Oryx International Growth (OIG), the £174m UK smaller companies trust managed by activist chief executive Chris Mills, essentially flatlined in the year to 31 March after a turbulent second half hit by the US-led war on Iran and the sell-off of software stocks wiped out an “exceptional” 15.7% gain in the first half of the […]
Scottish Mortgage (SMT) has reassured shareholders it will not move annual general meetings online unless in exceptional circumstances after a 24.1% vote against a change empowering the board to hold virtual AGMs. Although over 260m shares followed SMT’s recommendation in voting for resolution 17 at the AGM on Thursday, nearly 82.5m were opposed to the […]
Glenstone, the largest shareholder in Alternative Income REIT (AIRE), has raised its bid for the company to 71.4p per share in cash. The 1.4p, or 2%, increase from the 70p per share, or £56.3m, offer Glenstone made on 12 June is the equivalent of the fourth quarter dividend AIRE shareholders could expect to receive next […]
The Financial Conduct Authority (FCA) has put in place further measures to reform unfair cost disclosure as it affects investment companies. In a move that should end the “double counting” of the expenses of investing in UK investment companies, the FCA said the ongoing costs of closed-end investment funds (CEIF) that are deducted from their […]
Biotechnology trusts BIOG and IBT replaced technology trusts as last month’s big risers with profit taking hitting Seraphim Space (SSIT) in June, but 3i Group (III) recovering after its tumble in May. June’s top risers Investment company Total shareholder return % Premium (- discount) % Biotech Growth (BIOG) 20.58 -8.59 Bluefield Solar (BSIF) 16.5 -13.96 […]
Saba Capital has raised its stake in Grainger (GRI), the residential landlord whose shares have jumped over 15% since the activist hedge fund emerged with a 5% position a month ago. Yesterday Saba disclosed that it had bought more total return swaps on Monday 29 June to lift its holding to 6.3%. In May Mike […]
CT Private Equity (CTPE), a £356m Columbia Threadneedle managed trust, has sold a portfolio of mature fund investments for £24.7m, 16.1% below their valuation at the end of last year. The disposal to institutional investors of 4.9% of the investment trust’s portfolio has reduced net asset value (NAV) at 31 March by 1.3%. The NAV […]
HICL Infrastructure (HICL) has lifted its medium-term annual return target to 10% and above with plans to add higher-returning “enhancer” investments to its portfolio. Ahead of a meeting at the London Stock Exchange this afternoon to brief investors on its capital allocation framework, the £2.5bn core infrastructure fund said the new investments would build up […]
European Opportunities Trust (EOT) and JPMorgan European Growth & Income (JEGI) have published circulars for the proposed liquidation of EOT and the option for shareholders to roll their investments into JEGI. As announced on 29 May, shareholders can also choose a cash exit or a new Liontrust fund being launched for EOT fund manager Alexander […]
Bending Spoons, the Italian app acquisition and restructuring company backed by Baillie Gifford European Growth (BGEU) and stablemate Schiehallion (MNTN), saw its shares surge 39.7% in their Nasdaq debut yesterday. From a listing price of $29 (£21.80), that was just above the initial range, BSP shares enjoyed strong investor demand on their first day of […]
