End of week note for investment trust investors

Geopolitics and bond markets set the tone this week. President Trump put Russian sanctions on hold at the weekend “in the name of national interest”, having already agreed to buy Russian diesel and publicly thanked Moscow. Press reports of more active Iranian attacks on cargo vessels in the SoH, plus plenty of sabre-rattling from both sides, kept the oil price drifting up to $114 at the time of writing. Gen Z unhappiness has clearly gone global. The unrest in France and Italy added to unease in the bond markets, with French 10-year yields rising above 5% as they were sold. Technology stocks have had a tougher time in recent sessions, particularly on Thursday night. We note reports that hedge funds reduced their sector positions at the fastest rate in at least a decade in the five trading sessions to 15 October, although they still hold significant positions. Anthropic’s announcement that it will give 5% of its shares for the benefit of the “public good” also suggests a changing mood music. Last night, we saw a ‘flight to quality’, with US Treasury yields falling sharply as investors sought to reduce risk.

China’s strong export economy generated GDP growth of 4.5% in the quarter to end September. That was better than economists expected and puts China on track to hit the government’s 4.5% to 5% target without extra stimulus. In the UK, the picture was more mixed. Consumer confidence fell significantly to -24, a three-year low, amid growing concerns about inflation and interest rates. Unemployment fell from 4.9% to 4.7% in the quarter to end August, which is positive, although job vacancies saw their largest fall since the start of the year. CPI rose from 3.1% to 3.5% in September, its highest since October 2025 and a little above market expectation, so an interest rate increase looks more likely in November. The budget deficit also hit £24.5bn in September, of which £10.9bn was debt interest, and total government debt is now £3 trillion.

The investment trust sector average discount (ex 3i Group) widened by 60bps to 12.4%. It was a relatively quiet week for investment trust newsflow, although market events led to sector rotation and profit taking in some growth areas. The opportunity in the sector remains intact. Markets are fluid, and the ETF liquidity tailwind continues to skew concentration and volatility risk in the main equity indices. I wouldn’t be short of investment trusts or actively managed funds at this time.

Forthcoming Frostrow and Industry events to note round the corner include:
Quoted Data Investors’ Choice Awards: CCJI, CYN and TMPL all up for awards (Frostrow clients) amongst many others. Please cast your votes here (closes 31 October 2026): https://info.quoteddata.com/investors-choice-awards-2026

2. Frostrow Recorded Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £267.1m mkt capn, 11.6% 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

The link to a webinar that occurred on 29 September 2026 is copied here: Aurora UK Alpha plc (ARR) Half-Year Results & Investor Update Webinar, 29 September 2026

Biotech Growth Trust (BIOG LN, Healthcare & Biotechnology, £252.1m mkt cap, 8.4% 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, £361.1m mkt capn, 9.8% 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

A webinar took place on 13 July 2026, do view it here:

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

An October 2026 podcast for CC Japan Income & Growth is now live. Link here: https://www.trustintelligence.co.uk/investor/articles/podcast-trust-issues-investing-in-japan-with-ccji-s-theo-wyld-retail-oct-2026

City Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £152.1m mkt capn, 4.9% premium to NAV): investor meetings available now. Please do speak to Frostrow Capital for interest in re-engaging with the management team. The webinar recorded on 16 October 2026 is available here to view: https://www.investormeetcompany.com/meetings/investor-presentation-1130

Custodian Property Income REIT (CREI LN, Property UK Commercial, £378.3m mkt capn, 19.4% 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

A Custodian webinar took place on Monday 14 September 2026, do view it here:

https://www.youtube.com/watch?v=NG7CbqC3pFM

Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £241.8m mkt capn, 0.9% 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

The most recent EGL webinar from 23 September 2026 is available here: https://www.youtube.com/watch?v=w3SiZoc41Uk

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £833.0m mkt capn, 7.8% 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

Link for the webinar of 15 July 2026:

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

We further note the latest Edison Vantage Interview of Nick Train: https://vimeo.com/1235355781/8b0d412a49?share=copy&fl=sv&fe=ci

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £67.8m mkt capn, 0.6% 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 Q3 factsheet update, please view the event recorded on 21 October 2026 here - https://www.youtube.com/watch?v=ixtRhXYahog&feature=youtu.be

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,301.4m mkt capn, 1.2% 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/

A retail investor webinar took place on 13 October 2026 and is available here to view: https://www.youtube.com/watch?v=3v---tWqUtw

Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,313.0m mkt capn, 6.8% discount to NAV): See below the link to the latest WWH AGM presentation recording from 14 July 2026:

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

In addition, the webinar recorded on 30 September 2026 is available here: https://www.youtube.com/watch?v=ub-goKeURcE

VT Vanneck Global Equity Income Fund (open ended fund, Global Equity Income sector, c£200m asset value): Heneage and William Stevenson are available for manager meetings via Frostrow Fund Services. Please do contact Frostrow IR to arrange a meeting.

https://www.vanneck.co.uk/equities/global-equity-income

Link to webinar recording of 15 October 2026 available here soon:

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 and actively managed fund sectors are here offering best in class active management from the world’s top fund managers in a variety of liquid and less liquid asset classes. They act as a strong complement to passive ETF holdings also.

DO NOT BE SHORT OF INVESTMENT TRUSTS AND ACTIVELY MANAGED FUNDS

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 and open-ended form

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

Discount / Premium control

A total of 341 corporate announcements from Wednesday this week on the LSE, of which 104 were in reference to share buybacks (30.5% of total). 10 referred to equity issuance.

Montanaro European Smaller Companies Trust (MTE LN, European Smaller Companies, £194.5m mkt capn, 8.6% discount to NAV): third opportunity for shareholders to tender their shares at a 5% discount to NAV announced for up to 5% of share capital, with a circular published. The Board believe that the outlook for European smaller companies is positive. "Small caps outperformed large caps during the third quarter and, while it is too early to suggest that the market has reached a decisive turning point, valuations remain at historically attractive levels".

AVI Japan Opportunity Trust (AJOT LN, Japanese Smaller Companies, £392.3m mkt capn, 2.5% discount to NAV): the Company published a circular offering an exit opportunity for up to 100% of share capital at a 2% discount to NAV. "If the aggregate number of Shares validly tendered would result in the NAV of the Company being below £100 million following completion of the Tender Offer, based on the NAV as at the Calculation Date, which is the level determined by the Board in consultation with the Investment Manager, at which the continuance of the Company would not be in the best interests of the continuing Shareholders, it reserves the right to terminate the Tender Offer. In these circumstances, the Directors will instead put forward alternative proposals to Shareholders for the future of the Company."

HarbourVest Global Private Equity Limited HY results to 31 July 2026 (HVPE LN, Private Equity, £2,278.1m mkt capn, 27.5% discount to NAV): NAV +2.4%; share price +6.4%; Distributions of $232m (six months to 31 July 2025: $142m) exceeded calls of $205m, a net inflow of $27m. Two secondary sales completed, generating $370m of proceeds. $207m was received in the period and $163m is due before the end of 2026. $97m of share capital repurchased adding 1% to NAV. A tender offer of up to $400m at a 10% discount to NAV is forthcoming now with a circular produced and an EGM to be held on 16 November 2026, in order to address the "persistent and wide discount to NAV. Together with buybacks, the capital allocation framework is intended to return 5% to 10% of NAV each year until the next Continuation Vote, to be held no later than July 2029

Saba news

Blackrock Smaller Companies Trust (BRSC LN, UK Smaller Companies, £632.2m mkt capn, 14.4% discount to NAV): Saba Capital's holding increased from 15.2% to 16.1%. The Company subsequently announced HY results to 31 August 2026. NAV TR +2.7% vs Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index +4.3%; share price TR +1.7%; Continued outflows from UK equities are depressing valuations leaving UK smaller companies offering excellent value. Continued bid activity indicates that corporate buyers clearly recognise this value, but asset allocators have yet to do so. We believe UK smaller companies will generate rising returns for investors as the geopolitical environment and investor confidence improve. A combination with BlackRock Throgmorton Trust was implemented in April 2026 along with a number of amendments to the Company's investment policy, a management fee reduction and share sub-division. A tender offer was oversubscribed and 28% of share capital exited in June 2026 at £14.61. 7.1m shares were also bought back with shares held in treasury. "As part of its commitment to improved discount control, the Company will offer shareholders the ability to tender up to 100% of their shares at a 4% discount to NAV (less costs) if the Company’s NAV per share underperforms its Benchmark, the Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index, over the three-year period ending 30 June 2029 (to be carried out before the end of 2029)." The Saba agreement (although not limiting their ability to buy shares) lasts until June 2030

Board review update

River UK Micro Cap Limited (RMMC LN, UK Smaller Companies, £82.0m mkt capn, 12.9% discount to NAV): following a review of management arrangements, the Board have reappointed Liontrust Investment Partners, with the Company to be managed by Anthony Cross and Hugh Sergeant, replacing George Ensor and Mayan Uthayakumar who will be leaving Liontrust group at the end of 2026. Anthony and Hugh will be supported by a broader team of seven investment professionals. The portfolio will continue to invest across Growth, Quality and Recovery companies, with the allocation actively managed to reflect the economic and market environment. The investment management fee will be reduced from 0.75% to 0.35% per annum, with effect from 1 November 2026. The performance fee will continue. The Board look forward to engaging with shareholders to discuss the strategy, imminent fee reduction and future discount control management.

Results / updates

LondonMetric Property trading update for HY to 30 September 2026 (LMP LN, £4,240m mkt capn): net rental income +>8% to c.£240m, due to the acquisition of Urban Logistics REIT, high occupancy and very strong rent review and leasing activity. The average uplift from rent reviews was 17% and helped the portfolio to deliver annualised like-for-like income growth of 5.8% (31 March 2026 2.9%). Rent collection is 99.3%, WAULT of over 16 years and occupancy at 97.4%. Income granularity has further improved, with the top three occupiers accounting for 20% of rent (22% at start of 2026). Q1 dividend of 3.15pps (+3.3%), with Q2 dividend expected at the same level. Despite rising interest rates, valuations remained flat with non-core disposals still being executed. There were sales of £185m were transacted across 36 assets achieved in line with 31 March 2026 book values. Acquisitions totalled £424m, dominated by the £307 million of highly complementary assets acquired through Picton, 83% of which were logistics warehouses. The portfolio's annual net contracted rent is now £452m, up from £432m. Further lettings under offer, predominantly on vacant space, would add c.£6m p.a. of contracted rent.

Segro trading update for 2026 to 30 September (SGRO LN, £12,210m mkt capn): £70m of new headline rent contracted year to date (+32% 2025 equivalent). Average 43% uplift on UK rent reviews, renewals and regears. Occupancy increased 20bps to 94.7% since HY 2026 and customer retention remains high at 80%. Development completions equate to £13m of potential headline rent, 59% of which has been secured by a pre-let or the leasing of speculatively developed space prior to completion. Development projects under construction or in advanced negotiations have grown further to £103m of potential rent, two-thirds of which is associated with pre-lets. £223m of disposals completed above book value so far in 2026 (with £11 million of associated rental income) and a further £57m exchanged and due to complete by the end of the year. LTV of 33% and £1.2 billion of available liquidity. Shareholders approved scheme of arrangement for the Prologis recommended best and final share offer is expected to conclude in H1 2027.

Aberdeen UK Smaller Companies Growth Trust FY results to 30 June 2026 (AUSC LN, UK Smaller Companies, £226.3m mkt capn, 6.1% discount to NAV): NAV TR -4.1% vs Deutsche Numis Smaller Companies plus AIM (ex investment companies) Index +6.1%; share price TR -3.6%; On 18 September 2026, the Board announced that it had agreed heads of terms with the board of JPMorgan UK Small Cap Growth & Income plc for a combination of the Company and JUGI. The Board is conscious that over the past five years the Company has bought back more than half of its issued share capital, which has been essential to limit the discount and discount volatility. Whilst this has been in the best interests of shareholders, it has significantly reduced liquidity in the Company’s shares and the Board is concerned about the impact that ongoing share buybacks are likely to continue to have on the size and scale of the Company, the liquidity in the Company's shares and the Company's ability to appeal to investors and grow over time.

Aberdeen Asia Focus FY results to 31 July 2026 (AAS LN, Asia Pacific Smaller Companies, £564.3m mkt capn, 9.4% discount to NAV): NAV TR +22.3% vs MSCI AC Asia ex Japan Small Cap Index returned +9.5%; share price TR +23.9%; four quarterly dividends totalling 6.44pps (6.43pps 2025); OCR 0.87%; active share 95.5%; "Stock selection in IT, particularly in Taiwan, has been a strong driver of relative performance alongside positive contributions from other industries, countries and stocks in the region, reflecting the balanced and diverse nature of the portfolio." The Company bought back 9.4m shares (6.4% of share capital) generating a NAV uplift of 0.5%

Volta Finance Limited FY results to 31 July 2026 (VTA LN, Debt – Structured Finance, £210.7m mkt capn, 13.2% discount to NAV): NAV TR -3.4%; share price TR -3.7%; Volta’s income is generated primarily from regular coupons of the underlying CLO investments, and secondly from portfolio trading gains. Volta's portfolio has 103 distinct CLO holdings, each of which is backed by 100 to 300 leveraged loans, across 46 CLO managers in the US and Europe. The effect of oil price disruption and the AI sell-off has been a bifurcation in the pricing of leveraged loans, with a flight to quality by managers. The management of Volta has been stable and strengthened by the merger between Axa and BNP

Wind down / asset realization news

ICG-Longbow Senior Secured UK Property Debt Investments HY results to 31 July 2026 (LBOW LN, Property – Debt, £15.8m mkt capn, 8.0% discount to NAV): has been in orderly realisation since January 2021. The Company's investment portfolio comprised two loans with an aggregate principal balance of £42.1m, and a carrying value after provision for ECL of £14.9m (31 January 2026: two loans with an aggregate principal balance of £42.0m, and a carrying value of £18.2m). The Company is seeking to realise the remaining investments through open market sales. Following a reassessment of current market pricing driven by bidding activity on the portfolio assets, there has been a further diminution in the capital valuation of the Company's remaining assets of £3.4m. NAV has fallen 2.96pps compared to 31 January 2026. After period end, the Company and its co-lenders settled their litigation claim against the original valuer of the RoyaleLife portfolio. The Company's share of the settlement proceeds has led to an improvement in pro forma NAV of 1.31 pence per share as at the date of this report, compared to the 31 July 2026 figure.

US Solar Fund (USF LN, Renewable Energy Infrastructure, £115.4m mkt capn, 38.3% discount to NAV): in terms of the portfolio disposal, detailed diligence has materially progressed, with a number of significant milestones concluded including seeking advice on the current timing of any required regulatory approvals. The Company’s US legal counsel has advised that Federal Energy Regulatory Commission regulatory approvals timelines in the US have recently extended and based on current comparable processes, may take up to five months. The Board has agreed to extend the exclusivity period by a further 30 days which will now expire on 15 November 2026. The extension has been granted in order for the buyer to undertake further diligence. This decision has been taken in preference to an earn out (or similar) structure that would introduce additional complexity in the transaction. The Potential Transaction remains subject to entry into definitive documentation, and the receipt of any regulatory approvals required in connection with the Potential Transaction. The identity of the Potential Buyer and further details of the Potential Transaction are not being made public at this time. While discussions are ongoing, there can be no certainty that a transaction will be agreed upon or as to the final terms of any such agreement. Should the Potential Transaction proceed, it is expected that it will be subject to a shareholder vote.

Taylor Maritime Limited quarter end 30 September 2026 update (TMI LN, Leasing, £69.9m mkt capn): NAV 81.19cps (85.20cps 30 June 2026); outstanding debt of $21.2m ($21.5m 30 June 2026); cash of $28.2m. On 6 October 2026 the Board confirmed its intention to undertake the Company's fourth capital distribution of $45.0m by way of a compulsory partial redemption of shares at a price of 81.19cps. The Company has agreed terms for the sale of the final owned vessel in the fleet due to complete in December 2026 for gross proceeds of $15.1m with a further compulsory redemption expected in December 2026

Realisation share option

Marwyn Investors Limited (MVI LN, UK Smaller Companies, £78.2m mkt capn, 46.6% discount to NAV): In November 2013, shareholders approved a proposal that, commencing on 30 November 2016 and thereafter at five-yearly intervals, holders of Ordinary Shares would have the option to redesignate all or some of their Ordinary Shares into Realisation Shares on a one-for-one basis. Accordingly, a circular was released in the week containing details of an offer to qualifying holders of Ordinary Shares to redesignate some or all of their Ordinary Shares as Realisation Shares. The Circular also provides information regarding how the 2026 Realisation Share Offer impacts the Company and its existing investment structure and how to elect to redesignate Ordinary Shares into 2026 Realisation Shares. We note that none of the Directors, nor any partners or employees of the manager will be electing to take up the 2026 Realisation Share Offer.

Asset purchase / disposal / portfolio news

Primary Health Properties (PHP LN, £2,380m mkt capn): has entered into a conditional agreement to establish a 50:50 strategic joint venture with GIC, a leading global institutional investor, to invest in private hospital infrastructure. The JV will be seeded with 27 private hospitals from PHP’s existing portfolio, valued at approximately £0.7bn (transferred at a discount of 5% to the 31 December 2025 book value). Completion is expected in November 2026 and PHP expects to receive net proceeds of approximately £0.5bn, which will be used to repay variable rate debt facilities, including the remaining balance of the bridging facility put in place to acquire Assura plc in 2025. It will also allow the Company to diversify its earnings. PHP's net debt post the transaction will be c.£2.9bn (LTV below 55%) with a weighted average interest rate of 3.6%

Great Portland Estates (GPE LN, £1,320m mkt capn): announced that it has committed to the redevelopment of its Soho Square Estate, W1, which is set to deliver a best-in-class HQ building into a West End market increasingly starved of high-quality supply. The c.90,000 sq ft development will include 75,000 sq ft of high-quality Grade A offices and 15,000 sq ft of prime retail space fronting Oxford Street. Located just minutes from Tottenham Court Road station, the scheme will strengthen GPE’s presence along the Elizabeth line and complement its existing cluster of buildings in Soho. Designed to meet evolving customer requirements, the office space will offer typical floorplates of around 12,000 sq ft, a size increasingly sought after in the West End market, alongside extensive outdoor space, high-quality amenities and strong sustainability credentials. Demolition is expected to commence shortly, with completion targeted for summer 2030.

The Unite Group (UTG LN, £2,340m mkt capn): announced it has exchanged contracts for the sale of the academy school at Hawthorne House for £40.7m. The academy school is part of the Group’s newly completed Hawthorne House development in London, and the Group retains ownership of the 719-bed student accommodation element of the site. Hawthorne House is fully let for the 2026/27 academic year with a long-term nomination agreement to the University of the Arts London for over half the beds. The disposal is in line with our business plan for the development and is part of the Group’s disposal strategy, which includes the release of value from non-PBSA assets. The sale is priced at a 4.9% yield, representing a 2% discount to its June 2026 book value and is expected to complete shortly with proceeds from the sale used to reducing leverage.

Name change

CT Progressive Income (CTUK LN, UK Equity Income, £320.1m mkt capn, 5.4% discount to NAV): CT UK Capital and Income Investment Trust has changed its name to CT Progressive Income PLC, as it more clearly reflects the Company's long-standing focus on and commitment to delivering a growing income to shareholders alongside capital growth. As part of this commitment, the Board intends to continue to increase the Company’s total annual dividend per share each year and will target this annual increase to be more than the rate of inflation.

Listing news

Golden Prospect Precious Metals Limited (GPM LN, Commodities & Natural Resources, £79.4m mkt capn, 2.6% discount to NAV): a prospectus is being published next week to the effect that the Ordinary shares regarding the transition from The International Stock Exchange to London's Main Market. The shares will become effective on the LSE around 30 October 2026

Litigation news

Home REIT (HOME LN, UK Residential, £64.8m mkt capn): the Company has announced that the FCA has closed its investigation into Home REIT and intends to take no further action against the Company.

Alignment news

Sequoia Economic Infrastructure Income Fund Limited (SEQI LN, Infrastructure, £1,176.6m mkt capn, 13.3% discount to NAV): the Investment Adviser has acquired 294,850 ordinary shares at an average price of 82pps, in relation to fees payable for the three-month period ended 30 September 2026. The Ordinary Shares have been purchased pursuant to the Investment Advisory Agreement and following the purchase, the Investment Adviser has an interest in 5,832,923 shares, representing 0.4% of share capital

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

futJFhjKGtZuMirZ4dIrHqUsWWV6hl3LztLKymWR5izCXZ3CIZNVuuktcces0krJBlMd8izL6qzSck62nka56uzRWs6jxgSCqhJ7XMHwNWB93ayMyTbt0uLO1ILtWYytQhVn1IpSz3BtKK1tdNLhjzKO2ZKtWsytXDwt+uHt3Xoj3S5T3Ppt3zrtzgZuJqkk5L0f4X6T4Rpe4mJO+emt7qVtK93lm2mR5X4R5l6u5mYu526u53Yu6H6u6IYu6Y6u6ZYu6p6u6qYu666u67Yu7L6u7MYu7c6u7dYu7k5QQAAAOw==

Equity Capital Markets / Investor demand

n/a

Ex Dividend

CTY 5.7pps, FSFL 2.025pps, BNKR 0.707pps, AAIF 5.42pps, GPM 1.77pps, TFIF 2pps, PGOO 1.2pps, PVN 1.5pps

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

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