In QuotedData’s morning briefing 22 May 2025:
- At its AGM yesterday, Fidelity Japan (FJV) failed its continuation vote as expected. The board’s proposal to permit the deadline for the board to draw up proposals in respect of a failed continuation resolution to be extended from three months to six months was withdrawn – so the original timetable remains for now. However, the board intends to convene a meeting in June to vote on this resolution. [We still think the best option is a merger with either AVI Japan Opportunities or JPMorgan Japanese.]
- Polar Capital Global Healthcare (PCGH) has confirmed that it is working on proposals for a corporate reorganisation in the second half of 2025. This would preempt the liquidation vote scheduled in 2026.
- Gresham House Energy Storage (GRID) has confirmed that a transaction (a disposal of part of its portfolio) is underway to demonstrate valuations in the portfolio and continues to progress well. We should expect to see an announcement within the current quarter. It also says that it is nearing the end of the refinancing process which would enable it to review capital allocation, including dividends. [GRID is the most obvious target for Drax should it still want to buy UK-based battery storage assets following its failed bid for Harmony Energy Income.]
- Schroders Capital Global Innovation Trust (INOV) has posted a sizable (+9.6%) increase in NAV over Q1 2025. However, shareholders have already approved the discontinuation of the trust and a managed wind down is underway.
- Schroder European REIT (SERE) has agreed a 12-year lease regear with DIY specialist Hornbach, at its Berlin investment. At 11%, Hornbach is the second largest tenant in the company’s portfolio by income. The property comprises 16,800 sqm of lettable area set on a four-acre site and is situated 10 km south of Berlin’s city centre. The triple net lease is subject to indexation and has been agreed ahead of the 31 December 2024 estimated rental value (ERV).
We also have:
Did you miss from yesterday?
