In QuotedData’s morning briefing 26 June 2025, shareholders in CQS Natural Resources Growth and Income have approved proposals allowing its tender to proceed,

• CQS Natural Resources Growth and Income (CYN) has announced that all resolutions proposed at its General Meeting on 25 June 2025 were duly passed by shareholders on a poll. The key proposals included authorisation for the company to proceed with its tender offer, allowing eligible shareholders the opportunity to exit for cash, and a change to the frequency of continuation votes – moving from annually to every two years, with the next vote scheduled for 2028. Chairman Christopher Casey welcomed the strong support, which included backing from proxy advisers ISS and PIRC, and said the board believes the approved initiatives position the company well for future growth, particularly in collaboration with the investment manager. Votes in favour of both resolutions exceeded 99%, with turnout representing just over 39% of total voting rights. [QD comment, Matthew Read: It’s encouraging to see such strong shareholder support for CQS Natural Resources’ proposed changes. The tender offer provides an opportunity for those that wish to exit to get out at close to NAV, while those choosing to stay on are backing a refreshed structure aimed at delivering long-term growth (click here to read more about the shareholder friendly changes that were brought in following the strategic review). Moving to biennial continuation votes gives the board and manager more breathing room to execute their strategy without the overhang of annual uncertainty. The focus now shifts to delivery – with value-enhancing initiatives in place, shareholders will be looking for tangible progress in performance and narrowing of the discount.]
• Cordiant Digital Infrastructure (CORD) has announced that Steven Marshall, executive chairman and co-founder of CORD’s investment manager, Cordiant Digital Infrastructure Management, has purchased 198,000 CORD shares at an average price of 100.35p. The transaction, which took place on 25 June 2025, brings Mr Marshall’s total holding to over 13 million shares. Marshall’s purchase follows purchases by other directors and members of the investment team after CORD released its annual results (click here to see our coverage of those). In total, insiders now hold 15.6 million shares, equivalent to 2.04% of CORD’s issued share capital. [QD comment, Matthew Read: The recent purchases signals continued alignment between the board, the manager, and shareholders at a time when confidence in the company’s strategy remains key. These follow a decent set of annual results and suggest that key insiders see value in CORD’s c 25% discount to NAV.]
• Schroder European REIT (SERE) has posted a 2.1% fall in NAV to 120.1 euro cents over the six months to 31 March 2025, due mainly to a reduction in the value of its European office portfolio. The company’s wider portfolio fell in value by 1.3% in the period to €205.6m, with its industrial assets performing strongly. Total dividends declared for the six months totalled 2.96 cents, 100% covered by EPRA earnings. Net loan-to-value (LTV) reduced to 18%, with an available cash balance of approximately €25m and no further debt expiries until June 2026. The board says that it is still disputing a potential €14.4m tax bill from the French authorities and “remains of the opinion that an outflow is not probable; consequently, no provision has been recognised”.
• Regional REIT (RGL) has secured seven new lettings and eight lease renewals across its portfolio since its last trading update on 15 May 2025. The 15 transactions deliver a total annual rental income of over £1.6m and represent a 6.32% increase above estimated rental values (ERV).
• Sirius Real Estate (SRE) has purchased a light industrial property in Geilenkirchen, Germany, for €12.9m. The asset was acquired by way of a sale-and-leaseback transaction, with a precision engineering business that specialises in processing sheet metal using laser technology, which has entered into a triple net lease on the entire property.  The acquisition reflects a net initial yield of 9.3%. The company also announced the disposal of a small non-core asset in the UK to a private individual for £1.55m. The transaction in Huddersfield was concluded at a 7% premium to the asset’s most recent book value and reflects a disposal yield of 8.1%. Proceeds from the sale will be redeployed into opportunities within the group’s portfolio.
• Schroder BSC Social Impact (SBSI) has published its fourth annual Impact Report, showcasing a continued expansion in reach and social outcomes delivered across the UK. Since its launch in December 2020, the trust’s investments have supported around 422,000 people – 98% of whom are underserved or disadvantaged – through housing, healthcare, employment, education, and clean energy access. The report highlights £238m in total public and household savings generated to date, a 9% increase year-on-year, alongside significant delivery in key areas: 34,500 people have been provided with homes, 30,300 with training and employment support, and 42,300 with health and care services. Portfolio organisations also generated over 400MW of renewable energy capacity, avoiding tens of thousands of tonnes of emissions. This is the first full impact report published by SBSI since it adopted the FCA’s Sustainability Impact label in late 2024. The trust remains aligned with its objective to deliver measurable social outcomes while offering investors exposure to private market investments backed by resilient income streams – often from Government contracts or housing benefit-linked revenues. Portfolio case studies include supported housing for people with learning disabilities via Golden Lane Housing, youth homelessness prevention with Stronger Families and GMBOP, and energy efficiency investments through community organisations like Bristol Energy Cooperative. Chair Susannah Nicklin commented that the report “demonstrates how impact investing works in practice to support communities, while delivering resilient returns for shareholders.” Portfolio manager Better Society Capital noted continued Government engagement and policy momentum around social impact investment, including the creation of a Social Impact Investment Vehicle earlier this year. SBSI has deployed £96m into 196 organisations to date, and has a growing pipeline of scalable opportunities.

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