Tufton Assets (SHIP), the £331m tanker fleet operator, is getting a third portfolio manager as part of changes prompted by the retirement of its fund manager’s founder. Ted Kalborg, who established Tufton Investment Management in 1985, has stepped down as chairman. He is replaced by chief executive Andrew Hampson, who in turn is succeeded by […]
AEW UK REIT (AEWU) has withdrawn its bid interest in Alternative Income REIT (AIRE) after talks over an all-share offer broke down. The £165m smaller commercial properties fund announced its interest in AIRE a month ago on the same day that LondonMetric Property (LMP) and Schroder Real Estate (SREI) confirmed their interest in a potential joint bid for […]
Update: Impax Environmental Markets (IEM) has conceded that Saba Capital will have “effective control” of the investment trust following the completion of the exit tender offer from which the activist hedge fund will emerge with a 29.9% stake. The holding, which will increase from the current 21%, puts Saba in a powerful position to replace […]
Shares in renewable energy providers and infrastructure funds rose today after the government clarified that its plan to break the link between electricity and volatile gas prices would not affect generators accredited under the long-standing renewables obligation (RO) incentive scheme. Energy secretary Ed Miliband and the chancellor Rachel Reeves announced an immediate hike in the […]
Gresham House Energy Storage (GRID) hopes to generate £25m in “alternative revenues” which could mitigate the financial impact of the delay in connection dates announced earlier this month. In annual results the £425m battery fund said it had begun trials in December of a new strategy to capture more margin when optimising or improving the […]
Scottish Mortgage (SMT) has issued its first shares in nearly five years as the £15.6bn Baillie Gifford flagship looks to regain its 2021 peak and finally recover from the painful 2022 and 2023 crash. With its shares trading at a 4% premium to net asset value, compared to an average 8% discount below NAV in […]
RTW Biotech Opportunities (RTW) has reaped a 143% return from backing the sector’s biggest ever flotation in the US as the £725m investment company continues to benefit from the newfound optimism in biotechnology. Kailera Therapeutics (KRLA), a Massachusetts-based obesity specialist that RTW’s fund manager helped found two years ago, raised $625m (£463m) on Thursday as […]
Edinburgh Worldwide (EWI) has attempted to gee up its long-term shareholders for a third defence of the investment trust against Saba Capital, saying the board will offer the hostile hedge fund and its supporters another exit opportunity if it survives the vote at the annual general meeting (AGM) on 30 April. Although Saba succeeded in […]
Impax Environmental Markets (IEM) is considering its future after 77.8% of shares in the £825m investment trust were put up for sale in last week’s exit tender offer. Analysis by the board indicates that Saba, the hostile hedge fund that was threatening to take over the company, tendered its 21% stake despite apparently not voting […]
BlackRock Throgmorton (THRG) shares have been delisted after shareholders in the £524m investment trust approved its merger with sister trust BlackRock Smaller Companies (BRSC). The resolution to reconstruct and liquidate passed with 91.3% of votes in favour on turnout of 31.4%. BRSC will buy £303m of net assets from THRG shareholders who chose to roll […]
