Saba Capital’s Boaz Weinstein and former Devon Equity Management chief executive Richard Pavry have joined the board of SDCL Efficiency Income Trust (SEIT). At a general meeting last Thursday Weinstein and Pavry were appointed as non-executive directors with just over 84% of votes on a 42.5% turnout. The £374m investment trust was put into managed wind-down in July. Last month its board proposed the nomination of both men as representatives of its largest shareholders: Saba, the activist hedge fund that last week increased its stake from 28% to 29%, and General Atlantic, the US growth equity firm holding 16%. The pair will sit alongside the existing independent NEDs: chair Tony Roper, Helen Clarkson, Sarika Patel and Rosemary Boot.
Octopus AIM VCT (OOA) and Octopus AIM VCT 2 (OSEC) have announced they are in merger talks that could see the £66.5m OSEC combine with the £95m OOA. Both venture capital trusts are managed by Freda Isingoma, Kate Tidbury, Mark Symington, Martin Jager and Dominic Weller at Octopus Investments. Both their shares stand on 5% discounts to net asset value and yield 12%-13%. “The boards believe that combining the two entities should enhance operational efficiency and support continued liquidity together with providing a stronger platform for long-term shareholder returns while preserving the existing investment strategy and VCT tax status.” OOA launched in 2004 and OSEC two years later.
City Natural Resources Growth and Income (CYN) believes the diesel shortage caused by the US-led war against Iran provides a constructive backdrop for its large 29.5% weightings to oil & gas explorers and 31.5% in gold miners while justifying their smaller 8.1% exposure to copper and base metal producers. The £157m investment trust, which changed its name from CQS Natural Resources Growth and Income after following its fund managers to Tufton Investment Management, commented on G7 nations’ release earlier this month of 100m barrels of diesel and crude from strategic reserves. “The diesel shortage will have knock-on effects on the broader economy, not least miners’ costs, although we believe higher margin gold producers are better protected than high-altitude, large bulk copper miners that may see a greater margin squeeze,” said portfolio managers Keith Watson and Robert Crayfourd in their September factsheet. The duo have 7.6% in shipping companies and said “shipping rates have risen sharply, driven by disruptions in the Strait of Hormuz, supporting holdings such as Frontline (crude tanker owner) and BW LPG (LPG carrier owner).” The trust’s net asset value and share price both fell 5.3% last month, below the 0.1% dip in the MSCI World Energy index but above the 6.9% decline in the MSCI World Metals & Mining index. Over five years the shares have returned 271.6% against the 165% and 135.1% of the benchmarks.
M&G Credit Income (MGCI) on Friday priced the share issue that the £190m, 8%-yielding debt fund launched last month. Institutional and retail investors can buy new shares at 91.81p, which is 1.5% more than their net asset value at 30 September. The placing and WRAP retail offer will close tomorrow at 2pm with the amount raised announced on Wednesday.
Lindsell Train (LTI) has corrected an incorrect figure in last week’s announcement of the result of its 20% tender offer. Following a recalculation the company says shareholders who tendered more than their basic entitlement will have 26.2% of their excess application purchased, not the 20.9% figure in the original statement on 12 October.
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