Impax Environmental Markets (IEM) has responded to the statement from Saba Capital yesterday that it holds 29.9% of the trust, saying that IEM’s tender offer remains on track, allowing shareholders who elected to tender to exit close to NAV. IEM’s board has reiterated that Saba did not confirm its tender elections ahead of the deadline, making its likely post-tender position unclear. However, with Saba now indicating that it expects to hold around 29.9% of IEM post the tender, the board says that this underlines the rationale for launching the tender, which was designed to give shareholders an exit amid the risk of Saba gaining significant influence. IEM’s board now accepts that Saba is likely to have effective control of the trust following the tender’s completion and says that it will engage constructively with Saba.
Aquila Energy Efficiency Trust (AEET) has changed its name to Parvus Energy Efficiency Trust, following the termination of Aquila Capital as investment adviser. Its ticker remains AEET, with no change to its ISIN or SEDOL. The board also announced a correction to the previously announced consultancy fee terms, confirming that a 1% fee applies to value realised below 80% of asset NAV (we thought the recently announced performance fee terms for the managers during the wind down process were particularly generous – you can read more about that here).
M&G Credit Income (MGCI) reported a NAV total return of 0.41% for the first quarter of 2026, behind its benchmark’s 1.88%, with performance held back by the portfolio’s deliberately defensive positioning and widening credit spreads. The manager said volatility was driven by the Middle East conflict, higher energy prices and renewed stagflation concerns. Despite this, the trust continued to deploy capital into both public and private credit opportunities, issued shares earlier in the quarter, and later restarted buybacks as the shares moved to a discount. The manager remains cautious, arguing credit markets still look expensive relative to the risks.
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