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Investment Trust Research & Insights

Investment Trust Times: September 22-29

Artemis Alpha and Gartmore Growth Opportunities are set to merge assets following the resignation of Gartmore's Williams

Jackie Beard, FCSI, 29 September, 2010 | 12:18PM
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The boards of Artemis Alpha Trust (ATS) and Gartmore Growth Opportunities (GGOR) have agreed to a merger of the assets into the Artemis fund, subject to shareholder approval. Shareholders of the Gartmore fund will be offered the choice of rolling their shares into the Artemis fund or a full cash exit, the latter capped at 30% of share capital. The board has acted quickly in response to the resignation of Gervais Williams from Gartmore earlier this month and in our opinion there is a good cultural fit between the funds.

BlackRock Commodities Income (BRCI) has raised gross proceeds of £20 million through its most recent placing and offer for C shares. Once approved, this will take total assets in the fund to around £120 million.

BlackRock Greater Europe (BRGE) has announced its decision to implement a tender offer. Shareholders may tender all or part of their shares for cash, to a maximum of 20% in aggregate of total ordinary shares in issue. The calculation date will be November 30, 2010 and cash will be paid at 98% of NAV at that date. The shares currently trade at around a 6% discount to NAV.

BlueCrest AllBlue (BABE) has announced the results of its over-subscribed placing. New shares representing 9.99% of issued share capital have been placed with new and existing investors and this raised approximately £83.3 million. Although this was split between GBP, EUR and USD, the vast majority was raised in the GBP shares.

Carador Income (CIF) has filed a prospectus with the Irish Financial Services Regulatory Authority for a possible placing of euro-denominated and/or US dollar-denominated shares for up to $75 million. The prospectus has been approved by the authority.

Egypt Trust (EGP) offered shareholders the chance to redeem up to 10% of its shares this month; the take-up was marginal and the fund trades at a very modest discount to its NAV.

In keeping with its commitment to make charitable donations through the issuance of shares, Eurovestech (EVT) has issued 400,000 new ordinary shares to three charities: Evening Standard Dispossessed, Imperial College Healthcare and Yorkshire Cancer Research. The costs of this issuance have been met by CEO Richard Bernstein.

Infrastructure India (IIP) is seeking shareholder approval to delist both its ordinary shares and warrants from the Official List and move to the AIM market. The vote will take place at the EGM next month (October 18).

Jupiter Dividend & Growth (JDT) has announced its intention to split its packaged units of one zero dividend share and one ordinary share into their separate constituent parts, effective yesterday (September 28).

The board of Melchior Japan (MJT) has consulted with major shareholders and determined that, subject to shareholder approval, the company should be voluntarily wound up and cash returned to investors. The timescale for this is not yet clear. This will take the number of Japanese closed-end funds available to UK investors to just four. (Use Morningstar's Investment Trust Quickrank to find more closed-end funds.) Even prior to the announcement, the fund’s discount had narrowed favourably compared with peers, but the Japanese market has been a notoriously tough one to beat and it’s the smallest fund in its sector, too.

NB Distressed Debt (NBDD) has now published the prospectus for its proposed secondary placing (mentioned in the September 1 edition of IT Times). The company hopes to raise in excess of $75 million.

Polar Capital Global Healthcare (PCGH) has made an application for the block listing of 8,899,999 new ordinary shares, under the General Corporate Purposes Scheme.

At last week's AGM for private equity company SPARK Ventures (SPK), the resolution to return cash to shareholders was approved. Shareholders will receive 1p per share as either capital or income, depending on their election at the time of the proposal.

Standard Life Euro Private Equity (SEP) has applied to the UK Listing Authority and the LSE for 223,021 shares to be admitted to the Official List. This results from the conversion of founder A shares into ordinary shares.

Kazakhstan specialist Tau Capital (TAU) has announced the completion of its private equity investment in Lucent Petroleum LLP, likely to be just over 6% of total assets in the fund.

Thames River Hedge+ (TRMA) has received redemption requests for 49.17% of its GBP shares, 61.16% of its USD shares and 36.46% of its EUR shares, under its half-yearly redemption facility, for 31 December 2010.

Vision Opportunity China (VOC) has acknowledged the SEC’s issuance of a subpoena to Vision Capital Holdings (the company’s investment manager). The reason for the subpoena has not yet been made public and Vision Capital has confirmed it is fully cooperating with the SEC in its investigation.

Non-Executive Directors – Appointments
Alliance Trust (ATST) – Tim Ingram
British Smaller Companies VCT (BSV) – Edward Buchan
Fidelity Japanese Values (FJV) – Sir Laurence Magnus
Hargreave Hale AIM VCT 1 (HHV) – David Brock
Hargreave Hale AIM VCT 2 (HHVT) – Philip Cammerman
LMS Capital (LMS) – Mark Sebba
Octopus Apollo VCT 1 (OAP1) – Rupert Bell
Octopus Apollo VCT 2 (OAP2) – Alan Pepper

Director Resignations/Retirements
Albion Income & Growth VCT (AAIG) – David Watkins
Albion VCT (AAVC) – Jonathan Thornton
Baronsmead AIM VCT (BAV) – Clive Parritt
Baronsmead VCT 2 (BVT) – Godfrey Jillings
Baronsmead VCT 3 (BMD) – Robert Owen
British Smaller Companies VCT – Martin Pettigrew, Richard Last
British Smaller Companies VCT 2 (BST) – Philip Cammerman
Crown Place VCT (CRWN) – Geoffrey Vero
Hargreave Hale AIM VCT 1 – David Hurst-Brown
Hargreave Hale AIM VCT 2 – Sir Aubrey Brocklebank
Hirco (HRCO) – Sir Rob Young, Priya Hiranandani, Nigel McGowan
Income & Growth VCT (IGV) – Christopher Moore
Matrix Income & Growth 4 VCT (MIG4) – Colin Hook
Northern 3 VCT (NTN) – John Hustler
Octopus Apollo VCT 1 – Stuart Broklehurst, Roger Penlington
Oxford Technology VCT (OXT) – Michael O’Regan, Richard Vessey
Oxford Technology VCT 2 (OXH) – John Jackson, Richard Vessey
Oxford Technology VCT 3 (OTT) – John Jackson, Michael O’Regan
Oxford Technology VCT 4 (OXF) – John Jackson, Michael O’Regan

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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