In QuotedData’s morning briefing 14 May 2025:

• Menhaden Resource Efficiency (MHN) has announced that shareholders will receive an initial cash distribution of 51p per share on 15 May 2025, totalling approximately £40m. This follows the company’s entry into voluntary liquidation on 26 March 2025 and an update provided in early April. As of 13 May 2025, a significant proportion of the listed investments in the portfolio had been realised. The joint liquidators continue to manage outstanding liabilities and costs, and are progressing the sale of remaining assets, including unquoted holdings, in line with the proposals outlined in the February circular to shareholders. MHN says that work is also underway to finalise and submit the company’s tax returns covering the pre-liquidation period and that a second cash distribution is anticipated to be announced within the next two weeks, pending further realisations.
• Henderson European Trust (HET) has provided a brief update on its strategic review, launched following the resignation of its two co-portfolio managers earlier this year, saying that this is now well advanced and that a substantive update is expected to be published alongside the company’s half-year results, due by the end of June. The board says that, following the managers’ departure, it began soliciting shareholder views and appointed Deutsche Numis to advise on strategic options. Independent investment consultant WTW was also brought in to assess the investment component of the trust’s future direction. The board is currently considering a proposal from Janus Henderson among other options and reiterated that shareholder feedback remains a key input into the decision-making process.
• Capital Gearing Trust (CGT) says that it will publish its results for the year ended 31 March 2025 on Thursday 29 May and that, on the day, it will host two webinars to present the results and answer questions. An analyst call, led by co-CIO Chris Clothier and portfolio manager Emma Moriarty, will take place at 9:30am BST. Analysts wishing to attend can click here to register. A separate retail investor presentation will be held at 2pm BST. Shareholders and prospective investors can click here to register. The presentation will include a review of the trust’s performance, an update on strategy and the market outlook, followed by a Q&A session. Materials and the recorded session will be made available on the company’s website on the day.
• LondonMetric Property (LMP) has sold £61.8m of non-core and mature assets in separate transactions at a blended net initial yield (NIY) of 6.1%. The assets sold were previously acquired through corporate acquisitions and comprise a multi-storey car park in Yorkshire let to Q-Parks and four pubs let to Stonegate, sold for £21.7m at a blended NIY of 7.7%; a multi-let industrial estate in Crawley, sold for £21.4m at a NIY of 5.05%; two retail assets let to Lidl and Wickes, sold for £10.1m at a blended NIY of 5.8%; and a logistics unit in Southampton, sold to an occupier for £8.6m at a NIY of 4.8%. The sales were made in line with prevailing book values and are 10% above their allocated price at the time of purchase. LondonMetric has now sold 54 former LXi assets for £202m.
• Great Portland Estates (GPE) has secured a major development pre-let for the entirety of the office space (62,500 sq ft) at 30 Duke Street, in St James’s, London, to global investment firm CD&R. The lease is for a 15-year term without break and with rents ahead of March 2025 ERV. The company says that the development represents “a new benchmark for sustainable design”, with 78% of the steel frame sourced from recovered steel, largely from GPE’s own deconstructed building at City Place House, which is believed to be the largest steel reuse scheme in the UK, and saving 90% of carbon that would have been emitted if exclusively new steel had been used. Practical completion is scheduled for summer 2026 with the building being delivered to a shell and floor specification, allowing for CD&R to commence their fit-out. The letting for the entire building, a year ahead of delivery, reflects the strong and sustained demand for best-in-class offices in the core of the West End.
• Pershing Square Holdings (PSH) has confirmed that Bill Ackman will step down from the board of Universal Music Group (EURONEXT: UMG) following today’s annual general meeting (14 May 2025). The decision follows Ackman’s appointment as executive chairman of Howard Hughes Holdings (NYSE: HHH) earlier this month, adding to his expanding responsibilities across the Pershing Square platform. Ackman, who joined UMG’s board in 2022, played a role in supporting its transition from a privately held business to one that is publicly listed. In a statement, he described UMG as “extremely well positioned for future growth and profitability” and praised the leadership of CEO Sir Lucian Grainge and his team. The resignation is not expected to affect Pershing Square’s investment in UMG. Ackman said he remained “grateful” to his fellow directors and reaffirmed his confidence in the company’s long-term prospects.

We also have:

Stories you may have missed from yesterday