In QuotedData’s morning briefing 28 March 2024:

• Not enough shareholders of Invesco Select Trust (IVPB / IVPG / IVPM / IVPU) voted on the plan to merge the four asset classes into just the global equity income class. The percentage voting requirement to get the deal approved has been relaxed and the timetable pushed back. It could all still get done by 1 May. [QD comment: this is a bit poor – only 30% of shares needed to be voted but in the UK equity income and managed liquidity classes they didn’t even get that many. This is a fairly major event in the life of this fund and it is still possible that it could get voted down. Arthur Copple, shareholder, chair of Montanaro UK Smaller, and a former broker and fund manager has opposed the scheme on the grounds that the UK investors were not offered a cash exit option, for example.]
• Two resolutions at Rights & Issues (RIII) AGM were passed but saw substantial votes against as there was some opposition to an ex-gratia payment to outgoing chairman David Bramwell and to the re-election of former fund manager Simon Knott as a director. The board will talk to investors and report back.
• Triple Point Energy Transition (TENT) says the sale of an LED facility flagged in a circular published earlier this month has comepleted. £2.1m has been freed up towards the managed wind down of the fund.
• Digital 9 Infrastructure (DGI9) has revalued its assets in light of the ongoing managed wind down and come up with a new NAV figure of 84p as at end December 2023.
• Home REIT (HOME) has sold a further 63 properties in auctions for a total of £6.1m, representing 1.8% of the company’s portfolio by value. The gross proceeds from the sales was 7.7% below the draft August 2023 valuation. Since August 2023, the company has completed on the sale of 451 properties and exchanged on a further 257 properties – totalling gross proceeds of £95.5m. Sale proceeds will be used to reduce borrowings and provide working capital.