ICG Enterprise has published results for the 12 months ended 31 January 2025. The NAV return for the year was 10.5% – the underlying portfolio return was 10.6%, helped by earnings growth for the companies held of about 15% on average. In addition, there were 40 exits achieved, which came at an average 19% uplift […]
As expected, European Opportunities has published details of its latest tender offer. The tender offer will be for 25% of its shares in issue (up to 15,553,147 shares) and the tender price will be calculated as a 2% discount to NAV less the costs of implementing the tender offer. To participate, you will have to […]
New NAV This morning, Chrysalis announced that its NAV at end March 2025 was 152.62p, 2.6% lower than at the end of December 2024. In part, that reflects adverse currency moves, which took about 1.7p off the NAV. Richard Watts and Nick Williamson said “Overall, the portfolio continues to perform well. The top five assets […]
3i Infrastructure’s results for the 12 months ended 31 March 2025 are out [an impressively short timeframe for getting this done] and they are good. The NAV return was 10.1% and the dividend target for the new year has been increased by 6.3% to 13.45p. The only drawback was a widening of the discount, which […]
BlackRock Smaller Companies has published results covering the 12 month period ended 28 February 2025. The trust’s returns lagged those of the Deutsche Numis Smaller Companies plus AIM Index over the period, returning 0.0% in NAV terms and -1.4% in share price terms, while the index returned 6.2%. The chairman’s statement observes that the Aim […]
In QuotedData’s morning briefing 8 May 2025: We also have: Did you see yesterday?
Asset Value Investors (AVI), manager of AVI Japan Opportunity Trust (AJOT) and AVI Global Trust (AGT), has stepped up pressure on one of its portfolio companies, Wacom Corporation (TSE: 6727), calling for sweeping changes to the firm’s governance and strategy. AVI has submitted a series of shareholder proposals ahead of Wacom’s Annual General Meeting in […]
Most significant post Brexit trade pact The UK-India Free Trade Agreement (FTA), finalised in 2025 after years of negotiation, marks the most significant post-Brexit trade pact for the United Kingdom. It not only strengthens economic ties with one of the world’s fastest-growing economies but is also poised to influence key sectors across both UK and […]
North Atlantic Smaller Companies Investment Trust (NASCIT) has reported its full-year results for the 12 months to 31 January 2025, delivering a 6.5% rise in adjusted NAV – broadly in line with the return of the MSCI UK Small Cap Index – and a 24.9% increase in revenue return per share, despite an ongoing challenging […]
In an investor update ahead of its AGM today, Tritax Big Box REIT has said that it has made good progress with its data centre development near Heathrow – with non-disclosure agreements (NDAs) signed with several potential pre-let occupiers including hyperscalers and co-locators. Planning consent for the 107 MW data centre development at Manor Farm, […]
In QuotedData’s morning briefing 7 May 2025: [QD comment MR: With under 4% of shares tendered and just under two weeks to go, the offer faces a tough path to reaching the 90% threshold. We had thought that with the final regulatory hurdles cleared and the offer deadline approaching that there might be an uplift […]
Ecofin US Renewables Infrastructure Trust (RNEW) has announced that it is applying to the FCA to become a self-managed alternative investment fund, as it continues to implement its managed wind-down strategy. The move follows the decision by its current investment manager, Ecofin Advisors (EA), to serve notice on its management agreement in February 2025. Subject […]
BioPharma Credit (BPCR), the specialist life sciences lender, has announced two updates relating to its portfolio. Firstly, the company has received a US$30m partial prepayment from BioCryst Pharmaceuticals, relating to a senior secured term loan originally issued in 2023. The prepayment was part of a broader US$75m repayment announced by BioCryst during its Q1 2025 […]
Picton Property Income has announced a 2.7% increase in its quarterly dividend, with shareholders set to receive 0.95p per share for the period from 1 January to 31 March 2025. This compares with the 0.925p paid in respect of the prior quarter. The dividend will be paid on 30 May 2025 to shareholders on the […]
In QuotedData’s morning briefing 6 May 2025: We also have: Stories you may have missed from Friday:
Trump’s presidency is now 100 days old and, while it is still early days, this milestone is seen as a point of reflection on a new president’s tone and approach, which is perhaps more useful than not, given Trump and team’s willingness to move fast and break things. The mood certainly feels ominous: while some […]
Investment Specialist Hamish Maxwell delivers a portfolio update, including observations on recent volatility, a deep dive into two key long-term growth trends, and updates on latest transactions. Capital at risk.
Middlefield Canadian Income PCC (MCT) has announced its intention to offer shareholders the option to roll over their investment into a newly launched, actively managed UCITS ETF listed on the London Stock Exchange. The proposed transaction would see the voluntary wind-up of the company and its GBP share class fund, with shareholders able to opt […]
[QD comment MR: This marks a rare instance where a subscription exercise has been declined on valuation grounds and reflecting the sharp disconnect between the pre-set subscription terms and prevailing market conditions. Clearly GCL’s board are looking after its shareholders.] We also have: Stories you may have missed from yesterday:
Aquila European Renewables (AERI) has agreed the disposal of its 18% minority stake in the Sagres hydropower asset in Portugal, in what marks the first material portfolio transaction since the company formally entered a managed wind-down. The buyer is a group of co-shareholders in Sagres – funds also managed and advised by Aquila Capital – […]
ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) has reported a further decline in NAV for the year ended 31 January 2025, as progress toward the fund’s full realisation continues at a cautious pace. The trust’s NAV fell to 27.15p per share, down from 29.86p a year earlier, largely due to an additional £5.7m in […]
abrdn Property Income Trust (API) has published its final results for the year ended 31 December 2024, marking the final phase of its wind-down following shareholder approval to liquidate the company in May 2024. The trust posted a total loss per share of 11.25p (2023: 2.17p loss), with net assets falling from £298.1m to just […]
British & American Investment Trust (BAF) has reported a total return of £2.0m for the year ended 31 December 2024, reversing a loss of £2.0m in 2023. Net assets increased by 31.9% to £6.0m, driven almost entirely by a strong recovery in the trust’s largest holding, US biotech company Geron Corporation. The trust’s net asset […]
Digital 9 Infrastructure (DGI9) has published its audited results for the year ended 31 December 2024, a pivotal period for the company as it transitioned to a managed wind-down under the oversight of new investment manager InfraRed Capital Partners. The year saw key asset sales completed or agreed, but also a substantial markdown in NAV […]
We also have: Stories you may have missed from yesterday:
HydrogenOne Capital Growth (HGEN) has published its annual results for the year ended 31 December 2024, reporting solid operational progress across its portfolio but a marked fall in NAV and a hefty drop in share price amid sector-specific and macroeconomic challenges. NAV fell by 12.2% over the year to £116.4m, or 90.39p per share, down […]
BBGI Global Infrastructure (BBGI) has provided an update on the recommended cash offer from Boswell Holdings 3 S.C.Sp. (Bidco), a newly formed vehicle indirectly controlled by British Columbia Investment Management Corporation (BCI). As of 29 April 2025, Bidco has received valid acceptances covering just 2.73% of BBGI’s issued share capital. The offer, which was first […]
GCP Asset Backed Income (GABI) has published its results for the year ended 31 December 2024, marking a year of significant progress in its managed wind-down strategy. Following shareholder approval in May 2024, the company amended its investment policy to focus on an orderly realisation of assets and the return of capital to investors. During […]
CEIBA Investments has published its annual results for the year ended 31 December 2024, highlighting a tough year for the company, driven largely by deteriorating conditions in Cuba and geopolitical developments. The company saw its net asset value (NAV) fall 18.0% in US dollar terms to US$130.0m, with the NAV per share down to US$0.94 […]
Jade Biosciences, a portfolio company of RTW Biotech Opportunities (RTW), has merged with Nasdaq-listed Aerovate Therapeutics. The combined business will continue under the name Jade Biosciences, Inc. and trade on Nasdaq under the ticker JBIO. Jade is a privately held biotech firm focused on developing therapies for autoimmune diseases. Its lead candidate, JADE-001, is expected […]
