In QuotedData’s morning briefing 3 February 2025:

• Edinburgh Worldwide (EWI) has made an announcement in relation to its upcoming requisitioned general meeting and AGM, both of which are being held on 14 February 2025, in which it urges shareholders to “vote twice to stop Saba”. It says that shareholders can do this by voting against Saba at the general meeting and then by voting for the board at the AGM. EWI’s announcement also reminds shareholders that the recommendations from the three independent voting advisers (Glass Lewis, ISS and PIRC) are to vote against Saba’s resolutions at the requisitioned general meeting. Saba controls just over 25% of the trust and, in the board’s view, Saba’s plan is partly based on an assumption that shareholders will not vote on the Saba resolutions at the GM, or for the board’s resolutions at the AGM. A copy of the circular setting out the reasons for the board’s recommendation is available on a dedicated website https://www.trustewit.com as are instructions on how to vote. Shareholders should remember that some platforms have deadlines for voting as early as 6 February.
• Seraphim Space Investment Trust (SSIT) has published its monthly updates on its portfolio of space investments that covers January 2025. Highlights are that on 14 January 2025, SpaceX’s Transporter-12 mission made waves by deploying 131 payloads into space, including 15 payloads from SSIT’s portfolio from four of its companies. Pixxel launched three hyperspectral satellites, providing the highest-resolution commercial hyperspectral imaging capabilities in space. ICEYE expanded its SAR (Synthetic-aperture radar) satellite constellation with four new satellites, strengthening its capabilities in disaster response and environmental monitoring. Spire added six Lemur satellites, enhancing IoT connectivity, weather forecasting and marine analytics worldwide. D-Orbit launched two ION Satellite Carriers, showcasing advanced in-orbit transportation and deployment solutions. D-Orbit launched its first ION Satellite Carrier in September 2020. With this latest launch, the company will have transported to space almost 180 payloads in aggregate. You can listen here from SSIT later this week when Mark Boggett appears on our weekly show – click here for details of how to join.
• Following the announcement on 13 January 2025 in relation to its proposals to its Bondholders, CEIBA Investments (CBA) says that bondholders together holding over 85% of the principal amount of its €25,000,000 10% senior unsecured convertible bonds due 2026 have voted in favour of the extraordinary resolutions. As a result, as of 24 January 2025 (the date upon which the 60% threshold was surpassed), the amendment agreement that modifies the original bond instrument dated 22 March 2021 was executed. The principal amendments made to the terms of the bonds modify the payment schedule from a single €25m bullet payment due on 31 March 2026 to five equal annual instalments of €5 million, to be made starting in June 2025. The bonds are listed on The International Stock Exchange (TISE) and a copy of the amendment agreement will be provided to TISE in order to reflect the changes to the original bond instrument and the new maturity date of the bonds being 31 March 2029.
• Triple Point Energy Transition (TENT) has announced a revision to the expected timetable for de-listing its shares in the event that the liquidation is approved at the general meeting to be held on 24 February 2025. It says that the revision has been made in response to feedback from certain shareholders in respect of shares held within ISAs. Specifically, while TENT’s shares will be suspended from trading from 7.30 a.m. on the date of the general meeting, it will now only seek the de-listing after the payment of the initial distribution by the liquidators. The initial distribution is expected to be made as soon as possible after the general meeting and, in any event, within 10 business days thereof. As a result of this revised timing for de-listing, the shares are expected to continue to be “qualifying investments” for ISA purposes until after the initial distribution. However, the last time and date on which shareholders will be able to acquire or dispose of shares on-market remains 6.00 p.m. on 21 February 2025.
• Richard Curling is joining the board of Schroder UK Mid Cap (SCP) following the completion of its AGM on 24 February 2025. Mr Curling will become chair of the remuneration committee and a member of the audit and risk committee, the management engagement committee, and the nomination committee. Mr Curling is an experienced investment trust director and fund manager, having specialised in investment companies for over 10 years. He is currently the chair of Montanaro European Smaller Companies Trust.
• Schroder European REIT (SERE) has sold its 50% interest in a distressed shopping centre in Seville, Spain. The asset had been marked down in SERE’s book at nil value and the sale reflects this, with the outstanding debt transferring to the purchaser. This strengthens the company’s balance sheet by reducing its net loan-to-value (LTV) ratio from 25% to 21%.
• Social Housing REIT (SOHO) has announced that its tenant My Space has filed for a company voluntary arrangement (CVA) that if successful would see its rent agreements restructured. My Space has not paid any rent since June 2024 and SOHO is already in the process of replacing it in its portfolio. Shareholders will vote on 10 February to amend SOHO’s investment policy to allow it to have a higher exposure to one single tenant in order to facilitate this.

We also have:

Gresham House Energy Storage announces reduced management fee

BlackRock Energy and Resources Income benefits from M&A activity

Henderson Opportunities announces reconstruction plans

HgCapital NAV sees resilient trading in underlying holdings

3i Infrastructure’s recent realisations demonstrate value creation potential

Shock departure puts question mark over future of Henderson European