In QuotedData’s morning briefing 19 June 2025: UIL has a larger borrowing facility, Vietnam Enterprise saw a big vote in favour of a wind up of the trust, Temple Bar has two new directors, and Partners Private Equity has made a profitable disposal.
- UIL Limited (UIL) has a £16.0m loan facility from General Provincial Life Pension Fund Limited (GPLPF), which holds 78.5% of UIL’s ordinary shares. £13.3m of the facility has been drawn down. The size of the facility, which matures on 31 October 2025 and bears interest at an annual rate of 10.5%, has now increased to £24.0m.
- Vietnam Enterprise (VEIL) has survived a scheduled vote to wind up the company at its AGM. However, the vote was just 59:41 in favour of continuation. That is a sizeable minority wanting out of their investment. [Honestly, I was surprised by the scale of this. Obviously, Trump’s original tariff proposals had the potential to put a serious dent in Vietnam’s economy. However, a long term investor should be able to look through this. More problematic, I guess are the trust’s NAV returns, which are at the bottom-end of the peer group over the past five and three years.]
- Wendy Colquhon and Nick Bannerman are joining the board of Temple Bar (TMPL). Wendy is a former senior corporate partner at international law firm CMS Cameron McKenna Nabarro Olswang LLP where she specialised in financial services. She is a non-executive director and the senior independent director of Capital Gearing Trust, Schroder UK Mid-Cap Fund, and Murray International. Nick is a Chartered Accountant. He is a non-executive director of JP Morgan China Growth & Income and also of The Global Smaller Companies Trust, where he also acts as chair of its audit committee.
- Partners Private Equity (PEY) has sold about a quarter of its stake in Vishal Mega Mart (a listed Indian retail business which is the trust’s largest investment – was 8.5% of NAV). The stake fetched about 6% more than its valuation in the last published NAV.
We also have:
Did you see from yesterday?
