In QuotedData’s morning briefing 7 May 2025:
- BlackRock Greater Europe Investment Trust (BRGE) has published its half-year results for the six months ended 28 February 2025, showing flat returns against a backdrop of strong gains in the broader European market. BRGE’s NAV and share price each rose by just 0.1% on a total return basis, lagging its reference index, the FTSE World Europe ex UK Index, which BRGE says gained 4.6% over the same period. The underperformance reflects a tough market for BRGE’s quality-growth investment style, with the rally driven instead by lower quality cyclicals, banks, and defence stocks. Since the period end to 2 May, the NAV has fallen 5.9%, while the reference index rose 1.1%. The board maintained the interim dividend at 1.75p, to be paid on 18 June 2025, and the discount to NAV remained stable at 6.8%, in line with August 2024. Over the period, the trust repurchased 2.26m shares (1.9% of share capital) at a cost of £13.2m to manage the discount. A further 825,222 shares were bought back post-period end. No tender offer will be made in May, with the board noting the discount is among the narrowest in the peer group. Looking ahead, managers Stefan Gries and Alexandra Dangoor remain constructive on the outlook for European equities. Despite ongoing macro headwinds, including US tariff risk, they believe that current valuations present compelling opportunities in high-quality European growth companies. Recent positive earnings revisions, improving domestic activity in Europe, and fiscal expansion in Germany support this view. On the portfolio front, Hermès and Adyen contributed positively, while Novo Nordisk and semiconductor names such as ASML detracted. The managers continue to avoid a heavy allocation to banks, despite the sector’s recent rally, citing long-term concerns around sustainable returns.
- Patria Private Equity Trust (PPET) has announced that Ms Yvonne Stillhart, a non-executive director of the trust, has purchased 3,152 ordinary shares at a price of £5.81 each on 6 May 2025, for a total consideration of £18,313.
- Riverstone Energy (RSE) has published its first quarter 2025 portfolio valuation and NAV update, revealing a 1% drop in NAV in US dollar terms to US$14.71 per share as at 31 March 2025, equivalent to £11.35 – down 4% in sterling terms. The portfolio recorded a net loss of US$4.9m for the period, or 19.61 US cents per share. The decline was primarily driven by markdowns in several holdings, including Solid Power (down US$5.7m), Infinitum Electric (down US$5.5m) and Permian Resources (down US$5.3m). These were partially offset by a US$12.3m uplift in Veren following its merger with Whitecap Resources, a move the board described as creating “a major new Canadian conventional energy player.” REL’s market cap stood at US$243m (£187m) at quarter-end, with shares trading at a 34% discount to NAV. The company ended the period with US$73m in cash and an unfunded commitment of just US$6m. The share buyback programme remains active, with £17.1m ($21.6m) of stock repurchased at an average price of £7.91 ($9.97). A further £4.4m remains available under the current authorisation.
- BBGI Global Infrastructure (BBGI) has published a new “offer acceptance level update” in relation to the recommended cash offer for by Boswell Holdings 3 S.C.Sp., a vehicle indirectly controlled by British Columbia Investment Management Corporation (BCI) for BBGI. As at 6 May 2025, only 3.62% of BBGI’s issued share capital had been tendered to the offer, underscoring the continued muted take-up since the bid was launched in February. The offer, made at 143.3p per share in cash, remains open until 1pm on 20 May 2025, with 90% acceptance required for it to become unconditional. With just two weeks remaining, the response so far suggests that significant shareholder engagement is still lacking. BCI has reiterated that it intends to delist BBGI if the offer goes unconditional and that shareholders who fail to tender would risk being left with illiquid, unlisted shares and no certainty of proceeds from any potential asset sale.
[QD comment MR: With under 4% of shares tendered and just under two weeks to go, the offer faces a tough path to reaching the 90% threshold. We had thought that with the final regulatory hurdles cleared and the offer deadline approaching that there might be an uplift in acceptances but, so far, this has not materialised and the take up so far suggests that shareholders are unconvinced by the offer or the threat of potentially being stuck in an unlisted vehicle.
We continue to think that, with NAVs depressed in an environment of higher interest rates, and the sorts of assets that BBGI holds being relatively scarce in listed markets, shareholders may feel that BBGI deserves a stronger premium than BCI is currently offering. If the acceptances don’t pick up sharply, Bidco may need to rethink its strategy or pricing. You can read more about our thoughts on the offer here.]
- Pantheon Infrastructure (PINT) has announced that it will be holding a capital markets event for analysts and investors on the morning of 21 May 2025 from 8:30am to 11:30am at the London Stock Exchange, 10 Paternoster Square. The session will be hosted by chair-elect Patrick O’Donnell Bourke and will feature presentations from portfolio companies within the PINT investment universe. The event aims to provide further insight into the fund’s strategy and underlying assets. Those wishing to attend can register here.
- Geiger Counter (GCL) has a subscriptions rights mechanism whereby shareholders have the right to subscribe for one new ordinary share for every five shares held on the register as at 30 April each year at a price equal to the trust’s NAV on 1 May the previous year. GCL has confirmed that the fifth subscription rights price has been set at 37.20p per share as of 1 May 2025 for the exercise opportunity on 30 April 2026. Shares subscribed for under this facility will be issued within 14 business days of the subscription date to eligible shareholders.
We also have:
Stories you may have missed from yesterday:
