Custodian Property Income (CREI) has quickly made good on its intention to expand through acquisition, announcing the purchase of Grove Court Properties, a £36m portfolio that has been family owned for 40 years. It was only on Friday the £408m real estate investment trust said it was in “initial talks” with a number of wealthy […]
Pershing Square (PSH) fund manager Bill Ackman “coerced and bullied” the directors of US real estate firm Howard Hughes into selling his firm Pershing Square Capital Management $900m of new shares last May, lifting its stake to nearly 47%, according to a class action lawsuit filed by the Charter Township of Shelby Fire & Police […]
Diverse Income (DIVI) could be the next investment trust lining up an exit from the closed-end fund sector as it struggles with investor disinterest in UK smaller companies. In half-year results the board of the £275m UK equity income trust, which mostly invests outside the top FTSE 100 stocks, said it was looking at replacing […]
European Opportunities Trust (EOT) has launched a strategic review in anticipation that its underperformance will trigger a 25% tender offer later this year. Ahead of a continuation vote in October, the £405m investment trust managed by Alexander Darwall said it had consulted with shareholders and concluded now was the right time to review the company’s […]
Valhalla Ventures, the holding company of Preqin founder Mark O’Hare and his wife Linda, raised its new position in HgCapital Trust (HGT) from 3.3% to 4.4% on Tuesday, a disclosure showed yesterday. Preqin, an alternative assets data provider was bought by BlackRock for £2.5bn in 2024, netting a £2bn windfall for the company. At 463p […]
The Association of Investment Companies (AIC) has written to the Financial Conduct Authority (FCA) and the Department for Business and Trade (DBT) demanding measures to protect shareholders following Saba Capital’s call for a third meeting to remove the board of Edinburgh Worldwide (EWI). The trade body, which represents 276 London-listed investment companies with assets of […]
Invesco Bond Income Plus (BIPS) has raised £25m in the share issue it launched last month. Although the fund raise expands the £425m investment company by just 6%, the offer was comparatively well supported by private investors attracted by its covered 7% dividend yield. Over 6.6m shares were bought in the WRAP retail offer, 46% […]
Saba Capital has sought to deflect criticism of its third attempt to replace the board of Edinburgh Worldwide (EWI) by proposing a full cash exit near net asset value (NAV) for shareholders who don’t want to remain invested in the investment trust dominated by the activist hedge fund. Saba, which holds just over 30% of […]
Brunner (BUT) has promised to protect shareholders’ capital from excessive AI speculation after underperforming the “extraordinarily narrow” market rally in its last financial year. Annual results show the £635m global equities investment trust, whose quality growth stock portfolio is managed by Julian Bishop and James Ashworth at Allianz Global Investors, made a total underlying return […]
Bellevue Healthcare (BBH) will hold a general meeting on 4 March for shareholders to approve the investment policy of its proposed new fund manager, Columbia Threadneedle, but the deal could fall apart if the investment trust shrinks too much in a 100% tender offer. In an example of good corporate governance, BBH is offering shareholders […]
