In QuotedData’s morning briefing 10 January 2025:

• Following the release of a circular on 7 January 2025 in relation to the requisition by Saba Capital, CQS Natural Resources Growth and Income (CYN) is providing a live presentation on the recent requisitioned resolutions that will feature its chair, Christopher Casey, and co-fund managers Robert Crayfourd and Keith Watson. The live presentation is taking place on 14 January 2025 at 11am GMT and is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 13 January 2025 at 9am GMT, or at any time during the live presentation. Investors can click here to sign up to Investor Meet Company for free and register for the meeting. [QD comment: Yesterday, we published a flash note on CYN looking at this very topic, which you can read by clicking here. Our house view is that Saba’s proposals look to be very detrimental to all shareholders other than Saba, who we believe is counting on a historically low turnout at CYN’s AGMs in recent years, so we are urging shareholders to get themselves informed and then to get out and vote to protect their investments.] CYN has also set up a website for its shareholders in relation to the requisition: cynprotectyourinvestment.com
• Miton UK Microcap (MINI) has published its interim results for the six months ended 31 October 2024, during which its adjusted NAV fell by 7.6% (from 55.79p on 30 April 2024 to 51.44p on 31 October 2024) on a total return basis, while its share price fell by 11.9% (from 50.50p at 30 April 2024 to 44.40p at 31 October 2024) also on a total return basis. A profit of £48,000 in the half year to October 2024 has been credited to revenue reserves but redemption requests of 40.4% of MINI’s issued share capital were received and ultimately cancelled on 5 November 2024, which, following a consultation exercise after the UK budget, led the directors to conclude that MINI is too small to remain viable (it has a market cap of c. £20m). MINI has received a proposal from Premier Miton that includes a potential rollover into one of Premier Miton’s open-ended funds, which the Board is evaluating. The board says that it is expected that a cash exit alternative will also be offered as part of the scheme. It adds that the winding up of the company will be subject to shareholder approval and further announcements will be made in the coming weeks.
• RTW Biotech Opportunities (RTW) has made an investment in Alesta Therapeutics, a Netherlands-based biotechnology company focused on developing novel oral small molecule therapies for underserved rare diseases. Alesta announced the completion of its €65m (US$67m) Series A financing round, in which RTW participated alongside other investment vehicles managed by RTW’s manager. The proceeds of the capital raising will be used to advance Alesta’s lead asset toward clinical proof of concept and accelerate the development of a second asset. Alesta’s lead asset, ALE1, is being developed for hypophosphatasia (HPP), a rare genetic disorder with significant unmet needs. It is also advancing ALE2, a promising candidate to treat Charcot-Marie-Tooth (CMT) disease.

We also have:

Majority of Chrysalis’s portfolio continues to perform strongly