Murray Income (MUT), the £916m UK equity income trust managed by Aberdeen’s Charles Luke, says it is in the final stages of its strategic review having met a short list of companies offering to merge with or run its portfolio. It will announce its decision by the end of the year but not in time for the annual general meeting on 4 November.
Greencoat UK Wind (UKW), the £2.4bn renewables fund on a 24% discount and 9% yield, saw net asset value drop 1.9% or 2.7p to 140.7p per share in the three months to 30 September. The decline was caused by a further fall in cash generation to 1.2p per share from 2.4p in the third quarter last year and 5.2p a year before that. That left the 2.6p dividend covered just 0.46 times. It also means the company has exceeded its 40% debt ceiling with gearing of 41.1%, despite £102m of disposals. The cash decline was driven by wind generation 5% below budget and lower power price forecasts. These negatives were partly offset by higher inflation and share buybacks.
Hansa Investment Company (HANA), the £300m flexible fund awaiting a Bermudan court ruling on a challenge to its merger with Ocean Wilson (OCN), provided a 5.7% total underlying investment return in the six months to 30 September, though excluding the sale of OCN’s sale of its 56% holding in Wilsons Sons, the growth in net asset value from its funds portfolio was 11.8%. Core regional funds, including Pershing Square Holdings, delivered a 12.8% return, while thematic funds such as Polar Capital Global Technology and Worldwide Healthcare Trust (WHH), gained 25.1%.
Pershing Square Holdings (PSH) has raised $500m in seven-year bonds paying a 5.5% coupon.
JPEL Private Equity (JPEL), the £17m private equity fund with at least a year left in its long wind-down, shed 5% in asset value in the year to 30 June, though shareholders received a 10.2% total return as the shares’ discount to net asset value narrowed from 37.6% to 27.6%.
Majedie Investments (MAJE) has declared a quarterly dividend of 2.2p to be paid on 5 December to shareholders registered on 14 November. The shares will go ex-dividend on 13 November. The company pays around 0.75% of net assets every three months as part of an annual 3% dividend target.
Marwyn Value Investors (MVI) has announced an interim dividend of 2.265p to be paid on 28 November. The shares go ex-dividend on 6 November.
