JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) has provided an update on the ongoing lawsuit filed by VTB Bank in Russia. On 10 September 2025, the Russian court of appeal upheld the earlier judgment awarding $439m in damages to VTB against eight JP Morgan legal entities and the company. VTB is now expected to obtain a writ of enforcement in mid-September, which could allow it to collect against JP Morgan assets in Russia. While further appeals and a stay of enforcement will be sought, the court may still allow enforcement to proceed. JEMA noted that Russian Decree 8 protects client securities and rouble cash in S type accounts from enforcement of court rulings issued after 3 January 2024, and that courts have respected this to date, though the situation remains fluid. The board said it continues to monitor developments closely and will provide updates as appropriate.
Schroder European REIT’s (SERE) earnings dipped in the quarter to 30 June 2025 to €1.5m or 1.2 euro cents (from €2m in the same period in 2024) due to the loss of income from the sale of a DIY asset in Frankfurt in the previous quarter and unspecified ‘exceptional items’. This saw its quarterly dividend cover fall to 81%, with the payment of a 1.48 euro cents quarterly dividend. The company indicated that its annual dividend at the current level of 5.92 euro cents appears under threat with the expected vacation of an office in Apeldoorn, in the Netherlands, in 2026. The company also updated on the previously announced €14.2m tax demand from the French authorities. Despite tax advice stating the amount is not due, and the company intending the lodge an appeal, it has ring-fenced the amount from its cash reserves. The company’s NAV fell marginally to 119.8 euro cents from 120.1 cents – mainly due to a 1.3% decline in the value of its portfolio to €193.9m offset by its share buyback programme.
Castelnau (CGL) has agreed a new £65m three-year revolving credit facility with Shawbrook Bank. The senior secured loan, which is backed by the company’s assets, will be drawn initially to refinance the existing £60m facility from Phoenix UK Fund and cover associated costs. The refinancing is expected to deliver meaningful interest cost savings and, according to CEO Richard Brown, will also help to “normalise” Castelnau’s capital structure.
Schroder Japan (SJG) has announced a fourth interim dividend of 2.85p per share for the year ending 31 July 2025.
Worldwide Healthcare (WWH) has published a circular and notice of general meeting to seek shareholder approval for the renewal of its share buyback authority. The meeting will be held on 1 October 2025 at 25 Southampton Buildings, London. The board’s buy-back policy is to repurchase shares if the discount to net asset value exceeds 6% and, since the 2025 AGM, WWH has bought back 48.6m shares for £156m, representing nearly 70% of its existing authority. With the current mandate close to being fully utilised, the board is asking shareholders to renew the authority ahead of the next AGM to ensure the policy can continue uninterrupted.
Lindsell Train (LTI) has confirmed that Vivien Gould retired from the board at the conclusion of its annual general meeting on 11 September 2025. Gould, who also served as the company’s senior independent director, stepped down as part of the board’s succession planning process. She had been in post for more than ten years, exceeding the trust’s usual nine-year tenure guideline, but remained for a period to provide continuity while refreshment plans were put in place. The board said her retirement was in line with its governance policy and part of an orderly transition to ensure the trust maintains an appropriate balance of skills and experience.
