

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Sarah Godfrey
15 June 2017 · 1 min read

UK Commercial Property Trust acquires Sheffield office for £20m

Second purchase so far in FY17 at 5% yield

UK Commercial Property Trust (UKCM), a £1.2bn property investment company managed by Standard Life Investments, has acquired a 61,638 sq ft office building at Cutler’s Gate, Sheffield, from Ediston Property Investment Company (EPIC).

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Sarah Godfrey
1 June 2017 · 3 min read

Polar Capital Global Healthcare investors back new strategy

£200m minimum target looks secure after tender offer

Investors in the c £250m Polar Capital Global Healthcare Growth & Income Trust (PCGH) have strongly backed a proposed continuation and strategy change at a general meeting held on 1 June. At the same time, holders of c 22% of the shares (worth c £54-55m based on the latest NAV and closing price) have chosen to exit via a tender offer for up to 100% of shares at close to NAV.

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Mel Jenner
30 May 2017 · 2 min read

Witan Investment Trust announces changes to its global equity managers

Number of global managers reduced from five to three

Witan Investment Trust (WTAN) has announced a consolidation of its global managers from five to three. Existing managers Lansdowne Partners, Pzena Investment Management and Veritas Asset Management will each manage c 14% of WTAN’s assets (as at mid-May 2017 versus between 10% and 13% at end-April 2017). MFS Investment Management and Tweedy, Browne Company managed 5% and 3% respectively; their accounts will be closed. MFS was appointed in September 2004, when WTAN adopted its multi-manager approach and Tweedy, Browne in December 2013. WTAN’s CEO Andrew Bell says the change is intended to increase the trust’s performance potential. As a result, WTAN’s active share (a measure of how its portfolio differs from the benchmark) will increase from 70% at end-FY16 to 74%.

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