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Fidelity Japan Trust outperforming UK markets and Japanese benchmarks says Hardman & Co (LON:FJV)
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ICG Enterprise Trust Analyst Q&A £201m of resources to take strong pipeline opportunities (LON:ICGT)
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Oakley Capital Investments Analyst Q&A: Value created coming from earnings growth (LON:OCI)
Hardman and Co’s Analyst Mark Thomas caught up with DirectorsTalk for an exclusive interview.
Q1: Your recent report on ICG Enterprise Trust sits behind a disclaimer. What can you tell us about that?
A1: It is just the standard disclaimer that many investment companies have. In essence, for regulatory reasons, there are some countries (like the US) where the report should not be read. In the UK, private equity (PE) is not a simple asset class, and it should only be looked at by professional/qualified investors. Page 2 of the report gives all the details.
Arbuthnot Banking Group Analyst Q&A: Strong funding and capital position give it a competitive advantage (LON:ARBB)
Hardman and Co’s Analyst Mark Thomas caught up with DirectorsTalk for an exclusive interview.
Q1: Arbuthnot Banking Group recently announced the acquisition of Asset Alliance. What can you tell us about that deal?
A1: We have long argued that ABG’s strong funding and capital position give it a competitive advantage in doing cheap deals in uncertain markets.
On 10 December 2020, ABG announced the acquisition of Asset Alliance (AA), a vehicle finance and related services provider, predominantly in the truck & trailer and bus & coach markets. The expected consideration is £4.1m, against an NAV of £8.1m (with acquisition adjustments, the expected negative goodwill (an equity uplift) is £1.7m). AA has leases with a net book value of ca.£150m. ABG expects 2021 EBITDA of £5.5m, and with lower-cost refinancing, we expect bottom-line profitability.
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