In QuotedData’s morning briefing 1 July 2025: Golden Prospect appears to have struck a deal with Saba. Schroder Income Growth has lost one of its managers, Vinacapital Vietnam’s manager has increased its stake in the company. Crystal Amber is launching a £2.5m buyback. JPMorgan Core Real Assets has published its annual results [but these relate to a period that ended four months ago and the trust is in wind down so there is not much to get excited about]. Global Smaller Companies Trust published more up to date figures [but did not find room in its statement to include any comment on the portfolio by the manager which is poor].

• Golden Prospect Precious Metals (GPM) has come to an arrangement with Saba Capital whereby Saba agrees not to requisition a meeting of the company or vote to remove any directors until at least the AGM in 2028. This appears to be related to an agreement that has been reached between Saba and CQS Natural Resources Growth and Income – see separate story.
• Matt Bennison, co-manager of Schroder Income Growth (SCF), has resigned from Schroders. Sue Noffke, who has managed the portfolio since July 2011, is staying on as sole manager. Schroders is recruiting a replacement for Matt.
• VinaCapital Vietnam Opportunity Fund (VOF) says its manager bought 49,500 shares in the company at 422p per share, taking its holding to 4,059,397 or 3% of the company.
• Crystal Amber (CRS), which is in managed wind down, plans to return more cash through share buybacks. It will spend up to £2.5m buying up to 2,677,653 shares in the open market.
• JPMorgan Core Real Assets (JARA) is in managed wind down. Its annual report to end February 2025 has been released. The NAV return for the period was 5.2% but the return to shareholders was 36.8% as the discount narrowed from 30.5% to 10.6%. An update on the progress of the wind down was published on 19 June.
• Global Smaller Companies Trust (GSCT) has published results covering the 12 months ended 30 April 2025. The NAV return lagged that of the benchmark (80% MSCI All Country World ex UK Small Cap Index and 20% the Deutsche Numis UK Smaller Companies (excluding investment companies) Index), returning -4.8% compared with 0.8% for the benchmark. A widening discount (from 10% to 11%) left shareholders with a return of -5.6%. The dividend has been upped by 6.8% from 2.81p to 3.0p. That was not covered by net revenue per share, which was flat at 2.84p.
• Blackstone has not given up in its pursuit of Warehouse REIT (WHR), today announcing that it has set aside its ‘no increase statement’ regarding its best and final offer. This follows a competing and recommended offer from Tritax Big Box REIT made last week. Blackstone will make a further announcement as appropriate. [QD comment: It is great that this bidding war has pushed up the price for Warehouse REIT shareholders and we hope it has further to go. It shows the value that investors see in the listed real estate sector.]
• Supermarket Income REIT (SUPR) has secured a new £215m term loan for its joint venture with funds managed by Blue Owl Capital, through a bank syndicate comprising Barclays, HSBC, ING and SMBC. The interest-only facility has a maturity of three years, with two further one-year extension options at the lenders’ discretion. It is priced at a margin of 1.5% above SONIA and the joint venture intends to hedge the drawn amount for the three-year initial term. SUPR will receive 50% of the proceeds from the facility, which will initially be used to repay drawings under the company’s existing debt facilities, prior to redeployment. The company’s current LTV, inclusive of JV debt on a look through basis, is c.31%.
• CLS Holdings (CLI) has sold two properties in Germany for a total of €41.3m, at a 10% discount to book value and an average net initial yield of 6.4%. It has completed the sale of Techno Centre, Gräfelfing Business Park, Munich, an 8,527 sqm mixed-use office and industrial building, and unconditionally exchanged on the sale of Jarrrestrasse 8-10 in Hamburg, a fully let 5,488 sqm office building. The company said the properties offered limited asset management opportunities and no longer aligned with the company’s portfolio. The proceeds will be used to pay down debt, with the pro-forma LTV reducing from 50.7% at year-end to 47.0%.

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