Also, Alliance Witan underperforms during a volatile first half, HydrogenOne Capital Growth changes name for its wind-down, Starwood European Real Estate Finance takes a second write-down on loans in Dublin and proxy vote adviser ISS backs Maven Renovar VCT in its fight with former fund manager.
TRIG’s net asset value falls 4%
Renewables Infrastructure Group (TRIG) has issued its second quarter net asset value (NAV) ahead of half-year results on 8 August. NAV per share fell 4% or 4.4p from 112.7p to 108.2p at 30 June reflecting the fall in power price assumptions and low generation that has affected other renewables funds, although there was some positive impact from operational improvements and share buybacks for the £2.1bn 8.8%-yielder. The company cautioned that due to poor wind speeds in the first half cover for the 7.55p dividend target “may be tight”.
Third Point rebels advance
The rebel investor group opposing the plan of Third Point Investors (TPOS) to buy Malibu reinsurance company says it has gained the support of an additional 10% of shareholders, giving it a total of 24% that outweighs the 21% that Third Point says intend to back the transaction at the extraordinary general meeting on 14 August.
Alliance Witan slips in first half
Alliance Witan (ALW) underperformed the MSCI AC World index in the first half with net asset value slipping 0.7% versus a 0.6% gain in the benchmark. The share price total return also fell 0.7% reflecting a stable 4.7% discount, or gap, to NAV. Dalton was the best performing of the £5bn multi-manager trust’s eleven external stock pickers as its activist stance in Japan benefited from the country’s corporate governance reform. GQG was held back after switching to defensive growth stock in a “risk-on” environment.
HGEN drops One from its name
HydrogenOne Capital Growth (HGEN) changes its name to Hydrogen Capital Growth following the announcement on Wednesday appointing fund manager Redwheel to oversee a wind-down of its assets.
Dublin office loans knock Starwood
Starwood European Real Estate Finance (SWEF), the winding-down property loan fund, takes a second €7.3m impairment against the value of its loans on the Office Portfolio in central Dublin, knocking 4.2p off net asset value per share of 101.09p at 31 May. The loans represented 7.8% of net assets. This follows a €12.9m or 50% impairment made last October. The board considers that there are a wide range of possible outcomes whereby the loan asset may have varying degrees of recoverability due to the various business plan scenarios being evaluated and will provide further updates as appropriate.
Proxy vote adviser backs Maven Renovar
Maven Renovar VCT (MRV) welcomes the recommendation by independent proxy adviser ISS that shareholders vote against the requisitions from the former fund manager Paul Jourdan and other shareholders, who are seeking election to the board. This follows a shareholder revolt over the board’s decision to sack Jourdan and his firm Amati and appoint Maven Capital to move the venture capital trust away from listed AIM stocks to unquoted companies. The general meeting will take place on 13 August.
Other news
Primary Health Properties (PHP) says chief financial officer Richard Howell has bought £68,000 of shares, purchasing 70,745 at 96.1p yesterday. The £1.2bn real estate investment trust stands on an 8% discount to net asset value and is in the process of buying rival Assura (AGR).
Impax Environmental Markets (IEM) declares a first interim dividend of 1.9p per share for the 2025 financial year, up from 1.8p last year, payable on 28 August.
