Big Yellow (BYG) shares fell 6.5% in late trading yesterday on reports that Blackstone has walked away from talks over its proposed takeover of the UK’s largest self-storage business. In October the US investment group said it was at the “preliminary stage” of assessing whether to make an offer for a company with a then market value of £1.9bn. The Times said analysts estimated Blackstone might need to bid up to £2.7bn to succeed.
Investment Company (INV), the £6m UK smaller companies trust run by Chelverton Asset Management, is reviewing its future in response to its small size and the 17% discount at which its shares trade to net asset value. Among a range of options is a wind-up to return capital to shareholders.
Schroder British Opportunities (SBO), the £56m growth capital fund switching to a pure focus on private equity investments, reports a 0.6% dip in net asset value to 109.9p per share in the six months to 30 September, with shareholders receiving a 7.9% return as the share price discount to NAV narrowed from 37.1% to 31.8%. Although overall valuations were flat, EasyPark, a software company in which it is 9.8% invested, performed well following a strategic partnership with Google.
India Capital Growth (IGC), the £150m mid-cap focused investment company managed by Gaurav Narain at River Global, says 17m shares were put up for sale in its bi-annual tender offer, equivalent to 20.1% of its issued shares. It will announce the redemption price on 8 December.
Mobius (MMIT), the £164m global emerging smaller companies trust, has established a redemption pool of assets to be sold in response to the 43.1% of shares tendered this month but cautions that the liquidation will “take some time” and that the “final capital sum will not be equal to the company’s net asset value per ordinary share at the redemption point”.
BP Marsh & Partners (BPM), the AIM-listed venture capital investor in early-stage financial services businesses, says that as part of succession planning, Brian Marsh, who founded the business in 1989 and has been executive chairman since its listing in 2006, has moved to become a non-executive chair. Chief investment officer Dan Topping has been promoted to chief executive. Alice Foulk will move from managing director to chief operating officer.
GRIT Real Estate Income Group (GR1T), the £32m listed pan-African commercial property fund battling to reduce debts following falls in real estate values sparked by rising inflation and unemployment, says its chair Peter Todd will step down at the end of the year and be replaced by non-executive director Nigel Nunoo. Around $200m of non-core assets have been identified for disposal. The annual general meeting will be held in Mauritius on 22 December.
Ground Rents Income Fund (GRIO) says its managed wind-down remains on track after it refinanced a reduced £8.2m loan facility with Santander UK which was due to expire in July 2026. It will pay 2.5% over Sonia, a reduction of 25 basis points, giving it an initial annual pay rate of 6.5%.
Abrdn New India Investment Trust has changed its name to Aberdeen New India Investment Trust (ANII). The change formally took effect last Friday 28 November after the company received approval from Companies House.
Macau Property Opportunities (MPO), the real estate fund left scrabbling for funds after shareholders refused to back an emergency share issue, says its annual general meeting will be held on 18 December. It recommends that shareholders vote in favour of the continuation resolution that will be tabled to allow the company to complete its lengthy wind-down “in an orderly way”.
Octopus Future Generations VCT (OFG), the £47.5m technology venture capital trust that has lost shareholders 15% over three years, intends to launch a new share offer in early 2026. An offer document will published in due course.
Northern Venture Trust (NVT) says its £20m share offer for 2025/26 is now fully subscribed and closed. Northern 2 VCT (NTV) closed its £10m offer on 12 November. The offer by Northern 3 VCT (NTN) to raise up to £20m remains open.
Montanaro European Smaller Companies (MTE) has set the price at which it will buy back shares in last month’s 5% tender offer at 173.1169p. The company will buy back 7.4m shares at this price on 3 December. The shares will be held in treasury.
Weiss Korea Opportunity (WKOF) has just 203,553 shares in issue after the winding down investment company compulsorily redeemed 4.4m shares at a price of 158.67p. It also cancelled 11.5m shares held in treasury.
