Four investment trusts closed last week. How many more will go? September 16, 2024 Last week, four separate investment trusts handed in their notice, announcing they would be shuttering. Aquila European Renewables, Ecofin US Renewables, Gulf Investment Fund and Keystone Positive Change, all said they would be liquidating, as the number of trusts on the London Stock Exchange continued to dwindle. The number of investment trusts has fallen to [...]
Ditch ‘short-sighted’ share tax and lean on City to back National Wealth Fund, Reeves told September 9, 2024 The Chancellor should axe the “short-sighted” tax on share trading and “sponsor” a set of listed investment vehicles in order to unlock funding for the government’s investment plans, a body of investors has said today. In a call to the chancellor, the Association of Investment Companies (AIC), which represents listed investment trusts in the UK, [...]
Almost 90 per cent of investment trusts are on a discount. When will it change? September 5, 2024 A significant 88 per cent of all investment trusts are now trading on a discount to their underlying assets, City A.M. can reveal. The gap between the share price of investment trusts and the price of their underlying assets has got so bad that 30 per cent of all trusts now trade on a discount [...]
Columbia Threadneedle property trust bought out for £673m despite management complaints September 4, 2024 Columbia Threadneedle-run Balanced Commercial Property Trust has reached a deal to be sold for £673.5m, despite objections from its investment manager. The trust has been managed by Columbia Threadneedle since it was created in 2005, and began a strategic review this April after shareholders told it there was “need for change from the status quo”. [...]
Artemis Alpha trust agrees to takeover by Phoenix competitor September 2, 2024 The Phoenix-run Aurora Investment Trust has proposed a takeover of the Artemis Alpha Trust, which would see the two trusts merge to combine £353m of assets. The £123.7m Artemis trust and the £198.6m Aurora trust are around 25 years old. The new trust will be named the Aurora Alpha Trust if the merger is completed. [...]
Londonmetric makes £120m worth of acquisitions and sales in dealmaking spree September 2, 2024 LondonMetric has made £70m worth of acquisitions and offloaded other assets worth £50m in the real estate investment trust's (REIT) latest dealmaking spree.
PRS REIT attempts to negotiate with rogue shareholders September 2, 2024 Embattled PRS REIT has promised to negotiate with the group threatening to take control of its business. Last week, the investment trust faced calls from a group of investors, including Waverton Investment Management and CCLA Investment Management, to replace chair Stephen Smith and non-executive director Steffan Francis and adjust the trust’s strategy. The group controls [...]
Riverstone Energy share buyback programme marches on after £158m spending spree August 21, 2024 Riverstone Energy’s underlying assets per share ticked up seven per cent over the last six months, as the company continued an aggressive share repurchase programme. Riverstone’s monster share buyback programme has helped the energy-focused investment trust outperform its peer group over the past one and three years. The trust’s share price has returned 42.2 per [...]
Georgia Capital: Investment trust charts recovery after Tbilisi protest crash August 13, 2024 Georgia Capital, a UK-listed investment trust that owns around five per cent of Georgia’s economy, has charted its road to recovery after crashing during the country’s protests. In May, protests began against the Georgian parliament in Tbilisi due its new foreign agents law, which will see NGOs and independent media receiving 20 per cent of [...]
Impax Environmental Markets assets dip while holding out hope for ‘resurgent M&A’ August 12, 2024 Impax Environmental Markets has reported a 0.5 per cent decline in the net asset value (NAV) of the trust over the six months to 30th June. The investment trust reported a NAV of 429.3p at the end of June, compared to 434.9p as of 31 December 2023. The company, which is the UK’s largest environmental [...]