Witan Pacific Investment Trust announces changes to its multi-manager line-up and allocations
Number of managers increased from three to four
Witan Pacific Investment Trust (WPC) has announced it intends to change the line-up of its external multi-managers. It will retain Aberdeen Standard Investments and Matthews International Capital Management, but Gavekal will be replaced by Dalton Investments and Robeco Institutional Asset Management. The new allocations are as follows:
Aberdeen Standard Investments 25% (previously 42%)
Dalton Investments 10%
Matthews International 40% (previously 47%)
Robecco Institutional 25%
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.
Read more...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.
Read more...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.
Read more...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).
Read more...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.
Read more...