The Association of Investment Companies (AIC) has urged shareholders in Edinburgh Worldwide (EWI) to vote in the forthcoming general meeting called by Saba Capital yesterday as its board rejected the activist hedge fund’s renewed attempt to replace its board. Jonathan Simpson-Dent, chair of the £700m global smaller companies investment trust, said the board was “disappointed” […]
Fund management group M&G, a 3.4% shareholder in HICL Infrastructure (HICL), has joined rebel investors in calling for it to abandon a planned £5.3bn merger with The Renewables Infrastructure Group (TRIG). According to The Times, M&G managers have written to the HICL board saying they can see “no strategic nor financial rationale for the combination” […]
The flotation of Mexican gas pipeline operator Esentia Energy has proven a disappointment for Partners Group Private Equity (PEY) which has had to write down the value of what was its 11th biggest holding. The £708m London-listed fund invests in the private equity funds of Switzerland’s Partners Group, the majority owner of Esentia, which cut […]
Macau Property Opportunities (MPO) has plunged to a new all-time low after shareholders in the specialist property fund refused to support its emergency fund raising. Shares in the company, which owns residential properties in Macau, a special administrative region on the south coast of China, crashed 55%, or 7.3p, to just over 6p after MPO […]
Saba Capital has warned Edinburgh Worldwide (EWI) of its plans to requisition a general meeting in a second attempt to remove the board of the £700m investment trust. The activist hedge fund, which owns 30% of the trust’s shares, failed to get its representatives elected at an EGM in February. It says it remains “profoundly […]
Digital 9 Infrastructure (DGI9) shares fell nearly 30% yesterday after the company said Macquarie European Infrastructure fund had sold its 26.5% stake in Arqiva, the UK broadcasting platform for £16.5m, as part of its liquidation. The price is well below the £213.2m valuation of DGI9’s 51.8% stake in Arqiva. DGI9, whose wind-down is being managed […]
Reports that the Treasury was targeting salary sacrifice pension arrangements proved well founded as the chancellor announced she would charge both employers and employees national insurance (NI) on contributions over £2,000 from 2029. Given that individuals agree to divert some of their pay into their pension in order to lower NI payments, a benefit that […]
The chancellor’s need to fill the budget “black hole” trumped over her wish to encourage investing and saving as she lifted income tax on dividends and interest by 2% and created new bands for rental income. Increasing tax on the income from property, investment and cash assets will raise £2.2bn by 2029/30. The government believes […]
Venture capital trust (VCT) providers have questioned the chancellor’s commitment to a “startup” Britian after she cut upfront income tax relief on investments in their tax shelters from 30% to 20%. The Treasury said the measure was aimed at achieving a better balance in the amount of tax relief given to VCTs compared to enterprise […]
In another effort to support London’s moribund capital markets, the chancellor announced a three-year stamp duty exemption on trading in shares in companies listing in the UK. The relief from 0.5% stamp duty reserve tax applied to the value of purchases in newly listed companies begins tomorrow. In her speech, Rachel Reeves made it sound […]
