In QuotedData’s morning briefing 22 April 2025:
- Impax Environmental Markets (IEM) has announced that it will be hosting a live investor presentation on Investor Meet Company on Wednesday 23 April 2025 at 2pm BST. Chairman Glen Suarez will be joined by portfolio managers Jon Forster and Fotis Chatzimichalakis to provide shareholders and interested investors with an update on the trust. The presentation is open to both existing and potential shareholders and participants will have the opportunity to submit questions. Investors can register for the event at Investor Meet Company and those already following IEM on the platform will receive an automatic invitation.
- Riverstone Credit Opportunities Income (RCOI) has published its portfolio update for the quarter ended 31 March 2025. NAV per share fell by US$0.04 over the period to US$0.88, driven primarily by developments across three positions: Harland & Wolff, Seawolf, and Max Midstream. The largest impact came from Harland & Wolff, where the administration process continues. Although the company expects to receive a higher-than-anticipated distribution of US$3.1m by the end of April, total values available were slightly below year-end expectations. The adjustment – worth US$1.4m or US$0.02/share – reflected a non-cash write-off of accrued interest, further accruals on the super-priority facility, and increased reserves to support the Islandmagee project, partly offset by foreign exchange gains. A final distribution of US$1.1m is expected in due course. Seawolf saw a minor $0.4m ($0.01/share) markdown, as market disruptions weighed on first-quarter earnings. Meanwhile, Max Midstream was granted a loan extension through June 2025, allowing time to pursue refinancing options. The loan was marked down by US$0.2m at quarter end, but this is expected to be offset by a US$0.3m extension fee received post-period end. Due to higher-than-usual expenses during the quarter, the board expects only a nominal dividend. However, a significant capital return of US$16–17m is anticipated via a mandatory share redemption following receipt of the Harland & Wolff proceeds. RCOI’s portfolio remains fully invested in short-duration, floating rate, senior secured loans targeting energy transition themes.
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