Aquila European Renewables (AERI) has published its annual results for the year ended 31 December 2024, confirming a shift in strategic direction as shareholders approved a managed wind-down of the company in September. The shift in strategy follows continued market headwinds, underperformance across parts of the portfolio, and ongoing structural challenges within the listed renewables […]
Ecofin US Renewables Infrastructure Trust (RNEW) has reported its audited results for the year ended 31 December 2024, marking a difficult period for the company as it navigates a managed wind-down process. The company’s net asset value (NAV) fell by 47.5% during the year to $61.7m (44.7 cents per share), reflecting operational underperformance, asset impairments, […]
In QuotedData’s morning briefing 25 April 2025: [QD comment MR: While the continuation vote passed comfortably, the 10.5% dissent shouldn’t be dismissed. It reflects a degree of shareholder frustration, likely linked to ongoing sector-wide issues such as rising interest rates, wide discounts to NAV, and reduced investor appetite for income-generative infrastructure funds. That said, UKW […]
Syncona Limited (SYNC) has announced that its portfolio company, Mosaic Therapeutics, has in-licensed two clinical-stage assets from Astex Pharmaceuticals, a subsidiary of Otsuka Pharmaceutical Co., Ltd. The deal marks a significant step forward for Mosaic’s targeted oncology strategy and is expected to accelerate the company’s development timeline. The agreement grants Mosaic exclusive rights to develop […]
Bellevue Healthcare Trust (BBH) has announced the adoption of a new zero discount policy, aiming to ensure that its shares trade consistently at or around net asset value (NAV) under normal market conditions. Under the new framework, the company will buy back shares if they trade at a discount to NAV and may issue new […]
In QuotedData’s morning briefing 24 April 2025: We also have: Stories you may have missed from yesterday:
The offer timetable for BBGI Global Infrastructure’s (BBGI) recommended cash acquisition by Bidco, a vehicle indirectly controlled by British Columbia Investment Management Corporation (BCI), has officially resumed after all regulatory conditions were met. The deal, first announced on 6 February 2025, had been paused on 11 April pending UK foreign direct investment clearance under the […]
Gresham House Energy Storage Fund (GRID), the UK’s largest utility-scale battery storage fund, has reported a strong operational recovery in its full-year results for 2024, despite a challenging start to the year. While NAV per share fell 15.3% to 109.35p (from 129.07p in 2023), operational and financial performance strengthened notably in the second half, positioning […]
In QuotedData’s morning briefing 23 April 2025: We also have: Stories you may have missed from yesterday
Fair Oaks Income Limited (FAIR) has reported a robust set of annual results for the year ended 31 December 2024, with both its 2021 shares and realisation shares delivering strong double-digit total returns and dividend yields well above the broader credit market. The trust’s NAV total return for the 2021 shares came in at 14.91%, […]
Franklin Global Trust (formerly Martin Currie Global Portfolio Trust) has released its annual results for the year to 31 January 2025, marking a pivotal year in its evolution. The trust delivered a NAV total return of 7.3% and a share price total return of 10.1%, both in positive territory, but underwhelming when compared to the […]
The North American Income Trust (NAIT) has reported a significantly improved performance for the year ended 31 January 2025, following its transition to Janus Henderson Investors as manager in August 2024. The portfolio manager Fran Radano moved across to Janus Henderson with the trust and is now supported by Jeremiah Buckley as co-manager. During the […]
In QuotedData’s morning briefing 22 April 2025: We also have: Stories you may have missed from Thursday
The UK’s beleaguered listed battery storage sector has found itself thrust back into the spotlight this week after a group of funds, controlled by Foresight Group, launched a surprise bid for Harmony Energy Income Trust (HEIT). The Foresight funds’ bid trumps a previous bid from Drax Group for HEIT at 88p per share. Drax’s offer […]
Third Point Investors has published results for the year ended 31 December 2024. key highlights are as follows: On 22 April 2024, the board created a strategy committee tasked with conducting a strategy review to consider how the company may best deliver value to shareholders going forward. On 11 December 2024, the company announced that […]
Circulars have been published today to support the proposed merger between JPMorgan Global Growth and Income and Henderson International Income. The proposal was announced in February and although markets have had a wobble since, nothing has changed in the detail although the JPMorgan trust has given back some of its long term outperformance of the […]
Fidelity Japan’s board has been talking to its shareholders post the announcement of its results and ahead of the upcoming continuation vote at its AGM. It now has the impression that shareholders will not support its continuation. It also says that it has subsequently received a small number of unsolicited and credible indicative proposals from […]
Harmony Energy Income has received a new cash offer from PP Bidco (a new company formed by two funds managed by Foresight LLP). The bid is 92.4p per share, equivalent to the trust’s last published net asset value and well above the 88p per share offered by Drax, and values the company at £209.9m. The […]
Pacific Horizon Investment Trust (PHI) has announced plans to introduce a performance-linked conditional tender offer that could see up to 25% of its issued share capital (excluding treasury shares) repurchased, depending on how the trust performs over the next five years. The proposed tender offer, due to be assessed at the end of a performance […]
abrdn Diversified Income and Growth (ADIG) has announced the commencement of a secondary sales process to accelerate the realisation of its remaining private markets portfolio. The company has appointed Campbell Lutyens as an independent broker to lead the process, which the board believes will optimise value and support the trust’s managed wind-down. The decision follows […]
Life Science REIT reported a 6.9% fall in EPRA net tangible assets (NTA) in annual results for 2024, laying bare the company’s struggles that led to its board launching a strategic review and putting it up for sale. EPRA NTA at the end of 2024 was 74.4p, down from 79.9p at the end of 2023, […]
ICG Enterprise Trust (ICGT) has announced the realisation of its investment in Minimax, a global fire protection systems provider, generating cash proceeds of €53m (£45m). The sale was completed in line with the last reported NAV, and proceeds have now been received. ICGT first backed Minimax in 2018 via primary commitments to ICG Europe VI […]
BlackRock Frontiers – co-manager Niaz steps down BlackRock Frontiers Investment Trust (BRFI) has announced changes to its portfolio management line-up following a wider restructure of BlackRock’s Global Emerging Markets (GEM) team. The shake-up, which aims to improve investment focus and better align portfolio responsibilities with areas of expertise, will see Sudaif Niaz – co-manager since […]
In QuotedData’s morning briefing 16 April 2025: [QD comment MR: It is encouraging to see a director of MTU investing money into the trust as it not only helps improve alignment with other shareholders but shows confidence in the strategy at a time when the trust continues to trade on a notable discount to NAV […]
Crystal Amber has been in wind down mode for some time and its portfolio is dominated by just two investments, one of which is De La Rue. On 10 April, Crystal Amber revealed that it owned 13,859,645 shares in De la Rue or 7.06% of its issued share capital. It also owned derivatives that gave […]
Dunedin Income Growth has published results for the year ended 31 January 2025. Over that period it delivered a 9.0% return on NAV and a 8.4% return to shareholders. These do not compare well to a return of 17.1% on the All-Share Index. Revenue per share grew to 13.8p from 13.5p but that meant that […]
European Smaller Companies Trust will offer shareholders on the register at 6pm tomorrow the chance to participate in a 42.5% tender offer. Saba is committed to support the idea and submit all of its shares to the tender offer. In exchange, Saba has also committed not to requisition another meeting, vote against directors or publicly […]
In QuotedData’s morning briefing 15 April 2025: We also have: Did you miss from yesterday?
LondonMetric Property has made a proposal to acquire Urban Logistics REIT, valuing the company at £674m. The proposal, made on 13 April, consists of new shares in LondonMetric based on an adjusted EPRA net tangible assets (NTA) for adjusted EPRA NTA exchange ratio plus a fixed amount in cash. Under the terms of the proposal, […]
Gore Street Energy Storage Fund (GSF) has agreed the sale of investment tax credits (ITCs) tied to its Dogfish project in Texas, securing gross proceeds of approximately £18–19m. The transaction is expected to close by the end of June 2025, with funds to be received shortly thereafter. The pricing aligns with previous guidance of $60–80m […]
