Great Portland Estates (GPE) says development director Andrew White will leave the central London real estate investment trust after 13 years. Chief executive Toby Courtauld said White had played a leading role in many of the company’s most successful developments. His role will not be replaced with executive director Dan Nicolson retaining board level responsibility for property development.
Montanaro European Smaller Companies (MTE) says the 5% tender offer launched last month was nearly three times oversubscribed with 14.6% of the company’s shares put up for sale. Shareholders who tendered more than their basic entitlement will sell that and 21.6% extra. MTE will buy the shares at a 5% discount to their net asset value on 17 July with the proceeds paid out by 30 July. A first 5% tender offer last November received applications from 20.5% of shares.
SDCL Efficiency Income (SEIT) shareholders have approved the managed wind-down proposed in April. At the annual general meeting on Friday 98.1% of votes on a 31.8% turnout backed changing the investment objective to realising the £412m company’s assets and returning capital to shareholders. Two other resolutions for removing provisions for continuation votes and to cancel the share premium account to increase distributable reserves were also passed. Activist hedge fund Saba Capital had increased its holding to 25% before the vote.
Herald (HRI) has confirmed that Saba Capital sold its 30.6% stake in the 66% tender offer which is seeing Katie Potts’ global technology trust distribute over £956m in cash and shares.
