Fund manager Dan Whitestone has left BlackRock just two months after the Throgmorton investment trust he ran merged with BlackRock Smaller Companies (BRSC). BRSC said Whitestone, who had become co-manager of the £791m trust, had “decided to leave BlackRock to take some time away from the industry”. Roland Arnold, who was the trust’s manager before […]
Residential Secure Income (RESI) has made a major advance in its managed wind-down and Social Housing REIT (SOHO) taken a big step in its recovery strategy under Atrato after the former agreed to sell the latter its retirement property portfolio for £108.3m. SOHO will pay RESI £45m in cash and around £62.3m in new shares […]
Activist hedge Saba Capital has written a second open letter to the shareholders of Workspace Group (WKP), urging them to support the election of a new board and for the flexible office space provider to undertake a three-stage wind-down strategy. Acknowledging that its approach to Workspace had “evolved” as it built up a 24.7% stake […]
Impax Environmental Markets (IEM) has conceded defeat in its battle with Saba Capital, acknowledging that the activist hedge fund, which holds over 31% of its shares after the recent exit tender offer, will succeed in replacing the board at the annual and extraordinary general meetings being held today. Chair Glen Suarez said: “And here we […]
JPMorgan India Growth & Income’s (JIGI) effort to improve performance before a make-or-break tender offer in 2028 has been frustrated by the war in Iran and the sell-off of software stocks, but with valuations attractive and the Strait of Hormuz set to reopen this week the outlook for the £376m investment trust is improving. Half-year […]
SDCL Efficiency Income (SEIT) has suspended dividends while it reduces debts which had increased to 71.9% of net asset value above a 65% limit. The announcement from the former 14%-yielder came in a circular for a meeting on 10 July for shareholders to approve the managed wind-down proposed in April. Its shares tumbled 25%, or […]
Monks and HarbourVest Global Private Equity remind investors they also hitched a ride on $2.3trn SpaceX. Monks (MNKS), a £2.4bn investor in global equities, and HarbourVest Global Private Equity (HVPE) are bidding for attention as two of the just seven UK investment trusts that invested in SpaceX before its record $1.77trn (£1.3trn) flotation on Friday. […]
Robert Naylor, activist chair of Aquila European Renewables (AERS) looks to be preparing to dismiss Aquila Capital for possible breach of contract after suggesting the fund manager may have “withheld information material to the company’s valuation”. In an update to the row that broke out in May when Aquila Capital pulled out of a proposed […]
The Renewables Infrastructure Group (TRIG) has taken a big first step in achieving its 12-month £400m disposal target with the £155m sale of its 17.5% stake in the Beatrice offshore wind farm. TRIG will use the proceeds to reduce the £240m drawn on its credit facility as the £1.7bn investment company prioritises the return of […]
British & American (BAF), the £2m self-managed global equity income trust, has been “surprised” by the resignation of auditor MHA BakerTilley International over its use of an independent valuer to assess its £3.5m of film rights. “Whilst those procedures were completed to our satisfaction, and we concluded that the value recognised by management, supported by […]
