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1 week ago | 
citywire.com | Danielle Levy |Michelle McGagh |James Carthew
Aurora UK Alpha (ARR) manager Gary Channon describes 2024 as a year of ‘fundamental progress’, even though disappointing performance figures resulted in him returning last year’s performance fee. The £279m portfolio of UK special situations, which significantly boosted its size last year after merging with Artemis UK Alpha, suffered a tough 12 months in terms of performance.
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3 weeks ago | 
citywire.com | Algy Hall |Danielle Levy |Jeremy Gordon |James Carthew
Warehouse Reit (WHR) has extended its deadline to allow private equity firm Blackstone extra time to confirm its final offer for the multi-let warehouse investor. Last month, the board agreed to an all-cash offer of 115p per share, which values the portfolio at £489m. But in a stock exchange announcement, Warehouse Reit said it has extended its deadline for the final offer from 31 March to 28 April to allow Blackstone extra time to complete its due diligence.
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4 weeks ago | 
citywire.com | Michelle McGagh |Danielle Levy |James Carthew
Activist trust Achilles (AIC) is proposing to oust Urban Logistics’ (SHED) chairman Nigel Rich and the trust’s manager Richard Moffitt from the board, a move it hopes will facilitate a strategic review to maximise shareholder value. The new activist trust has joined forces with Waverton Investment Management, TR Property (TRY), and Harwood Capital, which is Achilles’ manager Chris Mills’ investment firm. Collectively, the three shareholders account for 8.8% of Urban Logistics’ share capital.
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4 weeks ago | 
citywire.com | Danielle Levy |Michelle McGagh |James Carthew
The board of Rights & Issues (RIII) investment trust has suspended its buyback programme after facing opposition from a ‘single material shareholder’.
The UK smaller companies trust withdrew the resolution giving it the authority to buy back shares from the business of its annual general meeting, held on 24 March. This means the share buyback programme, which had been announced in July 2024, has been suspended.
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4 weeks ago | 
citywire.com | Danielle Levy |Michelle McGagh |James Carthew
Activist trust Achilles (AIC) is proposing to oust Urban Logistics’ (SHED) chairman Nigel Rich and the trust’s manager Richard Moffitt from the board, a move it hopes will facilitate a strategic review to maximise shareholder value. The new activist trust has joined forces with Waverton Investment Management, TR Property (TRY), and Harwood Capital, which is Achilles’ manager Chris Mills’ investment firm. Collectively, the three shareholders account for 8.8% of Urban Logistics’ share capital.
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4 weeks ago | 
citywire.com | Danielle Levy |Michelle McGagh |James Carthew
Ian Hargreaves, co-manager of Invesco Asia Dragon (IAD), discusses the curious valuation dynamics across the Asia Pacific market that the £779m investment trust focuses on. While in aggregate, Asian valuations are ‘slap bang in the middle’ versus their long-term historical averages, this masks a ‘wide divergence’ in different country markets. In the popular Indian market, in particular, the Invesco team have been struggling to find undervalued companies there.
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4 weeks ago | 
citywire.com | Danielle Levy |Michelle McGagh |James Carthew
Renewables Infrastructure Group (TRIG) has scrapped plans for takeover fees, as it shakes up its charges and introduces a performance-triggered continuation vote. The £1.8bn investor in onshore and offshore wind farms and solar parks in the UK and Europe had previously proposed a new annual fee structure based on an equal weighting of the average closing markets capitalisation during each quarter and the net asset value (NAV) for the quarter.
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4 weeks ago | 
citywire.com | Michelle McGagh |Danielle Levy |James Carthew
Activist trust Achilles (AIC) is proposing to oust Urban Logistics’ (SHED) chairman Nigel Rich and the trust’s manager Richard Moffitt from the board, a move it hopes will facilitate a strategic review to maximise shareholder value. The new activist trust has joined forces with Waverton Investment Management, TR Property (TRY), and Harwood Capital, which is Achilles’ manager Chris Mills’ investment firm. Collectively, the three shareholders account for 8.8% of Urban Logistics’ share capital.
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2 months ago | 
citywire.com | Danielle Levy |Michelle McGagh |Jeremy Gordon |Gavin Lumsden
The board of NB Private Equity (NBPE) is making an additional $120m (£95m) available for share buybacks over the next three years. The board estimates the move will result in a total of $250m being returned to shareholders over the next three years, once dividends are factored in as well. The $120m equates to 10% of NBPE’s net asset value (NAV). The board said the buybacks would be accretive for the NAV and reflects their confidence in the portfolio.
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2 months ago | 
citywire.com | Michelle McGagh |Danielle Levy |Jeremy Gordon |Gavin Lumsden
Partners Group Private Equity (PEY) has overhauled its fee structure in a bid to keep shareholders onside. The new structure will be based on net asset value (NAV) performance, which the board said is better aligned to shareholders. The new fee structure for the ‘incentive fee’ that is paid to Partners Group will incorporate a higher ‘watermark’ of €15.03, which was the NAV per share at the end of December. This means a performance fee is only paid if the NAV grows from this level.
