In QuotedData’s morning briefing 15 January 2025: Gresham House Energy Storage (GRID) announced that it has energised its Melksham project, a 100MW / 100MWh BESS[1] near Bath. Further plans to double Melksham’s battery capacity to 100MW / 200MWh are underway, with the extension to be carried out in two stages (50MWh at a time) and […]
Home REIT has finally published annual results to the end of August 2023, posting another large write-down in NAV. The company reported that NAV fell 37.3% from £345.9m, or 43.76p per share (at 31 August 2022) to £216.9m, or 27.43p. We are still awaiting up-to-date results for the year ended 31 August 2024, which the […]
In a further response to the requisition request issued by Saba, the board of Herald (HRI) has issued a statement highlighting the trust’s superior performance over that of Saba. From publicly available data sources and press articles, the board believes that Herald has materially outperformed Saba Capital Master Fund, often described as its flagship fund, […]
In QuotedData’s morning briefing 14 January 2025: International Biotechnology trust (IBT) has announced Johnson and Johnson’s acquisition of Intra-Cellular Therapies (ITCI) for $132 per share, representing a premium of approximately 40% to ITCI’s closing share price on 10 January 2025. ITCI is IBT’s largest shareholding, representing 7.14% of IBT’s NAV as at 10 January 2025. […]
Keystone Positive Change (KPC) has announced that it intends to open and immediately adjourn general meeting scheduled for 27 January 2025, that was meant to allow shareholders to vote approve a scheme of reconstruction that offers shareholders an uncapped cash exit in February 2025 and/or the option of a rollover into a more liquid fund […]
A sale of Calpine – a portfolio company of Pantheon Infrastructure (PINT) – has been agreed between Energy Capital Partners (ECP) and Constellation Energy, for a combination of cash (c.25%) and Constellation stock (c.75%), which will be subject to certain lock-up restrictions. The transaction, which will create the largest clean energy company in the US, […]
In QuotedData’s morning briefing 13 January 2025: AIM-listed Crystal Amber (CRS) has announced that the board of Morphic Medical Inc. has approved the conversion of its entire interest in convertible loan notes in Morphic, totalling US$25.4m and accrued interest of US$3.0m, into 194,358,367 common shares in Morphic. CRS says that these new common shares will […]
After several years of uncertainty, US hedge fund Saba Capital Management finally made its intentions for the UK investment trust sector clear on 18 December 2024, requisitioning general meetings of seven trusts, including Baillie Gifford US Growth Trust (US Growth), to vote on resolutions to remove the existing, entirely independent boards of directors. Saba hopes […]
Chrysalis (CHRY) has announced its annual results for the year ended 30 September 2024, during which its NAV increased by 4.9% to 141.26p per share, while its share price increased by 50.0% to 93.30p per share, although this was still at a substantial discount to NAV of 34% – down from 54% as at the […]
In QuotedData’s morning briefing 10 January 2025: Following the release of a circular on 7 January 2025 in relation to the requisition by Saba Capital, CQS Natural Resources Growth and Income (CYN) is providing a live presentation on the recent requisitioned resolutions that will feature its chair, Christopher Casey, and co-fund managers Robert Crayfourd and […]
Apparently, Saba published a press release this morning in which it said: “If shareholders support Saba’s resolutions to reconstitute the HRI [Herald] board, Saba would encourage the new board to offer all shareholders a 100% cash exit at 99% of the trust’s NAV. As a result, Saba expects that shareholders will have the opportunity to […]
In QuotedData’s morning briefing 9 January 2025: Blackstone Loan Financing (BGLF) will return €260m to shareholders via a compulsory redemption of 344,325,255 shares at €0.7551 per share on 4 February. This will shrink the company by 98.39%. On this basis, a holder of 10,000 shares will have 9,839 Shares redeemed, and receive €7,429.43 in cash. […]
Sunfire, one of HydrogenOne’s largest investments, has secured €200m in guaranteed financing. The financing is provided by a consortium led by Commerzbank and other leading German and European commercial banks. The consortium includes, in addition to Commerzbank, Société Générale, BNP Paribas, LBBW and Ostsächsische Sparkasse Dresden. The guarantee line arranged by Commerzbank will be used […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) Henderson Opportunities Trust (HOT) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions. In the process, the company has announced details […]
The European Smaller Companies Trust (ESCT) which holds a continuation vote every three years has been giving consideration to additional liquidity opportunities for shareholders, both periodic events and ongoing market liquidity, and has determined to introduce a three-yearly performance conditional tender offer and to enhance its discount management policy to target a mid-single-digit discount. Performance […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) The European Smaller Companies Trust (ESCT) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions, which ESCT describes as being “self-serving”. […]
A possible offer for Ground Rents Income Fund has been announced by Victoria Property, valuing it at £32.5m. Victoria Property, which is part of the Martin Property Group, said that it made three indicative offers to the board of Ground Rents Income Fund late last year, but was knocked back on each occasion. It added […]
In QuotedData’s morning briefing 8 January 2025: The Apax IX Fund, in which Apax Global Alpha Limited (APAX) is a limited partner, announced that portfolio company Paycor (PYCR) a leading provider of human capital management software, has entered into a definitive agreement with Paychex to be acquired in an all-cash transaction for $22.50 per share. […]
BlackRock Income and Growth Investment Trust (BRIG) announced its annual results for the year ended 31 October 2024. The company delivered an NAV total return of 18.1%. benchmark index which returned 16.3%. The share price total return was 13.2% leading the discount to widen from 8.7% at the start of the year to 12.9%. Commenting […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) CQS Natural Resources Growth and Income (CYN) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions, which CYN describes as being […]
In QuotedData’s morning briefing on 7 January 2025: Schroder European REIT (SERE) has sold a grocery anchored retail asset in Frankfurt, Germany, for €11.8m, in line with the 30 September 2024 valuation. The company acquired the 4,525 sqm asset in April 2016 for around €11m. The company’s manager has recently completed various asset management initiatives, […]
Following its announcement on Friday in which it questioned the validity of a requisition request that it had received from Saba Capital (click here to see our coverage of that), Edinburgh Worldwide (EWI) has confirmed that it has now received a valid requisition notice on behalf of Saba Capital Management, LP. Saba is seeking a […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) Keystone Positive Change (KPC) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions. As is explained more fully below, KPC’s chair, […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) Baillie Gifford US Growth (USA) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions, which USA describes as being proposals “to […]
Gresham House Energy Storage (GRID) has provided a trading update in which it details an improved trading backdrop driven by positive industry developments. [QD comment: this already bodes well for my spicier idea on our analysts’ top ideas for 2025, which was published on Friday – click here to read more]. GRID says that it […]
Following on from its previous announcements regarding the two lawsuits filed by VTB Bank in Russia claiming $81.3 million and $74.5 million against eight J.P. Morgan legal entities and JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) – click here to see our coverage of the last announcement – JEMA’s board says that it […]
In QuotedData’s morning briefing 6 January 2025: HarbourVest Global Private Equity (HVPE) has published what it describes as “an inaugural cashflow update” for the 2024 calendar year. Key highlights are as follows: HVPE had a fifth consecutive month of positive net cash flow in December 2024, with a net US$39m received during the month; HVPE […]
On 18 December 2024, Saba Capital Management, L.P. (“Saba”), wrote to the Board of Edinburgh Worldwide Investment Trust (the “Company”) with a requisition notice for a General Meeting to replace the Board and appoint alternative directors. On review of the documentation, in conjunction with the company’s registrars, it was discovered that Saba’s nominee was not […]
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
Following its announcement on 20 December, Herald (HRI) has released a circular strongly outlining why the board believes shareholders should vote against all of Saba’s proposed resolutions. The circular also contains a notice of the requisitioned general meeting which is to be held at 10-11 Charterhouse Square, London EC1M 6EE on 22 January 2025 at […]
