QuotedData’s morning briefing 28 March 2024 – IVPB, IVPG, IVPM, IVPU, RIII, TENT, DGI9, HOME, BHMG, BHMU, ESO, SMIF, SONG

a green cup sits on a pile of books

In QuotedData’s morning briefing 28 March 2024:

  • Not enough shareholders of Invesco Select Trust (IVPB / IVPG / IVPM / IVPU) voted on the plan to merge the four asset classes into just the global equity income class. The percentage voting requirement to get the deal approved has been relaxed and the timetable pushed back. It could all still get done by 1 May. [QD comment: this is a bit poor – only 30% of shares needed to be voted but in the UK equity income and managed liquidity classes they didn’t even get that many. This is a fairly major event in the life of this fund and it is still possible that it could get voted down. Arthur Copple, shareholder, chair of Montanaro UK Smaller, and a former broker and fund manager has opposed the scheme on the grounds that the UK investors were not offered a cash exit option, for example.]
  • Two resolutions at Rights & Issues (RIII) AGM were passed but saw substantial votes against as there was some opposition to an ex-gratia payment to outgoing chairman David Bramwell and to the re-election of former fund manager Simon Knott as a director. The board will talk to investors and report back.
  • Triple Point Energy Transition (TENT) says the sale of an LED facility flagged in a circular published earlier this month has completed. £2.1m has been freed up towards the managed wind down of the fund.
  • Digital 9 Infrastructure (DGI9) has revalued its assets in light of the ongoing managed wind down and come up with a new NAV figure of 84p as at end December 2023.
  • Home REIT (HOME) has sold a further 63 properties in auctions for a total of £6.1m, representing 1.8% of the company’s portfolio by value. The gross proceeds from the sales was 7.7% below the draft August 2023 valuation. Since August 2023, the company has completed on the sale of 451 properties and exchanged on a further 257 properties – totalling gross proceeds of £95.5m. Sale proceeds will be used to reduce borrowings and provide working capital.
  • In NAV terms, BH Macro returned -1.8% on its sterling share class (BHMG) and -1.3% on its US dollar share class (BHMU) over 2023. However, its share price returns were far worse (-18.3% and -16.6%, respectively). The company is buying back shares to try to stem the decline.
  • EPE Special Opportunities’ NAV fell by 1% over the 12 months ended 31 January 2024, and the share price fell by 3%.
  • TwentyFour Select Monthly Income (SMIF) says that Mark Holman, its manager since 2014, will be retiring in June 2024. In 2023, TwentyFour added further experience and resource to the team by hiring Jakub Lichwa, an ex-Goldman Sachs financial analyst with 13 years’ experience,. Partner and portfolio manager Felipe Villarroel will move back to London from Santiago in Q2 2024, adding greater depth to the London team.
  • Hipgnosis Songs Fund (SONG) says that the board will announce the conclusions of its strategic review, which will include proposals for the future of the company, by 26 April 2024. The board intends to seek shareholder approval for such proposals at an extraordinary general meeting as soon as practicable thereafter.

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