A handful of investment companies continued to update the market over the festive period. We’ve rounded up the news you may have missed between 23 December and New Year’s Day. 

Private equity trust ICG Enterprise (ICGT ) increased its revolving credit facility from €240m (£199m) to €300m, meaning it now has £134m of firepower to invest in new companies in Europe and the US.  

The £1.3bn trust headed by Colm Walsh and Oliver Gardey has been busy buying back shares as it looks to keep a lid on the yawning 34% share price discount, while recent interim results showed the exit market was improving, with nine disposals at an average 25.8% uplift.

Majedie discount narrows 

Global multi-asset trust Majedie (MAJE ) published positive annual results, with its three investment buckets – external managers, direct investments and special investments – all contributing to underlying total returns of 21.5%, while the shares gained 24.1%.

The £149m Barlow family-backed fund, which former Citywire Investment Trust Insider editor Gavin Lumsden tipped in his Questor column last month, remains expensive in terms of fees, with investment in external managers lifting the trust’s annual charge to 2.4% in 2024. Chair Christopher Getley reiterated this would fall as fund manager Dan Higgins reduced the weighting in favour of direct investments.

The shares have jumped almost 16% over the past month, narrowing the discount to 4% at close on Thursday. Non-executive director William Barlow disclosed that he had bought a further 200,000 shares in the trust just before Christmas.

Digital 9 divests subsea cable

Digital 9 Infrastructure (DGI9 ) has sold its interest in Emic-1 as newly appointed fund manager InfraRed proceeds with the wind-down.

The £162m investment company sold its interest in the Europe Middle-East India Connect 1 subsea cable for $42m (£33m), representing a 15% discount to the most recent valuation of $49.6m, as ongoing conflicts in the Red Sea continue to impact the project, which remains under construction.

The proceeds will be used to reduce the revolving credit facility balance to £53m. InfraRed is in discussions with the lender to extend the balance beyond the 31 March maturity date. The remainder will be paid off with further asset sales.

‘The sale of Emic-1 represents a key milestone for progressing the wind-down of the company and deleveraging the balance sheet on behalf of shareholders, achieving what the board believes is an acceptable value outcome in a challenging environment,’ chair Eric Sanderson said.