Edn of week note for investment trust investors

US envoys held peace talks regarding the Ukraine conflict in both Moscow and Kiev over the weekend. The US separately struck three Iranian oil tankers after the Islamic Revolutionary Guard Corps fired ballistic missiles towards two US Navy warships. Iran subsequently threatened US energy companies in the Middle East stating they are now targets with some tit for tat retaliation, including the Houthis hitting energy facilities in Saudi Arabia. China announced a new government stimulus push, with $54bn to be injected into its financial sector to shore up economic growth. Despite Scott Bessent tripling long term buybacks of US bonds to $6bn, yields still rose this week, quite significantly. One would presume that $5,000 really being payable to each US individual would not help the situation either. The ECB increased interest rates by 25bps to 2.5% warning of the risks of higher inflation also.

In the UK, the ONS show growth of 0.4% in July with AI and technology businesses the driver as well as being helped by the warm weather and the World Cup. UK Chancellor, John Healey gave his first big speech on UK growth aspirations but did not confirm if there would be further tax rises. Indeed, as speculation mounted that he would need to increase taxes on banks, he met with Jamie Dimon, boss of JPMorgan, who has repeatedly warned against this. Confirmation that local mayors will have the ability to tax tourists was announced though. High profile news also related to Britain’s third largest individual taxpayer having left the UK to head to Athens. In the UK market, this week we saw a board recommended cash offer for Spire Healthcare from Toscafund and Ares and South East Water aborted a bond issue due to insufficient demand.

In the investment trust sector, the average discount (ex 3i Group) widened by 40bps to 11.6%, which is the third straight week of this happening. There were a number of funds still reporting results for the end of June period, as well as Saba re-appearing topping up further in Molten Ventures and prodding Gore Street Energy Storage ahead of its AGM. BlackRock Income & Growth has launched a strategic review which can surprise no one, and Frostrow client Lindsell Train Investment Trust has published a circular in regard to a proposed up to 20% share tender.

The increase in rates in Europe and concerns about inflation seem to be a surprise to the market. Not sure why. Do not be short of investment trusts.

Forthcoming Frostrow and industry events to note round the corner include:

Aurora UK Alpha annual investor event: to be held from 4pm on Wednesday 14 October 2026 at Chartered Accountants’ Hall, One Moorgate Place, London EC2R 6EA

AIC Investor Showcase, 9^th October 10am – 4.30pm at 133 Houndsditch EC3A 7BX. Investors can attend in person or online - The Investment Company Showcase 2026 | The AIC

The discount code for free entry is INVEST 26

2. Recorded Frostrow Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £263.8m mkt capn, 9.7% 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, £309.1m mkt cap, 6.4% 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, £366.5m mkt capn, 8.8% 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, £168.9m mkt capn, 1.6% premium to NAV): investor meetings available again post 14 September 2026

Custodian Property Income REIT (CREI LN, Property UK Commercial, £370.1m mkt capn, 21.9% 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, £241.5m mkt capn, 0.2% discount 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, £772.8m 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, £69.5m mkt capn, 3.7% 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 watch the latest MIGO webinar post FY results and 30 June 2026 factsheet update, please view the event recorded on 27 July 2026 here - MIGO OPPORTUNITIES TRUST PLC - Annual Results

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,253.8m mkt capn, 0.5% discount 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, £1,297.0m mkt capn, 6.5% 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 July 2026 summary podcast here: https://www.investormeetcompany.com/updates/frostrow-talks-trusts-july-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 409 corporate announcements from Monday this week on the LSE, of which 153 were in reference to share buybacks (37.4% of total). 5 referred to equity issuance.

BlackRock Smaller Companies (BRSC LN, UK Smaller Companies, £627.0m mkt capn, 12.6% discount to NAV): the Board published a circular as it seeks shareholder approval for the early renewal of the Company's authority to buyback shares. The Board considers it prudent to avoid any interruption to its ability to implement its discount management policy and regards the ability to repurchase Shares as a necessary element of that policy.

Conditional tender / tender news

The Lindsell Train Investment Trust (LTIT LN, Global, £108.8m mkt capn, 19.8% discount to NAV): published a circular in connection with a proposed tender offer for up to 20% of share capital at NAV less 5%. "...it is the Board's view that the Tender Offer is the most appropriate course of action to seek to narrow the discount at which the Shares trade, while allowing time for the Investment Manager's strategy to deliver improved performance and providing those Eligible Shareholders who wish to participate in the Tender Offer an opportunity to realise some or all of their investment." The Company's exposure to the Investment Manager is intended to remain proportionately unchanged following completion of the tender offer, the Board continues to back the Company's strategy and Lindsell Train's investment approach and none of the Directors, nor Nick Train or Michael Lindsell, will participate in the tender offer due to their belief in the positive long-term outlook for the Company (Frostrow client)

Strategic review

BlackRock Income and Growth Investment Trust (BRIG LN, UK Equity Income, £42.8m mkt capn, 9.4% discount to NAV): The Board has considered the Company’s ongoing challenges with size, liquidity, and operating costs in the context of the evolving Investment Trust industry. After consultation with the Company’s manager, the Board has initiated a review with the objective of identifying a more sustainable and competitive future strategy for the Company to address those challenges whilst maximising value for all shareholders over the long term. Accordingly, the Board is inviting proposals for the future strategy of the Company. Whilst the Company’s current investment focus is UK equities, the Board is open to receiving proposals (including corporate solutions) that do not maintain a UK-only focus.

Gearing news

NewRiver REIT (NRR LN, £339.1m mkt capn): Fitch Ratings has affirmed NewRiver REIT plc's Long-Term Issuer Default Rating at 'BBB' with a Stable Outlook, senior unsecured rating at 'BBB+' and Short-Term IDR at 'F2'. The senior unsecured rating applies to NewRiver's £300m unsecured bond dated 2028.

Great Portland Estates (GPE LN, £1,240m mkt capn): Moody's Ratings have confirmed the Company's Baa2 long-term issuer rating and stable outlook following a periodic review

Saba news

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £239.4m mkt capn, 34.7% discount to NAV): the Board note the support of ISS and PIRC as key independent UK governance and shareholder advisory bodies which have recommended that shareholders vote against Saba's resolutions at the upcoming AGM on 16 September 2026. The Company also provided an update on the proposed sale of its German asset. The prospective buyer sought to significantly alter its offer to a level the Board considered represented poor value for shareholders. Accordingly, the process will no longer be moving forward with this party. "The Board considers the most likely reason for the disruption to the sale process with this buyer is the uncertainty caused by Saba's requisitioned resolutions. As a result, the Board no longer considers the disposal to be at an advanced stage and the timeline on this disposal process has extended; and consequently, the GSF Board sub-committee has instructed the sell-side adviser, Alexa Capital, to re-engage with other parties".

Molten Ventures (GROW LN, Growth Capital, £1,175.8m mkt capn, 10.3% discount to NAV): £175m first close secured for Molten Ventures Growth Fund, including a £75m cornerstone commitment from British Business Bank. GROW has committed the remaining £100m, targeting a final fund size of £350m. Growth Fund will provide additional capital for Series B+ investments in high-growth UK and European technology companies. The Growth Fund will invest in companies at the forefront of innovation across key technology sectors including Space, AI, Fintech, Quantum, Deeptech and Hardware, providing them with the liquidity they need to compete globally, while giving Molten greater ability to build meaningful ownership positions in high-conviction businesses. Subsequent to that, Saba Capital’s holding increased from 14.2% to 15.5%

M&A update

Alternative Income REIT (AIRE LN, Property – UK Commercial, £55.2m mkt capn, 17.4% discount to NAV): Glenstone may count 40,167,638 AIRE Shares, representing approximately 49.89 % of AIRE's existing issued ordinary share capital, towards satisfaction of the acceptance condition. This comprises the AIRE Shares which were held by the Glenstone Group and any Valid Acceptances received. The Company subsequently announced that the Board continues to believe that the 70pps Glenstone offer undervalues AIRE but note that Glenstone now has voting control of the Company and as such circumstances have changed materially. As such, the AIRE Board now recommends that AIRE Shareholders accept the Glenstone Offer.

Pacific Assets Trust (PAC LN, Asia Pacific, £478.9m mkt capn, 6.3% discount to NAV): the Board announced that the resolutions which were put forward at the first general meeting (in regard to proposed rollover into Schroder Asian Total Return Investment Company) and voted on a poll have been approved by shareholders. (Frostrow client)

LondonMetric Property (LMP LN, £4,180m mkt capn): announced the admission of 97,627,134 New LondonMetric Shares in relation to the acquisition of Picton Property

Schroder Real Estate Investment Trust (SREI LN, Property – UK Commercial, £201.3m mkt capn, 35.8% discount to NAV): announced the admission of 459,361,357 New SREIT Shares in relation to the acquisition of Picton Property

Listing news

Literacy Capital (BOOK LN, Private Equity, £192.0m mkt capn, 32.3% discount to NAV): moving from the Specialist Fund Segment of the London Stock Exchange to the Closed-Ended Investment Funds category of the Official List main market taking effect from 11 September 2026

Fund Manager and manager fee news

Rights & Issues Investment Trust (RIII LN, UK Smaller Companies, £112.8m mkt capn, 15.4% discount to NAV): the Board noted the announcement issued by Jupiter Asset Management setting out personnel changes in its Small and Mid-Cap investment team and, specifically, the departure in early 2027 of Matt Cable and Tim Service, the Company's investment managers. In light of the above the Board intends to review its options in respect of the management of the Company's assets.

Fidelity European Trust HY results to 30 June 2026 (FEV LN, Europe, £2,076.0m mkt capn, 4.9% discount to NAV): NAV TR +6.4% vs FTSE World Europe ex UK Index +10.3%; share price TR +5.2%; interim dividend 4.2pps (+7.7% 2025); Although sector allocation contributed positively, weaker stock selection across the financials, healthcare and technology sectors detracted from relative returns. Sam Morse, who has been the Company’s Portfolio Manager since 2011, has told the Board he intends to retire in October 2027. Effective from 1 November 2026, the Company’s existing Portfolio Managers, Marcel Stötzel and Sam Morse, will be joined by Alexander Laing, to form a three-person portfolio management team for the Company. The team will continue to be supported by Fidelity International’s large global research platform and investment resources. 17.2m shares repurchased (with the Board policy to have share price discount in mid-single digits)

Ruffer Investment Company August 2026 update (RICA LN, Flexible Investment, £865.6m mkt capn, 3.4% discount to NAV): delivered positive performance in August, thanks to a strong balance between growth and protection assets. "Our exposure to government bonds remains low relative to historical levels, although we have begun to add selectively on an opportunistic basis. If one believes a key risk facing asset markets is that the AI capital expenditure boom eventually turns to bust, bonds may once again offer an attractive source of diversification in that scenario. The challenge lies in determining how long and painful the journey to that point may be for bondholders, and we do not feel compelled to jump in with both feet." With effect from 1 January 2027, the Investment Manager will be entitled to an annual management fee of 1% of the lower of the Company's market capitalisation and its net assets, calculated on a monthly basis. This replaces the current annual management fee of 1% of net assets and creates greater alignment between the Company, the manager and shareholders

Results / updates

BlackRock World Mining Trust HY results to 30 June 2026 (BRWM LN, Commodities & Natural Resources, £1,861.6m mkt capn, 3.7% discount to NAV): NAV TR +7.2% vs MSCI ACWI Metals & Mining 30% Buffer 10/40 Index £ +4.7%; share price TR +13.7%; "...the escalation of conflict in the Middle East and the resulting disruption to trade routes through the Strait of Hormuz led to sharp moves in energy prices and heightened uncertainty across equity and commodity markets." First two quarterly dividends of 5.5pps with the Board committed to distributing substantially all of the Company's available income to shareholders. The Company repurchased 304,000 shares at an average discount of 8.4%. Gearing of 7.6% BlackRock World Mining Trust HY results to 30 June 2026 (BRWM LN): NAV TR +7.2% vs MSCI ACWI Metals & Mining 30% Buffer 10/40 Index £ +4.7%; share price TR +13.7%; "...the escalation of conflict in the Middle East and the resulting disruption to trade routes through the Strait of Hormuz led to sharp moves in energy prices and heightened uncertainty across equity and commodity markets." First two quarterly dividends of 5.5pps with the Board committed to distributing substantially all of the Company's available income to shareholders. The Company repurchased 304,000 shares at an average discount of 8.4%. Gearing of 7.6%

Onward Opportunities Limited HY results to 30 June 2026 (ONWD LN, UK Smaller Companies, £54.9m, 0.7% discount to NAV): NAV TR -14.1% (the Company's first period of NAV underperformance since IPO); 4.4m shares were issued into demand and the Company completed its move from AIM to the LSE Main Market in April 2026. As previously announced, the management fee for 2026 is now calculated on the basis of 75% EPRA net tangible assets and 25% market capitalisation, moving to a 50% NTA and 50% market capitalisation basis from 1 January 2027, progressively aligning the Investment Adviser's remuneration more closely with shareholder returns.

Regional REIT HY results to 30 June 2026 (RGL LN, Property – UK Commercial, £150.9m mkt capn, 51.1% discount to NAV): EPRA NTA -3%; EPRA EPS 4.2pps (5.2pps HY 2025); Dividend 4pps (5pps HY 2025); dividend target of 8pps for 2026; EPRA occupancy of 74.3% (75.9% FY 2025); "The level of future payment of dividends will be determined by the Board having regard to, among other factors, the financial position and performance of the Group at the relevant time, UK REIT requirements, the interests of shareholders and the long-term future of the Group." Disposals of six properties and six part-sales at £21.5m (before costs) (FY 2025: £51.6m) (before costs); 5.7% below book value. Further reduction in Net LTV to 38.5% as at 30 June 2026 (FY25: 40.4%; HY25: 43.2%)

Henderson High Income Trust HY results to 30 June 2026 (HHI LN, UK Equity & Bond Income, £345.8m mkt capn, 3.0% discount to NAV): NAV TR (debt at fair value) +6.3% vs Benchmark (80% of the FTSE All-Share Index and 20% of the ICE BofA Sterling Non-Gilts Index rebalanced annually +6.0%; share price TR +8.7%; two interim dividends of 2.775pps with a third of 2.8pps announced in July with the Board stating that they remain confident in the ability to provide shareholders with a high income return. Andrew Jones, a member of the global equity income team at Janus Henderson has been appointed as deputy fund manager alongside David Smith as lead portfolio manager. Gearing of 17.9%

Murray Income Trust FY results to 30 June 2026 (MUT LN, UK Equity Income, £901.4m mkt capn, 7.1% discount to NAV): NAV TR +15.1%; share price TR +19.2%; portfolio transitioned to Artemis as manager from 2 March 2026, post a strategic review. Artemis have given a nine-month management fee waiver. Fees will now be charged on the lower of market capitalisation or NAV. Post transition, NAV TR +9.1%; share price TR +11.5%; annual dividend increased by 2.5% (53rd consecutive increase). Gearing of 8.7%, with an expected average level of gearing of 8-10%

International Public Partnerships Limited (INPP LN, Infrastructure, £2,471.3m mkt capn, 9.8% discount to NAV): NAV +1.3%; dividend target of 8.79pps and 9.01pps (2026 and 2027) with dividend cover of 1.3x; over £440m realised at or above the published valuation during the last three years; new investments: c.£480m invested or committed since mid-2023 at a weighted average return of more than 11%, fully inflation protected and a five-year cash yield exceeding 6%; along with a pipeline of new opportunities expected to maintain a broadly consistent risk profile while continuing to deliver similarly attractive, double-digit returns. the share buyback programme of up to £225m has been extended to run until 30 September 2027 with £150m shares bought back to date, generating 1.9p NAV accretion. £27.7m shares were bought back during the six-month period. Subsequently it was announced that Stephanie Coxon has resigned as Independent Non-Executive Director of the Company, and the INPP Board has initiated an external recruitment process for Stephanie's permanent replacement. Stephanie informed the Board that differences of view on certain matters unrelated to the Audit Committee's business have led her to conclude that it was appropriate to step down from the Board. She has confirmed that her decision is also unrelated to the financial reporting, portfolio performance, or operational position of the Company and its portfolio, or to the Investment Adviser's conduct or performance.

Reorganisation proposal

Partners Group Private Equity Ltd (PEY LN, Private Equity, £482.0m mkt capn, 37.1% discount to NAV): published a circular in regard to the Company's reorganisation proposal, designed to provide shareholders with a choice between continued long-term participation in the Company's existing investment strategy and/or a defined pathway to liquidity over time. The Board believes the Reorganisation Proposal should, over time, help narrow the discount between the Company's share price and NAV per share. The maximum aggregate number of Ordinary Shares that may be redesignated as Realisation Shares will be limited to 40% of the Ordinary Shares in issue (increased from the original proposal of 30% following shareholder consultation). "If this threshold is exceeded, the Reorganisation Proposal will not proceed and the Board will, subject to Shareholder approval, commence an orderly realisation of the Company's entire investment portfolio"

Wind down / asset realization news

Home REIT (HOME LN, Property – UK Residential): the Company has completed the sales of the final four properties in the portfolio generating gross proceeds of £809,777. Following the disposal of 706 properties to Patron Capital in April 2026, gross proceeds from auctions of the residual portfolio of 144 properties totalled £16,141,000, versus their valuation as at August 2025 of £17,350,000. It is anticipated that the Company will pass a written resolution to appoint liquidators over the subsidiaries on or before 16 September 2026. The Board considers that the proposed Subsidiary Liquidations is a necessary step to allow the Company to advance and finalise the planning for any subsequent return of capital to shareholders by the Company. The Company has previously indicated that its ability to make distributions to shareholders continues to be constrained whilst it faces potential group litigation or other claims. The Company is working intensively with its advisors in relation to these matters and expects to update shareholders further following commencement of the Subsidiary Liquidations.

VH Global Energy Infrastructure HY results to 30 June 2026 (ENRG LN, Renewable Energy Infrastructure, £275.5m mkt capn, 29.4% discount to NAV): NAV -3.4%; gearing of 14.6%; two interim dividends of 1.45pps; continues to progress an orderly realisation strategy (since August 2025). Since period end, the Company announced two disposals generating 92% of the end March 2026 NAV as well as six operational Brazilian solar assets for R37.1m net of taxes. "Together, these transactions represent progress in delivering the asset realisation strategy and begin the process of converting the value of the Company's portfolio into cash proceeds for shareholders. Net proceeds from completed realisations will be returned to shareholders through the Company's B share scheme."

Asset purchase / disposal / portfolio news

Seraphim Space Investment Trust (SSIT LN, Growth Capital, £452.6m mkt capn, 7.4% premium to NAV): confirmed that ICEYE's previously announced €450m ($520m) Series F financing round has now completed with the resulting uplift to be fully reflected in the Company's NAV as at 30 September 2026. As previously announced, the valuation implies an uplift of approximately £202m in the fair value of the Company's holding in ICEYE, representing a 102% increase in fair value and an increase in NAV per Ordinary Share of approximately 73p relative to the latest published NAV (as at 31 March 2026). The Company's NAV as at 30 September 2026 will form the basis for the first partial conversion of C Shares into Ordinary Shares. The conversion is expected to take place following publication of those results in November, with the conversion ratio and timetable to be confirmed in a further announcement.

RTW Biotech Opportunities (RTW LN, Healthcare & Biotechnology, £759.2m mkt capn, 16.3% discount to NAV): made an additional investment in the $275m Series F financing of private portfolio company Encoded Therapeutics. RTW first invested in Encoded's Series D in June 2020 and has invested a further $4.1m as part of this financing. As at 31 July 2026, Encoded represented 0.1% of the Company's NAV.

Supermarket Income REIT (SUPR LN, £1,120m mkt capn): acquired 6 grocery assets for £104m, with the proceeds from the £100m July 2026 equity raise now fully deployed at an average net initial yield of 6.6% and a weighted average unexpired lease term of 10 years

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

HHI 2.8pps, CTUK 3.1pps, GSF 1.75pps, UIL 2pps, JEMI 1.5pps, CMPI 2pps

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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