Continuation vote Financial News

07.11 / 16:29

Investment trusts continuation vote Investment Trust tender offer Saba Capital calls for European Opportunities to increase size of tender offer

Over the past 12 to 18 months, the firm has been taking positions in multiple UK investment trusts, including Henderson Opportunities and Schroder UK Mid Cap.

29.01 / 10:51

companies Investment trusts AGM continuation vote EGM performance fee Chrysalis faces shareholders with continuation and fee votes set for March

If the vote passes at this AGM, the directors will put further continuation votes to the shareholders every three years, as set out by the firm’s IPO.

05.12 / 14:51

Investment trusts continuation vote general meeting tender offer Saba Capital European Opportunities trust outlines plans for 25% tender offer

The tender offer will be paid in cash and will be equal to a 2% discount to net asset value based on the calculation date.

29.11 / 16:35

Investment trusts Numis continuation vote JLEN Environmental Assets faces potential continuation vote as discount persists

In the trust’s interim results this week (27 November), it revealed the average discount at which the shares have traded in the current financial year to date had been approximately 13%.

08.11 / 08:35

Investment trusts AGM continuation vote tender offer European Opportunities Saba Capital European Opportunities trust rejects shareholder call for 50% tender offer

The offer is conditional on the passing of the trust’s continuation vote at its annual general meeting on 15 November, and will be paid out by 31 January 2024, at the latest.

06.11 / 09:21

Investment trusts dividends continuation vote Hipgnosis Songs Financial Hipgnosis Songs scraps dividends until next financial year

The trust said the suspension of dividend payments will provide the company with the «headroom required» to avoid breaching its covenants.

26.10 / 14:01

Investment trusts continuation vote song Hipgnosis Songs Andrew Sutch Hipgnosis catalogue sale cancelled as shareholders vote against continuation

The outcome follows the resignation of directors Andrew Wilkinson and Paul Burger on Wednesday (25 October). Chair Andrew Sutch is due to step down next year.

25.10 / 07:47

Investment trusts continuation vote wind-up Crystal Amber reinstates management fee post-2023 as wind-up continues

The first formal fee review will be made in line with the half year financial results due in March 2024 and at “regular intervals thereafter”.

24.10 / 08:35

Investment trusts continuation vote Hipgnosis Songs Hipgnosis Hipgnosis Songs fails to attract superior offer for music catalogue sale

The $440m sale of the trust’s first portfolio, announced on 14 September, had a 40-day «go-shop» provision, where other potential buyers could put forward alternative offers.

23.10 / 11:17

Investment trusts continuation vote Nav European Opportunities Saba Capital Activist investor Saba Capital opposes European Opportunities conditional tender offer

Saba Capital has said it will vote against continuation unless a full liquidity option at NAV is provided to shareholders.

06.10 / 13:13

Lawsuit Investment trusts continuation vote Hipgnosis Songs Andrew Sutch Hipgnosis Hipgnosis Songs suspends senior executive sued for alleged sexual assault

MacPherson, CEO of Hipgnosis Songs Group, SONG’s publishing arm, was sued on Wednesday (4 October) in a Los Angeles court by Sara Lewis.

22.09 / 12:17

Investment trusts AIC AGM continuation vote European Opportunities European Opportunities trust lowers management fees as continuation vote looms

According to data from the Association of Investment Companies, EOT is currently trading at a 9.97% discount.

18.09 / 07:57

Investment trusts AGM continuation vote Gravis Backed end Gravis trusts GCP Infra and GCP Asset Backed Income end merger talks

GABI and GCP Infra had also been having discussions with the RM Infrastructure trust over a potential combination of assets, but talks were scrapped at the start of September.

15.09 / 12:25

Investment trusts continuation vote Blackstone Investec Hipgnosis Songs Hipgnosis Backed Investec downgrades Hipgnosis Songs to 'Hold' after catalogue sale to Blackstone-backed fund

In an environment where investment company corporate governance is “under the microscope”, the analysts said the board “has fallen short here”.

15.09 / 11:45

Investment trusts continuation vote Blackstone Hipgnosis Songs Fund share buybacks Hipgnosis Hipgnosis Songs music catalogue sale comes under scrutiny as continuation vote looms

The response to the proposals from shareholders has so far been lukewarm, with the trust’s share price up less than 0.3%.

14.09 / 11:09

Investment trusts continuation vote Hipgnosis Songs Fund Concord Hipgnosis Hipgnosis agrees $465m catalogue sale from public trust to private Blackstone vehicle

The purchase price of the sale of catalogues to Hipgnosis Songs Capital realises a total return of 44%.

11.09 / 10:45

Jefferies Investment trusts continuation vote Hipgnosis Songs Hipgnosis Jefferies: Potential Hipgnosis Songs bidders may be dissuaded by number of impediments

The Hipgnosis Songs fund is trading at a similar discount to RHM and is approaching its five-year continuation vote at the end of this month.

11.08 / 12:27

Investment trusts ThomasLloyd Energy Impact continuation vote TLEI ThomasLloyd Energy Impact manager urges continuation to prevent destruction of shareholder value

The trust's shares have been suspended since 25 April due to uncertainty over the valuation of its Indian construction project.

01.08 / 14:23

Investment trusts ThomasLloyd Energy Impact Sue Inglis continuation vote TLEI Continuation resolution ThomasLloyd Energy Impact trust manager calls for board to withdraw wind-up recommendation

The firm also said it will release a statement setting out its “serious concerns” about the actions of the board of the company “in due course”.

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