Primary Health Properties (PHP) has gained the Competition and Markets Authority’s approval for its acquisition of Assura (AGR), with the regulator concluding the creation of a £6bn healthcare real estate investment trust raised no competition concerns. PHP said it would turn its full attention to integrating the two businesses and realising the full benefits of the combination, which include annual savings of at least £9m. Chief executive Mark Davies, said: “This earnings-accretive transaction, which has compelling strategic and financial benefits, will give PHP a lower cost of capital and a strong platform to accelerate our future expansion.”
Abrdn Diversified Income & Growth (ADIG) will return £57.2m, or 19p per share, next month through the B-share scheme it has previously used to pay out £115m in its wind-down approved by shareholders in February last year. The bonus shares will be issued at 1p each, immediately cancelled and the money paid to investors on 21 November. The company has completed the £21m sale of two fund interests, and 50% of another that were announced on 1 October, and which accounted for 11.5% of its remaining assets. In addition, ADIG has sold a further fund interest for £11.3m. The investment accounted for 6.2% of the portfolio and was sold for 24.8% less than its September valuation.
Hydrogen Capital Growth (HGEN) has published a circular detailing proposals for a new investment policy as part of managed wind-down of the company, the cancellation of its share premium account and the adoption of a B-share scheme to return of capital to shareholders. The plans, which it first announced in July, require shareholder approval at a meeting in London on 1 December. The board recommends that shareholders vote in favour. Last month its shares were briefly suspended while its new fund managers at RWC sought to ascertain the valuation of its investments in clean energy.
Schroder BSC Social Impact (SBSI), the sub-scale £55m investment trust stuck on a 33% share price discount, will update shareholders on the strategic review it started in July by the annual general meeting on 17 December. Chair Susannah Nicklin says the board is “evaluating potential fund structures and alternatives and continues to seek input from shareholders”. Launched five years ago, the company aimed for long-term capital growth and income through a portfolio of private market impact funds but has delivered just 12%. Annual results show a 1.6% underlying investment return for the year to 30 June “with strong income from the portfolio partially offset by write downs in high impact housing”.
JPMorgan Emerging EMEA Securities (JEMA), an £82m investment trust trading on a 218% share price premium despite being embroiled alongside JP Morgan in lawsuits from VTB Bank and Sberbank, says a VTB claim of $439.5m has been appealed to the Court of Cassation and is scheduled to be heard on 15 December. VTB Bank claims of $81.3m, $74.5m and €108m are currently under suspension pending the outcome of other cases. The $830,000 Sberbank claim is set to be heard on 17 November.
