In QuotedData’s morning briefing 25 March 2025:
- Rights and Issues Investment Trust (RIII) has announced that its board has decided to withdraw resolution 10, the authority to buy back shares, from the business of the company’s annual general meeting held on 24 March 2025 and therefore the share repurchase programme announced on 31 July 2024 has been suspended. This comes after some opposition to resolution 10, primarily from a single material shareholder. The board continues to believe that the ability of the company to repurchase its own shares is fundamental to the company’s discount management policy and notes that the approval of the resolution was recommended by shareholder voting guidance agencies. The board therefore proposes to consult with shareholders to address any concerns that have influenced their voting. Following these consultations, a general meeting will be convened to seek shareholder approval of a new share buyback authority. Subject to shareholder approval of that resolution the board will establish a new share buyback programme.
- Tufton Assets (SHIP) has announced the completion of a management-led buyout of all the equity interests in its investment manager, Tufton Investment Management, which was previously held by a European Family Office. This carefully planned buyout has greatly increased the ownership stake of, and control by, senior management in line with the leadership strategy developed over the past few years. The investment manager has kept the board of the company fully briefed on all relevant elements of the management-led buyout. The board is reassured that there will be no changes to the team currently providing services to the company and that service levels will be unaffected by the transaction. It views positively the fact that the investment manager will be fully independently managed and will continue to operate under its current brand and with the same team. The investment manager has $1.5bn+ of mandated assets across a number of funds, including SHIP which, as at 31 December 2024, had a NAV of $428.9m.
- Fidelity Asian Values (FAS) announced its interim results for the year end 31 January 2025. The company delivered a NAV total return of 3.2% compared to the benchmark MSCI All Countries Asia ex Japan Small Cap Index total return which fell 2.1%. Over the same period, the ordinary share price total return of the company was 4.1%. Overweight positioning in China and underweight positioning in India contributed positively to performance. The portfolio managers continue to believe innovation and technological excellence in China offer opportunities to investors, noting that they are very comfortable with the portfolio as it stands today. They continue to be overweight in China compared with the Index adding that ”we see many opportunities to own well-financed and well-run businesses with a significant margin of safety, meaning that they are available at an attractive valuation.”
- Warehouse REIT (WHR) has completed a refinancing of its existing term loan and revolving credit facility (RCF) totalling £300m. The margin of 1.75% is 45 basis points (0.45%) below the previous margin, which it says will deliver cost savings of £1.2m for the company on an annualised basis (based on the current drawn balance). The new facility comprises a £200m term loan and £100m RCF and replaces the company’s previous £320m facility. The term is unchanged at three years with the existing club of lenders, HSBC, Bank of Ireland, NatWest and Santander. Both the term loan and the RCF attract a margin of 1.75% plus SONIA for a loan to value below 40% or 2.05% if above. Existing covenants remain unchanged. The company has £250m of interest rate caps in place of which £200m fixes SONIA at 1.5% and the remaining £50m fixes SONIA at 2.0%.
We also have:
Strong year for Middlefield Canadian Income leaves it well positioned
Drax to acquire Harmony Energy Income Trust in £199.9m all-cash deal
Stories you may have missed from Monday:
Lindsell Train Investment Trust trims LTL stake in staff deal
VietNam Holding reports strong half-year results and optimism builds for 2025
Oakley Capital Investments ends dividend and launches £20m annual buyback
GPE adds West End redevelopment opportunity with £56m One Chapel Place deal
SOHO delivers resilient 2024 results and sets new course with Atrato
