Deutsche Numis dismissed after criticising Third Point Investors’ treatment of shareholders in the Malibu Life acquisition; HICL Infrastructure sells £225m of assets to fund share buybacks, Bluefield Solar makes £38m of disposals to pension fund partners and Land Securities sells a £245m office block. International Public Partnerships has a new lead manager at Amber Infrastructure. […]
Update: Third Point Investors (TPOU) has won shareholder approval for its controversial acquisition of Malibu Life, angering the rebel investor group which accused it of ignoring the wishes of independent shareholders. At an extraordinary general meeting on Thursday, 66.67% of votes cast were in favour of the reverse takeover that will see Dan Loeb’s £329m […]
European Opportunities Trust cuts the fee it pays fund manager Alexander Darwall after another year of underperformance largely caused by the slump in its top holding Novo Nordisk; Murray International beats its benchmark in the first half; plus results and updates from European Assets, Invesco Bond Income Plus, Vietnam Enterprise and JPMorgan Emerging Europe. European […]
Aquila Renewables (AERI) pausing its sales process with a preferred bidder last month was a “major disappointment” for MIGO Opportunities (MIGO), weighing on returns after two strong months for the bargain-hunting closed-end fund investor, although it did benefit from a positive update from Chrysalis Investments (CHRY). Chrysalis’ announcement of a 14% increase in net asset […]
Empiric Student Property agrees to takeover by Unite; Riverstone Energy sets “adjustment payments” to its fund manager ahead of next week’s wind-down vote; and JPMorgan American and JPMorgan Claverhouse issue half-year results. Unite (UTG) is to buy Empiric Student Property (ESP) after the two companies agreed a recommended cash and share offer in talks that […]
Veteran small-cap fund manager Paul Jourdan’s attempt to get on the board of Maven Renovar (MRV), the former Amati AIM VCT that sacked him and his company last year, has failed with around 60% of votes against him and fellow requisitionists at a general meeting of shareholders today. Chair Fiona Wollocombe, who has been under […]
Good stock picking by Diverse Income (DIVI) fund managers Gervais Williams and Martin Turner saw the £238m UK equity income trust outperform the domestic stock market for the first time in four years, but with 31% of investors having recently chosen to sell their holdings, time may be running out for the small-cap focused portfolio. […]
Primary Health Properties (PHP) has won the battle for rival NHS landlord Assura (AGR) with 62.9% of Assura shareholders accepting its cash and shares offer by yesterday’s 1pm deadline. The offer of £460m in cahs and a 48% stake in the enlarged business has been declared unconditional while the rival £1.7bn private equity cash offer […]
Baillie Gifford US Growth (USA) fund managers Gary Robinson and Kirsty Gibson have promised to take profits more often and monitor the balance of their high-growth portfolio to avoid a repeat of the 2022 crash from which the £757m investment trust is still recovering. In annual results to 31 May, the company admitted its five-year […]
Our monthly review of investment companies returning capital and raising new money shows the £12bn Baillie Gifford flagship has greatly exceeded its £2bn minimum buyback target as its shares continue to lag the underlying growth in its global portfolio. Scottish Mortgage (SMT) has bought back more than £2.5bn of its shares since activist hedge fund […]
