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 […]
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 […]
