• UIL Limited (UTL) has announced an increase to its existing loan facility with General Provincial Life Pension Fund Limited (GPLPF), its largest shareholder. The facility, which previously stood at £8.0m (with £7.25m drawn), has been expanded to £16.0m. The terms of the facility remain unchanged, with an annual interest rate of 10.5% and maturity scheduled for 31 October 2025. GPLPF, which holds 78.3% of UIL’s ordinary shares, is classified as a related party under DTR 7.3. This move follows a previous increase reported in UIL’s half-year results to 31 December 2024, where the facility was noted at £5.0m before its rise to £8.0m in March. No further details were disclosed.
• Baker Steel Resources Trust (BSRT) has released an investment update along with its end of March 2025 NAV. BSRT’s NAV per share rose by 0.9% over the month to 89.4p (equating to a total NAV of £95.2m), which was driven primarily by gains in the listed holdings of Caledonia Mining Corporation and Metals Exploration, both of which responded positively to record gold prices in March. These increases more than offset the impact of sterling strength against the US and Australian dollars. Caledonia Mining, one of BSRT’s key listed equity holdings, reported full-year results to 31 December 2024 on 31 March. Gold production from its Blanket Mine in Zimbabwe was in line with expectations at 76,656 ounces. Higher gold prices contributed to a 25% increase in gross revenues to US$183m, with gross profit rising significantly to US$77.0m (2023: US$41.5m). Adjusted EPS swung sharply into positive territory at 125.2 cents, compared to a 10.3 cent loss in 2023. Separately, Caledonia announced an extension to its feasibility work on the Bilboes project to assess cost-saving options, including potentially selling concentrate directly to defer capex on a BIOX circuit. BSRT holds a 1% net smelter royalty on the Bilboes project, which could yield around US$4m annually (net of withholding tax) at current gold prices, once in full production. While no start date has been confirmed, BSRT notes that production could begin as early as 2028 if development starts in 2026.
• Chelverton UK Dividend Trust (SDV) has issued a follow-up statement in relation to the voting outcome of its 2024 AGM, held on 11 October. The update pertains to resolution 9, which sought to disapply pre-emption rights on the issue of ordinary shares. Although the resolution was passed with the required majority, it attracted more than 20% of votes cast against it – specifically, 20.8%. However, due to low voter turnout, the number of shares voted against amounted to just 160,000, representing only 0.7% of the issued share capital at the time. SDV’s board has attempted to engage with those who voted against the resolution, but the shares are held through investment platforms, limiting transparency on the underlying beneficial owners. Nonetheless, the company reaffirmed its commitment to shareholder engagement and has invited investors to raise any concerns via the company secretary at [email protected].
  [QD comment MR: This illustrates the issues that investment companies can face with lower shareholder turn out at company meetings and the challenges that smaller investors can have with voting. Thankfully, things are slowly improving with more platforms taking steps to allow shareholders to more easily vote their shares, although it is fair to say much more still needs to be done.
  There are also recent initiatives to allow shareholders to attend general meetings of companies virtually and giving them the ability to vote their shares remotely in those meetings. While it is early days, these initiatives look promising and hopefully they will quickly become standard practice.
  The AIC’s My Share, My Vote campaign is another helpful initiative that will hopefully help to bring about the changes that are sorely needed. The campaign is advocating for changes in corporate law to improve shareholder enfranchisement and specifically aims to improve voting rights for retail shareholders holding shares through investment platforms or nominee services – click here for more details.]
• India Capital Growth (IGC) has confirmed the completion of the integration of its investment manager, Ocean Dial Asset Management (ODAM), into River Global PLC, formerly AssetCo. As part of this transition, SVM Asset Management (trading as RGI Fund Management), another River Global business, will assume the role of Alternative Investment Fund Manager (AIFM) from ODAM, effective today. The existing Investment Management & AIFM Agreement, originally signed with ODAM in 2017 and subsequently amended, will be novated to SVM without any changes to its terms. Similarly, the advisory agreement with Saltoro Advisers, led by long-standing principal adviser Gaurav Narain, has been novated to River Global Investors LLP, another River Global subsidiary. The board emphasised that there will be no change to the company’s investment strategy or team as a result of the move, which is described as an administrative step aimed at simplifying the structure under the River Global umbrella. Gaurav Narain and his Mumbai-based team will continue to manage the portfolio as before.

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