GCP Infrastructure (GCP) has converted a solar equity investment into £40m of senior debt in line with its 31 March valuation. The proceeds will combine with £13m of disposals of an anaerobic digestion project and two onshore wind projects that the £634m investment company is working on, which will be used for share buybacks and debt reduction. […]
AEW UK REIT (AEWU), the most highly rated of the dwindling pool of London-listed property funds, continues to “monitor” the situation at Alternative Income REIT (AIRE) where talks on an acquisition broke down in April. “It is of regret to the AEW UK REIT board that this opportunity did not proceed to an agreed position,” […]
VinaCapital Vietnam Opportunity Fund (VOF), the lowest rated of three London-listed Vietnam funds, has reduced its annual management charge by 23% and improved the terms of the performance fee arrangement with fund manager VinaCapital. From 1 July, the management fee that VOF pays VinaCapital Investment Management for running the $930m portfolio will reduce from 1.3% […]
Gresham House Energy Storage Fund (GRID) welcomes a decision by energy regulator Ofgem to make a provisional award of 25-year cap and floor support to Ocker Hill, a 240MW battery storage project it is building in Wednesbury, West Midlands with an expected connection date of October 2029. It is one of 16 battery energy storage […]
The Financial Conduct Authority (FCA) has made good on its promise to protect smaller investors in investment companies from activists such as Saba Capital with proposals to strengthen rules on the independence of boards and the conflict of interest where a large shareholder is also a fund manager. Launching a seven-week consultation nearly four months […]
Baillie Gifford has appointed a third fund manager to its UK Growth (BGUK) investment after the £222m listed fund underperformed the FTSE All-Share by 9.6% in the year to 30 April. James Smith, lead manager of Baillie Gifford’s Great British Growth strategy, will work with Iain McCombie and Milena Mileva, who have run the trust […]
Global Smaller Companies Trust (GSCT), an £808m trust managed by Nish Patel at Columbia Threadneedle, underperformed its benchmark despite generating a 21% investment return in the year to 30 April. The manager’s focus on higher quality, profitable companies meant it trailed the 31.3% from the MSCI All Country World index which advanced on the back […]
SDCL Energy Efficiency (SEIT), the debt-laden renewables fund that disappointed investors this month by suspending dividends ahead of a managed wind-down, saw the value of its investments fall by 14% in the year to 31 March. Operationally, its assets were sound, said chair Tony Roper and fund manager Jonathan Maxwell, generating £84m of cash although […]
The new US-based, Saba-backed board of Edinburgh Worldwide (EWI) is looking to hire directors in the UK to “promote diversity of viewpoints and professional skills”. Chair Gabi Gliksberg, the founder and managing partner of ATG Capital Management in Miami, and Jassen Trenkow, a former bank executive in New York, and Michael Joseph, a portfolio manager […]
3i Group (III) shares jumped nearly 10%, or 225p, to £24.98 after a brief update on Action, the discount retailer that makes up three quarters of the £25bn private equity fund’s net asset value. Like-for-like sales grew 3.3% from 31 March to 21 June, slightly below the 3.6% of the previous quarter as reported at […]
