UK’s biggest online share dealing platform overhauls its charges; Gore Street Energy Storage appoints two more directors; and high-yielding CVC Income & Growth maintains the dividend target of its sterling and euro shares.
Hargreaves Lansdown has overhauled its fees and charges. The UK’s biggest online share dealing platform cut its annual platform charge from 0.45% to 0.35%, introduced a £1.95 fund dealing charge, hiked the maximum annual fee for shares, investment trusts and ETFs in an ISA but slashes its online share dealing fee from £11.95 to £6.95. It says 8 in 10 customers will either benefit or pay the same as before.
Gore Street Energy Storage (GSF) has completed the overhaul of its board with two appointments. Keith Pickard, a chartered accountant and former chief operating officer at InfraRed Capital Partners, will join the £447m battery fund as audit chair on 1 February. Christine Higgins, a former ANZ, NAB and BofA banker, will join as senior independent director on 16 February. They will work with Angus Gordon Lennox, who was appointed chair in November, and Norman Crighton, chair of RM Infrastructure Income (RMII) and AVI Japan Opportunity (AJOT), who joined in October and chairs the management engagement committee dealing with fund manager Gore Street Capital. Simon Merriweather, an infrastructure expert, joined in September and chairs the remuneration and nomination committee. The company is under pressure to improve performance and the transparency of its reporting from activist investors Saba Capital and RM Funds, which hold 10% and 6% respectively. Its shares have rallied 24% in the past year but stand on a wide 40% discount to net asset value.
CVC Income & Growth (CVCG), a £216m loan and bond fund trading at par, maintains its dividend target for this year at 9.25p per sterling share and 7.25 cents per euro share with quarterly dividends of 2.3125p and 1.8125c respectively. This puts the share classes on yields of 8.2% and 6.7%.
Mobius (MMIT) will pay 152.78p per share to the holders of 43% of shares in the global smaller companies investment trust who redeemed in November’s triennial exit opportunity. Payments will be made today.
Venture capital trusts Gresham House Income & Growth VCT (GHV1) and Gresham House Income & Growth 2 VCT (GHV2) will look to raise up to £32.5m each in the 2025/26 tax year, with an over-allotment facility to raise up to a further £15m.
Montanaro UK Smaller Companies (MTU) fund manager Montanaro Asset Management has lifted its holding in the £123m investment trust from 9% to 10%. It stands on a 4.5% discount. MTU has been a big buyer of its shares as well in an effort to keep Saba Capital at bay.
Wealth manager RBC Europe disclosed a 5% stake in Capital Gearing Trust (CGT) on behalf of its clients yesterday. The £800m wealth preservation fund stands on a 2% discount.
