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QuotedData’s morning briefing 7 October 2020

PEY

In QuotedData’s morning briefing 7 October 2020:

  • Investment Company (INV), the £12.9m market cap UK equity income fund, announced annual results to 30 June 2020, delivering a NAV return of (9.5%). With respect to its future, INV’s chairman, I.R. Dighé had this to say: “In light of this volatility and the material uncertainty that surrounds the ability of many listed companies to maintain their dividend policies the board has reviewed closely the current investment mandate, and taking into account the assets under its control, the likelihood of being able to maintain the current investment policy for the future. The board has, accordingly, considered a range of alternatives for the future of the company, including the possibility of merging with other investment entities. and we have also sought out the views of our significant shareholders in this regard. Of the options considered, the board believes that adopting an objective of wealth preservation and long term capital growth is likely to be most attractive to the majority of shareholders. Therefore, and as separately being announced today, the board is dispatching a circular setting out details of the proposed new investment objective and policy together with certain amendments to the articles and convening the requisite general meeting to seek the approval of shareholders.”

We also have the outcome of fundraises by Supermarket Income and Merian Chrysalis, as well as results from ICG Enterprise and Baillie Gifford Japan.

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