In QuotedData’s morning briefing 24 June 2025, Caledonia is holding its public companies spotlight today, which includes a live webcast, Fidelity Japan shareholders have approved changes to its articles that will give the board six months rather than three to come up with proposals following its failed continuation vote, Mike Lindsell has been buying shares in Lindsell Train, The European Smaller Companies Trust has announced the price for cash exit pool, and both CC Japan Growth and Income and JPMorgan Emerging Europe, Middle East & Africa have announced interim results.

• Caledonia (CLDN) reminds investors that it will today host a spotlight event focusing on its public companies investment pool. The session, running from 11am to 12:30pm, is aimed at investors and analysts. Presentations will be delivered by CEO Mat Masters, alongside Alan Murran and Ben Archer (co-heads of public companies), and Henry Morris (director, public companies), who will outline the team’s investment philosophy, strategy and current portfolio positioning. The event will also feature a panel discussion moderated by Anthony Leatham, head of investment companies research at Peel Hunt. A live webcast and presentation materials will be available on Caledonia’s website, with a facility for online written questions during the event.
• Fidelity Japan (FJV) has announced that the special resolution put to shareholders at its general meeting on 23 June 2025 was passed by way of poll, without amendment. The resolution related to the adoption of new Articles of Association. The principal change under the new Articles is an extension to the time allowed for the board to respond to an unsuccessful continuation vote. FJV’s board now has six months, rather than three, to prepare and submit proposals to shareholders regarding a possible reorganisation or voluntary liquidation. As announced on 21 May, the continuation vote failed at the AGM held on that date. Under the revised Articles, the board now has until 21 November 2025 to bring forward its proposals. The new Articles also incorporate a number of minor and technical amendments. These are in the same form as those presented at the 2025 AGM.
• Lindsell Train Investment Trust has reported that non-executive director Michael Lindsell acquired a total of 200 ordinary shares in the company on 23 June 2025. The purchases were made in four separate transactions on the London Stock Exchange at prices of 81,705.4451p, 82,564p, 82,608p, and 81,705.4451p per share.
• The European Smaller Companies Trust (ESCT) has confirmed the final details of its cash exit tender offer. As previously announced, all assets in the cash exit pool were fully realised as at 19 June 2025. The final asset value of the pool was £108.5m, resulting in a tender price of 213.80p per cash exit share. Winterflood, acting as principal, will purchase the 50,726,953 cash exit shares at the tender price and subsequently sell them to the company, also at the tender price, under the terms of the repurchase agreement. The transaction is expected to settle on or around 27 June 2025, with all repurchased shares to be held in treasury. Payments for uncertificated shares are expected to be made via CREST on 4 July 2025, with cheques for certificated holders dispatched the same day.
• CC Japan Income & Growth (CCJI) has reported its half-year results for the six months to 30 April 2025, delivering a NAV total return of 2.9% and a share price total return of 4.3%, as the discount narrowed from 9.4% to 8.4%. This compares with a 3.0% return from the TOPIX Index, in sterling terms. The period was marked by heightened volatility in global equity and currency markets, triggered by geopolitical tensions and new US trade policies following President Trump’s introduction of “Liberation Day” tariffs. Despite this, CCJI’s long-term performance remains strong, with three- and five-year NAV total returns of +34.4% and +77.6%, respectively, significantly ahead of TOPIX. The portfolio benefited from strong contributions by Japanese financials, including Sumitomo Mitsui, MUFG, Tokio Marine and JAFCO, as well as Nintendo. However, technology-related chemical and semiconductor names such as Shin-Etsu and Tokyo Electron detracted amid concerns over global trade friction. The first interim dividend has been raised to 1.65p per share, up from 1.60p last year, reflecting the Board’s commitment to a progressive dividend policy. Revenue per share dipped slightly to 2.53p (from 2.66p). Gearing remained broadly stable at 19.6%, and the continuation vote passed with 99.9% shareholder support at the March AGM.
• JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) has released its interim results for the six months to 30 April 2025. The trust’s NAV total return rose by 6.8%, comfortably outperforming its reference index, the S&P Emerging EMEA BMI Net Return in sterling, which returned 2.3% over the same period. The outperformance was attributed mainly to stock selection. However, JEMA’s share price rose sharply by 127.0% over the period, ending April at 273p, and trading at a 391% premium to NAV – an anomaly the board attributes to uncertainty surrounding the valuation of the trust’s Russian assets. By 19 June, the share price had fallen back to 224p. JEMA continues to face significant challenges stemming from VTB Bank’s US$439m legal claim in the Russian courts, which includes JEMA and associated JPMorgan entities. An appeal hearing is scheduled for 2 July 2025, with additional related claims also pending. Net revenue fell to £14,000, down from £41,000 in the prior period, largely due to rising legal expenses. As at 21 May, £42.6m of Russian dividends remained trapped in a Moscow ‘S’ account, with a further £10.3m due but not yet received. These amounts are not reflected in JEMA’s NAV. The ongoing charge ratio decreased to 3.34% on an annualised basis (from 4.17%), following a custodian fee reduction effective August 2024. The portfolio remains diversified, with 102 holdings including 25 Russian positions (approx. 7% of portfolio value).
• Sirius Real Estate (SRE) has secured a new €150m unsecured revolving credit facility (RCF), with an initial three-year term. The RCF has two one-year extension options and incorporates accordions allowing it to be upsized by up to an additional €100m, all of which are at the company’s request and require bank consent. The facility carries a margin of 120bps (basis points – equivalent to 1.2%) over short-term EURIBOR, which is currently approximately 2% (leading to an interest cost of 3.2% if it were drawn down at existing rates), with covenants aligned where possible to the group’s most recent bond issue in January 2025. The RCF further diversifies SRE debt, adding BNP Paribas as lenders for the first time, as well as ABN AMRO for the first time in over a decade, with HSBC completing the consortium.

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