In QuotedData’s morning briefing 23 May 2025:

• Following the close of its recent tender offer, The European Smaller Companies Trust has announced the allocation of assets to its two tender pools. In total, 50.7m ordinary shares were successfully tendered under the cash exit option, translating to a final asset value of £107.7m. The exact tender price per share will be confirmed once the realisation process is complete. In total, 115.4m shares were submitted under the in specie consideration option, representing £244.9m of portfolio value. Shareholders opting for this route will receive a pro rata distribution of the underlying portfolio assets, less costs, around 27 May 2025. These investors will be responsible for any applicable taxes or duties arising from the asset transfer.
• VH Global Energy Infrastructure (ENRG) has announced the first delivery of food-grade liquefied CO₂ from its UK-based flexible power and carbon capture and reuse (CCR) asset to Buse Gases Ltd, under a 15-year offtake agreement. Buse is a major player in the global industrial and specialty gases market. The 10MW facility, which combines flexible gas-fired generation with carbon capture technology, is nearing the end of commissioning and is expected to be fully operational by the end of June. Alongside the CO₂ contract, the asset also benefits from a 15-year fixed power and gas supply agreement with Swiss utility Axpo (these long-term, inflation-linked contracts provide a stable and predictable revenue base). ENRG adds that its investment case for the project does not yet factor in potential upside from grid ancillary services or private wire contracts, both of which are currently under discussion. The company positions the asset as a low-carbon grid-firming solution with advantages over typical battery systems, offering both flexibility and sustainability as the UK transitions to a decarbonised energy system.
• Patria Private Equity Trust (PPET) reported an estimated NAV of 784.0p per share as at 30 April 2025, a slight dip from 786.1p at the end of March. The 0.3% monthly decline primarily reflects the payment of a 4.4p interim dividend on 23 April and currency movements – specifically a 3.5% depreciation in the US dollar versus sterling – partially offset by a 1.7% appreciation in the euro. During April, PPET received £8.0m in distributions and made £6.7m in capital calls – £4.7m to existing investments and £2.0m to new opportunities. Notable drawdowns included £1.8m by Hg Mercury 4 for a new stake in regulatory software provider Cube Global, and £1.4m from IK X to support Eurofeu. On the realisations front, exits included Summit Spine & Joint Centers, RENK Group AG, and Marshall Group AB, generating £6.8m in realised gains and income. The trust also made fresh commitments, including €30.0m to French-focused Latour Small Cap I and a €14.0m secondary investment alongside AgilaCapital into two unnamed tech companies. At month-end, PPET reported £735.1m in outstanding commitments, though £88.9m are deemed unlikely to be drawn. Short-term liquidity remains strong with £372.6m in available resources, including £19.1m in cash, £257.8m in undrawn credit, and £95.7m in expected deferred consideration due in September. PPET bought back 510,000 shares during the month, contributing positively to NAV. The trust continues to outperform over the longer term, with a 10-year NAV total return of 271.4% versus 75.9% from the All-Share Index.
• The Schiehallion Fund (MNTN) has announced it has initiated steps to become UK tax resident and enter the UK’s investment trust regime, with the transition targeted for completion in the first quarter of 2026. As part of this strategic shift, the board also plans to consult shareholders on a proposed move from the specialist fund segment to the main market of the London Stock Exchange. The two changes – tax residency and listing upgrade – are intended to be implemented concurrently, pending shareholder and regulatory approvals. The proposed transition would align MNTN more closely with the mainstream UK investment trust sector, potentially broadening its investor base and enhancing share liquidity. The move remains subject to regulatory consents, including FCA approval for the listing transfer and confirmation of eligibility for the closed-ended investment funds category on the Official List. Further updates will follow in due course.
• Vietnam Holding (VNH) has released its April 2025 monthly investor report. VNH’s manager says that, although Vietnam’s stock market initially dropped 17% on tariff concerns, it rebounded by early May, supported by stronger retail sentiment, improving liquidity, and positive bank earnings. VNH’s NAV was up 8% as of 14 May, recovering from the April dip. The country’s exports and imports rose 13% and 18.6% year-on-year respectively in the first four months of 2025, producing a trade surplus of $3.8bn. Meanwhile, foreign direct investment surged 39.9% to $13.8bn, underscoring Vietnam’s appeal as a top “China+1” manufacturing hub. Despite geopolitical uncertainties, VNH’s manager maintains a constructive outlook, noting the fund trades on a single-digit P/E with forecast EPS growth exceeding 20%.
• Assura (AGR) has adjourned the court meeting and general meeting in relation to the cash offer for the company from KKR and Stonepeak that was scheduled for 5 June. This follows a shares and cash offer made by Primary Health Properties (PHP) last week, which the board says it will now consider along with the KKR/Stonepeak bid.
• Seraphim Space Investment Trust (SSIT) has reported that non-executive director Christina McComb purchased 15,577 ordinary shares in the company on 21 May 2025. The shares were acquired at a price of 63.8p each, amounting to a total investment of approximately £9,938. [QD comment MR: We like to see directors making personal investments in the trusts they oversee as it shows commitment to both the strategy – in this case the long-term growth prospects of the SpaceTech sector – and improves alignment with other shareholders. We think that it also suggests faith in SSIT’s NAV and that there is value to be had from its current c35% discount.]
• Foresight Environmental Infrastructure (FGEN) has announced it will publish its audited results for the year ended 31 March 2025 on Tuesday 24 June. The investment managers – Chris Tanner, Edward Mountney, and Charlie Wright – will host an analyst presentation and Q&A at 10:00am on the day of the release. Analysts wishing to attend should contact SEC Newgate for access. In addition, a live webinar for retail investors will be held on Thursday 26 June at 12:00 p.m. BST via the Investor Meet Company platform. Shareholders and interested parties can submit questions in advance or during the event. You can click here to register.
• NextEnergy Solar Fund (NESF) has confirmed it will publish its full-year results for the period ended 31 March 2025 on Monday 16 June. A live webcast presentation for investors and analysts will be held at 10am BST on the same day, featuring Interim Chairman Paul Le Page, Chief Investment Officer Ross Grier, and Investment Director Stephen Rosser from NextEnergy Capital. The session will include a Q&A and is open for registration via the company’s website. A recording of the presentation and accompanying materials will be made available online following the event. Separately, NESF has announced a series of updates to its board roles and committee composition, effective immediately. Non-executive director Josephine Bush has been appointed as NESF’s new senior independent director in a move designed to streamline governance, and the remuneration and nomination committees have been merged into a single remuneration & nomination committee, to be chaired by fellow Non-Executive Director Caroline Chan.
• Derwent London (DLN) has announced the pricing of a sterling denominated senior unsecured bond for £250m and a term of seven years.  The bonds will be quoted on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange. They will bear interest at a rate of 5.25%, reflecting a credit spread of 105bps, and are expected to be rated A- by Fitch Ratings Ltd. The net proceeds will initially be used to repay amounts drawn under the group’s revolving credit facilities and to refinance near-term debt maturities. Proceeds will also be deployed into its development pipeline, with its next major project at Holden House expected to commence later this year, with forecast capital expenditure of £150m.

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