In QuotedData’s morning briefing 30 May 2025:

• JPMorgan Asia Growth & Income (JAGI) has published its interim results for the six months to 31 March 2025 during which JAGI’s NAV total return was -1.1%, outperforming its benchmark, the MSCI AC Asia ex Japan index, which declined 2.2% over the period. Shareholders saw a positive share price total return of 1.4%, reflecting discount narrowing during the period. JAGI has outperformed in eight of the past ten calendar years and delivered a cumulative NAV return of 106% over the last decade, versus 74.1% for the benchmark. The period was notable for strong performance in China (up 10.4% in sterling terms), aided by policy support and a surprise rally in AI-related stocks following the launch of DeepSeek, a Chinese open-source AI platform. This helped offset weakness in markets such as Korea, Indonesia, India and Taiwan, where political and macroeconomic tensions weighed on sentiment. Key contributors to performance included new positions in Alibaba, which rebounded on AI-driven optimism and improved e-commerce results, and Hong Kong Exchange, which benefited from rising Chinese trading volumes. Detractors included Indian holdings Reliance Industries and Zomato, both caught in the Indian market correction. The trust increased its quarterly ‘enhanced dividend’ policy to 1.5% of NAV, implying a 6% annual yield. This was approved by shareholders in February and took effect from 31 March 2025. The board believes the higher payout sets the trust apart from peers and supports demand for its shares. The discount narrowed from 11.2% to 9.2% over the period, within the board’s target range of 8–10%. The trust repurchased 7.5m shares into treasury during the period, adding 3.9p to NAV. Since period end, it has bought back a further 731,866 shares. Gearing was reintroduced modestly, reaching 4% by end-March via contracts for difference. Looking ahead, the board and managers acknowledge an uncertain backdrop, with geopolitical risk and US trade policy casting a shadow. However, they remain optimistic about Asia’s relative growth prospects, especially in China where tentative signs of recovery are emerging. The managers believe the region’s volatility will continue to offer compelling opportunities for long-term investors.
• Menhaden Resource Efficiency (MHN) has provided an update on its winding-up process, confirming that it is in a position to make a second cash distribution to shareholders of 51p per share, which is due to be paid on 4 June 2025. This equates to approximately £40m in total. As of 29 May 2025, the portfolio manager had completed the sale of all listed holdings, realising £100m net of costs. In addition, partial proceeds from an unlisted holding and investment income brought in a further £3m. Together, this represents total net proceeds to date of £1.31 per share. Two unlisted investments have been sold with completion expected by 1 July 2025, and a third is in advanced negotiations. Discussions are ongoing with potential buyers for the final remaining unlisted holding. The liquidators currently estimate these unlisted assets could collectively realise around £27m, although final values may vary depending on transaction outcomes. Assuming this valuation is achieved, the total return to shareholders across all distributions is expected to exceed £1.60 per share. A third cash distribution is expected to be announced in early July 2025 and paid during the first half of the month. The timing will not be dependent on the completion of the remaining sales, as the Joint Liquidators currently hold £20m to meet unfunded capital commitments, liquidation costs, and tax provisions, which they anticipate may be released in time to support the final payout.
• RM Infrastructure Income (RMII) has announced a change to its dividend policy, shifting from quarterly to semi-annual payments. The adjustment forms part of the company’s broader cost-saving measures as it continues its managed wind-down process. RMII’s board confirmed that the new dividend schedule will take effect from 29 May 2025. The first semi-annual interim dividend is expected to be declared in September 2025, covering the first half of the current financial year ending 31 December 2025. The change is intended to reduce administrative expenses while aligning with the company’s strategy of returning capital to shareholders through proposed tender offers as it winds down operations.
• The European Smaller Companies Trust (ESCT) has announced that, in connection with its recent tender offer, it has repurchased 115.4m ordinary shares in relation to the ‘in specie consideration option’. The shares were bought back at a tender price of 210.40p per share and will now be cancelled. Shareholders opting for the in specie option will be responsible for any applicable stamp duty or transfer taxes on the assets they receive. Following the transaction, ESCT’s issued share capital stands at 279.2m ordinary shares, of which 817,028 are held in treasury.
• Drax BESS Holdco Limited (“Drax Bidco”), a wholly owned subsidiary of Drax Group plc, has confirmed that its offer to acquire the entire issued share capital of Harmony Energy Income Trust (HEIT) has lapsed.
• Bluefield Solar (BSIF) has extended the term of its revolving credit facility (RCF) by two years to May 2027, while reducing the committed amount from £210m to £150m. The reduced facility size reflects the company’s ongoing efforts to lower short-term debt and manage its development pipeline. So far this financial year (to 30 June 2025), Bluefield has repaid £50.5m of the RCF, with £133.5m currently drawn. The facility retains a £30m accordion feature and is provided by existing lenders RBS International, Santander UK, and Lloyds Bank. The margin on the amended facility has been lowered to 1.85% from 1.90%, generating savings of approximately £1m over the new term. Notably, the RCF has now achieved Green Loan status, aligning with Bluefield’s Green Financing Framework. RBS International acted as Green Loan Co-ordinator, and Sustainable Fitch awarded the framework its highest rating of ‘Excellent’ in its Second-Party Opinion.
• Sirius Real Estate (SRE) has announced two new transactions in Germany totalling €43m, including its first acquisition in Lübeck and the disposal of a mature asset in Pfungstadt. The group has notarised the purchase of a multi-let business park in Lübeck for €12.67m (including acquisition costs), reflecting a 7.9% EPRA net initial yield. The asset offers 14,810 sqm of lettable space, predominantly production and warehouse facilities, and is currently 88% let. A new lease due to complete in August will push occupancy above 95% and increase the rent roll to €1.13m per annum. Meanwhile, Sirius has agreed to sell its business park in Pfungstadt, near Frankfurt, for €30m – a 9% premium to book value and a 6.8% EPRA net initial yield. The company originally acquired the site in 2008 for €14.5m and says the disposal aligns with its strategy of recycling mature assets into more value-accretive opportunities. Completion is expected later this financial year.

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