In QuotedData’s morning briefing 28 August 2020:
- Invesco Asia (IAT) announced two measures aimed at meeting its 10% discount target. Chairman, Neil Rogan, says that they are being introduced to spark new demand for the company.
- Conditional tender offer: subject to approval by shareholders, the board intends to introduce a performance-related conditional tender offer. Under the terms of the proposal, a tender offer would be kick-in for up to 25% of the company’s share capital at a discount of 2% to the prevailing NAV in the event that the company’s NAV total return performance over the five year period ending 30 April 2025 fails to exceed the company’s comparator index, the MSCI AC Asia ex-Japan Index (total return, in sterling terms) by 0.5 per cent. per annum over the five years on a cumulative basis.
- Dividends: IAT’s board wishes to offer the prospect of enhanced dividend payments within the framework of its existing dividend policy. The board will now aim to pay, in the absence of unforeseen circumstances, a regular six-monthly dividend equivalent to 2% of the company’s NAV on the last business day of September and February. The dividends will be paid from a combination of the IAT’s revenues, revenue reserves and capital reserves as required.
- Chenavari Capital Solutions (CCSL) announced that it has given notification to the London Stock Exchange of its intention to cancel the admission of its ordinary shares to trading on the specialist fund segment. The cancellation will take effect on the 1 October 2020 CCSL notified shareholders in December 2017 that it would cease making new investments and would realise its portfolio in an orderly manner. Since then, the company has undertaken eleven pro rata compulsory redemptions of its shares, with the effect that as at 31 July 2020 the CCSL’s market capitalisation reduced to £12.4m.
- India Capital Growth (IGC) announced that Patrick Firth will join the board and become chairman of the audit committee, subject to shareholder approval at the AGM on 25 September 2020. Patrick qualified as an accountant with KPMG and has worked in the investment and funds industry in operations and management in Guernsey for nearly 30 years.
- Fidelity China Special Situations (FCSS) announced the appointment of Vanessa Donegan as a non-executive director with effect from 1st September 2020. She has 37 years of Asian fund management experience, including managing dedicated China portfolios. She was Head of the Asia Pacific desk at Columbia Threadneedle Investments Ltd. (formerly Threadneedle Investments Ltd.) for twenty-one years.
We also have interim results from BBGI.