Foresight Environmental Infrastructure (FGEN) says it derives 29% of its revenues from the UK’s renewable obligation (RO) and feed-in tariffs (FIT). Initial analysis by its investment manager of the government’s proposals to change the inflation measure in the incentives to CPI from RPI shows option one – a simple switch next March – would reduce […]
Invesco Global Equity Income (IGET) has capped off a remarkable turnaround, clinching a merger deal with underperforming Franklin Global Trust (FRGT) that could swell its assets to £445m 18 months after it emerged from the reconstruction of Invesco Select. IGET, a £269m trust that consolidated the three former Select portfolios in May last year, has agreed terms to issue new shares to Franklin Global shareholders who […]
Home REIT (HOME), the former homeless accommodation provider blighted by a valuation scandal three years ago, is in talks with real estate investor Patron Capital about selling the bulk of its portfolio for £123m. The indicative price, which has not been finalised, comes as Home agreed to hold exclusive negotiations with London-based Patron. It covers […]
Hydrogen Capital Growth (HGEN), the suspended renewables fund hit by the collapse of fuel cell producer Bramble last week, has just £1.1m cash left with which to pursue its wind-down and salvage something for shareholders. After a delay, half-year results published today will enable the £33m investment trust to apply for a resumption in trading […]
Skittish investors sent 3i Group’s (III) highly-rated shares tumbling 16% today. The private equity giant reported a “very good” first half return of 13% but reiterated its cautious approach to deploying capital against a “challenging” economic and political backdrop. It also warned the downturn in France meant Action, the discount retailer that makes up nearly three quarters of its £29bn portfolio, would likely […]
Pacific Assets (PAC) is to consult its largest shareholders and launch a strategic review after the board said it was “disappointed” by First Sentier Group’s decision to disband its fund management team. The £425m sustainability focused Asia Pacific investment trust said Sydney-based First Sentier had decided to close its Stewart Investors subsidiary in Edinburgh following the departure in August […]
Syncona (SYNC), the £608m life sciences fund seeking to return £250m of capital to compensate shareholders for its steep share price discount, suffered a 1.7% fall in net asset value (NAV) in the six months to 30 September. This was caused by the £15.9m write-down of its investment in the CRT Pioneer Fund, a legacy, […]
Smithson (SSON), the £1.6bn investment trust overseen by star fund manager Terry Smith, is to liquidate and turn itself into an open-ended fund. The sensational decision follows Saba Capital building a 16% stake ahead of a possible continuation vote next year that could have given the activist hedge fund scope to apply pressure on the […]
AVI Global (AGT) says a poor September at the end of its financial year caused the £1bn investment trust to underperform with a 12.4% investment return in the 12 months to 30 September lagging the 16.8% return of the MSCI All Country World index. Shareholders got more than the underlying growth in net asset value […]
Schroder Income Growth (SCF), a £225m “dividend hero”, has urged shareholders to give the investment trust another five years at next month’s continuation vote but has not ruled out accepting a merger offer if one materialises during the consolidation trend sweeping the listed funds market. Chair Ewan Cameron Watt said the board was “not blind to the argument that […]
