In QuotedData’s morning briefing 16 April 2025:
- Martin Currie Global Portfolio Trust has rebranded as Franklin Global Trust, reflecting the planned retirement of the Martin Currie brand by Franklin Templeton, announced earlier this year. The board says the name change follows careful consideration and is intended to bring the trust into closer alignment with the wider Franklin Templeton group. The trust’s ticker has changed from MNP to FRGT and the new name is effective on the London Stock Exchange from 7.00am today. The company’s website will shortly update to www.franklinglobaltrust.com.
- Montanaro UK Smaller Companies Investment Trust (MTU) has announced that Barbara Powely, a director of the trust, acquired 13,500 ordinary shares in the trust on 14 April 2025 at a price of 93.09p per share, for a total consideration of £12,566.93.
[QD comment MR: It is encouraging to see a director of MTU investing money into the trust as it not only helps improve alignment with other shareholders but shows confidence in the strategy at a time when the trust continues to trade on a notable discount to NAV and there are headwinds facing smaller UK equities.]
- Tufton Assets (SHIP) has reported a tough first quarter, with NAV total return down 10.4%. Over the financial year to date (from 1 July 2024 to 31 March 2025), NAV total return stands at -5.0%. As at 31 March 2025, NAV per share was $1.402 (or £1.086), with a total NAV of $374.8m (£290.4m). Despite the weaker performance, the board has declared a quarterly dividend of $0.025 per share. This will be paid on 16 May 2025 to shareholders on the register as at close on 2 May, with the shares going ex-div on 1 May. SHIP’s dividends are paid in US dollars by default, though shareholders can elect to receive the dividend in sterling by submitting a currency election form to the registrar by 6 May.
- Tritax Big Box REIT (BBOX) has updated on its progress with non-core asset disposals from the UK Commercial Property REIT acquisition 11 months ago. The company has sold £235.7m of assets, representing half of the £475m of non-core assets (in retail warehousing, supermarkets, hotels, and student accommodation) it identified in the portfolio, with a further £95.6m under offer. The disposals were achieved a blended 6.1% net initial yield and at a 2.9% premium to the December 2023 book value. The sales proceeds are being redeployed into accretive growth opportunities, including ongoing investment in developing logistics real estate with a target yield on cost of 7%-8% and new data centres opportunities with the potential to deliver 8%-10% yield on cost.
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