Golden Prospect Precious Metals (GPM), the £76m mining fund where Baker Steel fund managers Mark Burridge and Trevor Steel took charge this month, has reminded shareholders of their annual right to subscribe for one new share for every five they own at 30 November. This year the price of the new shares is 101.35p. The company cautioned that this was above the current share price of 93.9p, adding that shareholders were not obliged to exercise their subscription rights. GPM shares have dropped from 115p since 17 September but have rallied nearly 30% in the past year. Over three years they have enjoyed a total return of 272%.
Aberdeen UK Smaller Companies Growth (AUSC) and JPMorgan UK Small Cap Growth & Income (JUGI) have published circulars for the merger they announced last month. AUSC, which has agreed to roll its assets into JUGI after shareholders have a chance to sell 35% of its shares at a 2% discount, will hold two general meetings to approve the transaction in London on 23 November and 8 December. JUGI, the ongoing fund, will hold one meeting on 23 November.
Tetragon Financial Group (TFG), the £1.1bn hedge fund and alternative assets group on a 64% discount, says net asset value fell 2.2% in September, reducing its gain this year to 2.8%. The biggest contributor to performance in the third quarter was Hawke’s Pont fund and co-investments driven by gain in Australian gold miner Ora Banda, while the biggest detractor was an unrealised loss in US blockchain company Ripple. The dollar-based company has launched a $50m tender offer and declared a third quarter dividend of 12 cents a share.
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