Baillie Gifford Shin Nippon (BGS) says its 15% tender offer was more than three times over-subscribed with holders of over 122m shares offering to sell compared to the 36.8m shares the company said could be sold in December. That’s nearly half the 245m shares the the underperforming £365m investment trust has in issue, excluding the 69.2m that have been previously bought back and held in treasury. BGS said 6.2% of excess tenders would be met. Sellers will receive net asset value minus 2%. The shares ended last week on an 8% discount.

James Carthew, head of investment company research at QuotedData, said: “I said in December that BGS shareholders would likely think that a 15% tender was too small. With around half the shares tendered, it looks like I was right. What happens next?”

Home REIT (HOME) has exchanged on the £123m sale of 706 properties to Patron Capital. Completion of the transaction, which represents the majority of the fund’s portfolio, will be no later than 1 April. Patron has paid £12.3m cash in deposit, with £85.7m to follow on completion and a further £25m in 12 months after that. The remaining £17.35m of properties in the former homeless accommodation portfolio that is subject to a police fraud investigation are expected to be sold in the first half of this year. “While it remains the aspiration of the board that capital will be returned to shareholders upon the completion of the realisation strategy, the timing and quantum of such distributions remains highly uncertain. The ability of the fund to make distributions to shareholders continues to be constrained whilst it faces potential group litigation or other claims,” the company said.

Onward Opportunities (ONWD), the £42m UK smaller companies investment trust managed by Laurence Hulse at Dowgate Wealth, is “exploring” a second quarter move from AIM (the junior Alternative Investment Market) to a main listing on the London Stock Exchange. It believes the migration would help grow the company and broaden its investor base.

Artemis has formally become the new fund manager of Murray Income Trust (MUT) following the announcement of its appointment to replace Aberdeen in November. NSM Funds (UK) has been made the company secretary and Northern Trust Investor Services as depositary for the £937m UK equity income investment trust. Its new registered address is 6th Floor, Exchange Plaza, 50 Lothian Road, Edinburgh EH3 9BY.