In QuotedData’s morning briefing 17 April 2025: We also have: Did you see from yesterday?
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 […]
Rockwood Strategic (RKW) has published a short trading update ahead of full-year results for the 12 months to 31 March 2025, with the small-cap specialist continuing its strong run of outperformance. During the period, RKW delivered a NAV total return of 21.1% to 248.79p per share, significantly outpacing its AIM All-Share benchmark, which it says […]
In QuotedData’s morning briefing 14 April 2025: [MR comment: Schroder Japan continues to demonstrate the value of active, high-conviction investing in an inefficient but improving market. With Japan’s long-awaited re-rating story still playing out, SJG and its peers look well-positioned to benefit as the market wakes up to the fundamental changes underway in corporate Japan. […]
Urban Logistics REIT has announced that it has received a preliminary, indicative proposal from LondonMetric Property regarding a possible offer for the company. The board said that it was reviewing the proposal with its advisers, adding that there can be no certainty that any offer will be made nor as to the terms of any […]
In spite of the ‘drill baby drill’ ambitions of the new US administration, the rapid adoption of renewable energy sources continues. More than 40% of the world’s electricity was generated without burning fossil fuels in 2024, according to think tank Ember. Solar powered electricity has doubled in three years, with India and China setting the […]
Polar Capital Global Financials Trust (PCFT) has shared further details around the future of the company, including the structure of its upcoming 2025 tender offer, proposed changes to fees and dividend policy, and the conditions for its continuation as a listed vehicle. At the company’s AGM held yesterday, chair Simon Cordery confirmed that PCFT will […]
Helical has sold City of London office development 100 New Bridge Street to an unnamed S&P 500 company (thought to be investment bank State Street) for £333m. The 195,000 sq ft office will become the company’s new London headquarters, with the purchase price reflecting a 5% yield. Helical owns the site in a 50/50 joint […]
In QuotedData’s morning briefing 11 April 2025: [QD comment MR: MTE has recently put in place a number of proposals designed to improve its attractiveness to shareholders and, while discounts have in many instances been widening across the investment companies space in recent months, MTE’s has been on a broad narrowing trend having moved down […]
LondonMetric Property has forward-funded the acquisition of a pre-let M&S logistics warehouse in Bristol for £74.0m, reflecting a NIY of 5.65%. The 390,000 sq ft regional logistics warehouse is pre-let to M&S on a 20-year lease with five yearly upward only rent reviews linked to CPI. The highly specified warehouse is being developed by Epta […]
US Solar Fund saw its NAV fall from $0.78 to $0.63 over 2024, factoring in dividends of 2.25 cents, this equates to a NAV total return of -13.4%. The main driver of this fall was an increase in the discount rate used to value its forecast cash flows, which was upped from 8.8% to 10.8%. […]
In QuotedData’s morning Briefing 10 April 2025: We also have: Did you see from yesterday?
The AIC is petitioning Parliament to change the laws around the provision of voting rights to investors that hold their shares through platforms – which is most of us. Richard Stone, chief executive of the AIC, said: “All shareholders must be able to vote – it’s their fundamental right. The Companies Act currently states that […]
Merchants Trust (MRCH) has announced its annual results for the year ended 31 January 2025, during which it provided a share price total return of 13.5%, lagging its All-Share benchmark, which it says returned 17.1%. MRCH’s performance was held back by its overweight exposure to mid- and small-cap stocks, which underperformed in a market driven […]
Literacy Capital (BOOK) has announced a new investment in Langford’s, a premium meat products manufacturer based in Welshpool, Wales. The deal marks the first acquisition for Red Sky Food Group, a newly formed platform company established with food industry veteran Mark Chantler. Founded in 2003 by John Langford and Christine Gethin, Langford’s has grown into […]
Assura has reached agreement on the terms of a recommended cash offer for the company by Kohlberg Kravis Roberts (KKR) and Stonepeak Partners. Under the terms of the acquisition, each Assura shareholder shall be entitled to receive 49.4p, comprising 48.56p in cash and a quarterly interim dividend of 0.84p. Together this represents 100% of Assura’s […]
Asset Value Investors (AVI), the manager of AVI Japan Opportunity Trust (AJOT) and AVI Global Trust (AGT), has launched a public campaign targeting portfolio holding Rohto Pharmaceutical (TSE: 4527). The campaign urges Rohto to concentrate on its profitable core businesses – namely skincare and eye care – and to step back from continued investment in […]
We also have: Stories you may have missed from yesterday:
The Mercantile Investment Trust has published results covering the 12 months ended 31 January 2025. It managed to beat the return on its benchmark (the All-Share ex FTSE 100 and investment companies) over the period, delivering an NAV return of 4.1% compared with 12.3% for that index. The return to shareholders was 18.9%. The dividend […]
