Volta’s share price discount to NAV (26%) is now back to the levels seen in the early stages of the pandemic. This appears anomalous with 6.3% total shareholder return in 1Q’24, the annualised cashflows in excess of 20%, the consensus outlook, as well as the structured debt finance and all investment company averages (11% and 6%, respectively). In our view, any discount reflects investor concerns that either the current NAV is unrealistic or that it cannot be achieved in the future. In this note...
Hardman & Co Research Hardman & Co Research on Volta Finance Limited: Putting the discount into perspective 17-May-2024 / 12:15 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research | Closed End Investments Volta Finance Limited (VTAS) | Putting the discount into perspective Volta’s share price discount to NAV (26%) is now back to the levels seen in the early stages of the pandemic. This appears anomalous with 6.3% total shareholder return in 1Q’24, the annualised cashflows in excess of 20%, the consensus outlook, as well as the...
The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA growth. Despite challenging markets, margins have widened, which should help allay some concerns over the impact of the higher-rate environment. Target returns are “broadly unchanged”. FY’24 saw about half the usual investment and realisation activity (and fewer realisations saw less NAV uplift on exit). A degree of volatility is to be expected, and t...
Hardman & Co Research Hardman & Co Research on ICG Enterprise Trust (ICGT): FY'24 portfolio companies performing strongly 16-May-2024 / 16:47 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on ICG Enterprise Trust (ICGT): FY'24 portfolio companies performing strongly The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA growth. Despite challenging markets, margins have widened, which should help allay some concerns over the impact...
Transaction in Own Shares ICG Enterprise Trust plc (the “Company”) 16 May 2024 Transaction in Own Shares The Company announces that on 15 May 2024 it bought back 120,000 of its own shares, to be held as treasury shares, at an average price of 1182 pence per share. Further details are set out below: Number of shares held as treasury shares following settlement of this purchase: 6,918,133.Total shares in issue excluding treasury shares following settlement of this purchase: 65,994,867. The Company has bought back these shares under the authority granted by shareholders at its Annual Gen...
Notification of Share Transaction ICG Enterprise Trust plc (the “Company”) 15 May 2024 Notification of Share Transaction The Company has received notification that on 14 May 2024, Oliver Gardey, Head of Private Equity Fund Investments at ICG, bought 1,254 ordinary shares in the Company at a price of 1187.52 pence per share. As a result of this transaction Oliver Gardey and his connected persons hold a total of 65,244 ordinary shares, being 0.10% of the ordinary share capital of the Company (excluding treasury shares). Analyst / Investor enquiries: Chris HuntShareholder Relations, ICG...
NBPE Publishes Notice of AGM THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS NBPE Publishes Notice of AGM 14 May 2024 NB Private Equity Partners Limited (the “Company”) announces that its Annual General Meeting (“AGM”) will be held at Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey at 1.45 p.m. on Wednesday, 12 June 2024. The Notice of AGM has been dispatched to all shareholders. An electronic copy of the Notice of AGM is also...
Transaction in Own Shares ICG Enterprise Trust plc (the “Company”) 14 May 2024 Transaction in Own Shares The Company announces that on 13 May 2024 it bought back 415,000 of its own shares, to be held as treasury shares, at an average price of 1183 pence per share. Further details are set out below: Number of shares held as treasury shares following settlement of this purchase: 6,798,133.Total shares in issue excluding treasury shares following settlement of this purchase: 66,114,867. The Company has bought back these shares under the authority granted by shareholders at its Annual Gen...
We reviewed NBPE’s business model in our initiation, Co-investments generating superior performance. We noted the high-secular-growth and downside-resilient investee companies, the value added by GPs, the good co-investing cashflow and return profile and the value added by the NB. The 2023 results confirmed all these trends. The key numbers were i) NAV p/sh $28.07 (£22.02), ii) private portfolio +5.3% in 2023 on a constant currency basis, iii) EV/LTM EBITDA 14.9x, and iv) debt/EBITDA 5.3x. The p...
Hardman & Co Research Hardman & Co Research on NB Private Equity Partners (NBPE): Wider operating company EBITDA margins in 2023 13-May-2024 / 13:07 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research | Investment Companies NB Private Equity Partners (NBPE) | Wider operating company EBITDA margins in 2023 We reviewed NBPE’s business model in our initiation, . We noted the high-secular-growth and downside-resilient investee companies, the value added by GPs, the good co-investing cashflow and return profile and the value add...
Transaction in Own Shares ICG Enterprise Trust plc (the “Company”) 13 May 2024 Transaction in Own Shares The Company announces that on 10 May 2024 it bought back 10,000 of its own shares, to be held as treasury shares, at an average price of 1188 pence per share. Further details are set out below: Number of shares held as treasury shares following settlement of this purchase: 6,383,133.Total shares in issue excluding treasury shares following settlement of this purchase: 66,529,867. The Company has bought back these shares under the authority granted by shareholders at its Annual Gene...
Hardman & Co Research Q&A on Chesnara plc (CSN): Growth and stability insights 09-May-2024 / 14:04 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on Chesnara plc (CSN) | Growth and stability insights Chesnara (LON:CSN) is the topic of conversation when Hardman & Co analyst Brian Moretta joins DirectorsTalk Interviews. Brian delves into Chesnara plc’s 2023 financial results. He shares his analysis on the factors driving Chesnara’s recovery from a previous year’s loss, the impact of global economic shifts on ope...
Transaction in Own Shares ICG Enterprise Trust plc (the “Company”) 9 May 2024 Transaction in Own Shares The Company announces that on 8 May 2024 it bought back 20,000 of its own shares, to be held as treasury shares, at an average price of 1187 pence per share. Further details are set out below: Number of shares held as treasury shares following settlement of this purchase: 6,373,133.Total shares in issue excluding treasury shares following settlement of this purchase: 66,539,867. The Company has bought back these shares under the authority granted by shareholders at its Annual Genera...
ICG Enterprise Trust Plc: Preliminary Results for the twelve months ended 31 January 2024 ICG Enterprise Trust plcPreliminary Results for the twelve months ended 31 January 20248 May 2024 Portfolio companies performing strongly Highlights NAV per Share of 1,909p, LTM NAV per Share Total Return* of 2.1% and 5-year annualised return of 14.6%Portfolio companies reporting strong operational performance1: 14.2% LTM EBITDA growth and prudent leverage of 4.6xFY24 Portfolio Return* on a Local Currency Basis of 5.9%; FX movements resulted in a Portfolio Return on a Sterling Basis of 3.2%E...
Transaction in Own Shares ICG Enterprise Trust plc (the “Company”) 8 May 2024 Transaction in Own Shares The Company announces that on 7 May 2024 it bought back 20,000 of its own shares, to be held as treasury shares, at an average price of 1204 pence per share. Further details are set out below: Number of shares held as treasury shares following settlement of this purchase: 6,353,133.Total shares in issue excluding treasury shares following settlement of this purchase: 66,559,867. The Company has bought back these shares under the authority granted by shareholders at its Annual Genera...
Hardman & Co Research Q&A on City of London Investment Group (CLIG): Funds under management boosted by positive inflows 07-May-2024 / 10:27 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Investment Companies Q&A on City of London Investment Group | Funds under management boosted by positive inflows City of London Investment Group (CLIG) is the topic of conversation when Brian Moretta, analyst at Hardman & Co, joins DirectorsTalk Interviews. With CLIG recently announcing its third quarter FUM update Brian talks through Cit...
Transaction in Own Shares ICG Enterprise Trust plc (the “Company”) 3 May 2024 Transaction in Own Shares The Company announces that on 2 May 2024 it bought back 15,000 of its own shares, to be held as treasury shares, at an average price of 1204 pence per share. Further details are set out below: Number of shares held as treasury shares following settlement of this purchase: 6,333,133.Total shares in issue excluding treasury shares following settlement of this purchase: 66,579,867. The Company has bought back these shares under the authority granted by shareholders at its Annual Genera...
Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
Volta Finance Limited - Director/PDMR Shareholding Volta Finance Limited (VTA/VTAS) Notification of transactions by directors, persons discharging managerial responsibilities and persons closely associated with them NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES ***** Guernsey, 1 May 2024 Pursuant to the announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors fees, Volta Finance Limited (the “Company” or “Volta”) has purchased 3,491 ordinary shares of no par value in the Company (“Ordinary Sha...
Hardman & Co Research Hardman & Co Research on City of London Investment Group (CLIG): Positive inflows boost FUM 01-May-2024 / 11:58 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on City of London Investment Group (CLIG): Positive inflows boost FUM City of London has announced its FUM for 3Q’24. It was a positive quarter, with group FUM rising 5.5%, from $9.58bn to $10.10bn. The largest contribution came from a positive market backdrop: all the benchmark indices for CLIM strategies delivered positive returns over the...
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