Impax Environmental Markets (IEM) has completed its exit tender offer, repurchasing just over 148.2m shares, all of which will be cancelled. As previously announced, the scale of the tender – which was designed to give shareholders the opportunity to exit and avoid being trapped in a vehicle controlled by Saba Capital – dramatically shrinks the company’s capital base. Following the transaction, the company has just 40.4m shares with voting rights in public hands.

Baillie Gifford Japan (BGFD) is asking shareholders to renew its buyback authority early after getting through more than two-thirds of the existing mandate in just over five months. The trust has published a circular convening a general meeting on 17 June 2026 at which shareholders will be asked to approve a fresh share repurchase authority. The board says that, given the pace of recent buybacks, the authority granted at the December 2025 AGM is likely to be exhausted well before the next AGM rolls around in December this year. Since the 2025 AGM, the company has repurchased 7.79m shares into treasury, equivalent to 68.3% of the 11.4m shares authorised under the current mandate. That leaves scope to buy back another 3.62m shares, about 5.3% of the issued share capital excluding treasury shares. The board reiterated that buybacks remain central to its discount control policy, providing liquidity for shareholders while enhancing NAV per share for remaining investors and helping dampen discount volatility.

BlackRock Energy and Resources Income (BERI) has published its portfolio update for April. The month saw the trust’s NAV rise 2.7%, extending its one-year NAV return to 78.8%, helped by gains from energy transition and mining stocks. Managers Tom Holl and Mark Hume said that energy transition holdings were the standout performers over the month, particularly companies exposed to AI-driven electricity demand such as cable manufacturers and transmission operators. Storage-related investments also contributed positively. Conventional energy holdings were weaker as oil prices proved volatile. Brent crude dropped sharply early in April following hopes of easing tensions involving Iran, before rebounding later in the month as uncertainty around the Strait of Hormuz resurfaced. Integrated oil exposure was the biggest drag on returns. Mining exposure also helped performance, with diversified miners benefiting from firmer iron ore and copper prices amid signs of improving Chinese economic data. The trust’s largest holdings at the end of April included Glencore, Vale, Chevron, Abaxx Technologies and Anglo American.

Home REIT (HOME) says it is moving closer to returning capital to shareholders following substantial progress on its managed wind-down, although ongoing litigation risks and regulatory investigations continue to cast a shadow over the process. The company reported that, following the period end, it completed the sale of 706 properties to Patron Capital for £123m, with a further £25m deferred for one year. Additional auction sales have also been progressing, with most of the remaining disposals expected to complete by the end of June. Home REIT’s NAV fell from £161.1m at the end of August 2025 to £143.1m at the end of February 2026, equivalent to 18.10p per share, reflecting further property write-downs and ongoing costs associated with the wind-down. After allowing for estimated disposal costs, the adjusted NAV falls to 17.61p per share. The company made a pre-tax loss of £18.0m over the six-month period, with legal and advisory costs continuing to weigh heavily. Of the £5.4m of administrative expenses incurred during the period, £1.8m related to legal fees. The board said preparations for a solvent liquidation are continuing with advice from Ernst & Young, but warned that any return of capital remains constrained by potential shareholder litigation and ongoing investigations by the FCA and SFO. The company said any future liquidation proposal would depend on continued engagement with regulators and stakeholders, as well as the successful completion of the remaining asset sales.

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