In QuotedData’s morning briefing 22 January 2025:

• Impax Environmental Markets (IEM) is calling a general meeting to ask shareholders to renew its authority to repurchase shares. IEM says that, as at 20 January 2025, it has bought back 28,109,153 shares and the repurchase authority granted at the 2024 AGM has been substantially utilised. Its board has concluded that, if IEM continues to repurchase shares at the same rate, it will use up its existing authority before the next AGM, which is why it is asking for it to be renewed now. [QD comment: At current discount levels, IEM’s share repurchases provide liquidity for exiting shareholders and are NAV-accretive for remaining shareholders. Given IEM’s size, it has plenty of capacity to continue to make repurchases without impacting its strategy and so renewing this authority is in all shareholders’ best interests.]
• Ecofin US Renewables Infrastructure (RNEW) has announced that it has re-negotiated the management fee that it pays to Ecofin Advisers, LLC under its investment management agreement with the aim of better aligning the interests of the manager with its shareholders’ interests now that it is in managed wind down. Under the terms of the investment management agreement Ecofin is entitled to 1 per cent. per annum of the Net Asset Value (NAV) up to and equal to US$500m, payable quarterly in arrears. However, in respect of any quarter beginning 1 January 2025 onwards, the fee will be determined by the lower of the company’s market capitalisation or NAV. In addition, management fees for Q3 2024 will be based on the NAV as adjusted downwards so as to take into account the price realised for the sale of the DG Solar assets as per the RNS dated 13 December 2024.

We also have:

BlackRock Trusts off limits for Saba until at least 2027

Social Housing REIT proposes change to investment policy to deal with non-performing tenant

Triple Point Energy Transition sells remaining investments

Residential Secure Income progresses with portfolio sale

CC Japan Income & Growth’s NAV continues to beat TOPIX

Glass Lewis also recommends CQS Natural Resources shareholders VOTE AGAINST Saba