In QuotedData’s morning briefing 31 March 2025:
- Rockwood Strategic (RKW) has announced that its investment management agreement has been novated from Harwood Capital LLP to Rockwood Asset Management (RAM), effective 31 March 2025. RAM is a trading name of Harwood Private Capital LLP, another FCA-authorised entity within the Harwood group. The change will see RAM take over as both Investment Manager and AIFM for RKW. RKW says that there has been no change to the terms of the agreement, including fee arrangements. Harwood has also confirmed there will be no disruption to the team managing the portfolio, nor to service levels.
- abrdn Asia Focus (AAS) has released its unaudited half-year results for the six months to 31 January 2025. The trust delivered a NAV total return of 7.1%, while the share price rose 8.8%. This compares favourably to the benchmark MSCI AC Asia ex Japan Small Cap Index, which fell 1.9% over the same period. Strong returns came despite market volatility driven by geopolitics and interest rate uncertainty. The manager’s stock-picking strategy was the main driver of outperformance, with stand-out contributions from India (e.g. Vijaya Diagnostics, KFin Technologies), Korea (Park Systems, Hyundai Marine Solutions), and China (Zhejiang Shuanghuan Driveline, Tongcheng Travel). The Board also ramped up buybacks during the period, purchasing 3.4m shares (2.2%), helping narrow the average discount from 16.4% to 13.1% by period end. Two interim dividends of 1.6p per share were paid, with a full-year target of 6.42p. The yield stood at 2.2% (2.5% including specials) as at 31 January. Looking ahead, Chair Krishna Shanmuganathan said the board sees “great opportunities for growth and compounding wealth creation”, citing Asia’s resilience, attractive valuations, and the ongoing potential of niche, high-growth smaller companies across the region.
- Majedie (MAJE) has confirmed the full repayment of its £20.7m 7.5% debenture stock, which matured on 31 March 2025. MAJE has settled both the principal and final interest payment in line with the terms of the trust deed and, as previously outlined in its 2024 annual report, MAJE’s board has opted not to replace the maturing structural debt. Instead, it is in discussions to establish a smaller revolving credit facility (RCF) to provide greater flexibility in managing leverage. Further details on the proposed RCF are expected to follow in due course.
- abrdn Property Income Trust (API) has provided a brief update on its managed wind-down process. Following the initial return of 55p per share in December 2024, API’s board had confirmed that it continues to make progress. API expects to release its full-year results to 31 December 2024 in late April 2025, at which point it will give a further update on the managed wind-down. This will include details on the sale of Far Ralia, any completion adjustments from the wider portfolio sale, and plans for future shareholder distributions.
- Life Settlement Assets (LSAA) has provided an update on the finalisation of the integration of the MBC portfolio into its asset base. The company confirmed that the second and final tranche of up to US$6.0m from the MBC sale is expected during 2025 and has already been included in the NAV. However, a review by the investment manager has identified that the MBC trustee had failed to exercise an extension on a policy, which would have pushed the maturity from age 100 to 120. This oversight is expected to negatively impact the NAV by 3–4%. A further announcement will be made in due course. Chairman Michael Baines described the news as disappointing but noted that it validates LSAA’s strategy of fully controlling its policies and reducing reliance on third parties. Despite the issue, he said the MBC acquisition has still been “very favourable” for shareholders.
- In interim results for the six months to 31 December 2024, PRS REIT (PRSR) said that discussions with a number of parties on the potential sale of the company were ongoing. NAV increased 4.8% to 139.6p per share over the period, reflecting ERV growth and a stable investment yield. The value of its portfolio rose to £1.18bn from £1.14bn. Reflecting rental and earnings growth, the company’s dividend increased to 2.1p over the period (from 2.0p) covered 105% by EPRA earnings.
- Picton Property (PCTN) has completed the disposal of a vacant office building in Cardiff, which is to be redeveloped for student accommodation, for £8.37m. In October 2023, Picton exchanged contracts to sell Longcross, Cardiff, conditional on securing planning permission, which it gained in September 2024 for a 706-bed scheme. The disposal price was in line with the December 2024 valuation and a 21% premium to the March 2024 valuation.
- The board of Life Science REIT (LABS) has negotiated a revision to the investment advisory agreement between the company and its investment adviser Ironstone Asset Management Limited that will see its fee move from being calculated on NAV basis to the lower of NAV and the average market capitalisation for the quarter (with effect from the quarter commencing 1 April 2025). In addition, the rate applied to the initial fee threshold of £500m has been lowered from 1.1% to 1.0%. A transitional period will take place from 1 April 2025 to 31 December 2027 that will see the basis of the fee calculation subject to a floor of no lower than 70% of NAV. Based on the last reported NAV, this would result in a £1.0m annual saving, equating to 0.3p in earnings per share.
We also have:
Foresight Environmental Infrastructure extends buyback programme to £30m
SDCL Energy Efficiency Income delivers stable income and reaffirms dividend target
3i Infrastructure income ahead of expectations, portfolio continues to perform
RTW Biotech Opportunities reports strong 2024 and outlines bullish 2025 outlook
BlackRock Latin American hit hard by tough year for the region’s equities
Petershill Partners announces special dividend following premium asset sales
Stories you may have missed from Friday:
LMS Capital reports another weak year as it kicks off managed realisation
BH Macro benefits as political volatility returns to markets
JPMorgan US Smaller Companies benefits from financials but lagged in industrials and tech
Schroders Capital Global Innovation begins wind-down as NAV falls 21.2%
BBGI Global Infrastructure delivers resilient results amid recommended cash offer
