In QuotedData’s morning briefing 31 January 2025:

• ICG-Longbow Senior Secured UK Property Debt (LBOW) has issued an update in which it says it continues to make progress in exiting its three final investments in what remain challenging market conditions. The asset securing the Affinity loan has been placed under offer for sale following a competitive bidding process, and LBOW says that it continues to see buyer interest for the Southport hotel asset, however the exit of this position is taking longer than anticipated. Lenders to the RoyaleLife Loan, including LBOW, are working to restabilise the portfolio of assets that are securing that loan under the new Regency Living brand. LBOW says that home sales having restarted in earnest in the fourth quarter of 2024 and exit of this portfolio is anticipated when the conditions are right for sale. LBOW’s board has also agreed that it is time to reduce the size of the board. Stuart Beevor, who has served as director and Fiona Le Poidevin, who has served as a director and chair of the Audit and Risk Committee, will retire from the board of the company with effect from 31 January 2025, with Jack Perry and Paul Meader will remain as directors. Paul Meader will be appointed as chair of the Audit and Risk Committee with effect from 31 January 2025 following Fiona Le Poidevin’s retirement.
• Janus Henderson has purchased a 4.9% stake in The European Smaller Companies Trust (ESCT) – a fund that it manages, that is under attack from the US hedge fund Saba Capital.
• Blackrock Throgmorton (THRG) has published a circular in relation to a general meeting that is to be held on 17 February where the board is asking shareholders to renew its buyback authority as it believes the existing authority could be fully utilised before the next AGM at the end of March.
• Impax Environmental Markets (IEM) has declared a second interim dividend for the 2024 financial year of 3.2p per share (2023: 2.9p), payable on 7 March 2025 to shareholders who appear on the register on 7 February 2025, with an ex-dividend date of 6 February 2025. This equates to a total dividend for the 2024 financial year of 5p per share (2023: 4.6 pence), an increase of 8.7 per cent. IEM pays out substantially all of its earnings by way of a dividend.
• Octopus Renewables Infrastructure Trust (ORIT) has declared an interim dividend in respect of the fourth quarter of 2024 of 1.51 pence per ordinary share, payable on 28 February 2025 to shareholders on the register at 14 February 2025 (the “Q4 2024 Dividend”). The ex-dividend date will be 13 February 2025. The Q4 2024 dividend brings ORIT’s total dividend for the year ended 31 December 2024 to 6.02p per share (2023: 5.79p per share) meeting the trust’s dividend target for the last financial year in full. ORIT says that the dividend is fully covered by cash flows arising from its portfolio of assets. A portion of the company’s dividend is designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q4 2024 dividend is 57.2%. ORIT has also increased its dividend target for the current financial year ending 31 December 2025 by 2.5% to 6.17p per share. The increase is in line with the increase to the Consumer Price Index (CPI) for the 12 months to 31 December 2024 and marks the fourth consecutive year that ORIT has increased its dividend target in line with inflation. ORIT says that this new target dividend is expected to be fully covered by cash flow generated from its operating portfolios.

We also have:

Miton UK MicroCap to offer rollover into Premier Miton UK Smaller Companies Fund

Schroders Capital Global Innovation publishes wind down proposals

GCP Infrastructure sells interests in two onshore wind assets

Aberforth Smaller Companies beats benchmark in good year for UK equities