Fidelity European Trust (FEV) has completed its combination with Henderson European Trust (HET) after shareholders in the latter approved the merger on Friday. FEV will buy £462.7m net assets from HET for the issue of over 111.9m new shares. Added to FEV’s net assets of £1.7bn this will give the enlarged company over £2.1bn, enshrining its position as the largest European investment trust.
The board of Abrdn European Logistics Income (ASLI) is “satisfied” with the progress of its wind-down with disposals in January, July and Augst amounting to 17 of its original 27 assets, over 60% by number, generating over €320m. In results for the first half of the year the real estate investment trust says seven of its 10 remaining assets are expected to be sold this year with the final three hopefully exited next year although it cautioned that investor caution due to geopolitical and US tariff uncertainty could delay the process. In the six months to 30 June the underlying investment return fell 3.4% with net asset value of €81.2 euro cents down from 90.8 cents at 31 December with an estimated liquidation NAV per share of 78.8 cents down from 88.2 cents.
Duke Capital (DUKE), the £148m, 10%-yielding lender to small and medium-sized businesses, issues a trading update saying it expects to achieve recurring cash revenue of £6.6m in the second quarter, up 3% the £6.4m it generated a year ago and in line with the first quarter.
Geiger Counter (GCL) announces that its administrator and company secretary R&H Fund Services (Jersey) Limited has been acquired by Summit Group and rebranded to Summit Fund Services Jersey Limited.
