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 […]
Schroders (SDR), the FTSE 100 fund management group, has accepted a £9.9bn cash offer from US investment group Nuveen. Nuveen, the investment management arm of the Teachers Insurance and Annuity Association of America, has agreed to pay 612p per share for Schroders shares comprising of 590p cash plus a 22p dividend. The cash is 29% […]
Pershing Square (PSH) fund manager Bill Ackman has revealed he bought a $2bn stake in Meta Platforms (META) last November, betting the Facebook and Instagram owner will benefit from its huge expenditure on artificial intelligence which is forecast to rise to $135bn from $72.2bn in 2025. In an annual presentation to investors in the £8bn […]
The Renewables Infrastructure Group (TRIG), the £1.7bn renewables fund labouring under a 36% share price discount, has announced a £200m private debt placement to reduce its £398m revolving credit facility by the same amount. It comprises of two fixed rate loans, one in sterling for £100m and another in euros for €115m. James Carthew at […]
Picton Property Income (PCTN) rallied nearly 6% after the UK real estate investment trust said LondonMetric Property (LMP) had taken an interest in the strategic review and sale process it began last month. Shares in the £452m REIT rose 4.7p, or 5.6%, to 87.8p as the company said it looked forward to progressing discussions with […]
Invesco Bond Income Plus (BIPS) has announced the price at which it will issue new shares in the two-week fund raise closing tomorrow. Investors who have subscribed in the institutional placing and retail offer will buy their shares at 173.28p. That is 0.75% above the net asset value announced by the bond fund yesterday, which […]
Mark and Linda O’Hare, the couple who made £2bn selling their Preqin data firm to BlackRock two years ago, are backing HgCapital Trust (HGT) to recover following last week’s share price slide. Valhalla Ventures, the holding company that owned Preqin and sold it for £2.5bn cash to BlackRock in 2024, yesterday disclosed a 3.3% stake […]
Smithson (SSON) shares have been suspended after more than 99% of shareholder votes yesterday approved the liquidation of the £1.5bn investment trust ahead of its conversion to the open-ended Smithson Equity Fund. Turnout was low, however, with just 26.9% of shares in the global small-cap portfolio voted. This was the first of two general meetings […]
