In QuotedData’s morning briefing 24 January 2025: Starwood European Real Estate Finance (SWEF) has published a new quarterly portfolio update for the quarter ended 31 December 2024. The update says that the orderly realisation of the portfolio is progressing (to date, SWEF has returned £210.0m to shareholders through compulsory redemptions since the orderly realisation strategy […]
In QuotedData’s morning briefing 23 January 2025: Triple Point Energy Transition (TENT) has issued a circular, convening a meeting to liquidate the company. The managed wind-down is effectively complete, the company is just waiting on some deferred sale proceeds. There’s cash of £47.6m, which accounts for most of the NAV of 49.3p per share. If […]
In what is a resounding victory for shareholder engagement and protecting the rights of all shareholders, Herald’s requisitioned general meeting has seen the proposals by Saba Capital LLC to remove all of the existing board and replace them with just two of its own representatives voted down convincingly. At today’s meeting, Herald shareholders voted against […]
The proxy adviser Glass Lewis has recommended that shareholders vote AGAINST Saba’s requisitioned resolutions for CQS Natural Resources Growth and Income (CYN) at the upcoming general meeting. The Glass Lewis recommendation is in line with the unanimous recommendation of CYN’s board, which continues to urge shareholders to VOTE AGAINST the proposed requisitioned resolutions for the […]
CC Japan Income & Growth (CCJI) has published annual results for the year ended 31 October 2024, which show that it has provided NAV and share price total returns of 16.1% and 13.2% respectively, whilst the TOPIX has returned 13.4%. Discount widening over the year means that CCJI’s share price is effectively in line with […]
Residential Secure Income has appointed agents and is preparing to formally launch the sales process for its portfolio of retirement and shared ownership homes, as the wind-down of the company moves forward. Shareholders voted in favour of the realisation strategy in December after the board decided to call it a day due to its modest […]
Triple Point Energy Transition (TENT) has sold its remaining investments – specifically, the hydro-electric portfolio, which comprises six hydro-electric subsidiaries, and the remaining LED receivables finance agreements – for £44.1m, meaning that its managed wind down has been substantially completed within a year. The acquirer is Arkaig Bidco Limited, a company owned and managed by […]
Separately, the boards of BlackRock World Mining (BRWM), BlackRock Energy and Resources Income (BERI), BlackRock American Income (BRAI) and BlackRock Smaller Companies (BRSC) have all issued statements this morning that say they have entered into agreements with Saba Capital Management LP, under which Saba has given a number of undertakings to each trust as follows: […]
Social Housing REIT (SOHO) has proposed a change to its investment policy to increase the maximum exposure to any one approved provider to 35% (from 30%) of the group’s gross asset value, with the maximum aggregate exposure to the top two approved providers not to exceed 55% (previously not restricted). The reason for the change […]
In QuotedData’s morning briefing 22 January 2025: Impax Environmental Markets (IEM) is calling a general meeting to ask shareholders to renew its authority to repurchase shares. IEM says that, as at 20 January 2025, it has bought back 28,109,153 shares and the repurchase authority granted at the 2024 AGM has been substantially utilised. Its […]
abrdn Diversified Income and Growth (ADIG) has announced its annual results for the year to 30 September 2024. The company’s NAV total return was down 2.2%, while shares rose 8.1%. Dividends received by shareholders during the year ended 30 September 2024 amounted to 5.91p per ordinary share, including a special dividend of 1.65p per share. […]
Gore Street Energy Storage Fund (GSF) has announced a portfolio update and the energisation of “Big Rock” – the 200 MW / 400 MWh asset in California – bringing the company’s total energised capacity to 621.4 MW / 792.1 MWh across five grids. Trading and Portfolio Update: For the calendar year ending 31 December 2024, […]
Keystone Positive Change (KPC) has noted the publication of the voting recommendation from Glass Lewis, the independent proxy advisor, in relation to the company’s general meeting to be held on 3 February 2025 at 12 noon. Glass Lewis recommends that KPC shareholders vote “AGAINST” all the proposed requisitioned resolutions at the general meeting. In its […]
Tritax Big Box REIT has purchased a 74-acre site at Heathrow, London, where it plans to build one of the largest data centres in the UK. The Manor Farm site, which sits within the Slough Availability Zone – a key EMEA data centre location, has the potential to house a data centre scheme with up […]
In QuotedData’s morning briefing 21 January 2025: Baillie Gifford US Growth Trust (USA) announced its interim results for the six months to 30 November 2024. The manager notes that this was a highly successful period for its growth strategy, delivering NAV returns to shareholders of 29.4% over the six month period, almost double the 15.3% […]
Edinburgh Worldwide has published both its annual results for the year ended 31 October 2024 and a circular in relation to the general meeting requisitioned by Saba. EWI’s board strongly recommends that shareholders vote against all of Saba’s resolutions at the general meeting on 14 February and for all of the AGM resolutions – the […]
Digital 9 Infrastructure (DGI9) has signed a binding agreement with EXA Infrastructure to sell its Atlantic and Irish Sea subsea fibre business, Aqua Comms for US$48m (around £40m). The transaction, which follows DGI9’s recent divestment of EMIC-1 announced on 31 December 2024, is subject to the receipt regulatory approvals in a number of jurisdictions, including […]
The European Smaller Companies Trust (ESCT) has issued a statement this morning in which its board reiterates that it unanimously recommends shareholders vote against what it refers to as “Saba’s Damaging Proposals”. ESCT’s board says that it has noted the announcement by Saba on 13 January 2025, the webinar it held on 14 January 2025 […]
Boaz Weinstein, head of New York-based hedge fund Saba Capital, pulled no punches when discussing the boards of investment trusts in his recent webcast. They were “obstinate”, a “boys’ club”, protecting their own interests, “part of an ecosystem of greed taking fees away from the pensioners.” Their actions verged on “almost malpractice”, distributing misinformation to […]
RTW Biotech Opportunities (RTW) has announced that it has made a new investment in series A fundraising of Windward Bio, a Swiss private, clinical-stage drug development company committed to improving outcomes for people living with advanced immunological diseases with an initial focus on severe respiratory conditions. The Series A round raised US$200m in funds which […]
In QuotedData’s morning briefing 17 January 2025: VH Global Energy Infrastructure (ENRG) has energised two additional solar distributed generation (DG) sites in Brazil, bringing its total operational solar DG projects in the country to 12, with a capacity of 34.3MWdc. ENRG expects a third solar site to be energised in the first quarter of 2025, […]
HydrogenOne Capital Growth’s (HGEN’s) portfolio company, Elcogen Plc, a leading European manufacturer of solid oxide technology that enables the delivery of efficient, affordable green hydrogen and emission-free electricity, has announced that it has secured a €5m investment from SmartCap, an Estonian state-owned venture capital fund supporting Estonian ‘greentech’ companies. HGEN says that SmartCap’s investment will […]
Saba Capital, a US-based hedge fund, has been on the offensive against the UK’s investment trust sector. Having built substantial stakes in seven investment trusts, ranging from 20% to just shy of 30% of the trusts’ outstanding shares (a key level that would require them to make a bid for the trust), it is using […]
Safestore says that over the year ended 31 October 2024, its EPRA NAV rose by 14.6% to 1091p from 952p, but adjusted diluted EPRA earnings per share fell by 11.7% to 42.3p. Revenue was flat at £223.4m The occupancy rate fell to 74.6% from 77.0% of the maximum lettable area (MLA). There is a 1% […]
Macau Property Opportunities has been selling off its portfolio for many years now, and a formal wind down process began in 2022. However, progress has been painfully slow. In its latest update, covering the second half of 2024, it says that two villas at The Fountainside were sold, along with five additional units at The […]
Bankers has announced results for the year ended 31 October 2024. Over that period, the trust delivered an NAV return of 21.1%, trailing its benchmark (the FTSE World Index) by five percentage points and extending the period of underperformance out beyond 10 years (+168.7% versus +174.0%). The discount narrowed from 15.8% to 13.4%, which meant […]
abrdn Asian Income Fund says it will introduce an enhanced annual dividend policy of 6.25% of its average NAV (currently equating to a dividend yield of 7.1% based on the share price). In addition it will provide investors with a continuation vote every three years. Under these proposals, the dividend for the fourth quarter of […]
In QuotedData’s morning briefing 16 January 2025: Herald (HRI) says that a second independent proxy adviser – Glass Lewis – has recommended that shareholders vote against Saba’s proposals. Investors who hold their shares through an investment platform provider or nominee are encouraged to contact their investment platform provider or nominee as soon as possible to […]
LondonMetric Property has sold 10 non-core properties for a total of £74.2m and acquired seven properties for £50.1m. The sales reflect a net initial yield (NIY) of 6.9%, while the acquisitions reflect a NIY of 6.5% that is expected to rise to 7.2% over five years Sales The sales comprise: A 138,000 sq ft retail […]
Ground Rents Income Fund has reported a NAV of 59.0p per share in full year results for the year ended 30 September 2024. This means that the possible offer price for the company of 34.0p announced last week is at a 42.4% discount to NAV. The NAV was down 34.5% over the year (from 90.1.p […]
