In QuotedData’s morning briefing 2 July 2025: Diverse Income issued a reminder about its upcoming redemption opportunity. NB Distressed Debt’s chairman only just survived re-election. That seems to have spurred the trust into accelerating the trust’s liquidation. BioPharma Credit gets a bonus as another loan is repaid early. TR Property is going to broadcast its AGM. M&G Credit Income wants permission to issue 150m shares. JPMorgan Core Real Asset’s latest NAV illustrates the effect of the diving dollar.
- Diverse Income Trust (DIVI) has reminded investors of the annual opportunity to redeem their shares. The discount last night was 3.7%. Redemption requests need to be in by 29 July. Money will be dispatched by 12 September.
- At NB Distressed Debt’s (NBDD) AGM, shareholders voted 20,072,952 shares in favour of re-electing the chairman and 19,993,614 against. So he stays on, but only just. The board says “while disappointing, the votes against the chairman were understandable both from the point of view of good governance and because of the failure to realise assets, and thus return capital, more speedily. The chairman would like to take this opportunity to thank his fellow shareholders for their prior forbearance. The board had already been debating whether it could continue to add value for shareholders and now intends to discuss with the investment manager and other advisors the timing for bringing forward liquidation proposals in light of current sale negotiations on three of the four remaining assets.”
- BioPharma Credit (BPCR) notes BioCryst Pharmaceuticals’ decision to sell its European ORLADEYO (berotralsat) business to Neopharmed Gentili for up to US$264m and use the proceeds to retire all of its remaining term debt of US$248.7m. The company has loaned it $99.5m, which will be repaid in full. In addition, the company will get about $3m in additional prepayment fees.
- TR Property (TRY) plans to broadcast proceedings at its 23 July AGM via the Investor Meet Company platform. You’ll be able to view the proceedings but not vote at the meeting, but you can vote online in advance. Questions can be submitted in advance of the AGM via the platform, emailed to the company directly at [email protected] up until 9:00 BST on Tuesday 22 July 2025, or submitted at any time during the AGM itself. Questions of a similar nature may be grouped together to ensure the orderly running of the AGM.
- M&G Credit Income (MGCI) has published a circular in connection with the possible issuance of up to 150m new shares. A new prospectus will be published on 29 July. The circular also covers issues via a WRAP retail offer. The shares can be issued on a non-pre-emptive basis (without offering them to existing shareholders first). That needs their permission, hence the circular, which will be voted on at a meeting on 28 July. [We see no reason not to support this. The shares will be issued at a premium to NAV, enhancing the NAV for existing shareholders.]
- JPMorgan Core Real Assets’ NAV fell from 93.93p to 89.67p over the three months ended 31 May 2025. Most of that relates to the weakening US dollar (down 6% against the pound over that period).
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