In QuotedData’s morning briefing 23 April 2025:
- BlackRock American Income Trust (BRAI) has announced the results of its tender offer, as detailed in its circular published on 28 February 2025. The offer, which allowed shareholders to tender up to 20% of BRAI’s ordinary shares (excluding treasury shares), closed with valid applications for 10.91m shares – representing just 16.15% of the issued share capital as at the 17 April 2025 record date. As the tender was undersubscribed, no scale-back mechanism was needed and all shareholders who validly tendered shares – whether up to or beyond their basic entitlement – will have their applications met in full. The repurchased shares will be held in treasury, as outlined in the circular. The tender price has been set at 192.0501p per share, reflecting 98% of the cum-income NAV per share as at 17 April 2025, adjusted for estimated realisation costs. Settlement is expected on 29 April, with payments to CREST holders made electronically, and cheques and balance share certificates for certificated holders posted the same day.
- CVC Income & Growth (CVCG/CVCE) has announced the tender prices for its March 2025 tender offer. The pricing reflects a 1% discount to the net asset value (NAV) per share as at 31 March 2025, in line with the company’s stated policy. For euro shares, 14,064 shares were tendered, with a NAV of €1.0845 per share, and the tender price has been set at €1.0745. For sterling shares, 17,369 shares were tendered, with a NAV of £1.1833 per share, and the tender price has been set at £1.1733. Settlement is expected on 16 May 2025, and a further announcement confirming the unconditional purchase of tendered shares is expected on or around 9 May.
- Pershing Square Holdings (PSH) has announced the launch of a euro-denominated senior notes offering “with an intermediate tenor”. The offering is targeted exclusively at eligible counterparties and professional clients, in accordance with MiFID II and UK MiFIR product governance rules and will not be available to retail investors in the UK or EEA. The proceeds from the issuance are expected to be used for general corporate purposes, including supporting investments aligned with the company’s investment policy. Details on the final size, pricing, and maturity of the notes will be made available in due course, subject to applicable regulations. PSH says that the notes will not be registered under the US Securities Act, and there will be no public offering in the US.
- EJF Investments (EJFI) has announced plans to publish a prospectus detailing a rollover offer for its 2025 zero dividend preference (ZDP) shares, as well as a new issuance of up to 28m 2029 ZDP shares through an initial placing and a subsequent placing programme. The rollover offer will give existing holders of the 2025 ZDPs the chance to convert their shares into a new series maturing in December 2029, offering a gross redemption yield of 8.5% per annum based on an issue price of 100p and a final capital entitlement of 145.48p. The 2025 ZDPs are currently due to redeem in June 2025 at an aggregate cost of around £27m. Investors who choose to roll over will be doing so at a value of 139.0980p per 2025 ZDP share. The new issuance programme consists of an initial placing and a flexible placing programme running to April 2026 and the final size of the offering will be reduced by the number of 2029 ZDPs issued through the rollover offer and initial placing. The rollover and new ZDP issuance are subject to conditions including minimum cover ratios (3.5x for 2025 ZDPs and 3.0x for 2029 ZDPs) and a minimum raise of £5m across the combined offers.
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