End of week note for investment trust investors

It was a week of escalating military strikes between the US and Iran, US tariffs 2.0 and a weak equity market. The oil price touched $100 per barrel briefly as Iran targeted US assets and logistics centres in the region, as well as ships in the SoH. In a separate sign that things are worsening there again, the Iran-backed Houthi group in Yemen announced a naval blockade and attacks on ships against Saudi Arabia. Separately, Trump has imposed new tariffs on 60 trading partners including the UK adding to market uncertainty. Towards the end of the week, there was a big earnings miss at Tesla and SpaceX is back at $118. The ECB left interest rates at 2.25% but flagged that a rise in September may well be on the cards. US Treasuries (and UK Gilts) sold off, particularly at the short end as concerns around stagflation lurk.

Andy Burnham of course became UK PM this week, the 7th in the last decade. Key cabinet positions include John Healey who has become Chancellor of the Exchequer, Shabana Mahmood who stays as Home Secretary and Ed Miliband who becomes Foreign Secretary. PM Burnham has kicked things off with measures to help people with the cost of living such as putting a cap on bus fares. As opposition leader Kemi Badenoch suggests though, it looks at this point like he still thinks he is a mayor only, with tax rises widely expected and even requested by some individuals - “We want you to tax us.” Separately, UK inflation for June fell to 2.6% from 2.8% in May, a little more than expected, albeit it is widely expected to rise again next month. UK unemployment remained at 4.9% in May, but with the number of available job vacancies was down by half in the last four years. Mitie is the latest UK company being taken over this week, taking us to circa £69bn or around 2.4% of the London market, with the number of companies on the FTSE All Share Index down apparently by 11% in the last five year.

In the investment trust sector, average discounts (ex 3i Group) widened by 1.3% to 12.2%. It was a tougher week generally therefore but still decent for defence, commodities and Uzbekistan. In terms of specific newsflow, we note the SEGRO Board are minded to accept the Prologis offer pushing the share price up significantly, AEW continue courting Alternative Income REIT and at Frostrow, Capital Gearing Trust’s share split became effective, no doubt helpful for regular investors. Do join us for our webinar with our partners at Investor Meet Company for MIGO Opportunities Trust’s webinar at 10am on Monday - https://www.investormeetcompany.com/migo-opportunities-trust-plc/register-investor

Not a time to be short of investment trusts we feel.

2. Frostrow Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £262.8m mkt capn, 10.0% 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, Healthcare & Biotechnology, £307.2m mkt cap, 7.1% discount to NAV): Co-portfolio manager, Josh Golomb, provided an update for investors via Investor Meet Company on 10 March 2026: https://www.investormeetcompany.com/meetings/investor-presentation-1001

A link to the presentation by Geoff Hsu at the AGM on 16 July 2026 can be found here: https://www.youtube.com/watch?v=izwHIML8spU

Kepler video: The Biotech Growth Trust: why now for global biotech innovation?

CC Japan Income & Growth Trust (CCJI LN, Japan, £369.2m mkt capn, 5.7% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2026. In addition, we note CCJI QuotedData In the Hot Seat interview to view here:

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

An Investor Meet Company webinar took place on 18 March 2026. Do view it here:

https://www.investormeetcompany.com/meetings/investor-presentation-1002

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £132.0m mkt capn, 5.5% premium to NAV): investor meetings available again post 14 September 2026

Custodian Property Income REIT (CREI LN, Property UK Commercial, £403.7m mkt capn, 15.1% discount to NAV): Richard Shepherd-Cross, lead manager, is available for meetings in 2026 (physical throughout UK, or zoom, as per preference). Richard also gives his most updated thoughts in the Investor Meet Company webinar which 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, £258.1m mkt capn, 2.6% premium to NAV) : Jean-Hugues de laMaze, lead manager of the Trust conducted an Investor Meet Company webinar on 27 May 2026, and for those who missed it, you can access it here:

https://www.investormeetcompany.com/meetings/investor-presentation-1038

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £761.7m mkt capn, 6.8% discount to NAV): Frostrow highlight Nick Train’s presentation at the Company’s AGM on 15 January 2026, available to view here:

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

In addition, we highlight 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/

Link to follow in due course for the webinar of 15 July 2026:

https://www.youtube.com/watch?v=jE9n4ut7xl0

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £69.6m mkt capn, 4.0% discount to NAV): To watch the most recent update which took place on 24 March 2026 with Tom Treanor and Charlotte Cuthbertson, click here:

https://www.investormeetcompany.com/meetings/investor-presentation-995

To register for the forthcoming MIGO webinar, 27 July 2026 at 10am, do so here - https://www.investormeetcompany.com/migo-opportunities-trust-plc/register-investor

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,228.6m mkt capn, 0.2% premium to NAV): Read the latest 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/century-value-investing/

An Investor Meet Company webinar took place on 11 March 2026 and is available to view on this link:

https://www.investormeetcompany.com/meetings/investor-presentation-1008

See co-portfolio manager, Nick Purves’ interview on Citywire from July 2026 here: https://lnkd.in/ezCQ6qZN

Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,373.7m mkt capn, 6.8% 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

See below the link to the latest WWH AGM presentation recording from 14 July 2026:

https://www.youtube.com/watch?v=-phskZBx8gE

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 geopolitical and 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]”. The UK Government have finally seen sense to allow their pension funds to invest in investment trusts to access a variety of assets such as infrastructure and private equity. 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 May 2026 summary podcast here: https://www.investormeetcompany.com/updates/frostrow-talks-trusts-may-2026-podcast/show

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 380 corporate announcements from Monday this week on the LSE, of which 137 were in reference to share buybacks 36.0% of total). 5 referred to equity issuance.

Tender / Redemption offer update

Schroder UK Mid Cap Fund (SCP LN, UK All Companies, £241.1m mkt capn, 5.8% discount to NAV): the composition of the tender pool is £12.5m in equities and £73.6m in cash

Montanaro European Smaller Companies Trust (MTE LN, European Smaller Companies, £210.4m mkt capn, 7.4% discount to NAV): the Company announced the tender price at 177.3069pps

RIT Capital Partners (RCP LN, Flexible Investment, £3,435.1m mkt capn, 20.1% discount to NAV): Tender offer of up to £300m of shares at a tender price of £26.8515, a 15% discount to NAV

Saba Capital and activist update

Impax Environmental Markets (IEM LN, Environmental, £166.1m mkt capn, 15.0% discount to NAV): following a review of the Company's investment management arrangements, the Board served notice on Impax Asset Management Limited to terminate the existing investment management agreement. In accordance with the terms of the investment management agreement, a 12-month notice period applies which will expire on 31 July 2027; however, the Board has requested that the Investment Manager considers waiving all or a substantial part of this notice period. The Board is commencing a Request for Proposal process to identify and appoint an investment manager or strategic alternative that best suits investor interests moving forward. As part of the RFP process, the Board will also be taking into account the viewpoints of all stakeholders and the future investment strategy of the Company. The Board will be appointing advisers in the near future to effectively support and facilitate the RFP process. The Board remains committed to ensuring the ultimate success of the Company and its alignment with the interests of its shareholders.

Workspace Group (WKP LN, £676.6m mkt capn): None of the resolutions requisitioned by Saba Capital proposing to appoint six nominees to the Board in place of the current Non-Executive Directors was passed.

Gearing update

EPE Special Opportunities Limited (ESO LN, £53.0m mkt capn): 8.5% unsecured loan notes extended maturity date from 23 July 2026 to 31 July 2030. ESO further announced that it voluntarily undertakes, for the benefit of the Noteholders, to maintain a minimum enhanced gross asset ratio of at least 4:1

M&A update

Alternative Income REIT (AIRE LN, Property – UK Commercial, £58.0m mkt capn, 15.1% discount to NAV): the board notes the announcement made by AEW UK REIT relating to a possible all-share offer for entire share capital under which AIRE shareholders would receive 0.725 shares in AEWU for each AIRE share held. The exchange ratio has been calculated by reference to the respective NAVs of both companies, each reduced for estimated transaction costs and the most recently paid dividend and is stated by AEWU to incorporate a 6% discount to AIRE's NAV. The Board welcomes AEWU's announcement and believes that a possible offer from AEWU has the potential to deliver a more attractive outcome for AIRE shareholders than the offer currently being proposed by Glenstone REIT plc as well as giving AIRE shareholders the option to remain invested in an income producing REIT. The Board will need to understand the detailed terms of the AEWU Possible Offer in order to determine whether or not it could recommend the AEWU Possible Offer to AIRE shareholders, if indeed a firm offer were to be forthcoming. Based on the proposed exchange ratio of 0.725 and AEWU's closing share price pre-announcement of 106.8p the AEWU Possible Offer had an implied value of approximately 77.4p per AIRE share, representing a premium of approximately 10.6% to the 70.0p per AIRE share under the Glenstone Offer if AIRE declares a fourth interim dividend of 1.4p per AIRE share in order for AIRE to meet its target dividend for the financial year. As the AEWU Possible Offer is entirely in shares, its implied value will fluctuate with the AEWU share price. The Board notes Glenstone's support in principle for the previous AEWU proposal. During the process relating to the Previous Proposal, AIRE's financial adviser informed AEWU's financial adviser that Glenstone had indicated its support in principle and steps were taken to arrange a meeting between Glenstone and AEWU. Although the Previous Proposal did not proceed, the Board welcomes AEWU's renewed interest and intends to engage with AEWU to determine whether the AEWU Possible Offer can be developed into a firm offer capable of recommendation.

SEGRO (SGRO LN, £13,020m mkt capn): the Board received a further revised indicative proposal from Prologis regarding a possible offer for the entire issued and to be issued share capital of the Company. The terms of the Further Revised Proposal comprise 0.0890 new Prologis shares for each SEGRO share. The Further Revised Proposal also includes a partial cash alternative of up to £2.7 billion, representing 20% of the total consideration. Based on Prologis's closing share price of $149.8 and a GBP:USD exchange rate of 1.35,the Further Revised Proposal values each SEGRO share at 993p, or at 958p based on the Volume Weighted Average Price of Prologis's shares over the last 3-month period. The Board of SEGRO carefully reviewed the Further Revised Proposal, together with its advisers, and concluded that SEGRO's compelling growth strategy and standalone prospects underpin superior value creation versus the Further Revised Proposal. Accordingly, the Board unanimously rejected the Further Revised Proposal. Despite this rejection, SEGRO engaged and met with Prologis management to understand Prologis' ability to improve its financial terms to a level that could be capable of being recommended by the Board of SEGRO. Prologis provided no new information in this meeting and made no improvement to the Further Revised Proposal. The Board has been engaging extensively with its shareholders in forming its views and will continue to do so going forwards. Subsequently, the Board of SEGRO has unanimously concluded that the financial terms of the Fourth Proposal are at a level that it would be minded to recommend to SEGRO shareholders should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced by Prologis on such financial terms.

Results / updates

National Investment Fund Uzbekistan (UZNF LN, £2,640m mkt capn): based on the substantially completed semi-annual independent valuation update for UzNIF's portfolio holdings and subject to finalisation of the June 2026 NAV report, the Company expects its net asset value as of 30 June 2026 to increase materially compared with the previously published NAV as of 31 May 2026. The expected increase is primarily attributable to updated fair values for certain of UzNIF's unlisted and illiquid listed holdings.

The Brunner Investment Trust HY results to 31 May 2026 (BUT LN, Global, £639.4m mkt capn, 10.9% discount to NAV): NAV TR (debt at fair value) +5.6% vs Benchmark TR +12.0% (70% FTSE World Ex UK Index and 30% FTSE All-Share Index); share price TR +8.1%; first interim dividend of 6.75pps; " For the remainder of the year ending 30 November 2026, the Board also anticipates second and third interim dividends, and the final dividend, being paid at a similar level. Brunner's revenue reserves comfortably cover a full year's dividend payment, allowing the Board to forecast this year's dividend with confidence. This would represent a full year's dividend of 27.0p per ordinary share, an increase of 8.0% over the previous year." The Board "have performed selective share buybacks over the period. During the period the Company bought back 156,470 shares for holding in treasury at a cost of £2.2m."

Herald Investment Trust HY results to 30 June 2026 (HRI LN, Global Smaller Companies, £577.9m mkt capn, 8.1% discount to NAV): NAV TR +28.1% vs Deutsche Numis Smaller Companies plus AIM (ex IC's) +1.5% / Russell 2000 Technology Index (£) +51.7%; On 30 June shareholders including Saba Capital voted almost unanimously in favour of the Board's proposal to allow the Company to continue and for those shareholders that chose to, to exit at close to NAV. ; 60.1% of shareholders agreed to tender their shares, with the cash portion of the tender materially undersubscribed. "Recognising the smaller size of the Company following the tender, and the benefits that can accrue to being part of a larger group, on 1 August 2026 Katie Potts and a number of her colleagues from HIML are joining Aberdeen and will continue to manage the Company's investments. Aberdeen played a pivotal role in resolving the impasse with the principal shareholder who wished to exit, and the Board welcomes their involvement."

Invesco Asia Dragon Trust FY results to 30 April 2026 (IAD LN, Asia Pacific Equity Income, £953.8m mkt capn, 8.1% discount to NAV): NAV TR +39.6% vs MSCI AC Asia ex Japan Index +45.7%; share price TR +44.7%; "The investment case for Asia and Invesco Asia Dragon remains strong. Our proposition has the lowest charges amongst peers, offers 4% dividend yield paid 1% quarterly and a rolling 3-year 100% unconditional tender at a 4% discount to NAV." Net gearing 3.1% (5.7% 2025); OCR 0.59% (0.73% 2025); total dividends 15.8pps (15.6pps 2025)

3i Group Q1 update to 30 June 2026 (III LN, Private Equity, £26,167.6m mkt capn, 13.4% discount to NAV): NAV TR +3% after a negative foreign exchange translation impact of £276m. Share price +13%. Strong performance from Action, Royal Sanders and the rest of the Private Equity portfolio continued to trade in line with expectations. In the period, III made a new £118m Private Equity investment in Nutergia. 3i recognised a dividend of £18 million from 3iN in the period. 3i commenced a share buyback programme of up to £750m to be completed by no later than the end of December 2026. As at 21 July 2026, c.14.7 million shares had been purchased and cancelled for consideration of c.£344m. 3i Group has gross cash of £724m and gearing of 2%.

BlackRock Energy and Resources Income Trust HY results to 31 May 2026 (BERI LN, Commodities & Natural Resources, £177.2m mkt capn, 5.4% discount to NAV): NAV TR +26.7% vs Reference Index (blended comparator index comprised of three indices - the MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global Clean Energy Transition Index (Energy Transition) with a 40:30:30 mix of the three indices) +36.8%; share price TR +34.9%; Quarterly dividends increased by 46.7% to 1.65p per share for the financial year to November 2026 (aiming to pay out at least 4% of NAV at the end of the preceding year - so minimum dividend target of 6.6pps for YE 30 November 2026). Gearing of 4.8%. 10.2m shares were repurchased in the period

The Law Debenture Corporation HY results to 30 June 2026 (LWDB LN, UK Equity Income, £1,641.4m mkt capn, 2.1% discount to NAV): NAV TR (debt at fair value) +11.4% vs FTSE All Share Index +7.2%; share price TR +16.2%; Another solid performance from IPS, with net revenue + 6.0%, profit before interest and tax + 8.5%. Declared a first interim dividend of 8.875pps (+6.0% 2025); It is the Board's intention for each of the first three interim dividends for 2026 to be equivalent to a quarter of Law Debenture's total 2025 dividend of 35.5pps. 91% UK weighting, with blend of large, medium and small capitalisation stocks with revenue from IPS allowing the Portfolio to include attractive no or low yielding stocks. OCR 0.54%. James Henderson, joint portfolio manager, has decided to retire from Janus Henderson in June 2027. Joint portfolio manager, Laura Foll, will manage the portfolio

Ruffer Investment Company FY results to 30 June 2026 (RICA LN, Flexible Investment, £859.7m mkt capn, 3.7% discount to NAV): NAV TR +4.6% vs x2 Bank of England base rate +8.0%; share price TR +5.5%; 6.20pps dividend per share (5.95pps 2025); OCR 1.09% (1.07% 2025); repurchased 7.7m shares (2.6% of share capital) as well as issued 0.5m new shares at a premium of 1.5% in April 2026. Equity upside, gold and precious metals exposure as well as commodity exposure all helped performance whilst yen exposure and credit derivative strategies hurt it. "The years ahead will be defined by not just greater volatility but the increasing frequency with which traditional relationships break down – a dynamic that reinforces the importance of building portfolios capable of withstanding a wide range of outcomes."

Wind down / asset realization news

GCP Asset Backed Income Fund (GABI LN, Debt – Direct Lending, £111.7m mkt capn, 8.0% discount to NAV): announced its intention to make a fourth capital distribution via a compulsory partial redemption of shares of £45m at a price of 68.63875pps being the NAV at 30 June 2026 of 70.22p, less dividends declared on 17 July 2026 and expenses.

Taylor Maritime Limited Quarter end June 2026 update (TMI LN, £142.5m mkt capn): Completed $30m second compulsory redemption and announced third compulsory redemption of $45m. Following the third redemption, $1.10 per share will have been returned to investors. One vessel and one JV vessel were divested generating net proceeds of $28.0m. The owned fleet comprised 5 Japanese-built vessels at quarter end with a current average age of 12.4 years and average carrying capacity of c.42.0 dwt. The Fair Market Value of the fleet decreased quarter-on-quarter by c.5.5% to c.$88.9m. Focused and responsible cost management for remaining vessels and platform with the Company in a managed realisation strategy and wind-down, targeting NAV to be substantially returned by calendar year end

Asset purchase / disposal / portfolio news

GCP Infrastructure Investments Limited (GCP LN, Infrastructure, £642.8m mkt capn, 18.9% discount to NAV): completed the sale of two operational onshore wind projects, Winscales Moor and Burton Wold, at a c. 13% premium to the valuation as at 31 March 2026. Day one cash proceeds of c. £10.3m have been generated, with a further c. £0.8m of tax-related proceeds expected imminently, and c. £0.6m of deferred proceeds. The cash proceeds will be used in line with the Company's published capital allocation policy. The disposal has reduced the Company's exposure to equity-like interests in the onshore wind sector, in accordance with the stated objectives of the capital allocation policy. The supported social housing disposal that will repay c.£47m of loans continues to progress, with completion expected in the coming months. The Company's revolving credit facility remains fully undrawn. Any excess cash balance will continue to be applied in accordance with the framework that the Company has set out for use of cash. At the prevailing discount at which the Company's ordinary shares trade to the Company's net asset value per ordinary share, such excess cash balance will be used to continue the Company's share buyback programme.

International Public Partnerships (INPP LN, Infrastructure, £2,507.3m mkt capn, 7.9% discount to NAV): BeNEX has been awarded a new passenger network concession that will serve the German federal states of Bavaria and Hesse. INPP expects to invest up to €46m in BeNEX over the next four years. The Project is expected to generate an attractive nominal internal rate of return in the low teens, in excess of that implied by a share buyback and will be funded by future realisation proceeds and the Company's surplus operational cash flows. The Project will commence operations in December 2030 and has a concession duration of up to 15 years from that date, it will generate predominantly availability-based revenues with limited demand risk and once fully invested BeNEX would represent c.5.5% of NAV. Since June 2023, INPP has realised over £385m or approximately 14% of the portfolio, with every realisation completed at or above its most recently published valuation.

HgCapital Trust (HGT LN, Private Equity, £1,694.2m mkt capn, 29.4% discount to NAV): announced a £7m investment in Street Group. HgT's liquid resources available for future deployment (including all announced transactions, the undrawn bank facility and the full year dividend paid on 12 May 2026) are estimated to be £278m (12% of the pro-forma 31 March 2026 NAV of £2.4 billion). The investment will reduce HgT's outstanding commitments to invest in Hg transactions to approximately £2.1bn (87% of the pro-forma 31 March 2026 NAV).

Great Portland Estates (GPE LN, £1,380m mkt capn): completed four new leases at one of its prime West End Fully Managed buildings, located in the heart of Soho. The refurbished space is now 71% let, leaving just two office floors available. The 9,312 sq ft of lettings will generate £2.4m of annual rent at £256 per sq ft, 1.1% ahead of March 2026 ERV.

Litigation

HOME REIT (HOME LN, Property - UK Residential, £75.9m mkt capn): Smith Square Partners LLP this week issued proceedings regarding a purported unpaid contractual debt of £1,623,600 together with contractual interest, further or other relief, and costs. The Claim alleges that the Company's RNS of 13 November 2025, responding to press speculation concerning the Company's portfolio sales process, triggered a tail fee payable within the 24-month period following termination of Smith Square Partners LLP's appointment. On 2 March 2026 the board announced the Company had exchanged on the disposal of 706 properties, representing the majority of the Company's portfolio of assets, to Patron Capital. The Company intends to vigorously defend the Claim.

Share split

Capital Gearing Trust (CGT LN, Flexible Investment, £816.6m mkt capn, 0.3% premium to NAV): 10 for 1 share split became effective (Frostrow client)

Manager update

River UK Micro Cap Limited (RMMC LN, UK Smaller Companies, £75.0m mkt capn, 14.6% discount to NAV): George Ensor, the portfolio manager responsible for the management of the Company's portfolio, has tendered his resignation from the Company's portfolio management entity. Mr Ensor will continue to manage the Company's portfolio while arrangements are made for a suitable successor or alternative management structure to be implemented. The Board is actively assessing a number of options to ensure an orderly and sustainable transition that is in the best interests of shareholders. The Board remains focused on maintaining continuity in the management of the portfolio and minimising disruption to the Company's investment strategy.

Lowland Investment Company (LWI LN, UK Equity Income, £391.2m mkt capn, 9.7% discount to NAV): James Henderson, fund manager, has decided to retire from Janus Henderson in June 2027. Following his departure, the portfolio will be managed by Laura Foll, who has also been fund manager since 2016. She will continue to be supported by the depth of Janus Henderson's Global Equity Income team. James will continue to work very closely with the team from now until his departure to ensure a smooth transition and handover of responsibilities. There will be no change to the Company's investment objective or strategy.

Subscription rights

Golden Prospect Precious Metals Limited (GPM LN, Commodities & Natural Resources, £70.5m mkt capn, 12.0% discount to NAV): shareholders have the right to subscribe for one new Ordinary Share for every five held on 30 November each year. The Subscription Rights Price adjusted for the dividend for the exercise date of 1 December 2026 is 103.12pps. The new Subscription Rights Price will be used in the calculation of diluted net asset value per share. Going forward, the Company expects to reduce the Subscription Rights Price by an amount equal to each dividend payable, with effect from the date on which the Ordinary Shares are marked ex dividend. The next and final adjustment for the exercise date of 1 December 2026 is expected to be made in October 2026.

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

Equity Capital Markets / Investor demand

CVC Income & Growth Limited (CVCG/E LN, £235.1m / £95.5m mkt capn, 0.7% premium / 1.9% discount to NAV): raised gross proceeds of approximately £16.5m re-issuing shares out of treasury

The Investment Company (INV LN, Flexible Investment, £2.8m mkt capn, 3.6% discount to NAV): received total commitments in the retail offer equal to £299,482.88, representing 391,942 new ordinary shares at an issue price of 76.41p in addition to the placing and offer for subscription raising approximately £7.16m

Ex Dividend

FSFL 2.025pps, BNKR 0.707pps, BRIG 2.7pps, SUPR 1.545pps, JIGI 11.08pps, IBT 15.67pps, IGET 4pps, CTY 5.7pps, GPM 1.51pps, JCH 8.5pps GVCT 1.7pps, CYN 6.94pps, SEQI 1.71875pps, AAIF 5.55pps, AFL 3.85pps, SHIP 2.5cps, SOI 2.5pps

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

B1PnQsu6P8DUkZJJIud3EIAAAAASUVORK5CYII=

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

Disclaimers:

Although all emails sent and received by Frostrow Capital LLP are passed through virus scanning technologies, we cannot guarantee that emails (including attachments) are virus free. You should take whatever measures you deem appropriate within your organisation to ensure maximum protection from potential viruses. Frostrow Capital LLP accepts no liability for any loss or damage which may be caused by software viruses.

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