For the second year in a row, BH Macro (BHMG), the £1.3bn Brevan Howard hedge fund, has won the backing of a big majority of its sterling shareholders to continue. Over 96% of votes at a sterling share class closure meeting held today were cast against discontinuation. Participation was high with 71.7% of sterling shares […]
Rights and Issues (RIII), the £106m UK smaller companies trust struggling on a 19% discount, has taken a step to maximise its chance of reinstating desperately needed share buybacks. A vote to resume share buybacks, which was blocked twice by a big shareholder last year, will be presented as an ordinary as well as a […]
Invesco Global Equity Income (IGET), the best-performing trust in its sector over five years, will retain over 96% of assets in Franklin Global (FRGT) following a shareholder vote on the merger announced in November. Holders of 46.28m FRGT shares, 96.3% of the total, yesterday agreed to roll over their investment into IGET, which is trading […]
Pantheon International (PIN), the £1.6bn private equity trust under pressure from activist investor Metage over its 28% share price discount, has cut the fund management fee it pays by an estimated 19%. From 1 June the company will pay Pantheon Ventures a flat rate of 1% of net asset value, which stood at £2.2bn at […]
Valhalla Ventures, the holding company of Preqin founder Mark O’Hare, has lifted its stake in HgCapital (HGT) for a third time to 6.4%. The disclosure came yesterday as the private equity trust fell as Investec reversed the “buy” rating slapped on the shares two weeks ago when they stood at a two-year low. Jersey-based Valhalla […]
NextEnergy Solar (NESF), the 17%-yielding renewables fund on a 40% share price discount, is to update investors on its strategic review on 11 March. NESF said the review being overseen by new chair Tony Quinlan was “progressing well” as it reported a further 3.9p, or 4.4%, fall in net asset value (NAV) per share to […]
UK inflation dropped to 3% in January, its lowest level since last March, according to the Office for National Statistics. Growth in the consumer price index fell from 3.4% in December, driven by lower food and petrol prices, but is still above the Bank of England’s 2% target. The FTSE 100 rallied 1% to 10,660 […]
European Opportunities Trust’s (EOT) underperformance in the half-year to November may have been what tipped the board into announcing a strategic review last Friday, but fund manager Alexander Darwall remains confident in the prospects for his portfolio of “special” companies. Interim results today showed net asset value (NAV) including the annual 2p dividend paid in […]
Sirius Real Estate (SRE) took in £77m from investors yesterday in an accelerated fund raise to complete the €130m (£113m) acquisition of two defence-related investments in Germany. The £1.5bn property company, which invests in business parks in the UK and Germany, raised £77m before costs in a £75m share placing to institutions and a £2m […]
HgCapital Trust’s (HGT) newest shareholder, Valhalla Ventures, has raised its stake for a second time, lifting its position in the private equity fund to 5.4% last Thursday, according to a filing yesterday. Valhalla, the holding company of Preqin founder Mark O’Hare (pictured) and his wife Linda, now owns over 24.7m shares which at Monday’s closing price […]
