In QuotedData’s morning briefing 7 March 2025:
- AVI Japan Opportunity (AJOT) has appointed Singer Capital Markets to manage an irrevocable share repurchase programme to buy back ordinary shares within certain pre-set parameters. The programme commences today and will run until 7 April 2025.
- UIL Limited (UTL) says that, further to its announcement on 10 December 2024 that it had entered into a AUD11m loan facility with Resimac Group Limited, a non-bank lender listed on the ASX, UTL now says that the loan facility has been novated to Pan Pacific Petroleum Pty Ltd (PPP), an indirectly wholly owned subsidiary of UTL. UTL has agreed to act as a guarantor for the repayment obligations of PPP and the repayment date has been extended to 31 May 2025. [QD comment: We’ve read through UTL’s statement a few times and we’re still coming to the same conclusion – that UTL now effectively has a loan to itself that it is guaranteeing as well. We cannot see what the angle is here – a wild guess is that there could be some obscure tax advantage – but we think UTL should give be giving its shareholders more explanation as to the rationale behind this unusual transaction.]
- JPMorgan Global Emerging Markets (JEMI) has announced that Mr Isaac Thong, a named portfolio manager of its assets since 2020, has resigned from J.P. Morgan Asset Management with immediate effect. Mr Omar Negyal, who has managed the portfolio since 2012 and became the lead portfolio manager in 2014, will continue to manage JEMI’s portfolio.
- The board of JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA), has decided to withdraw resolutions 9 and 10 from the agenda of its AGM at 2pm today (7 March 2025). Resolution 9 and resolution 10 proposed to authorise the company’s directors to allot new shares and disapply preemption rights respectively. JEMA’s board says that it proposed these two resolutions as they considered that the authorities would have provided flexibility that were in the interests of the company, adding that both resolutions have historically been included in the company’s AGM and approved with significant votes in favour, although the authorities provided to the directors have never been previously exercised. However, it says that some shareholders have expressed concerns about these resolutions and, although the board says that it has reiterated to the shareholders expressing concern that there are no plans to allot new shares, given these concerns (which were also reflected in the figures for the provisional proxy votes received ahead of the AGM), the board has decided to withdraw these resolutions. JEMA’s board says that this decision does not affect the other resolutions proposed for today’s AGM and the meeting will proceed as previously notified.
We also have:
Vietnam Enterprise announces 100% conditional tender in 2030
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