UK smaller companies trust Strategic Equity Capital (SEC) is honouring a commitment made three years ago to offer investors a 100% exit. The £163m UK small-cap fund managed by Ken Wotton at Gresham House said it would hold a tender offer next month allowing shareholders to sell all their shares at a price close to […]
Poorly performing Octopus Titan VCT (OTV2) has cut its fund manager fee by 17% and slashed the notice it needs to give to terminate Octopus Investments’ contract from three years to 12 months. A further 20% fee rebate could be clawed back if the fund manager does not deliver a 5% annual target return after […]
JPMorgan US Smaller Companies reports 12.4% first half fall; Riverstone Energy makes first disposal in its managed wind-down; Sirius Real Estate taps borrowers for more money; plus updates from HgCapital, Augmentum Fintech, RTW Bioscience and Sequoia Economic Infrastructure Income. JPMorgan US Smaller Companies (JUSC) is having a difficult year, reporting a 12.4% fall in the […]
Our review of last month’s big risers and fallers shows how concerns about President Trump’s threat to the independence of the Federal Reserve exacerbated concerns over US inflationary pressures. This made August a good month for investment companies exposed to gold and Asia, but less kind for listed renewables and some growth funds as forecasts […]
Third Point Investors (TPOU) has received further criticism for not allowing shareholders a bigger exit ahead of its controversial reverse takeover of Malibu Life after a $136m (£101m) redemption offer was over-subscribed by more than two times. The Dan Loeb managed global hedge fund said over 9.5m shares were submitted for sale compared to the […]
More change at the £333m Japanese smaller companies trust looms following the appointment of a new fund manager in May as chair Jamie Skinner acknowledges the impatience of shareholders with its poor performance. The chair of Baillie Gifford Shin Nippon (BGS) has said its plans for a 15% tender offer if the Japanese smaller companies […]
VPC Specialty Lending Investments (VSL), a £46m loan fund in the midst of a lengthy wind-down, is seeking shareholder approval to ratify its oversight in failing to hold a five-yearly continuation vote at the AGM on 11 June. A general meeting has been called for 22 September to propose a resolution to release the fund […]
Saba Capital, the activist hedge fund, has opened a 5% position in SDCL Efficiency Income (SEIT), a move that could see it apply pressure to the board of the £615m renewables fund ahead of a continuation vote in 12 months’ time. A stock exchange filing yesterday evening shows funds at Boaz Weinstein’s New York-based firm […]
Fidelity European, International Public Partnerships and BlackRock World Mining report half-year results; Abrdn UK Smaller Companies publishes annual results and a plan to change its name to Aberdeen; and the Competition and Markets Authority looks into the merger of Primary Health Properties and Assura. Fidelity European (FEV) underperformed by 4.7% in the first half of […]
BioPharma Credit (BPCR), one of four alternative income funds shortlisted in our Investors’ Choice Awards, has announced a $62.5m (£46.5m) five-year loan to a US drug company developing a treatment for a rare form of sexually transmitted disease. Precigen, a Maryland-based biotech specialising in difficult-to-treat conditions, has obtained a $125m secured loan from Pharmakion, the […]
