In QuotedData’s morning briefing 25 November 2024:

• Utilico Emerging Markets (UEM) has published its interim report for the six months ended 30 September 2024, a period that continued to be challenging with elevated volatility in most markets as uncertainty has dominated. UEM experienced two key headwinds: the first was the revaluation of Petalite Limited (Petalite) and the second was currency – with 26.2% of the portfolio invested in Brazil, the depreciation of the Brazilian Real of 13.4% over the half year against sterling was a significant challenge. Reflecting these developments, UEM provided an NAV total return of -1.4% for the half year to 30 September 2024, which was below that of the MSCI Emerging Markets total return Index for same period of 7.5%. UEM’s share priced total return was 0.1%. Dividends per share totaled 4.475p for the period, an increase of 4.1%, and were fully covered by earnings. Revenue earnings per share increased 9.9% to 6.54p and total revenue income remained almost unchanged at £14.7m (2023: £14.8m).
• Vietnam Holding (VNH) has begun issuing equity, with 15,000 new shares issued to satisfy market demand.
• US Solar Fund (USF) has published its third quarter update. USF’s unaudited NAV as of 30 September 2024 is US$230.6m (US$0.75 per share) which represents an increase of approximately 0.1% from the audited NAV as of 30 June 2024. The movement in NAV reflects the roll-forward of the valuation models and adjustments to portfolio working capital over the period. A dividend of 0.56 UScents per share for the third quarter of 2024 is to be paid by 27 December 2024, which is in line with USF’s dividend target of 2.25 UScents per share. USF says that its dividend target for the 2024 financial year is forecast to be fully covered by cash generated from operations. Generation in the third quarter was 11.8% below forecast, with 2.4% attributable to weather and 9.4% attributable to technical (non-weather) factors. Within these technical factors, 1.5% of underperformance was attributable to uncompensated utility grid outages. USF says that performance during the third quarter was materially impacted by elevated levels of inverter outages and unscheduled maintenance as a result of non-implementation of preventative maintenance plans in prior periods.
• Asset Value Investors, the manager of AVI Japan Opportunity Trust (AJOT), has purchased an additional 50,000 AJOT shares in connection with its commitment to invest at least 25% of its investment management fee into AJOT shares. This purchase takes AVI’s total current holding in AJOT to 1,890,000 shares.
• EPE Special Opportunities (ESO) says that, further to its announcement on 8 October 2024 where it said that it intended to repurchase shares (subject to them being available on attractive terms), it has now repurchased 400,000 shares and is no longer intending to undertake any further share repurchases. It says it will announce any future intention to repurchase ordinary shares, as applicable, in due course.
• Fair Oaks Income (FAIR) says that it will return US$2.1m on 6 December 2024 by way of a compulsory partial redemption of realisation shares, this being the fifth redemption. It will be conducted at a price of 56.20 US cents per share, this being the NAV per realisation share as at 31 October 2024 of 58.20 US cents per share less the dividend for the period to 30 September 2024 of 2.00 US cents per share. The redemption will be conducted on a pro-rata basis for holdings in the realisation shares, with record date being 6 December 2024. As at today’s date, FAIR has 44,825,351 realisation shares in issue of which none are held in treasury. On this basis approximately 8.34% of each registered shareholding would be redeemed on the redemption date. FAIR says that the default payment will be US dollars however, redemption payments can also be paid in sterling providing the relevant shareholder has registered to receive redemption payments in sterling.

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