Contents

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

1. Overview for the week

The US and China held trade talks at London’s Lancaster House with Trump declaring a deal is done “subject to final approval”. We also saw US inflation rise from 2.3% to 2.4% in the year to end May. There was a $22bn 30-year US Treasuries auction with seemingly no issues with respect to demand indicated. In the UK, unemployment rose from 4.5% to 4.6%, the highest level since July 2021 and higher than the peak level predicted by the OBR just three months ago. Rachel Reeves, the UK Chancellor, delivered her Spending Review. She confirmed total departmental spending would grow by 2.3% pa over inflation, with the NHS getting an extra 3% pa of real term spending growth with seemingly no ripples in the UK Gilts market. The ONS subsequently said that the UK economy contracted by a higher than expected 0.3% in April. The trend of London stocks being undervalued continues with three technology firms being bid for - Spectris, a UK-based maker of precision and testing equipment and software, has been approached by Advent, a private equity firm, as well as bids also coming for Alphawave and Oxford Ionics.

Equity markets have generally continued to be positive throughout, albeit the Israel / Iran news overnight instigated a more negative end to the week. In the investment trust sector, we have had another week of discount contraction helping returns (seen since around 11 April). In addition, we have seen at least four listed REITs connected to potential M&A activity this week. Also in this sub-sector, Frostrow client Custodian REIT announced its full year results, now the largest UK Commercial real estate fund available to shareholders. Interesting also that the PHP Board describe the environment in real estate as at an “inflexion point in the current economic cycle with strong rental growth and lower interest rates enhancing……property values and with net asset values per share expected to continue to improve.” Worldwide Healthcare and Lindsell Train Investment Trust both reported results, with the latter suggesting a share split to encourage regular monthly investment (which Worldwide Healthcare has previously done).

CQS Natural Resources Growth & Income and Temple Bar Investment Trust conducted webinars in the week, links available further below.

2. Frostrow Events

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £164.6m mkt capn, 40.1% discount to NAV): The latest Frostrow webinar from our London seminar in May 2025 is available to see on You Tube here. 

https://www.youtube.com/watch?v=HsulTfN_o1A

Aurora UK Alpha (ARR LN, UK All Companies, £291.1m mkt capn, 11.6% discount to NAV): The last webinar was recorded on 20 January 2025 and is available on the following link:

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

Kartik Kumar gives his updated thoughts at the time of our London investor seminar in May 2025 here:

https://www.youtube.com/watch?v=ZZGGM5Aw5sw

And via UK Investor Magazine also (May 2025):

Aurora UK Alpha Investment Presentation May 2025 - UK Investor Magazine

Biotech Growth Trust (BIOG LN, Biotechnology & Healthcare, £200.5m mkt cap, 9.4% 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

Geoff Hsu gives further thoughts at the time of the Frostrow London investor event here:

https://www.youtube.com/watch?v=VjloEBj9O1I

CC Japan Income & Growth Trust (CCJI LN, Japan, £255.3m mkt capn, 9.1% discount to NAV): The last webinar was recorded on 22 January 2025 and is available on the following link: 

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

In addition, we highlight the most up-to-date thoughts from management at the time of our London investor seminar in May 2025 here:

https://www.youtube.com/watch?v=VcVErs9OUN8

To sign up to view the next CCJI webinar via Frostrow and Investor Meet Company, please click the link (2pm, 17 June 2025):

https://www.investormeetcompany.com/cc-japan-income-growth-trust-plc/register-investor

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £130.2m mkt capn, 9.2% discount to NAV): The managers presented at 11am on 10 June 2025 and the presentation recording can be accessed here:

https://www.investormeetcompany.com/meetings/investor-presentation-865

Custodian Property Income REIT (CREI LN, Property UK Commercial, £389.6m mkt capn, 15.7% discount to NAV): the last webinar was recorded in January 2025 and is available on the following link: 

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

Richard also gives his most updated thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=XOQA7R2yBKk

Ecofin Global Utilities (EGL LN, Infrastructure Securities, £222.8m mkt capn, 9.5% discount to NAV) : Jean-Hugues de laMaze, lead manager of the Trust presented at a webinar with Frostrow on Wednesday 23 April 2025. The link to the recording is available on the link below:

https://www.youtube.com/watch?v=lVkYbR67ecE

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,320.1m mkt capn, 7.8% discount to NAV): Nick Train’s AGM presentation (January 2025) 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

We also highlight our most recent recording of Nick’s presentation following our London investor event:

https://www.youtube.com/watch?v=HeiFCPd5zS8

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £67.8m mkt capn, 5.1% 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, £156.4m mkt capn, 5.4% discount to NAV): Carlos Hardenberg, lead manager, presented at a webinar from his trip to Taiwan in April 2025. Please see below the link to the recording:

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

In addition, Carlos gives his thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=E4GIjtAelhc

Carlos is also presenting via Investor Meet Company at 11am on 24 June 2025. Please use this link to sign up:

https://www.investormeetcompany.com/meetings/investor-presentation-845

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £907.9m mkt capn, 2.2% 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’ or to hear the Chairman, Richard Wyatt, or to see the recent AGM update https://www.youtube.com/watch?v=wkaifQndXaQ

https://www.templebarinvestments.co.uk/media/insights/reflections-current-market-volatility/

https://www.investormeetcompany.com/updates/an-update-from-the-chairman/show

https://www.youtube.com/embed/M37EYIh-VCM?rel=o

The Managers presented an update on 12 June 2025, click here to watch if you were not able to make it:

https://www.investormeetcompany.com/temple-bar-investment-trust-plc/register-investor

Worldwide Healthcare Trust (WWH LN, Biotechnology & Healthcare, £1,459.3m mkt capn, 6.3% 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

Geoff Hsu gives updated thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=VjloEBj9O1I

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. Saba Capital have said they are “ready to buy billions more UK investment trusts [and they are] open to taking stakes in trusts that hold illiquid assets [now also]”. 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. Whether there is a “crack” in the bond market or not, the investment trust sector is here offering best in class active management from the world’s top fund managers in a variety of liquid and less liquid asset classes. It continues to represent one third of the FTSE 250 Index and half of the FTSE Small Cap Index. There are highly valuable listed fund vehicles using the structure appropriately available to use for savings and investment today, as there have been for the last 150 + years. For DB and DC pension schemes, it may be an idea to look at these before some form of mandation comes in (if that is a word). Do not be short of investment trusts – they represent the greatest financial secret on these fine shores.

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

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

Check out our May 2025 summary podcast also: 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

Bellevue Healthcare (BBH LN, Biotechnology & Healthcare, £228.8m mkt capn, 0.1% premium to NAV) confirmed that shareholders authorized the Company to make purchases of its own shares in order to support the continued operation of the Zero Discount Policy

M&A news

Empiric Student Property (ESP LN, £682.2m mkt capn) has published a clarification statement retracting certain statements made by senior representatives of the company at a scheduled meeting which were subsequently published in a report by an investment analyst due to not complying with the City Code on Takeovers and Mergers (having received a proposal from Unite Group)

Assura (AGR LN, £1,620m mkt capn): Sana Bidco Limited (funds advised by KKR and Stonepeak Partners) confirms that it has reached agreement with the board on the terms of a recommended best and final increased cash offer for the entire issued and to be issued share capital of 50.42p in cash plus retaining the interim dividend of 0.84pps announced previously. "Bidco has confirmed that the Best and Final* Increased Cash Offer is to be effected by way of a takeover offer (as defined in section 974 of the Companies Act) and requires as a condition that acceptances are received by Bidco in respect of, or Bidco otherwise acquires or unconditionally contracts to acquire, more than 50 per cent. of the Assura Shares subject to the Best and Final* Increased Cash Offer."

Primary Health Properties (PHP LN, £1,370m mkt capn) noted the recommended best and final cash offer for Assura (AGR LN) from Sana Bidco and stated “the Board of PHP strongly disagrees with the Assura Board's assessment [of PHP’s firm offer for AGR] and will set out its detailed views in due course.” Assura shareholders are strongly advised to take no action in response to the announcement by Bidco in the meantime.” They released a further statement that the Board "continues to firmly believe that a combination of Assura and PHP represents a highly compelling proposition which will deliver significant strategic, operational and financial benefits for both sets of shareholders....underpinned by the Board's belief that the sector is at an inflexion point in the current economic cycle with strong rental growth and lower interest rates enhancing primary care property values and with net asset values per share expected to continue to improve." In addition, "PHP strongly disagrees with certain assertions made by the Board of Assura in the Assura Announcement around the financial risks to the Combination." The Assura Board have also expressed concern about the level of leverage following a combination with PHP, but the PHP Board have laid out a plan to reduce it. "Assura shareholders are strongly advised to take no action in response to the Bidco Offer."

Warehouse REIT FY results to 31 March 2025 (WHR LN, Property – UK Logistics, £452.9m mkt capn, 17.5% discount to NAV): key objectives have been to reduce debt and move towards dividend cover. "On 4 June 2025, the Board of Warehouse REIT and Wapping Bidco Ltd, a newly-formed company indirectly owned by investment funds advised by affiliates of Blackstone Inc ("Blackstone") announced that they had reached an agreement regarding an all-cash offer for the entire issued and to be issued share capital of Warehouse REIT at 109 pence per share"

PRSR REIT (PRSR LN, Property – UK Residential, £627.2m mkt capn, 18.0% discount to NAV) confirmed, following an article published by Sky News, it has received a Possible Offer from Long Harbour valued at 115pps in cash. "Discussions with Long Harbour are ongoing. The Board of PRS REIT expects to provide a further update on the Formal Sale Process by the end of June 2025."

Urban Logistics (SHED LN, £727.4m mkt capn) confirmed that all resolutions were passed in regard to the combination with LondonMetric Property

Capital allocation update

GCP Infrastructure (GCP LN, Infrastructure, £610.5m mkt capn, 29.3% discount to NAV) H1 results to 31 March 2025: NAV TR +0.5% to 102.28pps. Share price TR -5.3%; “The Board and the Investment Adviser remain committed to reducing the discount at which the Company's shares trade. The Company has proactively explored consolidation opportunities, raised capital through disposals of assets, and applied this capital to reducing fund level leverage and returning capital to shareholders through buybacks. These have been proactive measures to address the discount, with a net repayment of leverage of £63.0 million and £13.7 million returned to shareholders. Disposals of £57.1 million have been completed so far, and the Company is focused on delivering its commitment to realise £150 million, facilitating the return of £50 million to shareholders, and repayment of drawn balances under the revolving credit facility. The Board and the Investment Adviser remain focused on the Company's capital allocation policy as a route to reducing the share price discount to NAV."

Strategy update

SDCL Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £515.6m mkt capn, 47.4% discount to NAV): its wholly owned subsidiary, Onyx Renewable Partners LP, has secured a new senior secured credit facility to support the growth of Onyx's portfolio of distributed energy projects across the United States. "...a disposal of Onyx has proven difficult to achieve on acceptable terms. Rather than continuing with its formal, externally advised disposal process for Onyx, the Investment Manager is pursuing selected alternatives for a privately negotiated transaction, including but not limited to equity capital partnerships for Onyx's existing contracted portfolio. A limited number of parties have been carefully selected to enter into private negotiations."

Results / updates

Fidelity China Special Situations FY results to 31 March 2025 (FCSS LN, China / Greater China, £1,281.3m mkt capn, 8.8% discount to NAV): NAV TR +31.5% vs MSCI China Index +37.5%; share price TR +35.8%; "Improving sentiment following stimulus packages and the emergence of artificial intelligence provided catalysts to returns." "...being structured as a closed-ended investment company means that Dale does not have the liquidity constraints of an open-ended fund and can use this flexibility to invest in less liquid assets with a longer-term view of returns. Up to 15% of Net Assets plus Borrowings may be invested in unquoted companies (those not yet listed on a stock exchange), allowing Dale to take advantage of the faster growth trajectory of earlier-stage businesses before they are potentially listed on the public markets." Net gearing 20.9%. A wider discount to NAV than the Board would have liked so repurchased 30,841,184 shares (5.9% of issued share capital) Abrdn Asia Focus (AAS LN, Asia Pacific Smaller Companies, £429.2m mkt capn, 12.1% discount to NAV): the result of the conversion of Convertible Unsecured Loan Stock 2025 to Ordinary shares announced, with a total of 10,562,933 Ordinary shares to be admitted to the LSE on 6 June. AAS has also entered into a new, secured, two-year multi-currency revolving credit facility of £35m with The Bank of Nova Scotia which will expire on 28 May 2027. £35m has been drawn down under this facility and been used to finance the part redemption of CULS with the balance available for investment, leading to a slight reduction in current gearing levels

Worldwide Healthcare Trust FY results to 31 March 2025 (WWH LN, Biotechnology & Healthcare, £1,459.3m mkt capn, 6.3% discount to NAV): NAV TR -10.3% vs MSCI World Health Care Index -3.2%; share price TR -10.5%; "The last several years have been difficult for the global healthcare sector and the Company, with the sector having underperformed the broader markets and the Company having underperformed our Benchmark on a five-year view. As you would expect, the Board is not content with this situation. We have been spending considerable time with our Portfolio Manager challenging and re-confirming our commitment to the Company’s investment strategy." "It is the Board’s policy to buy back our shares if the Company’s share price discount to the net asset value per share exceeds 6% on an ongoing basis. Shareholders should note, however, that it remains possible for the discount to be greater than this for extended periods of time, particularly when sentiment towards investment trusts generally, the healthcare sector and/or the Company remains poor. In such an environment, buybacks may prove unable to sustainably narrow the discount"

TwentyFour Select Monthly Income Fund HY results to 31 March 2025 (SMIF LN, Debt – Loans & Bonds, £248.1m mkt capn, 2.2% premium to NAV): NAV TR +4.9%; DPS 3.88p, ahead of 6p target for FY; "We remained overweight Asset-Backed Securities (“ABS”), particularly CLOs, and subordinated financials, as higher starting yields supported performance in both sectors. CLOs continue to benefit from elevated interest rates, given they are floating rate, and higher starting yields in both CLOs and European banks have seen both sectors perform strongly. Nonetheless, our long-term performance continues to be strong."

Value & Indexed Property Income Trust FY results to 31 March 2025 (VIP LN, Property – UK Commercial, £86.3m mkt capn, 10.8% discount to NAV): NAV TR +7.1% vs MSCI UK Quarterly Property Index +6.3%; 97% of rent reviews are now linked to inflation. Disposal of six properties totalling £12.4 million at 5.0% above their valuation. Average interest rate on VIP's borrowings now 4.5% (of which 96% is fixed), average loan length 6.9 years and loan to value ratio 39%.

TR Property IT FY results to 31 March 2025 (TRY LN, Property Securities, £1,055.2m mkt capn, 8.6% discount to NAV): NAV TR -2.5% vs Benchmark TR -3.8%; share price TR -4.9%; Manager remains optimistic with gearing at 17% (close to record level), improving fundamentals and heightened levels of M&A activity; 15.9p DPS (+1.3%); EPS 12.98p (+7.8%). "The sector is very much part of the 'value' end of the equity landscape and as a result has been under owned for several years as investors have chased 'growth' stocks on ever increasing valuation multiples."

Custodian REIT (CREI LN, Property – UK Commercial, £389.6m mkt capn, 15.7% discount to NAV) FY results to 31 March 2025: EPRA EPS growth 4.9% to 6.1pps; DPS of 6.0p (2024: 5.8pps); "Estimated rental value grew 2.4%, with ERV 14% ahead of passing rent, providing a significant opportunity to unlock further rental growth through asset management and at lease events." Net gearing 27.9% (2024: 29.2%). Post year end, the Company completed the purchase of a £22.1m portfolio via the all-share acquisition of a family property company. "Hubert Lynch, Founder Director of Merlin Properties Limited, said: “Operating the Merlin portfolio, which our family has compiled and managed over the last 40 years, had become increasingly demanding in today’s complex environment. We have undertaken the Transaction in a tax efficient manner to ensure our family’s continued exposure to property investment both currently and for future generations through a professionally managed fund with a strong track record. As already significant, supportive shareholders of Custodian Property Income REIT we have a strong relationship with the Investment Management team which we look forward to continuing for many years.”

AVI Global Trust HY results to 31 March 2025 (AGT LN, Global, £1,005.0m mkt capn, 8.7% discount to NAV): NAV TR +1.0% vs MSCI All Country World Index +1.5%; share price TR +0.8%; 2.75p DPS and Board expect to "at least maintain the final dividend…so that the total dividend [for FY} will be at least 4.05pps". 12.7m shares repurchased (2.9% of issued share capital) which produced a NAV uplift of 0.3%; The Manager says "we are finding an abundance of ideas across all areas on which we focus"

Baillie Gifford UK Growth FY results to 30 April 2025 (BGUK LN, UK All Companies, £252.0m mkt capn, 9.8% discount to NAV): NAV TR +7.1% vs FTSE All Share Index +7.5%; share price TR +13.6%; 5.70p DPS recommended; " Following on from the introduction of a conditional tender, based on five-year performance to 30 April 2029, and additional continuation vote in 2027, in January this year the Board announced its intention of maintaining the Company's discount in single figures in normal market conditions, building on the initiatives to date to enhance shareholder value." 11.9% of issued share capital was repurchased. Gearing at 9%

Wind up news

RM Infrastructure Income (RMII LN, Debt – Direct Lending, £72.1m mkt capn, 11.3% discount to NAV): posts a reminder of a proposed tender offer of up to £20 million

Digital 9 Infrastructure (DGI9 LN, Infrastructure, £81.4m mkt capn, 72.6% discount to NAV): has completed the sale of its interests in SeaEdge UK1 to Stellium Datacenters Limited. The £10.7m consideration for SeaEdge includes the payment of deferred rent and is broadly in line with the 31 December 2024 net asset value of the investment together with the associated rent receivable at that date. The sale concludes the realisation process with the net proceeds of £10.3m after the deduction of transaction and related costs to be used to imminently repay and cancel the Revolving Credit Facility balance of c. £13million in full. This concludes the fund deleveraging process initiated in 2024. The Board and Investment Manager will continue executing the orderly managed wind down of the Company, prioritising the return of capital to shareholders from remaining portfolio company divestments and maximising the value of such investments whilst they are owned or part-owned by the Company.

VPC Specialty Lending Investments (VSL LN, Debt – Direct Lending, £40.3m mkt capn, 70.0% discount to NAV) has declared an interim dividend of 0.55pps in respect of calendar Q1 2025. “In future periods, the company will move to annual distributions with the next dividend declaration likely to be announced in February 2026, then every year thereafter.”

JZ Capital Partners (JZCP LN, Private Equity, £121.8m mkt capn, 33.9% discount to NAV) FY results to 28 February 2025: been in orderly realisation since August 202; NAV unchanged over the year at $4.06; realisation and distribution proceeds of $47.4m during the year and JZCP returned $30m to shareholders at end March 2025. JZCP “is debt free and now has approximately $77m of cash and treasuries.” "In line with the Company's investment policy, certain assets within the portfolio will require significant further investment and time to maximise their value:"

Ground Rents Income Fund HY results to 31 March 2025 (GRIO LN, Property – UK Residential, £25.3m mkt capn, 55.1% discount to NAV): Continuation of the shareholder-approved strategy to realise assets to optimise the net realisation value of the Company's investments. £9.2m of disposals enabling debt repayments of £11.3m. LTV of 6%. " Work ongoing to protect the Company from what we believe are unlawful enfranchisement provisions within the Leasehold and Freehold Reform Act 2024"

Management fee amendment

Schroder Real Estate IT FY results to 31 March 2025 (SREI LN, Property – UK Commercial, £260.2m mkt capn, 19.4% discount to NAV): NAV TR +11.0%; 3.5p DPS, fully covered by earnings (+4%). 64% of the portfolio allocated to the higher growth industrial (51% of value) and retail warehousing (13%) sectors. "with effect from 1 October 2025, the Manager’s fee will be amended so that 50% is linked to market capitalisation, with the balance linked to NAV. Based on the current fee of 0.9% and today’s share price of 53.0 pps, this would result in an annualised fee reduction of £0.2 million or 7.0%. The market capitalisation linked fee is capped at the prevailing NAV, and the existing fee tiers linked to the Company’s size remain unchanged"

Share split

North Atlantic Smaller Companies IT (NAS LN, Global Smaller Companies, £510.3m mkt capn, 28.4% discount to NAV): shareholders have approved the proposed subdivision of the Company's Ordinary Shares on a ten for one basis which will take effect from 13 June 2025

Lindsell Train IT FY results to 31 March 2025 (LTI LN, Global, £170m mkt capn, 12.4% discount to NAV): NAV TR -2.2% vs MSCI World Index +4.8%; share price TR +9.0%; discount reduced from 22% to 14.1%; "Three of the Company’s biggest quoted equity holdings, the London Stock Exchange Group (‘LSEG’), Nintendo and RELX have driven performance over the financial year in local currency with returns of 22%, 25% and 15%, respectively. Such performance suggests that investors are beginning to recognise the success that these companies have had in exploiting technology to improve the products and services offered to their customers, in much the same way as the so-called “Magnificent 7”, whose share price performances have contributed so much to comparative index returns." "LTL’s valuation reflected a continued decline in its funds under management (‘FUM’), from £15.2bn at 31 March 2024 to £11.4bn at 31 March 2025, following client withdrawals." "Whilst the co-founders, Nick Train and Michael Lindsell, remain committed to LTL for at least the next seven years, as every year passes the contribution to LTL from a new generation of successors rises. In recognition of this, LTL incentivises these individuals with profit share and additional awards to ensure that they build their ownership of LTL. The shares which they buy are sold by the founders and your Company in the ratio of 75:25, which was the original split of shareholdings immediately after LTL’s inception in 2000. The Board views these sales as a vital investment in the future of LTL and believes that in selling to LTL’s next generation, the Company will ultimately create more value for the shares than the Company might give up through reducing its shareholding. The LTL holding decreased from 6,378 to 6,301 shares in the year to 31 March 2025." Proposes a share split of 1 for 100 "to assist monthly savers, those who reinvest their dividends and those who are looking to invest smaller amounts. The Directors believe that the Share Split may also improve the liquidity of the Company’s shares, which would benefit all Shareholders."

Acquisition

AEW UK REIT (AEWU LN, Property – UK Commercial, £161.6m mkt capn, 5.0% discount to NAV): acquired a leisure park in Leicester for £11.15m and a net initial yield of 10.16%. Tenants include Odeon Cinemas Ltd, Mecca Bingo Ltd, Spirit Pub Company Ltd and Nando's Chickenland

Oakley Capital (OCI LN, Private Equity, £855.0m mkt capn, 29.6% discount to NAV): agreed to acquire Join Business Management Consulting a fast-growing, Italian management and IT consultancy firm focused on the Financial Services sector for an amount anticipated to be c.£8 million. It also acquired a majority stake in G3, a global strategic advisory consultancy for an amount anticipated to be c.£18 million

Disposal

VinaCapital Vietnam Opportunity Fund (VOF LN, Country Specialist, £569.5m mkt capn, 19.1% discount to NAV): has sold one of its top five holdings, Tam Tri Medical Joint Stock Company albeit the terms of the transaction were not disclosed

Portfolio news

Achilles Investment Company (AIC LN, £58.3m mkt capn) NAV as at 31 May 2025: 107.72pps... AIC’s “second-largest portfolio holding is in Empiric Student Property (ESP LN). The Board is pleased to note ESP's announcement of 5 June 2025 regarding a possible offer for the company. The realised and unrealised gains since the month-end in this holding would have added approx. 1.16pps to estimated un-audited NAV,” based on the closing price on 6 June 2025.

Secondary listing

Greencoat Renewables (GRP LN, Renewable Energy Infrastructure, £841.7m mkt capn, 27.8% discount to NAV): confirms that its secondary listing on the Alternative Exchange of the JSE Limited has become effective

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


Equity Capital Markets

n/a

Ex Dividend

3IN 6.325p, BERI 1.125p, BUT 6.25p, CMPI 2.05p, CTUK 2.95p, ESP 0.925p, HHI 2.675p, JUSC 3.10p, PAC 4.90p, SEIT 1.58p, SMT 2.78p, USF $0.0056, WWH 1.70p

The US Fed and Bank of England both meet next week

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

Regards 

Frostrow Capital LLP

Frostrow Capital LLP,
25 Southampton Buildings,
London WC2A 1AL
020 3008 4912

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