End of week note for investment trust investors

Tough few days clearly. "This is not Winston Churchill we are dealing with", came the words from Donald Trump, in the very week 80 years ago that the same UK PM first uttered the phrase “special relationship” to describe the US / UK connection. We've all seen what has been unfolding in the Middle East. Following this, the strategy of Iran has been to bring in the whole Middle East into the conflict, with a number of countries impacted, perhaps unexpectedly, including Qatar and Dubai, impacting financial centres, infrastructure, expatriates and tourists alike. Iran closed the Strait of Hormuz and this route is the primary route for over 20% of the world's total oil and liquified natural gas. As the US sunk an Iranian warship, Trump has said that talks with Iran are now too late and so of course all investors are asking, how long will this situation last?

This week in the UK brought a largely irrelevant Spring Statement from Rachel Reeves. The OBR has forecast that the UK economy is predicted to grow at a slower level than previously expected (1.1% vs 1.4%). Unemployment is expected to peak this year at 5.2% and fall to 4.1% by the end of the parliament. The OBR forecasts could of course be immediately out of date noting the impact of the current situation in the Middle East on the UK economy, the significance of which will be directly related to how long it lasts. The bond market is clearly concerned rate cuts may be less likely with Treasury and Gilt yields rising between 16 and 36bps across the curve.

In the investment trust sector, equities clearly fell (apart from the NASDAQ) but discounts to NAV marginally contracted on average from 11.5% to 11.4%. We saw an oversubscribed tender offer, a couple of new managers appointed to existing funds, two funds looking to migrate to the LSE Main Market and Saba sniffing around new funds. At Frostrow Capital, we apply Churchill’s advice, “continuous effort - not strength or intelligence - is the key to unlocking our potential.” Unlocking Custodian Property Income REIT’s potential is Richard Shepard-Cross who, along with the Board, has announced its third corporate acquisition of a family property company, Scorpion Properties Limited, for £8.5m. Frostrow clients have also held AGMs in recent days for CC Japan Income & Growth and Ecofin Global Utilities and Infrastructure Trust. Next week, do join us for webinars with Biotech Growth Trust and Temple Bar Investment Trust.

Do not be short of investment trusts

2. Frostrow Investor Events

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £181.5m mkt capn, 32.0% discount to NAV): Please contact Frostrow for interest in seeing Tim Levene in London and the regions in 2025. The AUGM Capital Markets Day took place on Wednesday 2 July 2025 at Searcy’s at The Gherkin, between approx. 8:30am and 1:30pm. 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

The IMC webinar from 5 December 2025 is available here:

https://www.investormeetcompany.com/company/meetings/interim-results-535

Aurora UK Alpha (ARR LN, UK All Companies, £274.7m mkt capn, 11.0% discount to NAV): the Phoenix investment team are available for meetings with investors in 2026. The latest update from the management team, from 26 January 2026, is available to view here:

https://www.youtube.com/watch?v=8BbZc9dgjB0

Biotech Growth Trust (BIOG LN, Biotechnology & Healthcare, £252.3m mkt cap, 7.8% discount to NAV): Geoff Hsu, lead manager, gives his thoughts at the AGM on 17 July 2025:

https://www.youtube.com/watch?v=qHK5hrdFehI&t=16s

The update webinar which took place with Frostrow on 7 October 2025 is available here:

https://www.youtube.com/watch?v=5L0wbJrxbwk

The Edison webinar from early November 2025 is also available here: https://lnkd.in/gea-wUbH

CC Japan Income & Growth Trust (CCJI LN, Japan, £325.4m mkt capn, 8.6% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2026. Pre-recorded AGM Presentation from 27 February 2026 available on the website and YouTube: https://www.youtube.com/watch?v=i0JwUnwb2so&t=1s

CCJI QuotedData In the Hot Seat interview to view here:

https://www.youtube.com/live/eBmf8nisElM?si=O11Cr1IHSuQbv2A0

An Investor Meet Company webinar is planned for 12pm on 18 March 2026. Do subscribe here:

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

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £144.5m mkt capn, 6.7% discount to NAV): please contact Frostrow to arrange a one-on-one meeting with management in 2025. The managers presented on the investment opportunity on 10 June 2025, so please have a look if you were not able to make it:

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

The IMC webinar from 2 December 2025 is available here:

https://www.investormeetcompany.com/company/meetings/investor-update-87

Custodian Property Income REIT (CREI LN, Property UK Commercial, £396.2m mkt capn, 10.8% discount to NAV): Richard Shepherd-Cross, lead manager, available for meetings in 2025 (physical throughout UK, or zoom, as per preference). 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

The Company provided a further investment update via Investor Meet Company on 30 October 2025, which you can access here:

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

An Investor Meet Company webinar took place on 13 February 2026. You can view it here:

https://www.investormeetcompany.com/meetings/investor-presentation-997

Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £239.1m mkt capn, 10.8% discount to NAV) : Jean-Hugues de laMaze, lead manager of the Trust conducted an investor webinar with Frostrow on 5 November 2025, with link below for those who missed it:

https://www.youtube.com/watch?v=nZDYoUZjy18

An Investor Meet Company webinar took place on 25 February 2026, and for those who missed it, do access it here:

https://www.investormeetcompany.com/company/meetings/investor-presentation-981

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £862.8m mkt capn, 6.4% discount to NAV): Frostrow highlight Nick Train’s presentation following our London investor event (May 2025):

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

The IMC webinar from 5 December 2025 is available here:

https://www.youtube.com/embed/7j91YsLT3sI?rel=0

The Company’s AGM of 15 January 2026, including Nick Train’s presentation is available to view here:

https://www.youtube.com/watch?v=2zZXsxaL9xQ

FGT Quoted Data In the Hot Seat interview here from 6 March 2026:

https://quoteddata.com/events/in-the-hotseat-nick-train-finsbury-growth-income/

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £67.9m mkt capn, 3.2% discount to NAV): To watch the most recent update which took place on Monday 23 June 2025 with Tom Treanor and Charlotte Cuthbertson, please see below for the link:

https://www.youtube.com/watch?v=1BT7aH0da04

Please also see the link below for the latest webinar held with Investor Meet Company held in August 2025:

https://www.investormeetcompany.com/company/meetings/investor-update-webinar-1

Please attend the next Investor Meet Company webinar to be held at 12pm on 24 March 2026:

https://www.investormeetcompany.com/migo-opportunities-trust-plc/register-investor

Mobius Investment Trust (MMIT LN, Global Emerging Markets, £94.3m mkt capn, 11.8% 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

Carlos also presented via Investor Meet Company on 24 June 2025, see below for the link to the recording:

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

The Investor Meet Company webinar recorded on 17 October 2025 is available on the following link:

https://www.youtube.com/embed/Fd7sgkz2T-w?rel=0

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,126.5m mkt capn, 0.3% premium to NAV):

Read the quarterly Temple Bar IT newsletter here if your Bar is set high and your portfolio is your Temple: https://www.templebarinvestments.co.uk/media/insights/investing-through-pessimism/

Co-portfolio manager, Nick Purves, recorded some comments at the Winterfloods Annual investor event in January 2026, available to view here:

Nick Purves, Temple Bar - Finding Value in UK Equities | Winterflood Conference 2026

The Frostrow webinar which took place on 29 January 2026 is available here to view:

https://www.youtube.com/watch?v=laU-UtHBp8Q

An Investor Meet Company webinar is planned for 11am on 11 March 2026. Do subscribe here:

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

Worldwide Healthcare Trust (WWH LN, Biotechnology & Healthcare, £1,303.5m mkt capn, 7.3% discount to NAV): Trevor Polischuk’s comments at the Winterflood’s Annual conference were recorded here (January 2026):

Trevor Polischuk, Worldwide Healthcare Trust - Innovation in Healthcare | Winterflood Conference 2026

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith

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]”. Rachel Reeves is promoting LTAFs whilst multiple asset classes via top class managers are already available at discounts to NAV in the investment trust sector. Record ETF issuance continues, with now more active ETFs than passive and record open ended funds converting into ETFs also. 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 actively managed listed fund vehicles using the structure appropriately available for savings and investment today, as there have been for the last 150 + years – despite Elon Musk’s views. They act as a strong complement to passive ETF holdings also.

DO NOT BE SHORT OF INVESTMENT TRUSTS

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

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

Check out our January 2026 summary podcast here: https://www.investormeetcompany.com/company/updates/frostrow-talks-trusts-january-2026-podcast

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 / Premium control

A total of 478 corporate announcements from Thursday this week on the LSE, of which 176 were in reference to share buybacks (36.8% of total). 7 referred to equity issuance

Vietnam Enterprise Investments Limited (VEIL LN, Country Specialist, £1,116.9m mkt capn, 12.6% discount to NAV): 3m shares were repurchased in February 2026, representing 1.8% of shares outstanding at an average 13.5% discount to NAV

Greencoat Renewables FY results to 31 December 2025 (GRP LN, Renewable Energy Infrastructure, £818.3m mkt capn, 25.4% discount to NAV): NAV of 99cps (110.5cps 2024); Completed the disposal of a 116MW portfolio of Irish assets for total proceeds of €156m, including €17m, representing a 4% premium to NAV. Aggregate debt reduced to 52% of gross asset value; additional listing on the Johannesburg Stock Exchange completed in June 2025; target dividend of 6.81cps in 2026 (same as 2025); Selective disposal programme underway to recycle up to €350 million of assets over the next 18 months. Initial 12 month share buyback programme of €100 million commenced immediately, representing 13% of issued capital. Accelerated de-leveraging to get it to circa 45% in 2027

Tender / Redemption update

Baillie Gifford Shin Nippon (BGS LN, Japanese Smaller Companies, £357.5m mkt capn, 8.5% discount to NAV): 122m shares validly tendered shares under the tender offer (oversubscribed). Accordingly, the Basic Entitlement of all Shareholders who validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of 6.194518% of the excess Shares tendered. Consequently, 36,798,009 Shares have been accepted pursuant to the Tender Offer, being 15% of the issued share capital of the Company (excluding any shares held in treasury).

RM Infrastructure Income (RMII LN, Debt – Direct Lending, £46.2m mkt capn, 25.2% discount to NAV): announced that it intends to conduct a further return of capital to shareholders via a tender offer of c£13m as it continues to make further distributions to shareholders during the Company's ongoing managed wind-down process

Saba news

Baillie Gifford UK Growth (BGUK LN, UK All Companies, £220.7m mkt capn, 10.2% discount to NAV): Saba Capital position increased from 4.9% to 5%

Allianz Technology Trust (ATT LN, Technology & Technology Innovation, £1,842.7m mkt capn, 10.1% discount to NAV): Saba Capital hold 5.2% of share capital

GCP Infrastructure Investments (GCP LN, Infrastructure, £625.8m mkt capn, 24.6% discount to NAV): Saba Capital position fell from 5.3% to 5%

Capital allocation update

HICL Infrastructure interim statement for 5 months to 28 February 2026 (HICL LN, Infrastructure, £2,277.7m mkt capn, 22.9% discount to NAV): portfolio performance in line with expectations; £225m disposal of seven UK PPP assets completed in the period in line with carrying value enabling full repayment of the Company's RCF and funding of committed growth investments; share repurchases have resumed (£4m acquired since 1 January) and the dividend outlook reaffirmed, with the Company on track to deliver its target dividend of 8.35pps for FY 31 March 2026 and reiterating its FY 31 March 2027 dividend of 8.5pps. A shareholder consultation exercise is ending shortly having spoken to 47% of the share register, with an update expected in May with the annual results

M&A news

BlackRock Throgmorton Trust FY results to 30 November 2025 (THRG LN, UK Smaller Companies, £453.9m mkt capn, 12.4% discount to NAV): NAV TR +0.7% vs Deutsche Numis Smaller Companies Index +10.1%; share price TR +6.5%; announced on 20 February a proposed combination of assets with BlackRock Smaller Companies Trust, with combination potentially to become effective on 16 April 2026 and leading to greater scale, lower ongoing costs, cash exit for up to 38% of THRG's share capital at NAV less 1%, triennial conditional exit opportunity and reduced management fees; the combination would consolidate BRSC's position as the largest growth-focused UK small cap trust. THRGs bought back 12.2m shares for £70.8m in the period

Change of investment policy

Syncona Limited (SYNC LN, Biotechnology & Healthcare, £580.8m mkt capn, 45.0% discount to NAV): gave a couple of updates from holding, Quell Therapeutics. In addition, at a general meeting, the Company approved its new investment policy (focusing on asset realisation from mature portfolio assets) and long-term incentive arrangements

Continuation vote

Aberforth Smaller Companies Trust (ASL LN, UK Smaller Companies, £1,277.0m mkt capn, 8.8% discount to NAV): shareholders voted 94.6% vs 5.4% to continue as an investment trust. Next continuation vote will be AGM 2029

Change of Manager

Murray Income Trust (MUT LN, UK Equity Income, £887.2m mkt capn, 8.0% discount to NAV): further to previous announcements has entered into an investment management agreement with Artemis Fund Managers Limited effective now

Bellevue Healthcare Trust FY results to 30 November 2025 (BBH LN, Biotechnology & Healthcare, £95.3m mkt capn, 8.7% discount to NAV): NAV TR -0.7% vs MSCI World Healthcare Index TR +4.5%; share price TR +4.1%; post Strategic Review, the Board is seeking to appoint Columbia Threadneedle as portfolio manager, adopt a proposed investment policy to implement their strategy for the Company remove the redemption facility and introduce quarterly tender offers for up to 15% of share capital and change the name to CT Healthcare Trust plc. As noted previously, if the proposals are implemented, Threadneedle Asset Management intend to subscribe for up to $25m new shares in the Company. The minimum size for the vehicle, ex Threadneedle, is to be £55m. Subsequent to this, all resolutions were passed at the general meeting and as such, Columbia Threadneedle Investment Business Limited are appointed as the Company's AIFM and investment manager and the name is being changed to CT Healthcare Trust plc

Results / updates

Alternative Income REIT HY results to 31 December 2025 (AIRE LN, Property – UK Commercial, £60.6m mkt capn, 10.4% discount to NAV): NAV +1.0%; share price -0.5%; no less than 5.6pps dividend expected in FY 30 June 2026 (6.2pps 2025) expected to be fully covered subject to the continued collection of rent.." Loan to gross value 34.3% (30 June 2025 36.9%); EPS of 3.8pps for the Period represents a decrease from the previous financial year which is entirely due to increase in financing costs of the Group's new long-term debt facilities.

Bluefield Solar Income Fund HY results to 31 December 2025 (BSIF LN, Renewable Energy Infrastructure, £457.1m mkt capn, 27.9% discount to NAV): NAV TR -3.65%; share price TR -24.9%; NAV TR was "negatively impacted by the UK government's consultation on the future indexation of ROCs and FiTs". First interim dividend of 2.25pps declared and fully covered. Formal sale process was announced on 5 November 2025 and is progressing in line with expectations with a Board udpate to be provided when appropriate

RIT Capital Partners FY results to 31 December 2025 (RCP LN, Flexible Investment, £3,027.2m mkt capn, 25.8% discount to NAV): NAV TR +13.5%; share price TR +16.9%; all three investment pillars of private investments, quoted equities and uncorrelated strategies saw double-digit returns; new investments in 2025 from UK, Europe, emerging markets, commodities and technology; the Company bought back 3% of share capital adding 0.9% to NAV per share total return; the Board continues to commit to share buybacks; planned dividend of 45pps in 2026 (+4.7% to be paid in two instalments). "Rising real rates, coupled with market skepticism around illiquidity and valuation transparency, weighed on sentiment. As we transition into a period of rate normalisation, history offers some perspective: we believe investment trusts are best placed to perform in precisely these conditions."

Murray International Trust FY results to 31 December 2025 (MYI LN, Global Equity Income, £2,074.2m mkt capn, 0.7% premium to NAV): NAV TR +21.9% vs MSCI ACWI High Dividend Yield Index +12.6% (recently changed from FTSE All-Share World Index); share price TR +36.0%; the discount to NAV narrowed to a premium in the period; revenue return of 13.9pps (11.6pps 2024); 12.4pps total dividends (11.8pps 2024); revenue reserves of £85.4m; 12.9m shares were bought back at a discount to NAV and since year end has sold 1.5m shares from treasury at a premium to NAV. Net gearing is 4.4% (6.1% 2024)

Seraphim Space Investment Trust HY results to 31 December 2025 (SSIT LN, Growth Capital, £317.8m mkt capn, 12.1% premium to NAV): NAV TR +20.1%, share price TR +40.2%; Top five holdings achieved substantial growth during the Period, primarily fuelled by successful defence contracts and significant new equity rounds completed at higher valuations. The fair value of the current private portfolio (after disposals) exceeded 200% of cost for the first time

Aberdeen UK Smaller Companies Growth Trust HY results to 31 December 2025 (AUSC LN, UK Smaller Companies, £241.1m mkt capn, 8.6% discount to NAV): NAV TR -3.5% vs Deutsche Numis Smaller Companies plus AIM (ex IC's) Index +4.6%; share price TR -3.0%; Interim dividend of 4.5pps (3.7pps 2025); The Company negotiated a £40m revolving credit facility with The Bank of America. This replaced the previous loan with Royal Bank of Scotland International which expired in November 2025. The new facility is 'evergreen' and is at a lower margin than was previously the case. It is fully drawn and net gearing was 10.8% at HY end. Bought back 10.1m shares representing 16.3% of share capital at an average 9.3% discount to NAV enhancing NAV by 1.6%.

Foresight Solar Fund Limited quarter end December 2025 update (FSFL LN, Renewable Energy Infrastructure, £352.5m mkt capn, 36.7% discount to NAV): NAV 99.2p (102.1p 30 September 2025); valuation and assumption changes contributed 6.8pps to NAV in Q4; the previously reported tax adjustment in Q3 is measured at 5.5pps, to be settled with cash already reserved. Dividends are still expected to remain fully covered. £55m of £60m deployed in a share buyback programme enhancing NAV by 0.2pps in the last quarter but 3.1pps since the programme began. "The dividend target for 2026 will be confirmed alongside FSFL's full‑year results. The Board recognises the importance of cash yield to shareholders and remains committed to a progressive income strategy. It will consider whether an increase is appropriate and aligned with shareholders' interests. Maintaining the dividend at its current level may help build cover for future periods. At the latest price, FSFL shares yield close to 13%." Gearing at 41.2% of gross asset value (41.8% at 30 September 2025)

3i Infrastructure (3IN LN, Infrastructure, £3,228.2m mkt capn, 14.0% discount to NAV): agreed to sell its 71% stake in TCR, the largest independent lessor of airport ground support equipment. "Expected net proceeds to 3iN from the sale are approximately €1,140 million, a c.22% uplift from our valuation at 30 September 2025 and a c.50% uplift from the last valuation set before the beginning of the exit process, at 31 March 2025. The transaction is conditional on receipt of customary regulatory approvals and is expected to complete during Q3 2026...The realisation proceeds will be used to repay all drawings on the Company's revolving credit facility and to fund further investment in our existing portfolio as well as the potential acquisition of new portfolio companies from our strong pipeline of opportunities. Since December 2025, the Company has already invested €131 million in three bolt-on acquisitions for ESVAGT and Joulz."

Gabelli Merchant Partners HY results to 31 December 2025 (GMP LN, Hedge Funds, £59.6m mkt capn, 18.5% discount to NAV): NAV return of +2.8%; GMP is a close company and its largest shareholder, Associated Capital Group, Inc., is intent on continuing with the listed vehicle and growing value in the markets in accordance with the investment policy. Holds 6.18m Loyalty Shares. "In the current environment, it is strategically advantageous to allocate a portion of the Company's assets to U.S. Treasury bills due to the numerous benefits they offer. Treasuries stand out for their ability to provide competitive returns when compared to other fixed-income securities and given their short-term nature allows for frequent reinvestment at prevailing interest rates, potentially maximizing the overall yield of the portfolio over time."

Tetragon Financial FY results to 31 December 2025 (TFG LN, Flexible Investment, £1,170.3m mkt capn, 65.6% discount to NAV): NAV TR +19.6%, share price TR +27.4%; MSCI ACWI Index TR +23.6%; FTSE All Share Index TR +23.9%; Insider ownership of 39.4%; Performance was driven by ownership of Equitix, a leading infrastructure player, Ripple Labs, a top US blockchain company and Hawke Point, a resource finance business. Investments in bank loans via CLOs were more negative. FY dividend of 45cps; cash held of $27.1m. " In renaming our asset management platform Tetragon Partners, we have sought to emphasise that an important part of Tetragon’s growth has been our success in partnering with asset managers who offer us this differentiated expertise. Through the combination of these partnerships and Tetragon’s direct idiosyncratic investing, the diversification of our exposure now ranges from event-driven arbitrage to legal assets, from life sciences to AI and machine learning, from GP stakes in asset management businesses to digital assets, and from mining and resource finance to infrastructure, venture capital co-investments and beyond."

Alliance Witan FY results to 31 December 2025 (ALW LN, Global, £4,775.1m mkt capn, 5.5% discount to NAV): NAV TR +4.7% vs MSCI All Country World Index +13.9%; share price TR +5.4%; total dividends of 28.32pps (+6.1% 2024, dividend increase for 59th year); the Company bought back 17.8m shares in the year (4.7% of share capital); "The underperformance of the US versus the rest of the world, exacerbated for sterling investors by the weakness of the dollar, signalled growing caution about high US valuations, the concentration of returns in mega-cap technology stocks and the unpredictability of economic and foreign policy under President Trump."

Wind down / asset realization news

Riverstone Energy Limited FY results to 31 December 2025 (RSE LN, Commodities & Natural Resources, £54.7m mkt capn, 37.5% discount to NAV): NAV TR +8% ($); been in managed wind down since August 2025; total net realisations of $233.3m and $190m returned to date; "The Investment Manager remains focused on realising value from the remaining assets in the portfolio and returning the capital to Shareholders in a timely manner, consistent with the Company's amended investment objective and policy."

Asset purchase / disposal / portfolio news

HgCapital Trust (HGT LN, Private Equity, £1,911.6m mkt capn, 25.5% discount to NAV): announced new co-investments in OneStream Inc and Septeo Group totalling approximately £46m

Home REIT (HOME LN, Property – UK Residential): announced a transaction in which it has exchanged on the disposal of 706 properties, representing the majority of the Company's portfolio of assets, to Patron Capital for £123.0m with completion no later than 1 April 2026. The remaining properties in the Company's portfolio were valued at £17.35m in the valuation report prepared by Jones Lang LaSalle as at 31 August 2025, and the sales process in relation to the majority of these properties is expected to conclude in the first half of 2026.

PPHE Hotel Group Limited (PPHE LN, £718.2m mkt capn): announced that it has entered into an agreement to repurchase the freehold interest in Park Plaza London Waterloo. "The freehold acquisition is for a total consideration of £147.9 million, of which £136.5 million is intended to be funded by a new debt facility which the Group expects to finalise prior to completion and which will be secured on the freehold and long leasehold interest in the Property. The remaining balance is to be settled from the Group's existing cash resources. The transaction is expected to close in the coming months."

Custodian Property Income REIT (CREI LN, Property – UK Commercial, £396.2m mkt capn, 10.8% discount to NAV): announced its third corporate acquisition of a family property company, Scorpion Properties Limited, for ?8.5m. The assets are located in the South Midlands with an average lot-size of £1.7m generating an annual aggregate passing rent of £0.6m adding circa 1.3% to the annual rent roll. The portfolio comprises four accident repair centres. The portfolio has a net initial yield of 6.8% and reversionary yield of 9.7%. 4.9m shares were issued as initial consideration for the acquisition (Frostrow client)

Schroder European Real Estate Investment Trust (SERE LN, Property – Europe, £84.6m mkt capn, 38.0% discount to NAV): concluded a new 10-year annually indexed lease with the State of Baden-Wurttemberg for office space at its Stuttgart property in Germany, representing 5% of portfolio income, an 18% increase to the previous passing. At its Rumilly logistics property, the Company has agreed heads of terms on a seven / ten year term lease extension with the sole tenant, again, representing about 5% of portfolio income. "The Company also announces that at its Alkmaar industrial property in the Netherlands (c. 5% of portfolio income), Shuurman Beheer B.V., the sole tenant, has, as a result of financial difficulties, been forced to cease operations at the asset, following which it has elected not to fulfil its lease obligations. The Company has initiated legal proceedings, including enforcement of the €350,000 rental guarantee. Active marketing of the premises, which is located in a prominent logistics and distribution hub and features on-site renewable energy and an EPC A+ rating, has commenced with good initial interest from prospective occupiers. Further updates will be provided in due course."

Migration news

Onward Opportunities Limited FY results to 31 December 2025 (ONWD LN, UK Smaller Companies, £40.7m mkt capn, 8.0% premium to NAV): NAV TR +11.1%; share price TR +7.6%; close to £50m asset value; "...our chosen opportunity set (companies listed on AIM) is an inefficient market in which high quality assets can be grossly mispriced." Also announced that it is exploring the migration of its ordinary shares to the main market of the LSE, with a potential target for Q2 2026. The Board believes the Migration to be aligned with the Company's growth ambitions and would broaden the Company's potential investor base

Cordiant Digital Infrastructure Q3 update (CORD LN, Infrastructure, £811.7m mkt capn, 24.2% discount to NAV): announced its intention to move from the Specialist Funds Market to LSE's Main Market, which is expected to enhance the Company's market profile and liquidity, support eligibility for inclusion in the FTSE UK Index Series and improve accessibility for retail investors. The migration will require shareholder approval

Shareholder alignment

Artemis UK Future Leaders (AFL LN, UK Smaller Companies, £105.0m mkt capn, 12.8% discount to NAV): persons connected to William Tamworth, a portfolio manager of the Company, have purchased an additional 18,000 shares taking total ownership to 419,500 shares, representing 1.4% of share capital

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

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Equity Capital Markets / Investor demand

n/a

Ex Dividend

FVEN 1.8pps, FVEN 0.6pps, TMPL 3.75pps, JGGI 5.75pps, RIII 32.75pps, UTL 2pps, ENRG 1.45pps, RESI 1.03pps, UEM 2.42pps, HICL 2.09pps, RCOI 1.1cps, FGEN 1.99pps, JEMI 1.5pps, MWY 3.85pps, PNL 1.4pps

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith

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Frostrow Capital LLP,
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This message (including any attachments) is confidential and is for the intended recipient only. If you are not the intended recipient, please inform the sender and delete any copies from your system. Internet communications are not secure and therefore Frostrow Capital LLP does not accept legal responsibility for any of the contents of this message (including any attachments).

Information relating to any company or security is for information purposes only and should not be interpreted as a solicitation to offer to buy or sell any security or to make any investment.