Impax Environmental Markets (IEM) publishes the circular for its proposed 100% continuation tender offer to get Saba Capital to sell its 20.7% stake close to asset value and leave the unique listed fund for shareholders who want to remain invested. The tender requires over 75% of votes cast at a general meeting on 23 February. It is also conditional on the activist hedge fund, which chair Glen Suarez fears is attempting to take control, selling its holding.

Suarez said: “Today’s circular sets out a clear and decisive choice for IEM’s shareholders: to remain invested in IEM and its specialist environmental markets mandate, or to exit at close to net asset value per share. The board is taking this action to protect the interests of all shareholders who have invested in IEM for its long-term, sustainable investment approach-not for opportunistic, short-term discount-driven gains.”

Spire Healthcare (SPI) shares have jumped 17% after the private hospital operator confirmed weekend reports that private equity groups Bridgepoint and Triton are among potential bidders who could pay up to £1.5bn. That would be good for North Atlantic Smaller Companies (NAS) and Oryx International Growth (OIG) investments trusts run by Harwood Capital’s Chris Mills, as well as investment companies activist Achilles (AIC) where he is a co-manager, which strayed beyond its remit to take a 4% stake in Spire with NAS and OIG last September.

Develop North (DVNO), the £20m North-East of England investment company, appoints Michelle Percy, former director of investment and growth at Newcastle City Council, as its new chief executive. This follows the launch of a £58m fundraise last week.

Grainger (GRI), the UK’s largest listed residential landlord, says Connected Living London (CLL), its partnership with Places for London, the property arm of Transport for London (TfL), has agreed to forward fund and buy a 195-home build to rent scheme at Chiswick Reach, Bollo Lane, West London to be developed by housebuilder Barratt Redrow (BTRW). The scheme will include 95 discounted market rent homes and also 4,299 sq ft of high-quality commercial space and 5,499 sq ft of internal amenity space including co-working areas and a gym. The purchase price of £68.4m is split 51:49 between Grainger and Places for London. Construction will start this quarter and complete by late 2028 or early 2029.

Abrdn European Logistics Income (ASLI) has completed the €7.9m sale of another asset as it continues to proceed with a managed wind-down that DL Invest, its largest shareholder, wants to stop in a requisitioned general meeting for which a date is expected to be set in the next few days. The cross-dock parcel hub in Gevrey, Dijon, leased to logistics group Dachser France, was sold in line with the 30 September net asset value. This leaves just four of 27 original assets still waiting to be sold in a process that the company says has returned over €420m to shareholders. One asset sale has been agreed and three more are currently under offer.

Macau Property Opportunities (MPO) says it is continuing talks with lenders to stabilise its financial position following the failure of an emergency £1.7m fundraise last month which left it in default on a loan relating to one of its luxury developments.

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