In QuotedData’s morning briefing 20 June 2025
- Polar Capital Global Financials (PCFT) has announced the tender price for its recently approved tender offer, set at 209.43p per share. This represents the trust’s NAV as at close on 18 June 2025, less associated costs. The move follows shareholder approval of proposals laid out in the circular dated 14 May 2025. Stifel, acting as the placing agent, may now reallocate tendered shares via a secondary placing at 210.47p per share to institutional investors. Any shares not placed through this process will be repurchased by the trust and either held in treasury or cancelled. The placing is conditional on the 210.47p price being no more than 3% above or below the NAV as at close on 23 June 2025 (to be confirmed on 24 June), assuming the tender offer goes unconditional. Key dates include: secondary placing commitments deadline: 12:00pm, 24 June; Final results announcement: 24 June; and Settlement of proceeds via CREST or cheque: by 1 July.
- BlackRock Income and Growth (BRIG) reported a modest NAV total return of 2.2% for the six months to 30 April 2025, lagging the All-Share Index’s 5.6% gain. However, the trust’s share price rose 4.7% over the period as the discount to NAV narrowed from 12.9% to 11.0%. Performance since the period end has improved, with NAV up a further 4.2% to 231.85p by 17 June and the share price up 1.0% to 200.00p. The manager cited ongoing macroeconomic volatility, particularly around US trade policy and defence spending, as a key theme. Despite underperformance relative to the benchmark, portfolio positioning benefited from strong returns in financials (Lloyds, Standard Chartered, Admiral) and a zero weighting in underperforming stocks such as Diageo and Glencore. Detractors included an underweight to defence and disappointing updates from Tate & Lyle and Travis Perkins. Revenue earnings per share declined 4.6% to 3.76p, but the interim dividend was maintained at 2.70p and remains covered. Net assets stood at £43.0m (222.5p per share) at the end of April. Gearing stood at 5.5%, with £6m drawn on the company’s £8m revolving credit facility. The manager continues to tilt the portfolio toward high-quality, cash-generative names with dividend growth potential, while adding selective exposure to defence and financials. The trust bought back nearly 358k shares during the period, although the discount remains wider than average. Chairman Graeme Proudfoot struck a cautiously optimistic tone, noting low UK equity valuations, improving GDP forecasts and relatively stable macro conditions as reasons for long-term optimism. He highlighted renewed interest in UK assets as political stability improves and investors reassess global allocations. The board is in the final stages of appointing a new audit committee chair.
- RM Infrastructure Income (RMII) has confirmed that its tender offer will proceed at a price of 80.52p per share, equivalent to the company’s NAV as at 31 May 2025. The total value of the tender has been capped at just over £17.4m, with 21,627,821 shares available for purchase via Singer Capital Markets. Eligible shareholders will be able to tender up to 22.18% of their holding (the basic entitlement) in full. Any excess tenders will be satisfied on a pro-rata basis if other shareholders under-utilise their entitlements or if certain overseas holders are excluded from participation. Shareholders are reminded that the tender closes at 1pm on 23 June 2025, with the general meeting scheduled for 12pm on 24 June. The results of the offer and meeting will be announced the same day, with proceeds expected to be settled via CREST or cheque by 1 July. The offer forms part of the company’s capital management efforts following recent strategic reviews, offering liquidity to shareholders while maintaining alignment with NAV.
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