Greencoat UK Wind (UKW) has issued a formal response to the UK Government’s consultation on potential changes to inflation indexation within the Renewables Obligation (RO) scheme. In its response, UKW’s manager, Schroders Greencoat, warns that the proposals risk undermining investor confidence while failing to deliver the intended benefit of lower consumer bills. It says that altering the indexation mechanism would increase, rather than reduce, system costs by driving up the cost of capital for new infrastructure, noting that uncertainty created by the consultation has already been reflected in weaker share prices across listed renewables funds, signalling rising funding costs that ultimately flow through to consumers.

The response argues that grandfathering should be maintained and retrospective changes should be avoided, cautioning that any deviation from established commitments would damage the UK’s reputation for stability. It also criticises the short timeframe allowed for the consultation and warns that policy interventions of this nature could jeopardise progress towards the government’s Clean Power Mission. Neither of the consultation’s proposed options should be pursued, the manager says. Instead, it advocates continuing with RPI indexation until 2030 before moving to CPIH, as previously signalled by the UK Statistics Authority, and suggests that voluntary Contracts for Difference could offer a more constructive way to reduce consumer bills without eroding investor confidence. UKW and its manager say they will look to engage further with the government on its proposed changes.

NextEnergy Solar Fund (NESF) has announced some changes to its director responsibilities, effective today (3 December 2025). The changes centre on chair Tony Quinlan, who will take on a broader governance role across the company’s committee structure. In line with Listing Rule 9.6.11, Quinlan joins the Management Engagement, ESG, and Remuneration & Nomination committees, and will also chair the Market Disclosure Committee. Jo Peacegood continues as chair of the Audit Committee, with Josephine Bush chairing ESG and Caroline Chan leading Remuneration & Nomination. Chan also retains responsibility for chairing the Management Engagement Committee. The reshuffle appears designed to streamline oversight and align committee membership more closely with the board’s skillsets, while ensuring the chair plays a more hands-on role in key governance areas.

STS Global Income & Growth (STS) has released its half-year results for the six months to 30 September 2025, delivering a modest NAV total return of 1.9%. While the outcome was positive in absolute terms, it lagged the Lipper Global Equity Income Index, which rose 8.3% over the same period. The shares performed slightly better, returning 3.0% as the trust’s discount narrowed to 0.6%, close to par. STS’s manager attributes the relative underperformance to the highly concentrated nature of recent market leadership. A narrow cohort of mega-cap US technology and AI-linked stocks – the so-called “MANGO” group of Microsoft/Meta, Apple/Anthropic, NVIDIA, Google, OpenAI – has continued to dominate global equity returns, and STS’s quality-income strategy, which maintains minimal exposure to these names, has struggled to keep pace. The portfolio instead remains focused on resilient, cash-generative businesses trading on more attractive valuations, a stance the board and management believe is well suited to a more volatile or less exuberant market phase. Revenue per share fell to 3.18p from 3.66p, but the trust increased its first interim dividend to 2.1p, consistent with its higher payout ambitions flagged at the year-end. On the current share price, the yield sits around 3.7%. The trust continued to operate its discount control mechanism, buying back 4.4m shares and issuing 225k to meet demand. Looking ahead, the board notes that the global backdrop remains mixed: inflation and rates remain elevated, geopolitical tensions are rising, and market valuations outside the US tech complex have already begun to normalise. Against that environment, the managers say the portfolio’s bias towards high-quality, income-generating companies leaves it well placed, and recent volatility has created opportunities to add selectively at more attractive valuations.

While JPEL Private Equity’s (JPEL’s) AGM on 2 December saw all resolutions passed, there was a significant vote against the re-election of independent director Tony Dalwood. While most motions received unanimous backing, 21.4% of votes cast opposed Dalwood’s continuation on the board – above the 20% threshold that triggers a formal response under corporate governance guidelines. The company says it will engage with shareholders to understand the concerns raised. The vote came as JPEL begins an orderly board succession process, with long-serving chair Sean Hurst stepping down ahead of the AGM. Dalwood has been appointed chair with immediate effect to oversee the transition, while the search for additional non-executive directors is underway. Trina Le Noury was comfortably re-elected and continues as chair of the audit committee.

Temple Bar (TMPL) has announced a planned change at the top of its board, with Richard Wyatt retiring as chair and director with immediate effect. He is succeeded by current senior independent director, Charles Cade. Wyatt, who joined the board in 2017 and became chair in 2023, played a key role – alongside former chair Arthur Copple – in appointing Redwheel as portfolio manager in late 2020. The decision has proved transformational: from Redwheel’s appointment on 30 October 2020 to 28 November 2025, Temple Bar’s NAV total return has risen 192.6%, with the share price up 224.8%. Both figures comfortably outpace the FTSE All-Share’s 98.4% over the same period. Cade has served on the board since March 2022 and became senior independent director in 2024. Following his move to chair, Shefaly Yogendra has taken over as TMPL’s senior independent director, while Wendy Colquhoun becomes chair of the Management Engagement Committee.

Life Science REIT (LABS) has appointed Robert Naylor as the senior independent non-executive director to bolster its managed wind-down efforts. Naylor were earlier this week appointed as chair of Aquila European Renewables to lead its winding up. He is also a director at PRS REIT (which has recently sold its portfolio) and is fund manager at activist investor Achilles Investment Company. Naylor replaces Richard Howell as senior independent director, who will continue on the board.

Big Yellow Group (BYG) has revealed that business rate reform announced in last week’s budget will increase its annual rates bill by £1.8m (up 8.5%) in the year to March 2027 – which represents around 0.9% of revenue. Based on current inflation projections, its rates bill is forecast to increase 3.1% and 4.2% the following two years. This is before any rebates for appeals are deducted (the company has been successful in appealing previous business rates bills). It was outlined in the budget that a new high value multiplier would be applied to properties with a rateable value above £500,000, which impacts 27 of BYG’s stores. The multipliers applied to properties with a rateable value below £500,000 were reduced. It was reported yesterday that Blackstone had cooled on its interest in bidding for BYG, however an official statement has yet to be made – it has until 8 December to put up or shut up.