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QuotedData’s morning briefing 20 May 2021

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In QuotedData’s morning briefing 20 May 2021:

  • Fidelity Asian Values has announced that Kate Bolsover has been appointed as a non-executive director and senior independent director of City Merchants High Income.
  • JPMorgan China Growth & Income has issued a further 50,000 ordinary shares for cash at 836 pence per share under its ordinary share block listing facility.
  • The managers of BlackRock North American Income highlighted that the largest contributor to relative performance in April was investment decisions in financials, including an overweight exposure to the insurance industry and stock selection in the capital markets and banks industries. However, the trust’s option overwriting strategy detracted from performance as did its cash position, amid rising US stock prices.
  • Lexington Partners has sold 20.7m ordinary shares in Apax Global Alpha through a placing to eligible institutional investors, after indicating its intention to do so yesterday. The Placing was conducted through an accelerated bookbuild and Lexington Partners’ holding now stands at approximately 3.7m shares, which are locked for 90 days.
  • The directors of St Modwen Properties have agreed terms on an all cash offer for the business by Blackstone valuing the company at £1.237bn. The directors said they intend to recommend unanimously that St Modwen shareholders vote in favour of the bid, which is at a price of 542p per share (21.1% premium to the closing price on 6 May and a 23.8% premium to its most recent NAV).

We also have interim results from JPMorgan Japanese, full results from Securities Trust of Scotland and an update on the merger between City Merchants High Yield and Invesco Enhanced Income. Meanwhile, Nick Train is optimistic about the future of the drinks sector and related holdings in his Lindsell Train Investment Trust.

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