In QuotedData’s morning briefing 25 April 2025:

• Foresight Environmental Infrastructure (FGEN) has announced a reduction in the size of its revolving credit facility (RCF), scaling it back from £200m to £150m. The move is expected to generate an annual saving of £367,500 in facility-related costs. FGEN says that the RCF, which is currently drawn at £100.5m, continues to offer sufficient headroom for it to meet its outstanding portfolio commitments. These include remaining capital outlays tied to the company’s construction-stage investments, which are reported to be progressing well. The company says its balance sheet remains robust, supported by a sector-leading gearing ratio of 28.8% as at 31 December 2024. Aside from the reduced size, all other terms of the RCF remain unchanged from those set out in the company’s announcement on 13 June 2024.
• HydrogenOne Capital Growth (HGEN) will publish its annual results for the year ended 31 December 2024 on Wednesday 30 April 2025. A live investor presentation will be held on the same day at 1pm via the Investor Meet Company platform. The session, hosted by Richard Hulf and Dr JJ Traynor of HydrogenOne Capital LLP, is open to both existing and prospective shareholders. Investors can submit questions in advance via the platform up to 9am on 29 April, or during the presentation itself. Registration for the event is free at (click here) and those already following HGEN on the platform will receive an automatic invitation.
• Following its announcement on 23 April that it was launching a euro-denominated senior notes offering “with an intermediate tenor” (click here to read more), Pershing Square Holdings (PSH) has now announced that it has priced €650m of senior notes due 2030, carrying a 4.25% coupon. PSH says that the net proceeds of the issue will be used for general corporate purposes, including making investments or holding assets in line with PSH’s existing investment policy.
• Vietnam Holding (VNH) has released its monthly investor report for March 2025, which highlights strong economic performance of Vietnam during the first quarter of 2025, with GDP growth hitting 6.93% – the highest Q1 rate for the 2020–2025 period. It adds that, despite market volatility following new US tariff threats, Vietnam’s manufacturing PMI rose to 50.5 in March, and the government responded with proactive diplomacy and trade diversification measures. VNH says it has rebalanced its portfolio to reduce exposure to export-related sectors and is now strategically overweight domestically focused companies. VNH underperformed the Vietnam All Share Index (VNAS) during the month, which the manager attributes to foreign outflows and a narrow rally driven by domestic retail investors. However, it says that the portfolio remains attractively valued with single-digit P/E and 20% forecast EPS growth, and it remains confident in its long-term positioning.
• Greencoat UK Wind (UKW) held its AGM yesterday (24 April 2025), with all resolutions passed, including the continuation vote (Resolution 17), which saw 89.5% of votes cast in favour of the company continuing in its current form. However, the board noted that 10.5% of shareholders voted against continuation, with a turnout of 66.6%. The board and investment manager say they remain committed to enhancing the company’s appeal in what they describe as a challenging market environment and will continue engaging with shareholders to better understand their concerns. All special resolutions, including those relating to share issuance and buybacks, were approved with strong support.

[QD comment MR: While the continuation vote passed comfortably, the 10.5% dissent shouldn’t be dismissed. It reflects a degree of shareholder frustration, likely linked to ongoing sector-wide issues such as rising interest rates, wide discounts to NAV, and reduced investor appetite for income-generative infrastructure funds. That said, UKW continues to benefit from its scale, operational focus, and high dividend cover, which have helped it weather the current environment better than many peers. With clear shareholder backing secured for now, the onus is on the board and manager to continue demonstrating value, narrowing the discount, and restoring investor confidence over the months ahead.]

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