Tetragon Financial Group (TFG), the £1.2bn hedge fund and alternative investments platform stuck on a massive 65% discount, has launched a $50m tender offer for its non-voting shares which have slid 19% this year. As with previous TFG tenders, this will be a “modified Dutch auction” in which shareholders can tender their shares at prices from $13.25 to $15.25. The offer will end on 13 April. Broker JP Morgan will determine the lowest price at which TFG can buy $50m of shares, or less if there is insufficient demand. TFG shares stood at $14 last night against net asset value (NAV) per share of $40.80.

Scottish Oriental Smaller Companies (SST), the £297m Asia Pacific small-cap trust trailing at the bottom of its sector, has obtained a fee cut from its fund manager First Sentier Investors. From 1 March it will pay 0.7% a year of the lower of market capitalisation and net assets up to £250m, and 0.65% above that. This replaces the previous annual fee of 0.75% of net assets. Under portfolio managers Sreevardhan Agarwal and Martin Lau, SST has seen its shares fall 6.4% in the past year and return a total of 37% and 101.4% over five and 10 years, underperforming both its rivals Aberdeen Asia Focus (AAS) and Fidelity Asian Values (FAS).

Valhalla Ventures, the holding company of Preqin founder Mark O’Hare has bought more shares in HgCapital (HGT), lifting its stake to 9% from just over 8%. It owns 40,989,831 shares which, at last night’s closing price of 403.5p, values the position at £165.4m. This week the £1.8bn private equity investment trust, which is wholly invested in unquoted business software providers through the funds of Hg, used its annual results to argue against its part in an “indiscriminate” sell-off last month on AI fears. It reasserted the quality of its companies and their ability to adapt. 

Digital 9 Infrastructure (DGI9) says Polus Capital Management has increased its stake in Arqiva, the indebted UK broadcasting platform that is the largest holding in the portfolio being wound down by InfraRed Capital Partners. London-based Polus will own 41.4% of Arqiva, after buying a 14.8% stake from IFM Investors. It previously bought the 26.5% owned by Macquarie banks, in a fire sale in November. Last month DGI9 warned its previous £213m stake could be written off in its next valuation. It said of Arqiva: “This further consolidates the company’s investor base and also demonstrates Polus’s confidence in the company’s long-term fundamentals.” Separately, yesterday DGI9 received 99.9% votes at a general shareholder meeting for a change in its articles of association to allow the return of cash via a compulsory share purchase.

Develop North (DVNO), the £19m North England focused investment company planning a big expansion under new chief executive Michelle Percy, generated a 2.1% total return in the year to 30 November. Excluding 3p of dividends paid, net asset value (NAV) per share slipped to 77.5p from 79.8p. Under Percy, a former director of investment and growth at Newcastle City Council, DVNO intends to expand its investment remit from property lending to residential and commercial real estate. “These are exciting times for our company, not to mention for the North East region in which it is based,” said chair John Newlands. 

Schroders has raised its holding in Gresham House Energy Storage (GRID) to 11.5% from 10%, giving it a £48.9m position in the £425m battery fund on a 34% discount.

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