Contents

1. Overview for the week
2. Frostrow Retail investor events
3. Investment Themes
4. Sector data for the week

1. Overview for the week

The question this Easter is whether we are going to be watching the market ‘rise from the dead’ whilst we munch on our eggs or whether there is no chance of ‘resurrection’. The question remains to be answered at this point albeit equities have (seen ups and downs) closed higher for the week. The WTO has forecast that global trade will fall this year, with that fall “particularly steep in North America.” Since the start of the month the US$ has fallen by more than 4% against a basket of major currencies reflecting investor thinking about their allocation whilst the US bond market has seen yields fall (10-year Treasury yield 20bps lower, back to where we were in mid-March). Mid-week weakness came back into the equity market as US chipmaker Nvidia took a hit from US curbs on chip sales to China. Following on from that the US Federal Reserve spoke saying that the tariffs were of a larger order than they expected. "The same is likely to be true of the economic effects, which will include higher inflation and slower growth." The ECB has just cut interest rates by 25bps for the third time this year also due to concerns about slower growth and Trump’s tariffs.

In the UK, we saw the inflation rate fall from 2.8% in February to 2.6% in March, a little more than expected, with falling petrol and food prices helping to bring that number down. It is however expected that cost rises most of us now experience since the start of April (including chocolate eggs) may reverse that trend in the coming months. The Bank of England expects inflation to remain above the 2% until 2027 and may rise to as high as 3.7% later this year. Predictions remain challenging for the coming weeks given the changing economic backdrop.

In the investment trust sector, plenty of M&A projects remain ongoing. LondonMetric Property has got the attention of the Urban Logistics Board now with a deal at a 3% discount to the end September net assets figure, 30% of it in cash. LondonMetric seems to be the consolidator vehicle in the REIT space. Also noteworthy this week, we saw the Harmony Energy Board turn around their position to recommend a BidCo (Foresight controlled) offer rather than the previously recommended Drax deal. Henderson International have also produced a circular for their proposed combination with JPMorgan Global Growth & Income.

The final bit of newsflow in the Frostrow stable this week comes from the UK Equity Income sector with Temple Bar IT managers, Ian Lance and Nick Purves, have been giving their ‘reflections on current market volatility’ this week as well as putting out an interesting podcast around the piece. https://www.templebarinvestments.co.uk/media/insights/reflections-current-market-volatility/

2. Frostrow Retail investor events

Augmentum Fintech Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £134.5m mkt capn, 51.1% discount to NAV): Please contact Frostrow for interest in seeing Tim Levene in London and the regions in 2025. The AUGM Capital Markets Day will take place on Wednesday 2 July 2025 at Searcy’s at The Gherkin, between approx. 8:30am and 1:30pm (timings and line up still to be finalised). The latest Frostrow webinar is available to see on You Tube.

https://www.youtube.com/channel/UCAptpfmx0HITqvlI68psd7Q

Aurora UK Alpha Aurora UK Alpha (ARR LN, UK All Companies, £264.7m mkt capn, 10.1% discount to NAV): the Phoenix investment team are available for meetings with investors in 2025. The last webinar was recorded on 20 January 2025 and is available on the following link:

https://www.youtube.com/watch?v=0hl0yNZgRlM

Biotech Growth Trust Biotech Growth Trust (BIOG LN, Biotechnology & Healthcare, £185.1m mkt cap, 6.9% discount to NAV): the latest webinar took place at 3pm UK on Tuesday 25 February 2025. You can hear the recording on the following link:

https://www.youtube.com/watch?v=wxOUIC0oT5s

CC Japan Income & Growth Trust CC Japan Income & Growth Trust (CCJI LN, Japan, £234.4m mkt capn, 6.6% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2025. In addition, The last webinar was recorded on 22 January 2025 and is available on the following link:

https://www.youtube.com/watch?v=MmbViKRnsdA

CQS Natural Resources Growth & Income CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £113.6m mkt capn, 13.0% discount to NAV): please contact Frostrow to arrange a one-on-one meeting with management in 2025. Please see the link to the last webinar on 4 November 2024:

https://www.youtube.com/watch?v=dhSC3wNKLxM

Custodian Property Income REIT Custodian Property Income REIT (CREI LN, Property UK Commercial, £333.3m mkt capn, 23.3% discount to NAV): Richard Shepherd-Cross, lead manager, available for meetings in 2025 (physical throughout UK, or zoom, as per preference). In addition, the last webinar was recorded in January 2025 and is available on the following link:

https://www.youtube.com/watch?v=Qd1-ciXoC2o

Ecofin Global Utilities Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £206.7m mkt capn, 10.5% discount to NAV) : Jean-Hugues de laMaze, lead manager of the Trust will be presenting at a webinar with Frostrow at 10am on Wednesday 23 April 2025. See link to register:

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,260.2m mkt capn, 7.3% discount to NAV): Nick Train’s AGM presentation was recorded and is available to view on the Frostrow You Tube page. Click the link here to see it, it is worth a view:

https://www.youtube.com/watch?v=yE9HV__Iwlc

There is also a good “insider interview” from Interactive Investor as Nick explains the “generational” opportunity to buy UK growth firms

https://www.ii.co.uk/analysis-commentary/nick-train-generational-opportunity-buy-uk-growth-firms-ii534473

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £61.4m mkt capn, 4.4% discount to NAV): Following on from the HY results release, Nick Greenwood and Charlotte Cuthbertson presented on a webinar at 11am on 24 January 2025. This one stop shop is a great way to play the discounts on offer generally in the listed fund sector. The recording can be accessed on Frostrow’s You Tube page here:

https://www.youtube.com/watch?v=XuSoFuNKSXk

Mobius Investment Trust (MMIT LN, Global Emerging Markets, £139.7m mkt capn, 5.1% discount to NAV): Carlos Hardenberg, lead manager, presented at webinar this week from his trip to Taiwan. Please see below the link to the recording:

https://www.youtube.com/watch?v=sMBNxj6ZD-o

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £814.0m mkt capn, 2.3% discount to NAV): Ian Lance and Nick Purves presented on the trust at a webinar on 18 March 2025. Please do click on the link below to see the recording as well as the link to ‘reflections on current market volatility’

https://www.youtube.com/watch?v=wkaifQndXaQ
https://www.templebarinvestments.co.uk/media/insights/reflections-current-market-volatility/

Worldwide Healthcare Trust webinar (WWH LN, Biotechnology & Healthcare, £1,369.1m mkt capn, 11.2% discount to NAV): Sven Borho and Trevor Polischuk recently completed the latest webinar overview (November 2024). See the Frostrow You tube page for the recording. Further updates available on request.

https://www.youtube.com/watch?v=tppMeH6W9Zo

In addition, if you did not make the 30-year anniversary event this week and you would like a copy of the presentation, please contact Frostrow

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Matt Norfolk-Clarke & Nicholas Todd

Please contact us on ir@frostrow.com

Trump is doing his best to re-set the world trade order and in so doing will potentially re-set the investment landscape. What has worked for the last few years (ie US Equity trackers, passive investments and short dated bonds) will not necessarily be the best idea in the coming periods. The investment trust sector in the UK represents one third of the FTSE 250 Index and half of the FTSE Small Cap Index. There are highly valuable listed fund vehicles available to use for savings and investment today, as there have been for the last 150 + years.

Find us on the web:  https://www.frostrow.com/

Find us on You Tube:  https://www.youtube.com/channel/UCAptpfmx0HITqvlI68psd7Q

Check out our inaugural podcast also, released today:  FROSTROW CAPITAL - Frostrow Talks Trusts - AI Podcast - InvestorMeetCompany

Frostrow Capital, bringing you high quality, differentiated product in a UK listed closed-ended form

3. Further investment themes evident in the investment trust sector this week include:

Discount Control

The European Smaller Companies Trust (ESCT LN, European Smaller Companies, £708.9m mkt capn, 6.1% discount to NAV) following two requisition notices received from Saba Capital in prior months, the Company has published a circular in relation to a 42.5% tender offer, comprising a cash exit option and an in-specie consideration option. "The Board continues to believe in the opportunity within the European smaller companies sector. The sector is attractively valued, and it remains an exciting time for the sector, with Europe being a provider of key enablers of big structural growth trends such as artificial intelligence, the 'green transition' and industrial automation. While the Board is of the view that now is not the time to divest from European smaller companies, the Tender Offer will provide those Shareholders that wish to exit the opportunity to do so." The Board has signed a standstill agreement with Saba Capital.

Montanaro European Smaller Companies Trust (MTE LN, European Smaller Companies, £259.8m mkt capn, 7.4% discount to NAV): published a circular in regard to renewal of share buyback authority and the implementation of a bi-annual tender offer facility (5% each, 10% total maximum in any one year) to improve liquidity and deliver value for shareholders. First tender expected in November 2025

M&A

Urban Logistics REIT (SHED LN, £663.2m mkt capn): received a revised proposal from LondonMetric Property (LMP LN) regarding a possible offer for the entire issued share capital with consideration of new shares and cash (30% in cash). Following completion, SHED shareholders would hold approx 11.3% of the combined group's issued share capital. The LMP proposal values each SHED share at 145p, a 3% discount to EPRA NTA on 30 September 2024. "Having carefully considered the LondonMetric Proposal with its advisers, the Board has indicated to LondonMetric that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to Urban Logistics shareholders, subject to agreement on the other terms of the offer. Accordingly, the Board has decided to engage in discussions with LondonMetric in relation to these terms and to allow LondonMetric to undertake a period of confirmatory due diligence....The Board announced on 7 March 2025 a proposal to internalise the Company's management arrangements. In light of the Possible Offer, the Board has decided to pause the internalisation process. In addition, the Board announced on 26 March 2025 that it had received a letter from certain parties requisitioning a general meeting of the Company. The Board will discuss with those parties the merits of pausing the requisition and general meeting process, in light of the matters set out in this announcement."

Achilles Investment Company (AIC LN, £54.8m mkt capn) has withdrawn its requisition for Urban Logistics REIT (SHED LN) to hold a General Meeting in light of the possible offer from LondonMetric Property (LMP LN).

Harmony Energy Income Trust (HEIT LN, Renewable Energy Infrastructure, £198.5m mkt capn, 5.4% discount to NAV) has published scheme docs in relation to its recommended all-cash acquisition, at 88pps, by Drax (DRX LN). It is currently expected the scheme will become effective on 17 June 2025. Subsequent to this announcement, the Board of HEIT and a BidCo controlled by Foresight Group have agreed on the terms of a recommended cash acquisition for 92.4p. The HEIT Board is unanimously recommending the Acquisition. BidCo has received irrevocable undertakings and a non-binding letter of intent from shareholders representing 55.5% of the issued share capital. The Board believe the Foresight bid, "on balance, delivers a superior outcome in terms of both price and deliverability for HEIT Shareholders than the potential transaction with Drax..."

Henderson International Income Trust (HINT LN, Global Equity Income, £323.4m mkt capn, 3.0% discount to NAV): produced a circular "setting out the proposals for the voluntary winding up of the Company and combination with JPMorgan Global Growth & Income plc" (as previously announced). "The Proposals are conditional upon, among other things, the approval of Shareholders at the General Meetings and the approval by JGGI Shareholders of the Issue." "The JGGI Board's current intention is to pay quarterly dividends over the course of each financial year which, in aggregate, total at least 4 per cent. of the net asset value of JGGI as at the end of the preceding financial year. " "JPMF has agreed to contribute to the costs of the Proposals for an amount equal to the HINT Implementation Costs and the JGGI Implementation Costs"

Strategic review / option update

The PRS REIT (PRSR LN, Property UK Residential, £625.0m mkt capn, 18.6% discount to NAV) third quarter update to end March 2025: “The portfolio is almost fully delivered, with only 35 homes left in the pipeline to be completed. Over the period six homes were completed and added to the portfolio, taking the total number of completed homes in the portfolio to 5,443 homes at 31 March 2025” with an estimated ERV of £69.6m. “The remaining 35 homes in the delivery pipeline have an ERV of £0.4m per annum and are on track to be completed by the end of June 2025.” LFL “rental growth on stabilised sites over the year to 31 March 2025 was 10%” and the Board expects to declare an interim dividend in early May 2025. “As reported on 31 March 2025 with the Company's interim results, the Strategic Review and Formal Sale Process launched in the first half of the current financial year are ongoing. Discussions with a number of parties regarding the acquisition of the Company are ongoing, alongside which the Board continues to explore all the options available to the Company with a view to maximising value for the Company's shareholders. Further updates will be made available in due course and by no later than the end of June 2025"

Life Science REIT (LABS LN, Property UK Commercial, £154.4m mkt capn, 41.7% discount to NAV) FY2024 results to 31 December 2024: EPRA NTA -7% to 74.4pps, with LFL valuation -4% “driven by 30bps outward movement in the net equivalent yield to 5.6%.” Adjusted EPS of 1.7p vs DPS of 1p, with “future dividends suspended pending the outcome of the strategic review announced on 14 March 2025.” "...the Company's Investment Adviser [Ironstone Asset Management gave] a revision of the Investment Advisory Agreement, which will deliver cost savings of c. £1.0 million per annum based on the December 2024 net asset value."

Third Point Investors Limited FY results to 31 December 2024 (TPOU LN, Hedge Funds, £420.9m mkt capn, 19.7% discount to NAV): NAV TR +25.5% vs MSCI World Index +19.2%; share price TR +28.7%; "In April 2024 the company held a Redemption Offer for 25% of outstanding shares at a 2% discount to NAV. This offer was fully subscribed and around 6 million shares were redeemed in cash for approximately $158 million. During the year, including buybacks, the total value of the c.7.2 million shares redeemed was c.$183 million. The $20 million buyback programme which commenced in September 2024 was completed in March 2025." "On 11 December 2024, the Company announced that the Committee had identified a compelling strategic option and that it would use the first quarter of 2025 to work expeditiously with its advisors to fully diligence this option to complete its assessment and present its detailed findings and recommendations to the Board." Further announcement expected in May 2025

Continuation vote

Fidelity Japan Trust (FJV LN, Japan, £187.0m mkt capn, 7.7% discount to NAV): "The possibility that the Continuation Resolution might not be approved by a majority of shareholders was referenced in the 2024 Annual Report dated 26 March 2025….Notwithstanding the fact that the Board continues to recommend that shareholders approve the Continuation Resolution, the Board has decided it is in the interests of all shareholders to start immediately a formal review process to consider the future of the Company...The Board believes it is important to consider the interests of all shareholders and has appointed Stifel Nicolaus Europe Limited ("Stifel") to prepare a process which will invite formal proposals to be made privately to the Board. The focus of the Board will be on those parties who are able to demonstrate a current record of managing Japanese equities in an existing London listed investment company structure. This process will include an invitation to AVI Japan Opportunity Trust Plc. If the Continuation Resolution is not approved by a majority of shareholders at the AGM, the Board is currently assuming that, as a result of the Review, the Company is likely to enter into a scheme of reconstruction pursuant to section 110 of the Insolvency Act 1986 later in 2025." Further update to be made in due course

Gearing news

Literacy Capital (BOOK LN, Private Equity, £234.0m mkt capn, 20.9% discount to NAV) has increased its RCF from £40m to £50m. £35m drawn currently. "This increase in limit is not expected to increase costs for Literacy but provides additional flexibility from a liquidity perspective for the Company. The only covenant change resulting from this amendment is the minimum net asset value increasing from £200 million to £225 million."

US Solar Fund (USF LN, Renewable Energy Infrastructure, £101.6m mkt capn, 48.2% discount to NAV): has completed a non-recourse portfolio-level debt financing (US$166m)…"the Board determined that a bank debt solution provided the optimal outcome for the Company. The refinancing is expected to improve near-term operational cash dividend coverage, enhance the robustness of the Company's balance sheet and retain sufficient flexibility within the capital structure to accommodate a sale of the portfolio if suitable circumstances prevail." "In light of the forecast improvements to operational cash dividend coverage resulting from the lower amortisation of debt over the near term, the Board has determined it prudent to increase the target dividend from $0.0225/share to $0.035/share. This change will take effect in Q3 2025."

Management agreement novation

India Capital Growth (IGC LN, India, £132.0m mkt capn, 7.1% discount to NAV): the current Investment Advisory Agreement between ODAM and Saltoro Advisers Pte Ltd, an independent company owned and operated by Gaurav Narain (the Company's existing principal adviser) and his team in Mumbai, has been novated from ODAM to River Global Investors LLP, a River Global subsidiary which provides portfolio management services for SVM, with unchanged terms, also effective from 9 April 2025. Gaurav Narain remains as the Company's principal adviser and the Board do not anticipate any change in the Company's investment strategy or approach as a result of these changes which are intended simply to streamline and rationalise the Company's management.

Results / updates

Schroder Japan Trust (SJG LN, Japan, £269.3m mkt capn, 9.7% discount to NAV) H1 results to 31 January 2025: NAV TR +4.0% vs BM +1.4%; share price TR +3.2%; “The portfolio is biased towards value opportunities and is overweight small and mid-cap stocks.” The Board “remain committed to monitoring and addressing the discount through share repurchases as appropriate.” "The Board previously announced that it was adopting an enhanced dividend policy to pay out 4% of the average NAV in each financial year." Gearing of 15.3%

Rockwood Strategic trading update 12 months to 31 March 2025 (RKW LN, UK Smaller Companies, £95.9m mkt capn, 5.5% premium to NAV): NAV TR +21.1% vs FTSE AIM All Share TR -8.2% and FTSE Small Cap (ex IT's) +3.4%; share price TR +20.8%; issued 7.63m shares in the period (about 25% of share capital). Seven new portfolio investments

Dunedin Income Growth IT FY results to 31 January 2025 (DIG LN, UK Equity Income, £368.3m mkt capn, 7.9% discount to NAV): NAV TR +9.0% vs FTSE All Share Index +17.1%; share price TR +8.4%; FY dividend per share 14.2p (+3.3% 2024); "Active management requires the patience to absorb the vicissitudes of markets. The strategy has delivered significant outperformance in the past and the Board believes that it will do so again when the Investment Manager's style returns to favour." "It is also worth noting that, since January 2016, the Company's dividend per share has increased by 24.6%, outpacing the 18% growth in dividend distributions from the FTSE All Share Index and doing so in a much more resilient fashion, noting the UK market's 42% cut to dividend payments experienced during the pandemic in 2020. The ability to smooth dividends using revenue reserves or indeed pay from realised capital reserves to maintain shareholder distributions is one of the key benefits of the investment trust structure." Net gearing 10.9% (6.8% 2024)

Henderson Far East Income Limited HY results to 28 February 2025 (HFEL LN, Asia Pacific Equity Income, £347.5m mkt capn, 4.7% premium to NAV): NAV TR +2.4% vs FTSE World Asia Pacific ex Japan Index +4.6% and MSCI AC Asia Pacific ex Japan High Dividend Yield Index +5.7%; share price TR +3.2%; "The Company has issued 5.2m shares in six months to 28 February 2025. This issuance has raised £9.7m for further investment." 11.2% dividend yield

Wind up news

abrdn Diversified Income & Growth (ADIG LN, Flexible Investment, £130.7m mkt capn, 36.3% discount to NAV) has appointed Campbell Lutyens & Co to market its “remaining portfolio of private market assets pursuant to a secondary sales process.” The “commencement of the secondary sales process will enable ADIG to market-test demand for its assets. Given the diversified nature of the remaining portfolio, it is unlikely that any one buyer will be found for the entire portfolio and therefore the process is expected to involve sales to multiple interested parties.” Indicative pricing is expected to be “at a material discount to the underlying NAV” and the Board will have the ultimate decision as to whether to proceed with any given secondary sale.

Listing news

Molten Ventures (GROW LN, £458.8m mkt capn): is delisting from the Euronext Dublin exchange. "Molten has benefited from a listing in Ireland for almost a decade. This however has become increasingly difficult to maintain with further divergence in regulatory requirements and expectations between the UK and the European Union following Brexit. It is anticipated the delisting will simplify compliance and regulatory obligations of Molten and reduce central costs." Expected to take effect from 19 May

Acquisitions / Disposals

Gore Street Energy Storage (GRID LN, Renewable Energy Infrastructure, £293.5m mkt capn, 42.4% discount to NAV) has sold the US Investment Tax Credits (ITCs) associated with its Dogfish project for £18m - £19m of gross proceeds. “The transaction is expected to close by the end of June 2025, with the cash received as a single upfront payment shortly thereafter. The pricing announced today aligns with the previous guidance of $60m - $80m for both the Big Rock and the Dogfish ITCs. The sale of the Big Rock ITCs continues to progress well, and the Company will provide a further update in the near term. The Board will provide an update to the market in due course with a detailed allocation strategy for excess cash."

Tritax Big Box REIT (BBOX LN, Property UK Logistics, £3,430.8m mkt capn, 24.0% discount to NAV) has sold 50% (£235.7m) of UKCM’s non-strategic assets at an average 2.9% premium to end-December 2023 book value, with a further 20% (£95.6m) under offer. “This marks substantial progress of [the] disposal programme consistent with [an] ambition to complete the UKCM non-strategic disposals within 24 months of acquisition. Having completed the integration process set out ahead of the transaction, [BBOX has] efficiently progressed the disposal programme at speed, at scale and at a premium to pre-acquisition book values.” "The proceeds are being redeployed into accretive growth opportunities, including ongoing investment in developing logistics real estate with a target yield on cost for FY 2025 of 7-8% and new data centres opportunities with the potential to deliver 8-10% yield on cost."

ICG Enterprise Trust (ICGT LN, Private Equity, £738.6m mkt capn, 41.8% discount to NAV) has realised Minimax, generating €53m (£45m) of proceeds to ICGT, in-line with the last reported valuation. “As a result of the realisation of Minimax and the secondary sale reported earlier this month ICGT has announced over £100m of total proceeds in April, which will be deployed in line with our investment objectives and capital allocation policy."

Management team changes

BlackRock Frontiers Investment Trust (BRFI LN, Global Emerging Markets, £270.7m mkt capn, 7.3% discount to NAV): BRFI "has been informed of changes being made to BlackRock's Global Emerging Markets team structure. The changes are designed to enhance investment focus, with a greater alignment of expertise and portfolio management responsibilities. Sam Vecht and Emily Fletcher will continue in their roles as co-managers of the Company's portfolio, supported by the extensive resources available through BlackRock's global footprint of research, technology and risk analytics, stewardship and corporate access. Sudaif Niaz will step down as a co-manager of the Company's portfolio. No changes are being made to the way the Company's portfolio is managed on a day-to-day basis as a result of this change."

BlackRock Latin American Investment Trust (BRLA LN, Latin America, £86.69m mkt capn, 11.0% discount to NAV): BRLA "announces that, as a result of changes being made to BlackRock’s Global Emerging Markets (GEM) team structure, Gordon Fraser will become a co-manager of the Company’s portfolio alongside Sam Vecht, who will continue as lead co-manager. Mr Fraser will replace Christoph Brinkmann who is stepping down from his role. The changes will have immediate effect...No changes are being made to the way the portfolio is managed on a day-to-day basis as a result of these changes."

Portfolio news

Life Science REIT (LABS LN, Property UK Commercial, £154.3m mkt capn, 41.7% discount to NAV) has signed an agreement for a new 10-year lease on 5.6k sq ft at the Innovation Quarter at its OTP with Oxford Expression Technologies for an annual rent of £258,200 (£46.50 per sq ft).

Sequoia Economic Infrastructure (SEQI LN, Infrastructure, £1,164.5m mkt capn, 19.2% discount to NAV) NAV as at 31 March 2025: -1.5% over the month, primarily due to adjustments to the assumptions made in relation to the recovery of a non-performing loan – the US education building which has been written down to 0.4% of NAV (-1.3pps). SEQI’s “invested portfolio consisted of 54 private debt investments and 5 infrastructure bonds… [with] an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 9.87% and a cash yield of 7.29%” and a weighted average portfolio life of 3.4 years.

Cordiant Digital Infrastructure (CORD LN, Infrastructure, £637.1m mkt capn, 33.2% discount to NAV) has confirmed portfolio company Speed Fibre Group has had its takeover of BT Communications Ireland cleared by the Competition and Consumer Protection Commission in Ireland.

Tufton Assets (SHIP LN, Leasing, £272.7m mkt capn, 27.5% discount to NAV) NAV as at 31 March 2025: TR -10.4% over the quarter to $1.402 (108.6pps). $0.025 dividend declared for calendar Q1 2025

Empiric Student Property (ESP LN, £594.3m mkt capn): purchased a property in Birmingham for £9m (Selly Oak Apartments, the second acquisition since fund raise in October 2024) and achieved planning consent for College House, Bristol. "This acquisition, together with the planning consent achieved to expand our Bristol cluster, supports the strategy outlined in the October equity raise of growing a portfolio of high-quality buildings which enhance shareholder returns and benefit from increasing alignment to top-tier universities (currently at 87%)."

4. Sector data this week (AIC data, as at Thursday's close)



Equity Capital Markets

Chelverton UK Dividend Trust (SDV LN, UK Equity Income, £30.3m mkt capn, 3.4% premium to NAV): looking to raise a minimum of £10m and maximum of £15m in new zero dividend preference shares with a 2031 maturity. Placing closes 11am 23 April. Previously announced that the new zeros have a term of 5.75 years with a gross redemption yield of 7.5% and a cover ratio of at least 2.0x

Ex Dividend

UTG 24.9pps; OAP3 1.3pps; JCGI 2.73pps; JAM 8.25pps; BGS 0.6pps; NAVF 3.25pps; FTV 6.4pps; MTU 1.59pps; MRCH 7.3pps; USF $0.0057; NAIT 4.1pps; MINI 0.35pps; TFIF 5.07pps; DNA3 2.0625pps; SMIF 0.75pps

Happy and restful Easter break to all.

Neil

Frostrow Investor Relations team – Grant Challis, Neil Winward, Matt Burrows, Matt Norfolk-Clarke, Nicholas Todd