In QuotedData’s morning briefing 11 April 2025:

• Rights and Issues Investment Trust (RIII) has issued a circular calling a general meeting for 8 May 2025 to seek fresh shareholder approval for a share buyback authority of up to 14.99% of its ordinary shares. The proposed authority, covering up to 716,600 shares, mirrors a resolution that was withdrawn from the trust’s 2025 AGM following opposition – principally from a single major shareholder – and low overall turnout, with under 47% of eligible votes cast. RIII’s board says it has since concluded a round of consultation with both the dissenting shareholder and other significant investors, and is now putting the buyback proposal to a dedicated general meeting. RIII has a long-standing buyback policy aimed at managing its discount and providing liquidity for exiting shareholders. The board maintains that having the flexibility to repurchase shares remains in the best interests of all shareholders and is recommending a vote in favour. The general meeting is scheduled for 2:00pm on Thursday, 8 May 2025, at the Zig Zag Building, London SW1.
• HydrogenOne Capital Growth (HGEN) has confirmed that talks over a potential acquisition of its investment adviser, HydrogenOne Capital LLP, by Cordiant Capital have ended without agreement. The parties had been in discussions since at least December 2024, but the long stop date for the proposed transaction has now passed, and no deal was reached. Despite this, HydrogenOne Capital LLP says it remains committed to delivering value for shareholders and is in ongoing talks with several other interested parties regarding a potential acquisition. The company notes that further updates will be issued in due course as appropriate.
• Law Debenture (LWDB) has issued an announcement highlighting to the market that it retains authority to issue new shares at a premium to NAV, in line with the shareholder authority granted on 28 March 2024. It adds that any interest in participating in such an issuance should be directed through its joint corporate brokers, J.P. Morgan Securities and Peel Hunt. It says that its announcement is aimed at investment professionals, high net worth companies, partnerships, associations or trusts and investment personnel of any of the foregoing (so, other qualifying entities under the Financial Promotion Order) and is not intended for general retail investors.
• Saba Capital Management has reduced its exposure to Montanaro European Smaller Companies Trust (MTE), with its aggregate holding of voting rights now sitting at 9.75%, down from 11.14%. The update, disclosed via a TR-1 filing, shows that Saba no longer holds any voting rights attached directly to shares, with its entire interest now held through financial instruments. The notification follows a threshold crossing on 8 April 2025 and was received by the company on 9 April. The position is spread across a number of Saba-managed entities, including several Cayman Islands-based funds and US-registered vehicles. Saba’s equivalent total voting rights held after the disposal after the disposal amount to 16,957,468 shares.

[QD comment MR: MTE has recently put in place a number of proposals designed to improve its attractiveness to shareholders and, while discounts have in many instances been widening across the investment companies space in recent months, MTE’s has been on a broad narrowing trend having moved down from 15% in mid-November to around 7% today and this narrowing is likely a factor in Saba deciding to reduce its exposure to MTE. We think this is a welcome development as it suggests that MTE is less likely to be subject to the disruption that other Saba targets have suffered and the investment manager and board can get on with making sure the trust is managed properly and potential investors can buy with the comfort that a potential attack is less likely and MTE’s strategy should remain intact.]

• GCP Infrastructure Investments (GCP) has announced that non-executive director Alex Yew, along with closely associated persons, has acquired a total of 25,000 ordinary shares in the company. The purchases were made on 10 April 2025 across five separate transactions at prices ranging from 71.91p to 73.00p, amounting to a total consideration of approximately £18,139. Following the transactions, Alex Yew and his family now have an indirect holding of 100,000 ordinary shares in the company, representing 0.012% of GCP Infrastructure’s total voting rights. Separately, GCP has reported that non-executive director Dawn Crichard purchased 14,009 ordinary shares in the company on 9 April 2025 at a price of 71.38p per share. The transaction, totalling just under £10,000, increases Crichard’s indirect holding to 94,472 ordinary shares, representing approximately 0.011% of the company’s total voting rights.

[QD comment MR: It is good to see GCP’s directors increasing their holdings in the trust as it shows improved director alignment with shareholders as the fund continues to more turbulent market conditions. In the short term, rising interest rates may weigh on the value of some of GCP’s fixed income investments but longer-term an environment of higher interest rates should allow it to reinvest at more attractive yields. GCP has a strong emphasis on capital preservation and we think that it could see increased demand for its investment strategy in these more uncertain times (it targets long-term, inflation-linked returns through investments in UK infrastructure debt).]

• Alliance Witan (ALW) has reported that director Milyae Park purchased 2,100 ordinary shares in the company on 10 April 2025 at a price of 1,115p per share, for a total investment of approximately £23,415.

[QD comment MR: It is good to see ALW directors making a significant personal investment in the trust as it both improves alignment with other shareholders and is also a sign of confidence in ALW’s active, multi-manager global equity strategy in these less certain times. We think that this is another strategy that tends to hold well in periods of market turbulence and we think that it could prove increasingly popular in the current period of rising market uncertainty.]

• The Lindsell Train Investment Trust (LTI) has reported that Arthur Lindsell, a person closely associated with non-executive director Michael Lindsell, acquired 25 ordinary shares in the company on 10 April 2025. The shares were purchased at a price of 77,868.72p each, equating to a total transaction value of just under £194,672. Separately, LTI has also announced that, on 8 April 2025, Arthur Lindsell acquired two tranches of shares in the trust: 50 shares at a price of 75,786.87p per share, and a further 75 shares at 73,343.31p per share. The combined value of these transactions is approximately £110,370.

[QD comment MR: These latest disclosures add to a pattern of insider buying in the trust, which we think suggests ongoing confidence in the strategy. LTI is known for its concentrated portfolio of high-quality, long term holdings and while it has struggled in recent years as its value orientated approach has been out of favour in an environment of lower interest rates, we think the more challenging market conditions we are witnessing could suit its strategy and stimulate demand for its shares.]

• Miton UK MicroCap Trust (MINI) has announced that shareholders have approved all resolutions put to the First General Meeting, paving the way for the winding up of the company under a scheme of reconstruction. The scheme, executed under section 110 of the Insolvency Act 1986, will see shareholders’ interests split between a rollover option – Into a receiving sub-fund – and a cash exit. Approximately 48.5% of the share capital elected (or were deemed to have elected) for the rollover option, while 51.5% opted for cash. The two resolutions were passed with overwhelming support, each receiving over 99.6% of votes in favour. The resolutions included reclassifying the shares and amending the company’s articles to implement the scheme and appoint liquidators. Following the approval, trading in MINI’s ordinary shares was suspended on 9 April. Shares will be reclassified on 19 May 2025, with the reclassified shares expected to be delisted shortly after 21 May 2025.
• AVI Global Trust (AGT) has reported that director Anja Balfour has purchased a total of 13,500 ordinary shares across two transactions this week. The purchases took place on 8 and 9 April 2025. On 8 April, Balfour acquired 9,500 shares at a price of £2.1196 per share, followed by a further 4,000 shares at £2.0425 the next day. The combined value of the transactions is approximately £28,000.

[QD comment MR: We are pleased to see members of AGT’s board making purchases of the trust’s shares as it not only improves alignment but demonstrates continued board-level confidence in the trust’s strategy. We think AGT is another fund that could see increased in its strategy – which focuses on identifying undervalued assets globally through a contrarian, value-oriented investment approach – in the current uncertain environment.]

• VietNam Holding (VNH) will host a live online presentation today at 10:00 AM (UK time), during which fund manager Dynam Capital will provide an update on the trust’s interim results and discuss the outlook for Vietnam and the fund. The update follows a strong set of interim figures, with the fund delivering market-beating NAV per share growth of 16.5% for the year to 31 December 2024. The webinar will also cover the implications of recent US tariffs under President Trump’s administration and outline VNH’s risk management strategy in light of evolving trade dynamics. Shareholders and potential investors can register to join the webinar for free via this link: Webinar Registration.
• BBGI Global Infrastructure (BBGI) has announced that shareholders overwhelmingly approved all resolutions at yesterday’s General Meeting, marking a major step forward in the company’s recommended takeover by Bidco, a vehicle indirectly controlled by British Columbia Investment Management Corporation (BCI). The resolutions included authorisation for the sale of BBGI’s assets to Bidco, subject to the deal becoming effective, as well as the conditional appointment of six Bidco-nominated directors to the BBGI Supervisory Board. Each resolution received over 99.9% of votes cast in favour. These approvals satisfy one of the key conditions of the offer made by Bidco in February 2025. The offer remains subject to additional conditions, including regulatory approvals and minimum acceptance levels, as outlined in the offer document. If completed, the transaction will result in the delisting of BBGI and a change in control to BCI. Further updates will be provided in due course.

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