Hansa Investment Company (HANA) has reported on one of its best years with a 29.4% return in the 12 months to 31 March boosted by its merger with Ocean Wilsons Holdings in December. The company had to overcome opposition from Ocean Wilsons investor Arnold to complete the deal after the US value investor complained the terms were unfair. Annual results show the underlying growth in net asset value beat the 17.2% return from the MSCI All Country World index and helped propel it into the FTSE 250 last month, although excluding the merger the return was in line with the benchmark at 17.1%. Holders of the voting ordinary shares, which include members of the Salomon family, saw a 14.5% return, while holders of non-voting A-shares did better with 23.5%. The lower returns reflect the overall 46.1% discount to net asset value at which all the shares stand. The company’s funds investments did well with Schroder Global Recovery, Schroder Asian Total Return (ATR) and Polar Capital Global Technology among the standout performers.  

International Biotechnology Trust (IBT) says this year’s “M&A bonanza” continues with Crinetics, a US rare diseases specialist accounting for 3.17% of the portfolio, agreeing to a $10bn cash bid from Vertex Pharmaceuticals. The $85 per share offer was at a 102% premium to Crinetics’ share price. This is the eighth stock IBT has seen acquired this year with fund managers Ailsa Craig and Marek Poszepczynski expecting the spree to continue as big drugs companies face patent expiries in the next few years. IBT shares rose 2.8% to £11.87.

Vietnam Enterprise (VEIL) says the 10% tender offer it announced last month was hugely oversubscribed with 70.1% of its shares put up for sale. The 10% of shares will be bought back at a 2.5% discount to net asset value. The £1.1bn company stands on a 12% discount to NAV.

Stay a step ahead. Our daily newsletter brings you the latest on investment trusts and active ETFs. Subscribe here.