Portfolio News

  • 12 May, 2017

    DIC Asset stock story

    DIC Asset announced today they have entered into agreements with TLG Immobilien to accept their public takeover offer for DIC Asset’s block of shares in WCM (which is approximately 25.95% of the share capital fo WCM). The offer will be paid for with new shares of TLG Immobilien.  The offer corresponds to a premium of c. 17.8% on the pro forma NAV per share as communicated by WCM.

    This development is a positive for DIC Asset who has held WCM for about 15 months now. The value of the transaction at announcement was €3.36 per share versus cost to DIC of €2.79.

    DIC Asset is 2.64% of the portfolio as at 30 Apr 2017.

    For the full release, click here.

  • 12 Apr, 2017

    JPEL Private Equity stock story

    JPEL announced today they will return $90 million to shareholders.  This equates to 18.7% of net assets to be returned at a NAV of $1.48.  This is a larger capital distribution than anticipated by most analysts and will equate to a significant uplift on the portfolio’s overall holding.

    JPEL Private Equity Limited is 5.65% of the portfolio as at 31 Mar 2017.

    For the full release, click here.

  • 12 Apr, 2017

    Better Capital stock story

    After having entered into exclusive discussions in November 2016, Better Capital PCC limited has now announced it has entered into a Share Sale Agreement for the sale of its interest in Garner Aerospace Holdings Limited for £326 million on an Enterprise Value basis.  The remaining hurdles are governmental and regulatory approval as well as approval by the Shaanxi Ligeance Mineral Resources shareholders.  Net proceeds after carry and expenses are stated as c. 105p which is higher than the net figure in our model and higher than most analysts’ figure.

    Better Capital PCC Limited is 4.08% of the portfolio as at 31 Mar 2017.

    For the full release, click here.

  • 30 Jan, 2017

    JPEL Private Equity stock story

    JPEL Private Equity Limited announces that its 10th largest underlying investment, Innovia, is set to be sold.

    British Empire Trust holding JPEL Private Equity Limited has announced that The Smithfield Group LLP has agreed to sell Innovia, the global leader in specialty BOPP films and polymer banknote substrate, to CCL Industries Inc for CAD1.13bn. This sale is set to complete in the first quarter of 2017 and is likely to result in a realised investment return of approximately 3.2x and a IRR of 50.2% for JPEL on a Euro basis. Proceeds are expected to amount to EUR 32mn for JPEL, which is approximately EUR 16mn above current carrying value.

    At 30 September 2016, Innovia represented 3.6% of JPEL’s total NAV and was valued at 1.6x JPEL’s cost on a Euro basis.

    Read our January update for the manager’s commentary on the impact of the Trust’s investment in JPEL.

    JPEL Private Equity Limited was 5.4% of the British Empire Trust portfolio as at 31 Dec 2016.

    For the full release, click here.

  • 30 Jan, 2017

    Symphony International Holdings stock story

    Symphony International Holdings Limited announces share buyback programme.

    British Empire Trust holding Symphony International Holdings Limited, a leading investor in consumer-related businesses in the Asia-Pacific region, has begun the implementation of an ongoing buyback programme aimed at narrowing the discount to NAV which currently lies at 32%.  The Board considers a sustainably narrower discount to be one of its key objectives and believe this will provide enhanced liquidity and material NAV accretion to on-going shareholders.  They are looking to purchase at least 10% of its shares in issue.

    Read our January update for the manager’s commentary on the impact of the Trust’s investment in Symphony International Holdings Limited.

    Symphony International Holdings Limited was 5.0% of the British Empire Trust portfolio as at 31 Dec 2016.

    For the full release, click here.

  • 18 Nov, 2016

    Better Capital stock story

    Better Capital PCC Limited is in exclusive discussions with Shaanxi Ligeance Mineral Resources Co. Limited over the sale of its holding in Gardner Aerospace Holdings Limited. The £326 million cash offer reflects the company’s on-going strong performance and, should the proposed transaction proceed to completion, is likely to increase Better Capital’s NAV.

    Better Capital PCC Limited is 4.3% of the portfolio as at 20 Nov 2016.

    For the full release, click here.

  • 16 Nov, 2016

    Dolphin Capital stock story

    Dolphin Capital Investments this week announced the sale of its Playa Grande Golf and Resort project in the Dominican Republic to Third Point LLC, the Company’s largest shareholder, for €140 million. This is the latest transaction in an on-going asset divestment initiative to improve liquidity, and follows the recent sale of DCI’s 49.75% stake in Aristo Developers Limited.

    The disposal reduces total DCI Group loans to €102 million, which is a significant narrowing of the debt-asset ratio to 18.5%. The deal reaffirms DCI’s commitment to deliver value for shareholders, and the company is continuing to seek further asset realisations.

    Dolphin Capital Investments is 0.5% of the portfolio as at 20 Nov 2016.

    For the full release, click here.