In QuotedData’s morning briefing 10 December 2020:
- Riverstone Energy got through its discontinuation vote – shareholders voted against the resolution by 88.8% to 11.2%.
- Baring Emerging EMEA Opportunities reported an NAV total return of -22.3% for the year ended 30 September 2020 compared to a return on its benchmark of -22.6%. The trust’s Turkish exposure held it back. However, it now has a new remit.
- Primary Healthcare Properties is proposing to buy its investment manager and become a self-managed company. It has offered £33.1m for Nexus Tradeco (roughly half in cash and half in shares valued at 144.1p per share). It reckons this will save £4m a year.
- Majedie Investments reports an NAV return of -11.7% for the year ended 30 September and a return to shareholders of -27.6% (the share price is lower than it was in 2010). The dividend is maintained at 11.4p. The value of its stake in Majedie Asset Management has gone from £40.8m to £31m.
- Tetragon’s $25m ‘modified Dutch auction’ tender [where the company says how much it is prepared to spend, the investors tell the company the lowest price they’d be prepared to sell their shares at and then the company buys the shares back as cheaply as possible] was filled at $9.50 per share. That’s actually slightly less than the current share price. [We have a feeling that there are a lot more frustrated sellers of Tetragon stock.]
- Ecofin US Renewables Infrastructure Trust says that “The response to the proposition from a broad range of both institutional investors, including large, blue-chip institutions, and private wealth managers, has been very positive. Whilst the response has been positive, demand is currently below the minimum threshold of $150 million. In light of this, the board has decided on a short extension of the timetable in order to ensure that a small number of investors who require further time to complete their due diligence are able to participate.” [If the timetable slips into next year, this fund will be competing with VH Global Sustainable Energy Opportunities for money]
We also have some excellent results from JPMorgan China Growth and Income and Edinburgh Worldwide, and problems with attempts to address Boussard & Gauvadan’s discount. In addition, RTW Venture had some good news.