Edinburgh Worldwide has published both its annual results for the year ended 31 October 2024 and a circular in relation to the general meeting requisitioned by Saba. EWI’s board strongly recommends that shareholders vote against all of Saba’s resolutions at the general meeting on 14 February and for all of the AGM resolutions – the […]
Digital 9 Infrastructure (DGI9) has signed a binding agreement with EXA Infrastructure to sell its Atlantic and Irish Sea subsea fibre business, Aqua Comms for US$48m (around £40m). The transaction, which follows DGI9’s recent divestment of EMIC-1 announced on 31 December 2024, is subject to the receipt regulatory approvals in a number of jurisdictions, including […]
The European Smaller Companies Trust (ESCT) has issued a statement this morning in which its board reiterates that it unanimously recommends shareholders vote against what it refers to as “Saba’s Damaging Proposals”. ESCT’s board says that it has noted the announcement by Saba on 13 January 2025, the webinar it held on 14 January 2025 […]
Boaz Weinstein, head of New York-based hedge fund Saba Capital, pulled no punches when discussing the boards of investment trusts in his recent webcast. They were “obstinate”, a “boys’ club”, protecting their own interests, “part of an ecosystem of greed taking fees away from the pensioners.” Their actions verged on “almost malpractice”, distributing misinformation to […]
RTW Biotech Opportunities (RTW) has announced that it has made a new investment in series A fundraising of Windward Bio, a Swiss private, clinical-stage drug development company committed to improving outcomes for people living with advanced immunological diseases with an initial focus on severe respiratory conditions. The Series A round raised US$200m in funds which […]
In QuotedData’s morning briefing 17 January 2025: VH Global Energy Infrastructure (ENRG) has energised two additional solar distributed generation (DG) sites in Brazil, bringing its total operational solar DG projects in the country to 12, with a capacity of 34.3MWdc. ENRG expects a third solar site to be energised in the first quarter of 2025, […]
HydrogenOne Capital Growth’s (HGEN’s) portfolio company, Elcogen Plc, a leading European manufacturer of solid oxide technology that enables the delivery of efficient, affordable green hydrogen and emission-free electricity, has announced that it has secured a €5m investment from SmartCap, an Estonian state-owned venture capital fund supporting Estonian ‘greentech’ companies. HGEN says that SmartCap’s investment will […]
Saba Capital, a US-based hedge fund, has been on the offensive against the UK’s investment trust sector. Having built substantial stakes in seven investment trusts, ranging from 20% to just shy of 30% of the trusts’ outstanding shares (a key level that would require them to make a bid for the trust), it is using […]
Safestore says that over the year ended 31 October 2024, its EPRA NAV rose by 14.6% to 1091p from 952p, but adjusted diluted EPRA earnings per share fell by 11.7% to 42.3p. Revenue was flat at £223.4m The occupancy rate fell to 74.6% from 77.0% of the maximum lettable area (MLA). There is a 1% […]
Macau Property Opportunities has been selling off its portfolio for many years now, and a formal wind down process began in 2022. However, progress has been painfully slow. In its latest update, covering the second half of 2024, it says that two villas at The Fountainside were sold, along with five additional units at The […]
Bankers has announced results for the year ended 31 October 2024. Over that period, the trust delivered an NAV return of 21.1%, trailing its benchmark (the FTSE World Index) by five percentage points and extending the period of underperformance out beyond 10 years (+168.7% versus +174.0%). The discount narrowed from 15.8% to 13.4%, which meant […]
abrdn Asian Income Fund says it will introduce an enhanced annual dividend policy of 6.25% of its average NAV (currently equating to a dividend yield of 7.1% based on the share price). In addition it will provide investors with a continuation vote every three years. Under these proposals, the dividend for the fourth quarter of […]
In QuotedData’s morning briefing 16 January 2025: Herald (HRI) says that a second independent proxy adviser – Glass Lewis – has recommended that shareholders vote against Saba’s proposals. Investors who hold their shares through an investment platform provider or nominee are encouraged to contact their investment platform provider or nominee as soon as possible to […]
LondonMetric Property has sold 10 non-core properties for a total of £74.2m and acquired seven properties for £50.1m. The sales reflect a net initial yield (NIY) of 6.9%, while the acquisitions reflect a NIY of 6.5% that is expected to rise to 7.2% over five years Sales The sales comprise: A 138,000 sq ft retail […]
Ground Rents Income Fund has reported a NAV of 59.0p per share in full year results for the year ended 30 September 2024. This means that the possible offer price for the company of 34.0p announced last week is at a 42.4% discount to NAV. The NAV was down 34.5% over the year (from 90.1.p […]
In QuotedData’s morning briefing 15 January 2025: Gresham House Energy Storage (GRID) announced that it has energised its Melksham project, a 100MW / 100MWh BESS[1] near Bath. Further plans to double Melksham’s battery capacity to 100MW / 200MWh are underway, with the extension to be carried out in two stages (50MWh at a time) and […]
Home REIT has finally published annual results to the end of August 2023, posting another large write-down in NAV. The company reported that NAV fell 37.3% from £345.9m, or 43.76p per share (at 31 August 2022) to £216.9m, or 27.43p. We are still awaiting up-to-date results for the year ended 31 August 2024, which the […]
In a further response to the requisition request issued by Saba, the board of Herald (HRI) has issued a statement highlighting the trust’s superior performance over that of Saba. From publicly available data sources and press articles, the board believes that Herald has materially outperformed Saba Capital Master Fund, often described as its flagship fund, […]
In QuotedData’s morning briefing 14 January 2025: International Biotechnology trust (IBT) has announced Johnson and Johnson’s acquisition of Intra-Cellular Therapies (ITCI) for $132 per share, representing a premium of approximately 40% to ITCI’s closing share price on 10 January 2025. ITCI is IBT’s largest shareholding, representing 7.14% of IBT’s NAV as at 10 January 2025. […]
Keystone Positive Change (KPC) has announced that it intends to open and immediately adjourn general meeting scheduled for 27 January 2025, that was meant to allow shareholders to vote approve a scheme of reconstruction that offers shareholders an uncapped cash exit in February 2025 and/or the option of a rollover into a more liquid fund […]
A sale of Calpine – a portfolio company of Pantheon Infrastructure (PINT) – has been agreed between Energy Capital Partners (ECP) and Constellation Energy, for a combination of cash (c.25%) and Constellation stock (c.75%), which will be subject to certain lock-up restrictions. The transaction, which will create the largest clean energy company in the US, […]
In QuotedData’s morning briefing 13 January 2025: AIM-listed Crystal Amber (CRS) has announced that the board of Morphic Medical Inc. has approved the conversion of its entire interest in convertible loan notes in Morphic, totalling US$25.4m and accrued interest of US$3.0m, into 194,358,367 common shares in Morphic. CRS says that these new common shares will […]
After several years of uncertainty, US hedge fund Saba Capital Management finally made its intentions for the UK investment trust sector clear on 18 December 2024, requisitioning general meetings of seven trusts, including Baillie Gifford US Growth Trust (US Growth), to vote on resolutions to remove the existing, entirely independent boards of directors. Saba hopes […]
Chrysalis (CHRY) has announced its annual results for the year ended 30 September 2024, during which its NAV increased by 4.9% to 141.26p per share, while its share price increased by 50.0% to 93.30p per share, although this was still at a substantial discount to NAV of 34% – down from 54% as at the […]
In QuotedData’s morning briefing 10 January 2025: Following the release of a circular on 7 January 2025 in relation to the requisition by Saba Capital, CQS Natural Resources Growth and Income (CYN) is providing a live presentation on the recent requisitioned resolutions that will feature its chair, Christopher Casey, and co-fund managers Robert Crayfourd and […]
Apparently, Saba published a press release this morning in which it said: “If shareholders support Saba’s resolutions to reconstitute the HRI [Herald] board, Saba would encourage the new board to offer all shareholders a 100% cash exit at 99% of the trust’s NAV. As a result, Saba expects that shareholders will have the opportunity to […]
In QuotedData’s morning briefing 9 January 2025: Blackstone Loan Financing (BGLF) will return €260m to shareholders via a compulsory redemption of 344,325,255 shares at €0.7551 per share on 4 February. This will shrink the company by 98.39%. On this basis, a holder of 10,000 shares will have 9,839 Shares redeemed, and receive €7,429.43 in cash. […]
Sunfire, one of HydrogenOne’s largest investments, has secured €200m in guaranteed financing. The financing is provided by a consortium led by Commerzbank and other leading German and European commercial banks. The consortium includes, in addition to Commerzbank, Société Générale, BNP Paribas, LBBW and Ostsächsische Sparkasse Dresden. The guarantee line arranged by Commerzbank will be used […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) Henderson Opportunities Trust (HOT) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions. In the process, the company has announced details […]
The European Smaller Companies Trust (ESCT) which holds a continuation vote every three years has been giving consideration to additional liquidity opportunities for shareholders, both periodic events and ongoing market liquidity, and has determined to introduce a three-yearly performance conditional tender offer and to enhance its discount management policy to target a mid-single-digit discount. Performance […]
