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 […]
Monks (MNKS), the less aggressive sister fund to Baillie Gifford’s Scottish Mortgage Trust (SMT), technically underperformed in the year to 30 April but prodigious share buybacks by its board ensured shareholders beat a “storming” 31% advance in the FTSE World index. The £2.5bn global investment trust delivered a 29.3% underlying return, 0.7% behind the benchmark, […]
Shares in Gresham House Energy Storage (GRID) spiked at the close of trading yesterday after PrimeStone Capital, a UK activist investor claiming to hold a 7% stake, urged the battery fund to put itself up for sale. In an open letter to the chair and board of the £506m investment trust, PrimeStone said a formal […]
Home REIT (HOME), the former homeless accommodation provider looking to liquidate more than three years after being engulfed in a valuation scandal, has expressed “frustration” at the legal costs it is incurring. The company said most of its £3m non-property operating expenses in the second quarter related to defending itself against threatened litigation from shareholders […]
HarbourVest Global Private Equity (HVPE) has generated another $70.7m (£53.4m) for its planned $400m tender offer from the sale of mostly direct co-investments in companies. All the proceeds will go into the distribution pool which was boosted by the sale of $300m (£224m) of fund investments in December. Chair Ed Warner said the transaction was […]
The Renewables Infrastructure Group (TRIG) comfortably passed its first continuation vote yesterday with 99.3% support from the around 70% of votes voted at the annual general meeting. The ordinary resolution, number 15, on continuation was backed by over 1.5bn shares with 108.3m against and 15.5m withheld. TRIG’s announcement in May of a £400m 12-month disposal […]
