Montanaro European Smaller Companies (MTE), the £239m investment trust run by George Cooke and Stefan Fischerfeier at Montanaro Asset Management (MAM), saw 20.5% of its shares put up for sale in the tender offer announced last month. A total of 29.8m shares will be sold at a 5% discount to net asset value and money paid to shareholders on 5 December. MTE stands on an 8% discount. Activist Saba Capital and US value investor Allspring had both disclosed 5% holdings in June. MAM lifted its stake from 8% to 9% last month.
HgCapital Trust (HGT) private equity fund manager Hg has sold its holding in Intelerad, a medical imaging software provider, to GE Healthcare in a transaction valuing the company at $2.3bn. HgT’s stake in Intelerad was valued at £52m, a £20m, or 62%, uplift over the £32m carrying value at 30 September. This lifts the investment trust’s net asset value per share by 4.4p to 553.9p, valuing the portfolio at £3.5bn. The shares stand on a 14% discount giving HGT a market value of £2.1bn.
GCP Infrastructure (GCP) is making available an investor portal to provide easy access to information on its portfolio of investments, including cash flow forecasts for each holding. Fund manager Gravis has invested in the development of its proprietary, in-house, investment management software Carapace to provide the portal. It will not contain any inside information that has not otherwise been announced to the market. Shareholders seeking access should e-mail: [email protected].
More to follow.
