River UK Micro Cap (RMMC) says its fund manager George Ensor has resigned. He will continue to manage the portfolio “while arrangements are made for a suitable successor or alternative management structure to be implemented”. The board is reviewing its options.
QuotedData’s James Carthew said “George has done a great job for shareholders in a difficult market and I would plead with the board not to call time on this unique trust”.
GCP Asset Backed Income (GABI) will hand back £45m to shareholders in the form of its fourth compulsory redemption of shares. 38.14% of its outstanding shares will be redeemed at 68.63875p per share (the NAV after deducting the recently announced dividend). Cash should hit bank accounts on 14 August.
Herald (HRI) generated a NAV return of 28.1% for the first six months of 2026, despite the drag of having to build up a substantial cash pile ahead of the recent tender that reset the company’s share register. The chair observes that since “the start of 2023 effectively all of the uplift in the company’s NAV can be attributed to stocks in the AI supply chain. Initially gains were concentrated in a small number of the company’s larger holdings, including Super Micro Computer, Fabrinet and BE Semiconductor Industries. This select group, some of which had been held in the portfolio for a number of years before increasing materially, achieved impressive multiples of cost, most of which has now been realised in cash. In the six month period being reported on, the AI effect broadened out into a wider number of smaller participants, some 49 in all, considered by the market to benefit from the AI boom.”
QuotedData’s James Carthew said “It is incredibly frustrating that Herald has been held back by the Saba-related events of the past couple of years. All credit should go to Katie Potts and her team for a decent result in difficult circumstances. Hopefully, the tender marks the start of a new positive chapter for the trust.”
HgCapital Trust (HGT) is investing £7m as part of a larger investment in Street Group, “a leading provider of vertical software and AI to the UK residential property sector”. Customers include thousands of estate and letting agency branches across the UK. Products include a customer relationship management tool or CRM (Street.co.uk), a prospecting and lead-generation platform, Spectre, and a growing suite of AI-native products including Cortex, which allows customers to build and orchestrate their own AI agents.
RIT Capital Partners (RCP) says its tender price is £26.8515 per share.
EPE Special Opportunities (ESO) has secured support of its noteholders for the changes it wanted to the terms of its loan notes. The repyament date moves from 23 July 2026 to 31 July 2030, early repayment terms have been agreed, and the maximum size has been increased from £10m to £15m. This will help when it comes time to redeem its remaining zero dividend preference shares later this year.
Sirius Real Estate (SRE) has completed its €49.8m Fulda defence-supported buisness park acquisition. The site boasts 57,771 sqm of lettable space on a 112,867 sqm plot and is fully let, currently generating €3.93m of rent, with a 5.1 year weighted average lease expiry. The price reflects an EPRA Net Initial Yield of 7.8%.
