In QuotedData’s morning briefing 24 April 2025:
- AVI Global Trust (AGT) has announced a series of share purchases by its investment manager and persons closely associated with him. On 23 April 2025, Joe Bauernfreund, manager of the trust and CEO of Asset Value Investors, acquired 6,500 ordinary shares in the company at a price of £2.212 per share. In parallel transactions, Mr Bauernfreund’s family members – Judith, Gabriel, and Shoshana Bauernfreund – also acquired shares in the trust. Judith and Gabriel each purchased 6,500 shares, while Shoshana bought 2,000 shares, all at the same price. These purchases take the total holding of Mr Bauernfreund and his family to 793,573 ordinary shares in AVI Global Trust.
- Baillie Gifford US Growth Trust (USA) has announced that Rachael Palmer will step down from the board as a non-executive director with effect from 23 April 2025. The departure comes as Palmer looks to pursue other business opportunities. The board has expressed its thanks for her contribution to the company during her tenure.
- Starwood European Real Estate Finance (SEREF) has reported continued progress on its orderly realisation strategy in the quarter to 31 March 2025, returning £46m to shareholders via compulsory redemptions following the full repayment of a UK hotel loan. Since initiating its wind-down in January 2023, the trust has now returned £256m in total – representing nearly 62% of NAV at the start of the process. At quarter-end, the portfolio consisted of six loans, with a weighted average remaining term of just 0.7 years. Three loans (54% of the portfolio) are classified as Stage 1 (lowest risk), two are Stage 2 (26%), and one – an Irish office mezzanine loan – is classified as Stage 3 (20%) and continues to carry a €12.9m impairment booked in October 2024. The company declared a quarterly dividend of 1.375p per share, in line with its annual target of 5.5p. As of 31 March, the trust’s NAV stood at 101.34p per share, with a share price of 86.0p, reflecting a 15.1% discount. The trust held £48.8m in cash, including £19.0m reserved for unfunded commitments. The board says the remaining portfolio continues to perform within expectations and remains committed to the realisation strategy, with further updates to follow.
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