In QuotedData’s morning briefing 2 January 2025: Pershing Square Holdings (PSH) says Euronext Amsterdam has approved its request to delist from Euronext Amsterdam. The delisting request was submitted by Pershing Square Holdings on 4 December 2024. The last day of trading of the shares on Euronext Amsterdam will be on 30 January 2025 and delisting […]
Digital 9 Infrastructure (DGI9) has announced that it has entered into a binding agreement for the divestment of its interests in subsea cable investment EMIC-1, with completion expected by March 2025. The $42m consideration, which is net of $2.6m of transaction costs, represents a 15% discount (approximately 0.7p per share) to the latest valuation of $49.6m […]
In QuotedData’s morning briefing 27 December 2024: Syncona Limited (SYNC) announced that its investment, Achilles Therapeutics, has sold its technology assets to AstraZeneca. Completion of this transaction signals the conclusion of its strategic review which was announced in September 2024. Achilles now plans to undertake additional measures, including a further reduction in employee headcount and […]
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
Where once we celebrated some good news on investment trust cost disclosure reform, confusion reigns, not helped by proposals recently published by the FCA on its proposed consumer composite investments regulation, which some interpreted as an intention to reinstate a single aggregated cost figure for trusts, without acknowledging that costs are already reflected in share […]
Chenavari Toro Income Fund (TORO) announced its annual results for the year ended 30 September 2024. The company delivered a NAV total return of 12.76% and a share price total return of 36.36%. Dividends totalling 6.58 cents per share were declared for the year, for a yield of 10.2%. As of publishing, the discount stood […]
In QuotedData’s morning briefing 24 December 2024: Weiss Korea Opportunity Fund (WKOF) has provided an update on its recently announced strategic review. The company notes that it is making good progress with a number of credible options identified from third-party proposals received. The board anticipates that short-listed proposals will be discussed and assessed in detail […]
Menhaden Resource Efficiency (MHN) is proposing a managed wind-down and return of capital to shareholders. Following an announcement on 16 September 2024 that it was reviewing its future options, MHN says that its board has concluded that it is in the best interests of shareholders as a whole to propose an orderly realisation of the […]
Law Debenture (LWDB) acquired Hackwood Secretaries Limited, the process agency business of Linklaters LLP on 19 December 2024, which has now been renamed LDCS Process Agent Limited. LWDB says that the transaction will strengthen and further enhance the well-established commercial relationship between Law Debenture and Linklaters. Denis Jackson, CEO of Law Debenture, says “The acquisition […]
River UK Micro Cap (RMMC) has published its annual report for the year ended 30 September 2024, during which it provided NAV and share price total returns of 14.9% and 22.5% respectively, outperforming its Numis Smaller Companies plus AIM ex Investment Trusts benchmark, which returned 14.1%. RMMC’s chairman, John Blowers, says that the last 12 […]
Majedie (MAJE) has published its annual results for the 12 months ended 30 September 2024, during which it provided NAV and share price total returns of 21.5% and 24.1% respectively. Its chairman, Christopher Getley, says that “each of the three core strategies added meaningfully to the overall returns” and that “the low correlation of performance […]
Aquila European Renewables (AERI) says that the court has ruled in favour of The Rock in the appraisal case in of whether the licences to build the project were valid in relation to the dispute with the reindeer herders. The Rock is a 400 MW wind farm located in northern Norway. AERI says that, in […]
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) […]
