In QuotedData’s morning briefing 29 May 2025:

• JPMorgan Global Growth & Income (JGGI) has issued 64,261,713 new shares in connection with its merger with Henderson International Income (HINT). The calculation was based on a formula asset value (FAV) per JGGI share of 534.660514 pence and a FAV per HINT share of 175.317407 pence, producing a conversion ratio of approximately 0.327904 JGGI shares per HINT share. The new shares start trading this morning. [There was no cash exit opportunity provided for HINT shareholders – presumably on the basis that JGGI tends to trade at a premium to NAV. It will be interesting to see if there is any indigestion in JGGI’s share price over the next few days as HINT shareholders who want out head for the exit.]
• JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) says the Russian court has postponed the appeal hearing in relation to a claim granted to VTB Bank against eight J.P. Morgan legal entities and JEMA to 2nd July 2025.
• Macau Property Opportunities Fund (MPO) says its NAV fell by 17.6% in dollar terms (20.1% in sterling terms) to $0.76 (59p). The statement blames ‘global factors including US tariffs’. [I cannot help thinking that the link between US tariffs and Macau property prices is tenuous at best].
• Asset Value Investors has bought another 60,000 shares in AVI Japan Opportunity Trust (AJOT) to take its holding to 2,060,000 shares. AVI has committed to invest at least 25% of its investment management fee into AJOT shares.
• BlackRock Frontier Markets (BRFI) says Sudaif Niaz stepped down as co-portfolio manager on 16 April 2025.
• Finsbury Growth & Income (FGT) lagged its benchmark by 2 percentage points over the six months ended 31 March 2025. The board acknowledges that the performance of the company in recent years has been disappointing but feels that there are encouraging signs of recovery in a number of companies within the portfolio and in prospects for the UK market as a whole. There is a continuation vote at the AGM in January 2026. [Frustrated investors have been heading for the exit in droves and so the chance that the remaining ones will vote against continuation is probably slim.]
• Foresight Solar Fund (FSFL) says it has extended and reduced its revolving credit facility. The multicurrency line has been resized to £100m from £150m and the maturity date has been extended by two years to 2028. The lower commitment will result in fee savings of approximately £1m over the course of the facility. The terms remain the same, with a margin of 190 basis points over SONIA for sterling drawdowns and over EURIBOR for euro drawdowns. An uncommitted accordion facility of up to £75m is also available if needed.
• Home REIT (HOME) has said in an update that it expects to complete the sale of its remaining portfolio (valued at the end of February 2025 at £169.0m) in the third quarter of this year. The company said that it received non-binding offers for the full portfolio in February, on which due diligence is ongoing. It again warned shareholders that although it intends to return capital to shareholders, it may be constrained due to the shareholder group litigation (for which there has been no material update, it said). The publication of accounts have been pushed out again [sigh] with the end of February 2024 half-year results now due to be published by the end of June 2025, annual account to end of August 2024 in August 2025 and half year to February 2025 in the third quarter of this year. Only then will trading of its shares be restored. The cancellation of the company’s share premium account was approved on 29 April 2025 and creates a new special distributable reserve of around £596m which can be utilised by the company to make returns of capital to shareholders, when it is in a position to do so.
• Digital9 Infrastructure (DGI9) says the sale of EMIC-1 has completed, with net proceeds of $43m. The uplift from the closing adjustment mechanism was $1m. The trust is also freed from $10m of additional construction commitments on this project. The balance on the revolving credit facility will be cut by £40m to £13m.

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