Contents

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

1. Overview for the week

On Monday, a significant de-escalation in the trade war was announced with the US and China announcing a deal to lower tariffs on each other's goods by 115% for 90 days. The equity market went up accordingly to the point where the S&P 500 Index is actually in positive territory year to date. Trump spent the rest of the week touring the Middle East signing deals left, right and centre in Saudi Arabia, Qatar and Abu Dhabi with them laying out the red carpet and even a mobile McDonalds on hand for sustenance. They know that Trump is a tough guy but he can become a pussy cat if given a Quarter pounder with cheese and six nuggets. Ukraine peace talks look like a bit of a damp squib. Perhaps Putin didn’t show up as he was too busy picking himself up off the floor thinking about how Trump has pulled together such a really significant trip in the Middle East.

The UK's job market weakened with unemployment increasing from 4.4% to 4.5% in Q1 and UK GDP grew by 0.7%, beating forecasts of a 0.6% rise. There was also some further colour from Catherine Mann of the MPC of the BoE, who was one of the Committee who voted to hold rates at 4.5%, suggesting she is watching for companies putting up prices in order to improve profit margins in this environment, with inflation her main concern. (Bond yields in the UK and US were certainly a little higher in the week). There was again a more positive development in the UK, with a new Mansion House accord signed with 17 of the UK's biggest pension funds. It was agreed that they would invest at least 10% of their workplace pension schemes in private market assets by 2030 with half to be earmarked for UK investments.

There were elements of Spring in the investment trust sector in the week, with Seraphim Space IT share price moving 17.3% higher post a Jonathan Davis podcast highlighting the links to the defence sector. This in itself is a good case study demonstrating how massively mis-priced the sector is. Elsewhere, private equity money from KKR and Stonepeak proceeds at pace with their acquisition of Assura. Blackstone seem to have identified some “contrasting views on the valuation” of an asset in Warehouse REIT and as such they feel they are “not in a position to proceed with its offer”, adversely affecting the share price. The deal deadline has been extended to accommodate further work, so it feels like this is a story with more to run. Schroder Income Growth announced lower fees and we note that Foresight / Blackmead have announced an 8% position in Foresight Solar Fund following some significant secondary volume earlier this month. Polar Capital Global Financial produced a circular in regard to its 100% tender opportunity.

Frostrow held its London investor event at Merchant Taylor’s Hall. Recordings from each of the managers presenting (CC Japan Income & Growth Trust, Augmentum Fintech, Aurora UK Alpha, Mobius Investment Trust, Custodian Property Income REIT, Worldwide Healthcare Trust / The Biotech Growth Trust and Finsbury Growth & Income Trust) are available on Frostrow’s You Tube page (see further below). Separately, Frostrow client Augmentum Fintech saw a 12% rise in share price as it came out with news in regard to its funding round of £4.5m into RetailBook and we further note a storming IPO for a fintech business in the US this week, eToro, as well as Chime filing IPO papers, highlighting the attractions of the sector generally, seemingly a message lost in translation here in the UK at this time. Custodian Property Income REIT sold a couple of properties in line with and at a premium to latest valuation very clearly signalling that there are absolutely no “contrasting views on valuation” there.

Fitting we think to use the Merchant Taylor’s Hall for our London seminar, a venue that has survived the Great Fire of London in 1666 and also the Blitz in World War Two. And just as the fire and the Nazi’s couldn’t get rid of Merchant Taylor’s Hall, the same can be said of ETFs in relation to investment trusts. They are a tried and tested product that have survived tough environments before and with pressure from low-cost index trackers in highly liquid parts of the market, we understand why many investors use them. But investment trusts are a perfect accompaniment for ETFs to gain alpha for portfolios to access less liquid parts of the market. Each of our investment trust products uses the structural benefits well to capture the value in their respective sector. Do not be short of investment trusts people.

2. Frostrow Retail investor events

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £155.6m mkt capn, 43.4% discount to NAV): Please contact Frostrow for interest in seeing Tim Levene in London and the regions in 2025. The AUGM Capital Markets Day will take place on Wednesday 2 July 2025 at Searcy’s at The Gherkin, between approx. 8:30am and 1:30pm (timings and line up still to be finalised). The latest Frostrow webinar from our London seminar in May 2025 is available to see on You Tube ere.

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

Aurora UK Alpha (ARR LN, UK All Companies, £289.9m mkt capn, 9.0% discount to NAV): the Phoenix investment team are available for meetings with investors in 2025. The last webinar was recorded on 20 January 2025 and is available on the following link:

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

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

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

Biotech Growth Trust (BIOG LN, Biotechnology & Healthcare, £183.6m mkt cap, 7.9% discount to NAV): the latest webinar took place at 3pm UK on Tuesday 25 February 2025. You can hear the recording on the following link:

https://www.youtube.com/watch?v=wxOUIC0oT5s

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

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

CC Japan Income & Growth Trust (CCJI LN, Japan, £256.0m mkt capn, 7.0% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2025. In addition, The last webinar was recorded on 22 January 2025 and is available on the following link:

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

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

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

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £123.8m mkt capn, 3.4% discount to NAV): please contact Frostrow to arrange a one-on-one meeting with management in 2025. Please see the link to the last webinar on 4 November 2024:

https://www.youtube.com/watch?v=dhSC3wNKLxM

Custodian Property Income REIT (CREI LN, Property UK Commercial, £337.7m mkt capn, 21.5% discount to NAV): Richard Shepherd-Cross, lead manager, available for meetings in 2025 (physical throughout UK, or zoom, as per preference). In addition, the last webinar was recorded in January 2025 and is available on the following link:

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

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

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

Ecofin Global Utilities (EGL LN, Infrastructure Securities, £219.0m mkt capn, 7.1% discount to NAV) : Jean-Hugues de laMaze, lead manager of the Trust presented at a webinar with Frostrow on Wednesday 23 April 2025. The link to the recording will be available on the link below:

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

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,336.9m mkt capn, 6.9% discount to NAV): Nick Train’s AGM presentation was recorded and is available to view on the Frostrow You Tube page. Click the link here to see it, it is worth a view:

https://www.youtube.com/watch?v=yE9HV__Iwlc

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

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

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £64.8m mkt capn, 6.0% discount to NAV): Following on from the HY results release, Nick Greenwood and Charlotte Cuthbertson presented on a webinar at 11am on 24 January 2025. This one stop shop is a great way to play the discounts on offer generally in the listed fund sector. The recording can be accessed on Frostrow’s You Tube page here:

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

Mobius Investment Trust (MMIT LN, Global Emerging Markets, £151.8m mkt capn, 7.3% discount to NAV): Carlos Hardenberg, lead manager, presented at a webinar this week from his trip to Taiwan in April 2025. Please see below the link to the recording:

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

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

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

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £880.9m mkt capn, 1.9% discount to NAV): Ian Lance and Nick Purves presented on the trust at a webinar on 18 March 2025. Please do click on the link below to see the recording as well as the link to ‘reflections on current market volatility’ or to hear the Chairman, Richard Wyatt, or to see the recent AGM update

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

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

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

https://www.youtube.com/watch?v=AcVspDPT3-c

Worldwide Healthcare Trust ((WWH LN, Biotechnology & Healthcare, £1,372.6m mkt capn, 11.7% discount to NAV): Sven Borho and Trevor Polischuk recently completed the latest webinar overview (November 2024). See the Frostrow You tube page for the recording. Further updates available on request.

https://www.youtube.com/watch?v=tppMeH6W9Zo

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

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

In addition, if you did not make the 30-year anniversary event this week and you would like a copy of the presentation, please contact Frostrow

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

Please contact us on ir@frostrow.com

Trump is doing his best to re-set the world trade order and in so doing will potentially re-set the investment landscape. Trade deals are happening now. There will be others clearly. What has worked for the last few years (ie US Equity trackers, passive investments and short dated bonds) will not necessarily be the best idea in the coming periods. The investment trust sector in the UK represents one third of the FTSE 250 Index and half of the FTSE Small Cap Index. There are highly valuable listed fund vehicles using the structure appropriately available to use for savings and investment today, as there have been for the last 150 + years. 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 April 2025 summary podcast also: FROSTROW CAPITAL - Frostrow Talks Trusts - AI Podcast - InvestorMeetCompany

Frostrow Capital, bringing you high quality, differentiated product in a UK listed closed-ended form

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

Discount Control

Polar Capital Global Financials Trust (PCFT LN, Financials & Financial Innovation, £624.6m mkt capn, 3.5% discount to NAV): PCFT published a circular in respect of a tender offer for up to 100% of its share capital. The investment manager is introducing a tiered fee to mean that it reduces from 0.7% of NAV to 0.65% above £500m. In addition, will comprise a reference to NAV and market capitalisation (50/50) for the fee calculation, and the performance fee is being removed entirely. In addition, a new dividend policy will be adopted to pay a quarterly dividend of 4% of NAV paid from revenue and potentially capital reserves. The Company is also updating its share buyback policy such that if the three month average discount is 5% or more, in normal market conditions, at the discretion of the Board, the Company may seek to take advantage of market conditions to purchase shares. Stifel conducting a secondary placing of tendered shares at 100.5% of the tender price. "The Board believes that, in the current climate, a minimum NAV of approximately £200 million will be necessary for the Company to remain viable following the Tender Offer."

Bluefield Solar Fund (BSIF LN, Renewable Energy Infrastructure, £541.2m mkt capn, 26.3% discount to NAV) NAV as at 31 March 2025: -2.4% over calendar Q1 2025 to 126.03pps (-0.65% TR), with power curves used “largely unchanged”. “Generation for the period was 0.3% above forecast… [with] solar generation for the quarter performing 9% above forecast. Wind speeds were consistently below forecast during the quarter, which in combination with equipment failure on 2 assets, led to wind generation being 20% below forecast for the quarter.” Second interim dividend of 2.2pps declared, with FY2025 guidance of not less than 8.9pps reaffirmed. Gearing 44% of GAV (31 December 2024: 43%); “As previously announced, the Board continue to explore strategic initiatives to address the share price discount and to continue to seek to maximise value for the Company's shareholders. The Board remain committed to reviewing all options available to the Company and will look to update shareholders on progress as appropriate.” The buyback programme concluded in January 2025 with "19,372,184 shares have been bought back, resulting in a total NAV accretion of 0.8pps since the start of the programme."

M&A news

Warehouse REIT (WHR LN, Property – UK Logistics, £415.5m mkt capn, 23.6% discount to NAV): in regard to a potential bid coming from Blackstone, "On 7 May 2025, Blackstone wrote to the Board raising several matters arising from its due diligence, the most significant of which relates to contrasting views on the valuation of the Company's development asset at Radway Green. As a result, Blackstone stated that it was not in a position to proceed with its offer on the financial terms of the Final Indicative Proposal. The Board is engaged with its financial advisers, its independent valuer and Blackstone in order to assess the merits of each of Blackstone's points, as well as to highlight potential value accretive items which may not be reflected in Blackstone's ongoing assessment. " PUSU deadline extended to 5pm 30 May 2025

Assura plc (AGR LN, £1,590m mkt capn): published a circular in relation to the acquisition by KKR / Stonepeak Partners. "The Assura Directors consider the Acquisition (including the Scheme) to be in the best interests of the Assura Shareholders taken as a whole. Accordingly, the Assura Directors unanimously recommend that Assura Shareholders vote to approve the Scheme at the Court Meeting and to vote in favour of the Special Resolution at the General Meeting, as the Assura Directors have irrevocably undertaken to do (or procure to be done) in respect of their own beneficial holdings for which they control the voting rights (and the beneficial holdings of their close relatives), being, in aggregate, 4,638,828 Assura Shares, representing approximately 0.1 per cent. of the ordinary share capital of Assura in issue as at the Latest Practicable Date."

Gearing news

Greencoat Renewables (GRP LN/ID, Renewable Energy Infrastructure, £824.0m mkt capn, 29.0% discount to NAV) has sold six Irish onshore wind farms totalling 115.7MW “for an up-front consideration of €139m and €17m in non-contingent deferred consideration over 2026 and 2027.” The disposal is “NAV accretive” and the proceeds will be used to repay the RCF and thus reduce gearing from 54% to 51%. ("The Company continues to target a reduction in gearing over the medium term to a level below 50%.") GRP “continues to explore further disposals and is in advanced negotiations over the sale of a significant minority stake in its 50MW Andella wind farm in Spain.” Separately, the company has announced it is applying for a secondary listing on the Alternative Exchange of the JSE, in light of “strong interest in the listing from a number of South African institutional investors.”

Board review update

Henderson European Trust (HET LN, Europe, £595.3m mkt capn, 7.8% discount to NAV): the Board are now at an advanced stage with respect to its review, including consideration of a proposal from JHI. The Board intends to provide a substantive update in the Company's half-year results announcement scheduled for publication by the end of June

HydrogenOne Capital Growth (HGEN LN, Renewable Energy Infrastructure, £29.2m mkt capn, 74.6% discount to NAV): NAV as at 31 March 2025 89.28p (31 December 2024 90.39p); "During the 12 months to 31 March 2025, private portfolio companies delivered an aggregate unaudited £92 million in revenue, an increase of 21% compared to the 12 months to 31 March 2024. The Company's portfolio companies in general require on-going funding to support their business models, and successfully accessed some £500 million of equity, debt and grants in 2024. Further fund raising has been delivered by portfolio companies in 2025. Despite this, market conditions for fund raising are challenging, and there can be no certainty that sufficient funding will be available in the future. As previously announced the Board and the Investment Adviser are considering a wide range of options to deliver shareholder value, with confidential discussions underway with third parties."

Management team news

Schroder Income Growth HY results to 28 February 2025 (SCF LN, UK Equity Income, £204.5m mkt capn, 9.7% discount to NAV): NAV TR +2.9% vs FTSE All Share Index TR +5.2%; reduced investment management fee from 0.45% to 0.40% from 1 September 2025, and no secretarial and administration services charge either now. Expected over £300k of cost savings annually. "Matt Bennison has been promoted to Co-Manager of the Company, bringing his experience to work alongside Sue Noffke, Head of UK Equities, effective immediately. Matt began his investment career at Schroders in 2012 and has worked with Sue since 2015 as part of the Schroders' UK Prime team." Current gearing 11.1%

Results / updates

NextEnergy Solar Fund (NESF LN, Renewable Energy Infrastructure, £393.4m mkt capn, 28.8% discount to NAV) NAV as at 31 March 2025: -2.4% over calendar Q1 2025 to 95.1pps, driven by a decrease in short-term power price forecasts and project actuals (lower than expected irradiation in January and February), network outages and higher operating expenses. 2.11pps dividend declared in respect of the period and the Board has approved a “maintained dividend target” of 8.43pps for FY2025 which is expected to be 1.1x – 1.3x covered.

Baillie Gifford European Growth Trust (BGEU LN, Europe, £330.4m mkt capn, 10.4% discount to NAV) H1 results to 31 March 2025: NAV TR -6.7% vs FTSE Europe ex UK +3.5%. Share price TR +1.3%; "In November 2024, we announced a four-year conditional tender offer with a measurement period beginning on 1 October 2024. Implicit in the announcement of this tender was an acknowledgement that Baillie Gifford has the resources and skills to deliver significant outperformance, as they did when the board appointed them in 2019, but also a clear recognition by the Board and the management group that performance relative to peers and the benchmark must be delivered." "...the Company bought back 10,154,657 shares at a total cost of approximately £9.6m, representing in the region of 2.9% of the Company's issued share capital."

Abrdn Equity Income Trust HY results to 31 March 2025 (AIE LN, UK Equity Income, £164.4m mkt capn, 0.5% premium to NAV): NAV TR +2.1% vs FTSE All-Share Index +4.1%; share price TR +4.9%; "It is encouraging to see that the Trust continues to trade at a narrower discount than many of its peers and that since the end of the period the shares have moved to trade at a slight premium to NAV." "The Company currently intends to pay three interim dividends for the current year of 5.70 pence per Ordinary Share." "The Board's current expectation remains for a fourth interim of at least 5.90 pence per Ordinary Share, making a total payment for the year of at least 23.0 pence per Ordinary Share, which will result in the Company extending its track record of dividend per share growth to 25 consecutive years." Dividend yield 7.1%; Gearing 13.9%

Regional REIT Q1 update (RGL LN, Property – UK Commercial, £193.5m mkt capn, 46.4% discount to NAV): "There is an emerging supply and demand imbalance outside of London for high quality, sustainable office space that meets the needs of today's occupiers." Net LTV 42.0% (41.8% 2024); "Disposals in the period amounted to £1.6m (before costs), 4.9% above pre-sale valuation and reflecting a net initial yield of 7.3%; 2 disposals completed post quarter end totalling £6.2m (before costs), 2% below pre-sale valuation."

Lowland Investment Company HY results to 31 March 2025 (LWI LN, UK Equity Income, £320.2m mkt capn, 7.1% discount to NAV): NAV TR -2.1% vs FTSE All Share Index +4.1%; share price TR +2.9%; "As we have seen before in periods of high volatility, investors have tended to seek the safety of larger companies…" Gearing 13.8% (30 September 2024: 11%); "The valuation of the portfolio is low on 10x historic earnings, with the smaller companies looking particularly cheap. On any improvement in the trading environment, or further interest rate cuts, there remains the potential for a recovery in both earnings and valuation levels."

Workspace Group (WKP LN, £778.9m mkt capn) has guided to a £7m “trading profit headwind” for the financial year ending 31 March 2025, due to the impact of previously advised “lower opening rent roll, further large unit vacations, additional costs associated with macroeconomic pressures including higher national insurance and higher living wages and additional refinancing costs.” This is vs “the current company-compiled consensus for trading profit within a range of £66-72m.” Trading profit for the year to 31 March 2025 is expected to be in-line with consensus, alongside a “marginal” fall in valuation due to a reduction on ERV.

Wind up news

VPC Specialty Lending Investments (VSL LN, Debt – Direct Lending, £83.3m mkt capn, 44.5% discount to NAV) announces a second return of capital, this time £43m (approx. 29% of NAV as at end-December 2025) to shareholders through an issue and redemption of B shares, with payment expected on 12 June 2025.

Menhaden Resource Efficiency (MHN LN, Environmental): the liquidators are in a position to make the first cash distribution to shareholders of 51pps (equates to approx £40m). "At present it is anticipated that a second cash distribution will be announced to Shareholders of the Company in the next two weeks."

Weiss Korea Opportunity Fund FY results to 31 December 2024 (WKOF LN, Country Specialist, £99.0m mkt capn, 8.1% discount to NAV): NAV TR -15.9% vs MSCI South Korea 25/50 Net Total Return Index -18.5%; in terms of the managed wind down, the first return of capital is expected to be made by the end of June 2025. "The Board intends to maintain the trading of Shares on the AIM for as long as the Directors believe it to be practicable during the Managed Wind-down..." "The Board is also authorised to repurchase up to 40% of WKOF’s outstanding Ordinary Shares in issue as of 31 December 2024. Whilst historically the Company has bought back shares where the share price discount to net asset value per share has reached high single digit percentages (with 12.6% of Shares issued at admission having been repurchased to date), and remains authorised to do so in its discretion, looking forward the Board does not anticipate buying back shares given the Company is now in Managed Wind-down and will be regularly returning capital to shareholders by way of a compulsory redemption of Shares."

Alignment

Digital 9 Infrastructure (DGI9 LN, Infrastructure, £69.4m mkt capn, -76.7% discount to NAV) manager InfraRed has purchased 2,489,570 shares at 8.15pps, per the terms of the IMA (to use 10% of AMC to acquire shares).

Proof of valuation

Custodian Property Income REIT (CREI LN, Property – UK Commercial, £337.7m mkt capn, 21.5% discount to NAV) has sold two office buildings Cheadle for an aggregate £6.9m – one in-line with book value and the other at a 10% premium. "The transactions once again prove our ability to make sales at or above book valuation and we expect to use the proceeds to repay variable rate debt, aligning with our strategy of providing shareholders with strong income returns."

Portfolio news

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £155.6m mkt capn, 43.4% discount to NAV): has led a funding round of £4.5m into RetailBook. "RetailBook addresses the challenge of limited retail investor access to primary capital markets by providing a platform for participation in investment opportunities, including IPOs, follow-on placings, and bond offerings, on the same terms as institutional investors. The service is accessed through established retail investment platforms. Augmentum joins existing investors Peel Hunt, Jefferies, Rothschild & Co, and Hargreaves Lansdown in supporting the next stage of RetailBook’s growth, which will see the company focus on expanding its product across new asset classes, growing its platform capabilities, and forging new partnerships with retail brokerage platforms."

LondonMetric Property (LMP LN, £3,960m mkt capn): sold £61.8m of non-core and mature assets. The sales are in line with prevailing book values. LMP has now sold 54 former LXI assets for £202m. "The proceeds from the sales will be re-invested into sectors and assets that offer better income reliability and growth."

Sequoia Economic Infrastructure (SEQI LN, Infrastructure, £1,184.1m mkt capn, 16.5% discount to NAV) NAV as at 30 April 2025: +53bps over the month to 93.04pp. As at 30 April 2025, SEQI’s “portfolio consisted of 54 private debt investments and 5 infrastructure bonds… [with] an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 9.88% and a cash yield of 7.33%... [and a] weighted average portfolio life [of] 3.3 years.” "In general, infrastructure is widely perceived to be defensive and perform well in times of heightened volatility. Within the infrastructure sector, the Company has no or little exposure to some of the more cyclical subsectors, such as oil refining, aviation and container ports."

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



Equity Capital Markets

EJF Investments (EJFI LN, Debt – Structured Finance, £70.0m mkt capn, 28.2% discount to NAV): announces a placing of 8.5% 2029 Zeros via RetailBook and an issue price of 100.1566p

Ex Dividend

AIRE 1.55p, BRSC 28.5p, GABI 1.5813p, GRP €0.017025, JEFI 1.2p, MAJE 2p, MUT 9.5p, ORIT 1.54p, PCTN 0.95p, PRSR 1.1p, PSH/D $0.1646, THRL 1.471p, UKW 2.59p

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

Regards 

Frostrow Capital LLP

Frostrow Capital LLP,
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London WC2A 1AL
020 3008 4912

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