CQS Natural Resources Growth and Income (CYN) has confirmed that it has received a second notice from Saba Capital Management demanding another general meeting of shareholders. Once again, shareholders will incur the cost of defending against this attack by Saba (which CYN’s board says is without merit) that was launched without any prior engagement from […]
Ruffer Investment Company (RICA) says that Duncan MacInnes, co-manager of the fund, has left its manager with immediate effect and so, as of today, Alexander Chartres – a partner at Ruffer LLP – and Ian Rees will join the current portfolio manager Jasmine Yeo as managers of RICA’s portfolio. Jasmine has been co-manager of RICA […]
Following its announcement on 20 March 2024 that Jonathan Simon, one of its large cap portfolio managers responsible for value stocks, would retire in early 2025, JPMorgan American (JAM) says that it has now been advised that Mr Simon’s retirement will be effective 3rd March 2025. Following Jonathan’s retirement, Graham Spence will join Jack Caffery […]
In QuotedData’s morning briefing 12 February 2025 Asia Dragon (DGN) has announced the results of the elections for its combination with Invesco Asia Trust (IAT): 30.92% of shares opted for the rollover option while 69.08% of shares opted for the cash option, which was limited to 25% of the shares in issue (less shares held […]
Funds managed by Goldman Sachs Alternatives have bought a majority stake in Trackunit from funds advised by Hg and GRO Capital. Trackunit’s solutions connect construction equipment to the cloud, serving equipment manufacturers, rental companies, contractors and ecosystem tech partners, and integrating the off-highway vehicle, connected site, and mobile workforce. Trackunit serves a global diversified customer […]
Brown Advisory has agreed to a reduced tiered management fee replacing the current fee arrangements on Brown Advisory US Smaller Companies. This is effective from and backdated to 1 January 2025. The management fee will be calculated based on the lower of capitalisation and NAV, rather than NAV as is currently the case; and the […]
In QuotedData’s morning briefing 11 February 2025: CT Managed Portfolio Trust (CMPG / CMPI) has a new two-year unsecured revolving credit facility with The Royal Bank of Scotland International Limited (London Branch) for £10m. This replaces a £5m unsecured term loan which had a fixed interest rate of 2.78% and a £5m unsecured revolving credit […]
Here we go again – Saba published a press release this afternoon. [Despite its embarrassing failure to seize control of a number of trusts, Saba doesn’t seem to have got the message that shareholders in these trusts quite like what they have and are not looking for change. In the press release below, Saba claims […]
Keystone Positive Change (KPC) has announced that it is relaunching its plans to liquidate the trust – offering shareholders the option of a cash exit at a 1% discount to the residual NAV or the opportunity to rollover into the Baillie Gifford Positive Change Fund (click here to see our coverage of the original proposals), […]
In QuotedData’s morning briefing 10 February 2025: Baker Steel Resources Trust (BSRT) has published a portfolio update and its NAV as at 31 January 2025 (89.1p per share), a decrease of 0.6% from the last published NAV at 31 December 2024, largely due to falls in the share prices of Tungsten West Plc and Metals […]
HMS Investment Trust is facing turbulent waters. Not only are the sharks circling, but the icebergs are proliferating, while the regulator seems determined to put a hole in us below the waterline. The Financial Conduct Authority (FCA) recently hosted an open panel for industry members, focusing on a critical issue: the fate of the sector […]
European Opportunities Trust (EOT) has released its interim results for the six months to 30 November 2024. During the period, EOT provided NAV and share price total returns of -8.4% and -10.6% respectively, compared with a total return of -3.3% for its benchmark, the MSCI Europe Total Return Index (all in sterling terms). EOT’s chair, […]
The boards of JPMorgan Global Growth & Income (JGGI) and Henderson International Income (HINT) have agreed terms for a merger of the two trusts under which it is proposed that HINT’s assets will be rolled into JGGI, with existing HINT shareholders receiving new JGGI shares in exchange. The announcement from the two trusts says that […]
In QuotedData’s morning briefing 7 February 2025: Ecofin US Renewables Infrastructure (RNEW) says that its AIFM and investment manager, Ecofin Advisors, LLC (Ecofin), has given it notice to terminate its investment management agreement. RNEW says that the manager and Board will work towards an orderly transition during the 12 month notice period. Residential Secure Income […]
Octopus Renewables Infrastructure Trust has committed an additional €3.4m (£2.8m) to Nordic Generation (Norgen), a specialist developer focused on the Finnish wind and solar market. The money will be used to build on the strong progress already achieved by the asset and to support its phase 2 pipeline. As part of the transaction, the trust’s […]
British Columbia Investment Management Corporation (BCI) has created a ‘bidco’ – Boswell Holdings 3 S.C.Sp. – to launch a cash bid for BBGI Global Infrastructure. BCI and BBGI have announced that they have reached agreement on the terms of a recommended all cash offer to be made by Bidco. BBGI shareholders who accept the offer […]
In QuotedData’s morning briefing 6 February 2025: JPMorgan Core Real Assets (JARA) will return £33.7m to shareholders by way of a compulsory redemption of up to 34,753,090 shares at 97.0465p per share on 27 February 2025. For example, a holder of 10,000 shares will have 1,688 shares redeemed, and will receive £1,638 in cash. Although […]
In what is now the sixth successive defeat for Saba Capital Management in its bid to take control of seven London listed investment companies, shareholders in The European Smaller Companies Trust (ESCT) have voted down Saba’s proposals to remove all of the existing board and replace them with just two of its own representatives, by […]
AVI Japan Opportunity Trust (AJOT) says that it has received a tender offer bid aimed at privatising one of its portfolio companies, Tecnos Japan Incorporated (Tecnos Japan). AJOT says that its manager has signed a tender agreement with Ant Capital Partners, who is making the tender offer, for AVI’s 10% stake in Tecnos Japan. AJOT’s investment in Tecnos […]
Syncona (SYNC) says that its portfolio company, Spur Therapeutics (Spur) has announced positive new data from its Phase I/II GALILEO-1 study of FLT201, its novel gene therapy candidate, in Gaucher disease at the 21st Annual WORLDSymposium in San Diego, CA, USA. The clinical trial In Spur’s trial, six patients have been treated in GALILEO-1 with […]
Syncona (SYNC) says that its portfolio company, Achilles Therapeutics Plc, has announced that its board has recommended a members’ solvent voluntary liquidation and a return of capital to shareholders. SYNC’s announcement says that, based on the information currently available to Achilles and, assuming that Achillies’ shareholders approve the liquidation proposals and associated resolutions, it is […]
Cordiant Digital Infrastructure (CORD) has announced that a subsidiary of its portfolio company, Speed Fibre DAC, has entered into a put and call agreement to acquire the entire issued share capital of BT Communications Ireland Limited (BTCIL), the wholesale and enterprise business unit of BT Ireland, for an enterprise value of €22m. The acquisition is […]
In QuotedData’s morning briefing 5 February 2025: Third Point Investors has published its investor letter for Q4 2024. Third Point’s flagship Offshore Fund achieved a 9.1% gain in Q4 2024 and 24.2% for the full calendar year. Returns for the full year were driven by positive results across all strategies, including equities, corporate and structured […]
In what is the fifth successive defeat for Saba Capital Management in its bid to take control of seven London listed investment companies, shareholders in CQS Natural Resources Growth and Income (CYN) have voted down Saba’s proposals to remove all of the existing board and replace them with just two of its own representatives, very […]
Henderson Opportunities is the latest trust to announce that it has successfully fought off the attack by Saba. In this trust’s case, the voting was 65.36% against Saba’s proposals. Just 284,248 shares or 0.72% of the trust’s shares in issue were voted alongside Saba. The turnout was 73.4%, with 28,985,426 of 39,491,875 shares voting. On […]
VH Global Energy Infrastructure has issued a statement on the impact of tariffs on its Brownsville fuel terminals in Texas. The Brownsville plant imports oil slurry from Mexico and refines that into a useful product. I wrote this up this morning, but the company said that I misunderstood the announcement, so I’m happy to put […]
JPMorgan Emerging Europe Middle East and Africa has published results covering the 12 months ended 31 October 2024. Pleasingly, the trust beat its benchmark (S&P Emerging Europe, Middle East & Africa) by 1.7 percentage points, returning 13.6% on NAV to the index’s 11.9%. However, the share price continued its usual volatile and unpredictable path and […]
In QuotedData’s morning briefing 4 February 2025: M&G Credit Income (MGCI) is convening a meeting on 27 February to approve the issue of up to 31,002,226 shares (20% of its issued share capital). The company has already issued 9.6m shares since its AGM in 2024 and was running out of room to issue more. [It […]
Keystone Positive Change says that at its general meeting, over 60% of the votes cast were against Saba’s requisitioned resolutions. Excluding the votes Saba cast in favour of its own requisitioned resolutions (representing 1,650,762 votes and approximately 38.87% of the votes cast), only a further 33,845 votes, representing just 0.80% of the votes cast, were […]
Shareholders at Baillie Gifford US Growth have voted to reject Saba’s proposals for the trust by 65.6% to 34.4%. Excluding the shares voted by Saba, approximately 98.5% of the votes cast were against the requisitioned resolutions. The turnout (the percentage of eligible shares that were voted) was 78.4%, not that far shy of that at […]
