In QuotedData’s morning briefing 3 September 2024:
- RM Infrastructure Income (RMII) announced a tender offer of up to £20m to be made to shareholders, together with a notice convening a general meeting of the company, to be held on 25 September 2024 at 12.00pm. Following shareholder approval of a new investment policy at a general meeting held on 20 December 2023, the company has since been in a managed wind-down process. The board has concluded that, in order to return capital to shareholders from the proceeds of the company’s loans that have been repaid to it, the company should undertake a tender offer. Details are expected to be announced on 19 September 2024. Completion of the tender offer is expected to take place on 26 September 2024.
- VietNam Holding (VNH) announced that its 2024 redemption opportunity has concluded. Approximately 4.4 million ordinary shares were submitted for redemption representing approximately 16.2% of its shares in issue as at 31 August 2024. The eligibility of those redemption requests are currently being reviewed and when the review is finalised a further announcement will be made.
- Manchester and London (MNL) has announced a change in the structure of the fees it pays to its manager. Under the new fee arrangements, MNL now has a tiered management fee as follows: 0.7 per cent per annum of the NAV up to and including £750m; 0.5 per cent per annum of the NAV between £750m and £1.5bn; and 0.3 per cent per annum of the NAV above £1.5bn.
- Seraphim Space Investment Trust (SSIT) published its space sector newsletter for August. The key announcement was news that portfolio company AST SpaceMobile has surged to a $10bn market cap, making it the second highest-valued space company in the world, trailing only SpaceX. AST, a direct competitor to Starlink, announced in July the completion of its first five commercial satellites, which are set to launch in September 2024. This marks the initial phase of its multi-billion dollar, 168-satellite constellation. Thanks to strategic partnerships with Verizon and AT&T, AST is positioned for significant revenue growth with strong financial backing.