The European Smaller Companies Trust (ESCT) has published its initial response to the requisition for a general meeting issued by Saba Capital Management, L.P. (‘Saba’) on 18 December 2024. ESCT’s board says that, having taken legal advice, it deems the requisition to be valid but that it “does not believe there to be any merit […]
In QuotedData’s morning briefing 23 December 2024: Ecofin US Renewables Infrastructure (RNEW) has published a circular in relation to its proposed conditional disposal of its investments in US distributed solar assets (DG portfolio – click here to read more on this) and its decision to pursue a managed wind-down of its business. Subject to shareholder […]
Chrysalis (CHRY) has announced that the sale of its entire holding in Featurespace to Visa, as announced on 26 September 2024 (click here to see our coverage of the original announcement), has now completed and all closing conditions have been satisfied. CHRY will shortly receive the initial cash proceeds of £79m with £11m deferred and […]
Herald (HRI) has issued an initial response to the requisition request from Saba Capital Management LP (you can read more on the original announcement and our thoughts on it by clicking here, and you can see other targets’ responses in a follow up article written by us yesterday here). HRI says that it has received […]
Vishal Mega Mart, the largest investee company of Partners Group Private Equity (PEY), has listed on the National Stock Exchange of India (ticker: VMM) and Bombay Stock Exchange in India (ticker: 544307). Its IPO of 1,026m shares was priced at INR 78 per share, giving a fully diluted equity value of INR 370bn. PEY has […]
Ecofin US Renewables Infrastructure (RNEW) has announced that Eileen Fargis, RNEW’s portfolio manager, will leave Ecofin on 31 December 2024 to pursue a new opportunity. Ed Russell, senior managing director of Ecofin, will become RNEW’s portfolio manager with effect from 1 January 2025. Ed will be supported by Nancy Johnson who heads the finance and […]
In QuotedData’s morning briefing 20 December 2024: Dunedin Enterprise (DNE) has published an updated timetable for the suspension of its shares. DNE says that, if shareholders approve of the Board’s recommended proposals to place DNE into members voluntary liquidation and appoint its proposed liquidators (Gareth Rutt Morris and Jonathan Dunn – both licensed insolvency practitioners […]
Invesco Asia and Asia Dragon have published circulars ahead of the proposed combination of the two trusts. The combination will be undertaken through a scheme of reconstruction and winding-up of Asia Dragon under section 110 of the Insolvency Act 1986. As at 12 December 2024, Invesco Asia and Asia Dragon have each received an irrevocable […]
Baillie Gifford US Growth says: “The board considers these proposals to be fundamentally without merit, and in contravention of shareholder interests as a whole. A further announcement will be made in due course by the company accordingly, relating to the posting of a notice of a general meeting and an accompanying circular in which the […]
Harmony Energy Income Trust has issued a positive update on its asset sale process. The company announced on 30 April 2024 that it had engaged Jones Lang LaSalle with a mandate to seek offers for some or all of its assets. On 18 October 2024, HEIT announced that it had been encouraged by the level […]
On 25 July 2024, the company as part of its annual results announced that the board was currently evaluating options for the future of the business in recognition that it may be in the best interests of shareholders for the company not to continue in its present form. The board has concluded the evaluation of […]
Invesco Perpetual UK Smaller Companies Trust has reviewed its investment management arrangements and decided to appoint Artemis Fund Managers, where Mark Niznik and Will Tamworth will co-manage the portfolio. There will be no change to the core investment objective and policy – achieving long-term total return for shareholders primarily by investment in a broad cross-section […]
In QuotedData’s morning briefing 19 December 2024: Hg Capital Trust says a recapitalisation of The Citation Group adds about £3.5m to its NAV or 0.8p per share. The Citation Group is an international provider of tech-enabled compliance and certification solutions to small to medium-sized enterprises. HarbourVest Partners has come in as a new investor. Triple […]
Saba Capital Management has announced that it has requisitioned the boards of directors of Baillie Gifford US Growth Trust USA), CQS Natural Resources Growth & Income (CYN), Edinburgh Worldwide Investment Trust (EWI), European Smaller Companies Trust (ESCT), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI) and Keystone Positive Change Investment Trust (KPC) to convene general […]
Downing Renewables & Infrastructure trust announced the completion of the sale of DORE’s entire interest in Gabrielsberget wind farm in Sweden to Angel Wind, a subsidiary of Bagnall Energy. Completion of the sale crystallises a total return of c.54% over DORE’s investment period in Gabrielsberget. DORE purchased Gabrielsberget in January 2022 for a total consideration […]
In QuotedData’s morning briefing 18 December: Taylor Maritime Investments (TMI) has released its interim results for the six months to 30 September 2024. The company delivered a NAV total return of 2.6% while the total share price return was 4.5%. The company declared dividends of 4.00 US cents per ordinary share, for a current yield […]
Ecofin Global Utilities and Infrastructure Trust (EGL) announced its annual results for the year ended 30 September 2024. The company delivered an impressive NAV total return of 25.9%. This performance exceeded those of the comparable global infrastructure and utilities sector indices, as well as general equity benchmarks such as the MSCI World index and was achieved despite a significant headwind from sterling […]
Land Securities has acquired a 92% stake in Liverpool ONE, one of the premier shopping centres in the UK, from the Abu Dhabi Investment Authority (ADIA – 69%) and Grosvenor (23%) for an overall consideration of £490m. The income return on Landsec’s initial £455m outlay (a payment of £35m to ADIA is deferred for two years) […]
Phoenix Spree Deutschland has commenced a realisation programme that will see it sell down its portfolio of Berlin residential assets and return capital to shareholders. It plans to achieve this by accelerating its individual condominium sales programme, where it has accomplished large premiums to book value. The company is targeting annual sales of €50m from […]
In QuotedData’s morning briefing 17 December 2024: The Global Smaller Companies Trust (GSCT) announced its interim report for the six months to 31 October 2024. The company delivered a NAV total return of 2.7% compared to the benchmark total return of 5.7%. The share price ended the period at 160.6p, delivering a total return to […]
AEW UK REIT has sold part of the Central Six Retail Park, in Coventry, for £26.25m, reflecting a net initial yield of 7.49% The sale price for units 1-11 of the park represents a 60% premium to the purchase price of the entire property, which was acquired in November 2021 for £16.411m and a 6.7% […]
JPMorgan Japanese (JFJ) has published its annual results for the year ended 30 September 2024, during which it provided NAV and share price total returns of 24.2% and 22.4% respectively, both comfortably outperforming its TOPIX benchmark index, which provided a total return of +10.3%. The managers say that part of the outperformance reflects their success […]
JPMorgan Emerging EMEA Securities (JEMA) has issued an update in relation to the Russian court order that has been provided by JEMA’s investment manager: “As previously notified, VTB Bank filed a lawsuit against eight J.P. Morgan legal entities and JPMorgan Emerging Europe, Middle East & Africa Securities plc (JEMA) on 17th April 2024 in Russia seeking to […]
In QuotedData’s morning briefing 16 December 2024: Caroline Chan, a non-executive director of NextEnergy Solar Fund (NESF), has made her first purchase of NESF shares. She has acquired 39,000 shares at 66.4p per share for a total investment of £25,986. Helena Coles, a director of RIT Capital Partners (RCP), has made her first purchase of […]
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Ecofin US Renewables (0:28) AVI Global Trust (4:49) Taylor Maritime (8:42) This week’s interview was with Craig Baker from Alliance Witan – watch it again here.
It is a well-documented fact that international investors have been shunning the UK equity market in recent years, leaving it cheap versus other regions. The reasons why have already been well-rehearsed, so I will not dwell on them here, but selected highlights would include the Brexit referendum in 2016 and the economic uncertainty that created; […]
Vast investment in US megaprojects supports structural demand for rental economy services Chart Description Header: Planned ‘new economy’ / infrastructure investments top US$1.6tn Subhead: Total private and public investment announced in the US, January 2021 to October 2024 Overview: This proportional area chart shows the breakdown of total private and public investment in ‘new economy’ manufacturing and infrastructure […]
Low rates post-2008 spurred demand for stable income, boosting Hypnosis Songs Fund in 2018. After transparency issues in 2021, investors returned in 2023, driving board changes and a bidding war, securing strong returns.
JPMorgan Asia Growth & Income (JAGI) has published its annual results for the year ended 30 September 2024, during which it provided an NAV total return of 14.8% and a share price total return of 12.7%, both underperforming its MSCI AC Asia ex Japan Index Benchmark, which returned 17.3%. The bulk of the underperformance was […]
JPMorgan Indian (JII) has published its annual results for the year ended 30th September 2024, during which it produced an NAV total return of 18.1%, underperforming its benchmark, the MSCI India Index by 9.6% (the benchmark returned a hefty 27.7%, outperforming both the MSCI Emerging Markets Index and the MSCI China Index). JII says that […]
