Foresight Solar (FSFL) has a new fund manager, Will Morgan, to replace Ross Driver who left Foresight Group in December. Morgan joins as managing director of Foresight’s solar investment team. He previously led True Green Capital Management’s European business for two years until last summer and before that worked as a fund manager and head of renewables at Alpha Real Capital for a decade. A fluent Spanish speaker, which will be useful as Foresight Solar continues to face curtailment of its assets in Spain, the company said he brought over 20 years of experience in renewables, “having built teams, scaled platforms and deployed more than £1.5bn in equity across solar and wind projects”. In a post on LinkedIn, Morgan said his priority was to meet more FSFL investors and set out a “workable plan” to tackle the 33% share price discount and continue to deliver on its income and growth. A first quarter update showed net asset value was stable at 99.2p per share in the first three months of the year with rising short-term inflation and power prices from the war in the Middle East and better-than-expected weather in Australia offsetting the 2p per share dividend and lower irradiation in the UK.

Matthew Read, senior analyst at QuotedData, said: “At first glance, Foresight Solar’s Q1 results look fairly unremarkable. Weaker operational performance was offset by higher inflation, resilient power prices and buybacks – none of which was particularly surprising. However, the curtailment issues in Spain merit closer attention, as they highlight the consequences of having too much renewable generation capacity without sufficient storage to absorb excess supply. As more renewable capacity comes online, this imbalance is likely to become increasingly common. Capturing and redeploying surplus power when demand is higher offers clear economic and environmental benefits, reinforcing the case for continued investment in both BESS assets and broader grid infrastructure.

“We also think the changes to power price assumptions deserve closer scrutiny. While it is no surprise that the conflict with Iran has lifted power prices in the near term, independent forecasters now expect elevated prices to persist through 2028. This could extend further if tensions escalate or the conflict drags on, suggesting the risks remain skewed to the upside for renewable generators such as Foresight Solar. Against this backdrop, it is unsurprising that inflation expectations have also risen in the near term, and further disruption could easily result in higher inflation for longer, providing additional support to renewable funds’ NAVs at the margin.”

Achilles Investment Company (AIC) says Brett Miller, the restructuring expert, has resigned as a non-executive director. Miller, a closed-end fund specialist who co-founded Damille Partners, chairs Ecofin US Renewables Infrastructure (RNEW) and sits on the board of technology trust Manchester & London (MNL). He joined Achilles for its launch in February 2025. Launched in a £54m flotation by activist Robert Naylor and Harwood Capital’s Chris Mills, Achilles scored an early success in its campaign against Urban Logistics, leading to its sale to LondonMetric Property (LMP) last summer. Since peaking at 108p last October, the shares have drifted to 96p in line with analysts’ estimate of net asset value. Speaking on QuotedData’s “In The Hot Seat” show on Friday, Andrew McHattie described them as “a bit disappointing”.

Target Healthcare (THRL), the £649m care home operator, has sold a property that fell behind on rent in the first quarter of the year, keeping rent collection at 99%. Kenneth MacKenzie, chief executive of Target Fund Managers, said the disposal after the quarter end on 31 March was expected to return the portfolio to full rent collection in the current quarter. THRL took similar action last year after rent collection fell to 97% in the year to 30 June. In the three-month period, the company’s third quarter, net tangible assets rose 1% to 120.6p from 119.4p at 31 December with earnings per share rising to 1.6p from 1.58p to cover a quarterly dividend of 1.508p per share. Shares in the 5.6%-yielder rose 1% to 105.6p in early trading on a 12.5% discount to the new valuation.

Geiger Counter (GCL), the uranium fund, is on track to raise £7.7m from its annual one-for-five share subscription. Shareholders subscribed for 14.1m shares, taking advantage of the low price of 37.2p based on their net asset value (NAV) at 1 May last year. The shares currently stand at 73.2p after more than doubling in the past year. A further 6.8m shares were not taken up but will be sold in a share placing. The company also set the price for next year’s subscription offer at 94.26p, the NAV at 1 May just gone. The company served protective notice on Manulife CQS in March in response to news that fund managers Keith Watson and Robert Crayfourd were leaving to join Tufton Investment Management.

BioPharma Credit (BPCR) says Alphatec Holdings (ATEC”) has repaid its US$200m senior secured loan facility in which the company had invested US$35m on 31 October 2024. BPCR received US$37.1m with US$2.1m of prepayment fees and accrued interest included. 

Matthew Read said: “The Alphatec loan exit illustrates a helpful feature of Biopharma Credit’s approach: when loans are repaid early, these often require an early repayment fee that boosts the company’s returns on those loans. In this instance, these fees contributed to a net IRR of 11.93% and, while early repayments shorten asset lives, the fees attached provide some mitigation against reinvestment risk.”

Abrdn European Logistics Income (ASLI) has agreed the sale of its penultimate asset, a 39,569 square metre freehold warehouse let to AS Watson Property in Ede, the Netherlands. This is the 26^th asset to be sold of the 27-strong portfolio that began a managed wind-down in June 2024. The company also declared a 2.32 euro cents fourth interim dividend which will be paid after a fifth B-share distribution of 7.08p per share this month. After these the company will have returned a total of 43p per share. It intends to complete the sale of its final asset and to enter liquidation in the second half of this year.

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