NextEnergy Solar urges shareholders to vote for its continuation next month; activist fund Crystal Amber considers its future after four years of disposals; and tiny Seed Innovations is poised to switch from life sciences to AI and robotics as financier Jim Mellon prepares to re-join the board.
NextEnergy Solar (NESF) has published its AGM circular ahead of a discontinuation vote on 20 August triggered by the shares trading at an average 27% discount in the latest financial year that will require 75% support to pass. The board is recommending shareholders vote against the special resolution, number 13, saying it is exploring all strategic options to deliver shareholder value.
Crystal Amber (CRS), the activist fund that has been selling assets since failing a continuation vote four years ago, is consulting with shareholders and advisers over the future structure of the £100m investment company after receiving a final £18m payment from the takeover of banknote printer De La Rue (DLAR), which takes the total from the transaction to £40.7m. The company will consider a return of capital via share buybacks or other distributions but says its other main focus is supporting Morphic Medical, the private developer of a minimally invasive, endoscopic device to help manage type 2 diabetes and obesity, which recently went on sale in Germany.
Seed Innovations (SEED), the £3m AIM-listed life sciences and technology fund, will see financier and former chairman Jim Mellon return to the board after he recently raised his stake to 18%. The company plans a 45% tender offer to enable investors to exit ahead of a proposed switch in investment focus to robotics and artificial intelligence. These will be voted on at the annual general meeting on 13 August.
JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) says the lawsuits filed by VTB Bank in Russia claiming $81.3m, $74.5m and €108m and the lawsuit filed by Sberbank in Russia claiming $830,183 against eight JP Morgan legal entities and the company will take place on 30 July, 27 August, 8 and 24 September.
Fund manager Michael Lindsell spent £42,413 buying 50 shares in Lindsell Train (LTI) yesterday at £848.27 in his role as non-executive director. The £164m investment trust trades on a 16% discount.
Activist Saba Capital has increased its stake in Schroder UK Mid Cap (SCP) to 13% from 12.2%. The £231m trust run by Jean Roche and Andy Brough at Schroders stands on an 8% discount.
Geiger Counter (GCL) bought back another 100,000 shares on Wednesday at 45.33p taking the uranium fund’s total purchases since the annual general meeting on 5 March to 17.44m all of which are held in Treasury for potential re-issue if the stock returns to a premium. The shares stand on an 11% discount to net asset value.
Maven Income and Growth VCT 5 (MIG5) saw a “modest” £369,000 increase in net assets to £73.2m in the six months to 31 May. In the half-year the generalist venture capital trust paid an interim dividend of 1.25p per share after the payout rate was lifted to 6% from 5% last year. The company raised £10m in its subscription offer and added three new private companies to the portoflio. Earlier this month it exited Horizon Ceremonies having made 2.1 times its original investment.
