In QuotedData’s morning briefing 12 February 2025

• Asia Dragon (DGN) has announced the results of the elections for its combination with Invesco Asia Trust (IAT): 30.92% of shares opted for the rollover option while 69.08% of shares opted for the cash option, which was limited to 25% of the shares in issue (less shares held treasury). This means that the cash option was massively oversubscribed and will now be scaled back with excess applications being satisfied to approximately 10.07% of the excess applications made and the remainder being satisfied with new IAT shares. [QD comment: While acknowledging that investors will often elect to cash out more shares than perhaps they actually want to when this option is limited and there is the potential for a scale back, this feels like more shareholders may have opted for cash than might have been expected. We think that the newly enlarged trust should try hard to keep its discount in low single digits and will need work harder to engage investors to convince them of the trust’s merits.]
• Triple Point Energy Transition (TENT) says that all three leading independent voting advisers (Glass Lewis, ISS and PIRC) have issued recommendations that shareholders vote in favour of its board’s proposals to liquidate the company as well as the proposed tender offer (which would only be undertaken if the liquidation proposals are not approved by TENT’s shareholders) at its forthcoming general meeting on Monday 24 February. TENT says that, if enacted, these proposals will enable the swift return of value to shareholders following the completion of the managed wind-down process approved by around 99% of shareholders that voted at the general meeting held in March 2024.

• Henry Boot (BOOT) has secured outline planning permission on appeal for 112 homes on a freehold site in Yalding, Maidstone, Kent. It acquired the 23-acre site in 2018, and the site was later included in the Emerging Local Plan. It submitted an outline planning application in line with this allocation in November 2023, but Maidstone Borough Council did not make a decision on the application. The company appealed in May 2024 on the basis of non-determination and successfully secured approval in December 2024. The planning consent for the site includes 112 homes (40% affordable), new landscaping, habitat creation, and publicly accessible green infrastructure, with over 20% Biodiversity Net Gain calculated for surrounding habitats.

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