Aberforth Geared Income (AGIT): Both Scottish Investment Trust (SCIN) and CCLA Investment Management have increased their stakes in this U.K. small-cap fund. CCLA Investment Management has more than doubled its stake to just under 10%, making it the largest shareholder in the fund. Scottish Investment Trust has taken its stake from 1.37% to 2.67%.
Camper & Nicholsons Marina (CNMI): First Eastern has committed to invest approximately £4.2 million, which will buy them a 25% stake in the company. Camper & Nicholsons Marina is a property specialist company investing internationally in marinas. First Eastern invests money to work with CNMI on the exploration of potential opportunities available in the Asian market.
Carador Income Fund USD (CIFU): The company has announced it has raised approximately $75 million through a placing of USD C shares. The issue is conditional upon the admission of the C shares to trade on the LSE. The USD C shares will convert into USD shares once 90% of the assets attributable to the relevant C Share Class have been invested or committed to be invested, which the board anticipates will occur by the end of the year.
Charter European Trust (CPE): Midas Investment Management has increased its ownership by just under 4% to almost 21%. The change has strengthened its position as the largest shareholder of the fund.
Invesco Property Income (IPI): Following earlier discussions with the group’s lending bank, Royal Bank of Scotland (RBS), Invesco Property Income has reached a restructuring agreement to allow it to repay its liabilities and is proposing a change to its investment objective. The primary objective now is to repay borrowings and other liabilities. To achieve this, the fund is likely to need to sell the majority of its assets, thus no new investments will be made, nor dividends paid, until such time as the liabilities are cleared. The fund currently has 184% gross gearing and 175% net gearing.
Metro Baltic Horizon (MET): Sensan Investment Holdings has increased its ownership by 4.8% to almost 12%. This move has changed its position to the third largest shareholder. The top three shareholders of the fund hold over 70% of the issued share capital.
Picton Property Income (IRET): Oriel Securities has replaced Matrix Corporate Capital as a joint broker and will work alongside J.P. Morgan Cazenove. Matrix Corporate Capital was itself only appointed in late March this year.
Real Estate Credit Investments (RECI): Shareholders of the fund have approved plans to convert the company into a protected cell company, with the majority of the company’s assets being held in the core cell. This is to separate the illiquid assets acquired earlier in the fund’s life and to allow it to focus on its core investment strategy: European real estate debt. The cell will trade on the specialist fund market of the LSE with a separate NAV. The company has also changed its name to Real Estate Credit Investment PCC. RECIs’ preference and ordinary shares will continue to trade on the main market of the LSE.
Saltus Euro Debt Strategies (SED): Weiss Asset Management has decreased its position in this fund of hedge funds by over 2.5% to a little below 25%. The move has not changed its position as the largest shareholder.
Thames River Hedge+ GBP (TRMA): Legal & General (LGEN) has decreased its position in this hedge fund twice this week by almost 4% to below 4.5%.
World Trust Fund (WTR): The board of this global growth fund has published details on the proposed bonus issue of warrants. The issue is subject to shareholders’ agreement, as well as the admission of the warrants to trade on the LSE. If approved, existing shareholders will receive one warrant for every five existing shares held on the record date, which is expected to be August 31.
Vision Opportunity China (VOC): Following poor performance of the fund, adverse conditions in the financial markets and the uncertain outlook for smaller U.S.-listed Chinese companies, shareholders of Vision Opportunity China have voted in favour of winding up the fund and returning cash to investors. The board has instructed the investment manager, Vision Capital Advisors, to make no further investments other than in cash equivalents. The company has already realised a number of investments in accordance with its new policy and plans to return $20 million to investors. The fund’s assets have shrunk by more than 60% year-to-date in 2011.
