In QuotedData’s morning briefing 18 December:

• Taylor Maritime Investments (TMI) has released its interim results for the six months to 30 September 2024. The company delivered a NAV total return of  2.6% while the total share price return was 4.5%. The company declared dividends of 4.00 US cents per ordinary share, for a current yield of around 8%. At the time of publishing, the discount was 34%. Post period end, the company announced its intention to transfer its equity shares listing from the closed-ended investment funds category to the equity shares (commercial companies) category of the official list.  A general meeting is to be held on 13 January 2025 at which special resolutions to approve the proposed transfer will be considered.  If accepted, the transfer is expected to become effective on 10 February 2025.  The company also announced post period its intention to declare a special dividend of 4 cents per ordinary share in respect of the period to 31 December 2024, to be paid in the first quarter of calendar year 2025, in addition to the regular quarterly dividend of 2 cents per ordinary share. Commenting on the interim results, Edward Buttery, Chief Executive Officer, said:”A highly active interim period for the group, with the realisation of one major strategic priority achieved, the completion of the acquisition of Grindrod, and strong progress made toward the other with vessel divestments allowing for significant reductions in group debt. With the balance sheet suitably strengthened, the board was pleased to announce our intention to declare a special dividend as a show of appreciation to shareholders. The hard work continues as we seek to transfer listing categories and embark on the next phase of the company’s journey while remaining true to our philosophy and core strategy.”
• Regional REIT (RGL) has appointed David Hunter as an independent non-executive director and chair designate. He will start on 2 January 2025 and, following a handover period, will succeed Kevin McGrath as chair of the board on 18 March 2025. McGrath will step down as chair having completed the duration of his nine-year tenure, in accordance with the company’s policy. Hunter is a highly experienced non-executive director and chair of listed REITs as well as a strategic adviser to real estate private equity businesses. He has a background in property fund management, latterly as managing director of Aberdeen Asset Management’s £6.5bn real estate business, but since 2005 he has taken a wide range of non-executive positions in UK and international businesses. He was previously chairman of Capital & Regional plc, Dar Global PLC, Custodian Property Income plc and GCP Student Living plc among other roles.
• Schroder European REIT (SERE) has updated on a tax dispute with the French authorities. The French tax authority is proceeding with a tax audit in relation to the group’s French tax structure, which could potential land the company with a tax bill of up to €14.2m. As part of the ongoing tax audit, a formal ‘Proposal for Adjustment’ has been received from the French tax authority which includes a proposed penalty on any tax found ultimately due. The group said that it disagrees with the ‘Proposal for Adjustment’ and will continue to contest its position. Based on external tax and legal advice received at the time of implementation, and which has continued to be reviewed on an ongoing basis, the board said that it continues to believe that an outflow is not probable and therefore no provision has been recognised in its accounts.
• CATCo Reinsurance Opportunities Fund’s (CAT) shares have been suspended from trading this morning ahead of today’s EGM to approve its liquidation. The precise timing and amount of the final redemption is uncertain, but is expected to take place in Q1 2025.
• abrdn Property Income Trust’s (API)  plan to return capital to shareholders and put in place a mechanism to implement a future voluntary winding up was approved yesterday. Shareholders will be issued with redeemable bonus shares tomorrow [the ex-dividend date for these was yesterday, so the share price has already dropped]. These will be cashed in at 52p each and the proceeds distributed on Christmas Eve. A 3p per share dividend will be paid out around 10 January. The date of the actual winding up hasn’t been announced yet.

We also have an update from Downing Renewables & Infrastructure trust and Saba Capital