DL Invest, the Polish logistics group that failed to stop the wind-down of Abrdn European Logistics Income (ASLI) in February, voted down two resolutions at the real estate investment trust’s AGM yesterday. Special resolutions nine and 10 permitting ASLI to buy back its shares and call general meetings on not less than 14 days’ notice received 37.7% votes against and so failed to meet the 75% threshold to pass. DL Invest, an 18% shareholder in the now £78m investment trust, also voted against the remuneration report and the re-election of ASLI’s three directors. These ordinary resolutions saw votes against of around 38% but did pass, requiring a simple majority. ASLI, which has just one asset left to sell before liquidation, said it was “disappointed” but would engage with its larger shareholders over the coming days to “discuss the outcome of the AGM, the completion of the company’s shareholder-approved managed wind-down and the proposed next steps.”

James Carthew, head of investment company research at QuotedData, said: “DL Invest’s votes against ASLI’s directors and its blocking of ASLI’s buyback powers don’t achieve much. ASLI has been using B share issues to return cash and I think these can continue unaffected.”

Oakley Capital Investments (OCI) says 43% of votes at yesterday’s annual general meeting were cast against the re-election of Peter Dubens, the founder and managing partner of Oakley Capital, in whose private equity funds the company invests. Although Dubens was elected to the board with 56.9% of votes, OCI says it will continue to engage with shareholders who voted against his re-election believing he was not independent. “Notwithstanding this feedback, the board remains firmly of the view that Mr Dubens, as founder director, brings invaluable experience, continuity and insight to the company, which is in the best interests of all shareholders.” Eight other resolutions, including the other board appointments, were passed with 96.8% to 99.9% of votes in favour.

Schroder AsiaPacific (SDP), a £1bn investment trust managed by Schroders’ Abbas Barkhordar and Richard Sennitt, underperformed in the six months to 31 March as market turbulence from the war in Iran knocked its gains earlier in the half-year period. The company generated an underlying 3.7% total return behind the 5.2% rise in the MSCI AC Asia ex-Japan index, helped by advances in artificial intelligence (AI), industrial and energy stocks, although held back by falls in Chinese internet companies such as online travel agent OTA trip.com, music streamer Tencent Music Entertainment, recruitment platform Kanzhun, and social network giant Tencent which plunged between 25% and 60% on concerns of AI disruption. “At this early stage of AI adoption, the risk of permanent value impairment remains difficult to assess,” said the managers, adding they continued to monitor it closely.

Robert Naylor, the activist chair of Aquila European Renewables (AERI), has stepped up his attack on fund manager Aquila Capital, accusing the Commerzbank subsidiary of failing to provide all the information on the fees and charges paid by the company first requested by the board in December and again in February. “The board considers the continuing absence of complete information to be unacceptable, particularly given Aquila Capital’s status as a wholly owned subsidiary of Commerzbank Group and the standards of governance, control and transparency expected of an adviser operating within a major European banking group,” said Naylor, who is also fund manager of Achilles Investment Company (AIC), an activist fund. In a stock exchange statement yesterday, Naylor said AERI had incurred £160,000 of legal costs in connection with the unsuccessful proposed sale to Aquila Capital of around half of the Company’s portfolio. The collapse of the deal last month provoked Naylor to threaten legal action against the fund manager, which, according to Citywire, “rejects” his version of events and believes it has acted “professionally and fulfils its legal, contractual and regulatory obligations”.

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