In QuotedData’s morning briefing 16 January 2025:

• Herald (HRI) says that a second independent proxy adviser – Glass Lewis – has recommended that shareholders vote against Saba’s proposals. Investors who hold their shares through an investment platform provider or nominee are encouraged to contact their investment platform provider or nominee as soon as possible to arrange for VOTES AGAINST each of the Requisitioned Resolutions to be lodged on their behalf. Further information on how to vote through platforms can be found at the following link: https://www.theaic.co.uk/how-to-vote-your-shares.
• Aurora UK Alpha (ARR) says it has clawed-back 89,096 shares that had been issued to its manager under its performance fee arrangement for the three-year period ended 31 December 2024, and has cancelled these. Phoenix does not earn an ongoing annual management fee, but instead is paid an annual performance fee, equal to one third of the outperformance of the NAV against its benchmark. The performance fee is paid by way of the issuance of ordinary shares, which are subject to a fixed three-year clawback period. If the outperformance versus the index reverses on the third-year anniversary, some or all the issued shares will be returned by the manager, and if outperformance fully reverses, the investment manager will receive nothing.
• Sirius Real Estate (SRE) has raised €350m through issuing a senior unsecured corporate bond with a coupon of 4% and maturity in 2032. The bond is expected to be rated BBB by Fitch and was five times oversubscribed by potential investors. The company’s weighted average debt maturity moves to 4.2 years from 3.5 years at 30 September 2024 with the total average cost of debt rising to 2.6% (2.1% at 30 September 2024). The proceeds will be used to refinance existing indebtedness, including in the €400m June 2026 bond, as well as for general corporate purposes, including a significant pipeline of potential acquisitions in Germany and the U.K.
• Real Estate Investors says it remains open to exploring a corporate transaction, including the potential sale of the entire portfolio, in order to maximise shareholder returns. It sold off £18.9m worth of property over 2024 and used the money to reduce its debt.

We also have:

abrdn Asian Income announces enhanced dividend policy

Bankers looks to increased US exposure to address underperformance

Macau Property Opportunities wind up limps on

Safestore investing in growth