Miton UK MicroCap Trust (MINI) has announced that shareholders have approved all resolutions put to the First General Meeting, paving the way for the winding up of the company under a scheme of reconstruction. The scheme, executed under section 110 of the Insolvency Act 1986, will see shareholders’ interests split between a rollover option – Into a receiving sub-fund – and a cash exit. Approximately 48.5% of the share capital elected (or were deemed to have elected) for the rollover option, while 51.5% opted for cash. The two resolutions were passed with overwhelming support, each receiving over 99.6% of votes in favour. The resolutions included reclassifying the shares and amending the company’s articles to implement the scheme and appoint liquidators. Following the approval, trading in MINI’s ordinary shares was suspended on 9 April. Shares will be reclassified on 19 May 2025, with the reclassified shares expected to be delisted shortly after 21 May 2025.
Thanks Michael- some good ones there, and on the list for watchlist #4. I see HEIT got a bid today at only 5% discount to NAV which I think is pretty good.
The offer by Drax is okay~ish… just about, methinks, because these around 5% still work out to be around 12 p per share below issue price. I just wonder, not really, what has happened to all of the lofty aspirations for battery energy storage systems and other Renewable Energy Infrastructure projects…
I also find it perplexing (and very telling of Investment Trust boards) that they never seem to factor into their decisions a “it will get worse from here and never recover” kinda type of thinking and if they do they don’t publish this kind of rationale anywhere.
Bearing all of that in mind - no wonder ETF’s are relentlessly marching forward drawing in more money and M&A is heating up again for UK Investment Trusts, especially from abroad (coming mostly US and Canada).
I’ve never gotten involved in the BESS and RE wind downs. Even at these big discounts I don’t have confidence in the valuation. Maybe some corporate transactions will change that.
Hi, Atrato is no longer listed in London but is still showing in ISA / SIPP / GIA accounts as only the “Initial Distribution” has been paid so far. According to announcements (https://www.investegate.co.uk/announcement/rns/atrato-onsite-energy--roof/publication-of-circular-and-notice-of-gm/8574684) it can take up to 9 months total for everything to be done and paid out it seems. Within the section Distributions to Shareholders during the members' voluntary liquidation is stated that”…The final distribution, if any, will be paid at a time to be determined solely by the Liquidators but is envisaged to be in the region of nine months after the entry into members' voluntary liquidation….” which kinda makes it around September / October 2025, methinks.
LON: MINI
Just seen this update on QuotedData (https://quoteddata.com/2025/04/quoteddatas-morning-briefing-11-april-2025-riii-hgen-lwdb-gcp-ltiu-alw-mini-agt/):
Miton UK MicroCap Trust (MINI) has announced that shareholders have approved all resolutions put to the First General Meeting, paving the way for the winding up of the company under a scheme of reconstruction. The scheme, executed under section 110 of the Insolvency Act 1986, will see shareholders’ interests split between a rollover option – Into a receiving sub-fund – and a cash exit. Approximately 48.5% of the share capital elected (or were deemed to have elected) for the rollover option, while 51.5% opted for cash. The two resolutions were passed with overwhelming support, each receiving over 99.6% of votes in favour. The resolutions included reclassifying the shares and amending the company’s articles to implement the scheme and appoint liquidators. Following the approval, trading in MINI’s ordinary shares was suspended on 9 April. Shares will be reclassified on 19 May 2025, with the reclassified shares expected to be delisted shortly after 21 May 2025.
Hi Michael, Yes- MINI ceased trading on 8th Apr so not buyable now.
Hi, in addition to this list as well as your watchlist #1 and #2 posts I have these marked for winddowns:
Harmony Energy Income - Formal Sale Process - offer expected by Foresight Group
Home REIT - Managed wind down
Riverstone Credit Opportunities - Winding down over next 3 years to 2026/27
Atrato Enery - voluntary liquidation, entire PF sold to Phoenix UK Bidco Limited (Brookfield and RAIM Apollo)
PRS REIT - Formal Sale Process currently running, update: end of Q1/2025
ZDP’s
As for EJFI ZDP’s - EJFI is planning to issue new ZDP’s, as announced today (https://www.investegate.co.uk/announcement/rns/ejf-investments-ltd-npv--ejfi/potential-issue-of-new-zdp-shares/8792460)
Chelverton is also planning to issue new ZDP’s (https://www.investegate.co.uk/announcement/rns/chelverton-uk-dividend-trust--sdv/proposed-refinancing-of-existing-2025-zdp-shares/8765649) and (https://www.investegate.co.uk/announcement/rns/chelverton-uk-dividend-trust--sdv/publication-of-a-prospectus/8780610)
Quoted Data publishes a monthly overview of ZDP’s here - https://quoteddata.com/zeros-warrants-and-subscription-shares/
Thanks Michael- some good ones there, and on the list for watchlist #4. I see HEIT got a bid today at only 5% discount to NAV which I think is pretty good.
Atrato Energy- is this still listed?
The offer by Drax is okay~ish… just about, methinks, because these around 5% still work out to be around 12 p per share below issue price. I just wonder, not really, what has happened to all of the lofty aspirations for battery energy storage systems and other Renewable Energy Infrastructure projects…
I also find it perplexing (and very telling of Investment Trust boards) that they never seem to factor into their decisions a “it will get worse from here and never recover” kinda type of thinking and if they do they don’t publish this kind of rationale anywhere.
Bearing all of that in mind - no wonder ETF’s are relentlessly marching forward drawing in more money and M&A is heating up again for UK Investment Trusts, especially from abroad (coming mostly US and Canada).
I’ve never gotten involved in the BESS and RE wind downs. Even at these big discounts I don’t have confidence in the valuation. Maybe some corporate transactions will change that.
Hi, Atrato is no longer listed in London but is still showing in ISA / SIPP / GIA accounts as only the “Initial Distribution” has been paid so far. According to announcements (https://www.investegate.co.uk/announcement/rns/atrato-onsite-energy--roof/publication-of-circular-and-notice-of-gm/8574684) it can take up to 9 months total for everything to be done and paid out it seems. Within the section Distributions to Shareholders during the members' voluntary liquidation is stated that”…The final distribution, if any, will be paid at a time to be determined solely by the Liquidators but is envisaged to be in the region of nine months after the entry into members' voluntary liquidation….” which kinda makes it around September / October 2025, methinks.