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Discover Latest #Sterling News, Articles and Videos with Contenting
- ABC News ABC News features a wide variety of stories and videos related to sterling, a form of currency used in many countries. In addition to news stories about changes in the value of sterling and its impact on the global economy, ABC News also produces stories about the history of sterling, the British Royal Family's relationship with the currency, and other topics related to the currency. There are also videos about the making of British coins and the history of the Bank of England.
GBP/USD: Resistance at 1.2410 is probably out of reach today – UOB Group
Pound Sterling (GBP) is expected to continue to advance; the significant resistance at 1.2410 is probably out of reach today. In the longer run, GBP view is positive, anticipating a move to 1.2410, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Baillie Gifford posts fresh performance data as activist spat deepens By Reuters - Forex Trader Hub
LONDON (Reuters) - Baillie Gifford U.S. Growth Trust, battling plans by U.S. activist Saba Capital to shake up its board, unveiled fresh data on Tuesday to show it had outperformed the S&P 500 Index in sterling terms in the six months to Nov. 30. In response to Saba's allegations of consistent underperformance, Baillie Gifford said
Baillie Gifford posts fresh performance data as activist spat deepens
Baillie Gifford U.S. Growth Trust, battling plans by U.S. activist Saba Capital to shake up its board, unveiled fresh data on Tuesday to show it had outperformed the S&P 500 Index in sterling terms in the six months to Nov. 30. In response to Saba's allegations of consistent underperformance, Baillie Gifford said the company's share price and net asset value returned 40.9% and 29.4% respectively over the period, after deducting borrowings at fair value. This compared with a total return of 15.3% for the S&P 500Index in sterling terms, it said, dismissing Saba's proposals to place two of its own nominees on the board as a "self-serving and destructive" attempt to assume control of the company.
Q3 update for the three months ended 31 October 2024 - ForexTV
ICG Enterprise Trust plc23 January 2025Q3 update for the three months ended 31 October 2024 Highlights NAV per Share of 1,997p (31 July 2024: 1,946p)NAV per Share Total Return of 3.0% in Q3; long-term compounding returns of 13.8% annualised over last 5 yearsContinuing to invest through cycle: one new fund Commitment (£7.5m), Total New Investment of £35.2m and Total Proceeds of £34.4m (including 12 Full Exits at weighted average Uplift to Carrying Value of 18%)Evolving our medium-term target portfolio composition towards more secondary and direct investmentsTo date our shareholder-focused approach to capital allocation has delivered: Dividend per share increases at an annualised rate of 9% over last 5 years1 through our progressive dividend policy; and£50m of buybacks since October 20222 (£32m long-term, £18m opportunistic), adding 2.3% (47p) to NAV per Share and reducing share count by a market-leading3 6% Q3 dividend per share of 8.5p (Q3 FY24: 8.0p), Board intends to pay total dividends of at least 35p per share for FY25 (FY24: 33p). Opportunistic share buyback renewed for FY26 of up to £25m to run alongside long-term buybackBalance sheet flexibility strengthened post period-end through an increase in credit facility size from €240m to €300m 1 FY20 to FY25, including intended total dividends for year ended FY25 of at least 35p2 October 2022 being the start date for the long-term programme. Opportunistic programme started in May 2024. Both to 14 January 20253 Source: Deutsche Numis research, 'Opportunities abound in listed PE', data from Dec 2022 to Dec 2024 (excludes tender offers) PERFORMANCE OVERVIEW Annualised Performance to 31 October 20243 months1 year3 years5 years10 years Portfolio Return on a Local Currency Basis3.1%8.8%9.1%16.0%15.3% NAV per Share Total Return3.0%3.6%8.8%13.8%13.5% Share Price Total Return(7.5)%16.1%2.2%8.5%10.8% FTSE All-Share Index Total Return(2.5)%16.3%6.2%5.7%6.2% Portfolio activity overview for Q3 FY25PrimaryDirectSecondaryTotalICG-managed Portfolio Return on a Local Currency Basis2.8%3.6%3.2%3.1%3.8% Portfolio Return in Sterling2.8%3.5%3.1%3.0%3.4% New Investments£27m£5m£4m£35m£4m Total Proceeds£25m£3m£6m£34m£4m New Fund Commitments£7m£—m£—m£7m£—m Closing Portfolio value£761m£461m£224m£1,445m£443m % Total Portfolio53%32%15%100%31% ENQUIRIES Institutional investors and analysts: Martin Li, Shareholder Relations +44 (0) 20 3545 1816Nathan Brown, Deutsche Numis +44 (0) 20 7260 1426David Harris, Cadarn Capital +44 (0) 20 7019 9042 Media: Clare Glynn, Corporate Communications, ICG +44 (0) 20 3545 1395 To receive regular updates and insights from our Portfolio Managers, sign up to our newsletter here or visit our website at www.icg-enterprise.co.uk COMPANY TIMETABLE A presentation for investors and analysts will be held at 15:30 GMT today. A link for the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event. FY25 Third Interim DividendEx-dividend date13 February 2025Record date14 February 2025Dividend payment date28 February 2025 ABOUT ICG ENTERPRISE TRUST ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term compounding growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US. We invest in companies directly as well as through funds managed by Intermediate Capital Group plc ("ICG") and other leading managers who focus on creating long-term value and building sustainable growth through active management and strategic change. ICG Alternative Investment Limited, a regulated subsidiary of ICG, acts as the Manager of the Company. NOTESIncluded in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. All performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). DISCLAIMER The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction. The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance. MANAGER’S REVIEW Our investment strategy Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit defensive growth characteristics, which we believe will support strong and resilient compounding returns across economic cycles. We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct investments. Geographically we focus on the developed markets of North America and Europe which have deep and mature private equity markets supported by a robust corporate governance ecosystem. Investments managed by ICG accounted for 31% of the Portfolio. Medium-term targetFive-year averageQ3 FY251. Target Portfolio composition 1 Investment category Primary~40-50%58%53%Direct~30-35%29%32%Secondary~25-30%14%15%Geography North America~50%42%44%Europe (inc. UK)~50%50%49%Other—7%7% 2. Balance sheet Net cash/(net debt)2~0%~0%(7)%1 As percentage of Portfolio; 2 Net cash/(net debt) as a percentage of NAV Performance overview At 31 October 2024, the Portfolio was valued at £1,445m. The Portfolio Return on a Local Currency Basis for the quarter was 3.1% and in Sterling terms the Portfolio value grew by 3.0%ICG Enterprise Trust generated a NAV per Share Total Return of 3.0% during the quarter, ending the period with a NAV per Share of 1,997pOver the last five years ICG Enterprise Trust has generated an annualised NAV per Share Total Return of 13.8% Movement in the Portfolio£m3 months to31 October 2024Opening Portfolio1£1,402mTotal New Investments£35mTotal Proceeds£(34)mPortfolio net cashflow£1mValuation movement2£44mCurrency movement£(1)mClosing Portfolio£1,445m 1 Refer to the Glossary2 91.8% of the Portfolio is valued using 30 September 2024 (or later) valuations. NAV per Share Total Return3 months to 31 October 2024% Portfolio growth (local currency)3.1 Portfolio growth (Sterling)3.0%Impact of (net cash)/net debt0.2%Expenses and other income(0.4)%Co-investment Incentive Scheme Accrual(0.3)%Impact of dividend reinvestment0.1%Impact of share buybacks0.3%NAV per Share Total Return3.0% Quoted company exposure We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have investedAt 31 October 2024, ICG Enterprise Trust’s exposure to quoted companies was valued at £54m (31 July 2024: £60m), equivalent to 3.7% of the Portfolio value (31 July 2024: 4.3%). There was one quoted investment that individually accounted for 0.5% or more of the Portfolio value: CompanyTicker31 October 2024% of Portfolio valueChewyCHWY-US1.4%Other companies 2.3%Total 3.7% Realisation activity Realisation Proceeds of £34.4m during the quarter12 Full Exits completed during the quarter, at a weighted average Uplift to Carrying Value of 17.9% and a 4.0x Multiple to Cost New investment activity Total New Investments of £35.2m during the quarter, of which 12.2% (£4.3m) were alongside ICGThe split of Total New Investments by category was as follows: Investment CategoryCost (£m)% of New InvestmentsPrimary£27m76%Direct£5m14%Secondary£4m10%Total£35m100% Commitments One new fund Commitment totalling £7.5m during the quarter: FundManagerCommitment during the period Local currency£mValeas Capital Partners IValeas$10.0m£7.5m At 31 October 2024, ICG Enterprise Trust had Total Undrawn Commitments of £430m to funds in their investment period and a further £130m to funds outside their investment period Balance sheet and liquidity Total available liquidity at 31 October 2024 was £107m (31 July 2024: £126m)On 23 December 2024, we announced an increase to the size of the revolving credit facility from €240m to €300m. Pro forma for this increase, ICGT would have had total available liquidity of £158m £mCash at 31 July 202417Total Proceeds34New investments(35)Debt drawn down10Shareholder returns(12)Management fees(4)FX and other expenses(4)Cash at 31 October 20246Available undrawn debt facilities101Total available liquidity107Total available liquidity (pro-forma for increase in credit facility post period-end)158 The cash balance was £6m (31 July 2024: £17m) and drawn debt was £101m (31 July 2024: £93m). As a result, we had net debt of £95m (31 July 2024: £76m)At 31 October 2024 the Portfolio represented 111% of net assets (31 July 2024: 110%) £m% of net assetsPortfolio1,445111%Cash6—%Drawn debt(101)(8)%Co-investment Incentive Scheme Accrual(47)(4)%Other net current liabilities(6)—%Net assets1,297100% Dividend and share buyback Third quarter dividend of 8.5p per share (Q3 FY24: 8p). The Board intends to pay total dividends of at least 35p per share for FY25 (FY24: 33p)The following purchases have been made under the Company's share buyback programmes: Long-termOpportunisticTotal Q3 FY25Since inception1Q3 FY25Since inception2Q3 FY25Since inceptionNumber of shares purchased270,0002,689,688218,0001,492,175488,0004,181,863% of opening shares since buyback started 6.1%Capital returned to shareholders£3.3m£31.7m£2.6m£18.3m£5.9m£50.0mNumber of days shares have been acquired2117621123187Weighted average discount to last reported NAV35.9%38.4%37.7%36.2%36.7%37.6%NAV per Share accretion (p) 5p47pNAV per Share accretion (% of NAV) 0.3%2.3% 1 Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 10 January 20252 Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 10 January 2025Note: aggregate consideration excludes commission, PTM and SDRT The Board is renewing the opportunistic share buyback programme for FY26 of up to £25m (FY25: up to £25m), with the same objectives as the FY25 programme. This will run alongside the long-term buyback programme and the progressive dividend policy Activity since the period end Notable activity between 1 November 2024 and 31 December 2024 has included: New investments of £23mRealisation Proceeds of £29m Our balance sheet flexibility was enhanced with an increase to the size of the revolving credit facility from €240m to €300m (see announcement here). ICG Private Equity Fund Investments Team22 January 2025