HarbourVest Global Private Equity (HVPE), the £2.1bn private equity fund investor under pressure from activists Asset Value Investors and Saba, has agreed to hold a $400m (£296m) tender offer in the autumn to secure support for its first continuation vote in July. The proposed tender offer is bigger than the landmark £150m tender made by […]
Ruffer Investment Company (RICA) fund managers pounced on five-year UK government bonds last month, lifting their allocation to 15% as exaggerated fears of interest rate rises in response to the inflationary impact of higher oil prices from the war in the Middle East caused a sell-off in gilts that left their yields “inappropriately high”. Ruffer […]
(Update of first published on 10 April) Edinburgh Worldwide (EWI) has called on shareholders to “vote in record numbers” to defend the investment trust’s board for a third time at the annual general meeting on 30 April after activist hedge fund Saba blocked an attempt to give them an exit. At a general meeting on […]
The fund managers of Golden Prospect Precious Metals (GPM), last year’s best-performing investment company, are confident gold will restore its shine after slumping 11% last month as they believe much higher oil prices and inflation are likely as a result of the war in the Middle East. Mining investors Keith Watson and Robert Crayfourd, who […]
Seraphim Space (SSIT) is considering a C-share issue in response to investor demand that has pushed its ordinary shares to a 25% premium above net asset value after a 278% surge in the past year. That performance, and a 72.3% total return over three years, are currently the best of any UK listed investment company. […]
Aquila Energy Efficiency (AEET), the £37m renewable energy fund approaching the fourth year of its wind-down, has terminated the management contract of Aquila Capital with no payment in lieu but will retain fund managers Alex Betts and Franco Hauri as consultants as the now self-managed company looks to dispose of the rest of its assets. Betts […]
Shares in Impax Asset Management (IPX) plunged 25% today after investors reacted to further outflows from the sustainable investment group worsened by the impending loss of Impax Environmental Markets (IEM). IPX dropped 31.4p to 94.2p, close to a nine-year low, on news that just over £2bn had been withdrawn from Impax funds in the first quarter […]
Mercantile (MRC), JPMorgan’s £1.7bn UK “mid-cap” investment trust, underperformed in the year to 31 January as the portfolio missed out on most of the takeover bids made for undervalued British companies below the FTSE 100. Fund managers Guy Anderson and Anthony Lynch said the UK market “experienced a flurry of incoming takeover activity” with more […]
Gresham House Energy Storage Fund (GRID) will not hit its £150m earnings target by the end of next year after the National Electricity System Operator (NESO) announced 2029 energisation dates for two of the five projects in its three-year recovery plan. The connection offers of July 2029 for Lister Drive, a 57MW battery energy storage […]
The Financial Reporting Council has begun an investigation into the audit by PricewaterhouseCoopers of the 2023 results of Digital 9 Infrastructure (DGI9). DGI9 became a notorious case of over-valuation after its net asset value was more than halved in 2024 by a new board and InfraRed Capital Partners, which replaced Triple Point as fund manager […]
