In QuotedData’s morning briefing 19 June 2025: UIL has a larger borrowing facility, Vietnam Enterprise saw a big vote in favour of a wind up of the trust, Temple Bar has two new directors, and Partners Private Equity has made a profitable disposal.

• UIL Limited (UIL) has a £16.0m loan facility from General Provincial Life Pension Fund Limited (GPLPF), which holds 78.5% of UIL’s ordinary shares. £13.3m of the facility has been drawn down. The size of the facility, which matures on 31 October 2025 and bears interest at an annual rate of 10.5%, has now increased to £24.0m.
• Vietnam Enterprise (VEIL) has survived a scheduled vote to wind up the company at its AGM. However, the vote was just 59:41 in favour of continuation. That is a sizeable minority wanting out of their investment. [Honestly, I was surprised by the scale of this. Obviously, Trump’s original tariff proposals had the potential to put a serious dent in Vietnam’s economy. However, a long term investor should be able to look through this. More problematic, I guess are the trust’s NAV returns, which are at the bottom-end of the peer group over the past five and three years.]
• Wendy Colquhon and Nick Bannerman are joining the board of Temple Bar (TMPL). Wendy is a former senior corporate partner at international law firm CMS Cameron McKenna Nabarro Olswang LLP where she specialised in financial services. She is a non-executive director and the senior independent director of Capital Gearing Trust, Schroder UK Mid-Cap Fund, and Murray International. Nick is a Chartered Accountant. He is a non-executive director of JP Morgan China Growth & Income and also of The Global Smaller Companies Trust, where he also acts as chair of its audit committee.
• Partners Private Equity (PEY) has sold about a quarter of its stake in Vishal Mega Mart (a listed Indian retail business which is the trust’s largest investment – was 8.5% of NAV). The stake fetched about 6% more than its valuation in the last published NAV.

We also have:

NextEnergy Solar cuts fees

Henderson European to merge with Fidelity European

Schroder Capital Global Innovation launches tender offer

JPMorgan Core Real Assets ready to hand back more cash

Syncona wants to pursue a managed wind down

Decent year for JPMorgan European Discovery

Montanaro European shareholders benefit from discount narrowing

Great year for Cordiant Digital Infrastructure

Did you see from yesterday?

MIGO announces manager change and shift to high-conviction strategy

Gore Street Energy Storage announces fee cut and strategic review

Personal Assets maintains steady course through turbulent year

European Opportunities completes 25% tender offer in full