“Approximately 108.5 million of the Company's private markets portfolio (valued as at 5 February 2024) is expected to mature between 2024 and 2027 (the "First Tranche"). It is intended that the proceeds from the First Tranche will be returned to Shareholders in a timely manner as the investments mature.
The remaining 84.8 million of the private markets portfolio (valued as at 5 February 2024) is expected to mature between 2029 and 2033 (the "Second Tranche"). As market conditions improve, opportunistic secondary sales of Second Tranche assets would be considered by the Company in order to realise value from these assets in a timely manner.”
There is now talk of a “third party regarding a potential transaction in relation to all or substantially all of the remaining portfolio.” but no guarantees of course.
Probably best to stay away due to the timeframe of returns advised.
As announced on 4 November 2024, having been notified by the Investment Manager that it believes that the opportunity set and strategy for the Company continuing in its current form is less attractive than it has been in the past, including at the Company’s inception in 2013, and that the Investment Manager does not think this change in circumstances is likely to improve in the foreseeable future, the Board commenced a strategic review to consider the future of the Company and explore the strategic options available.
Indicative returns for Shareholders and estimated timescales
The Investment Manager has confirmed that, as the Portfolio consists of liquid and less-liquid assets, it will take varied periods for the assets of the Company to be realised in an orderly manner that aims to achieve a balance between seeking to obtain the best achievable value for those assets and making timely returns of capital to Shareholders. In the absence of unforeseen circumstances and based on current and anticipated market conditions, the Investment Manager is currently estimating that all but the most illiquid assets in the Portfolio could be realised within two years. Further, the Board anticipates, in consultation with the Investment Manager, that a first return of capital will be made to Shareholders by the end of June 2025.
I think the payoff is too low and liquidation timeline is a long way off, so I haven’t included it yet. If they can convert the preferreds to ordinary shares then upside is much bigger.
Hi, Menhaden Resource Efficiency (MHN) says its manager is undertaking a gradual realisation of all of the trust’s listed investments with a view of completing this within the next 4 to 6 weeks. The joint liquidators propose to make interim distributions to shareholders over the period to 26 May 2025, when sufficient realisations have been made. To keep costs down, distributions will be made when net realisations exceed £40m. Source: https://quoteddata.com/2025/04/quoteddatas-morning-briefing-10-april-2025-mhn-igc-mini/
abrdn Diversified Income and Growth (aDIG) - is in Managed Wind-Down but probably not a good entry for Watchlist #5.
It is in Managed Wind-Down since February 2024 - at the time the board advised that it could take 3-4 years (https://www.theaic.co.uk/companydata/abrdn-diversified-income-and-growth/announcements/8029593)
“Approximately 108.5 million of the Company's private markets portfolio (valued as at 5 February 2024) is expected to mature between 2024 and 2027 (the "First Tranche"). It is intended that the proceeds from the First Tranche will be returned to Shareholders in a timely manner as the investments mature.
The remaining 84.8 million of the private markets portfolio (valued as at 5 February 2024) is expected to mature between 2029 and 2033 (the "Second Tranche"). As market conditions improve, opportunistic secondary sales of Second Tranche assets would be considered by the Company in order to realise value from these assets in a timely manner.”
Latest update is here: https://www.theaic.co.uk/companydata/abrdn-diversified-income-and-growth/announcements/8752556
There is now talk of a “third party regarding a potential transaction in relation to all or substantially all of the remaining portfolio.” but no guarantees of course.
Probably best to stay away due to the timeframe of returns advised.
An entry for Watchlist #5, methinks:
Weiss Korea Opportunity Fund (WKOF) Investment trust
Following the publication of the Circular (https://www.investegate.co.uk/announcement/prn/weiss-korea-opportunity-fund-ltd--wkof/publication-of-circular-and-notice-of-egm/8785972) to adopt New Investment Objective and Policy and todays EGM - both of these resolutions have been passed.
Background to and reasons for, the Proposal
As announced on 4 November 2024, having been notified by the Investment Manager that it believes that the opportunity set and strategy for the Company continuing in its current form is less attractive than it has been in the past, including at the Company’s inception in 2013, and that the Investment Manager does not think this change in circumstances is likely to improve in the foreseeable future, the Board commenced a strategic review to consider the future of the Company and explore the strategic options available.
Indicative returns for Shareholders and estimated timescales
The Investment Manager has confirmed that, as the Portfolio consists of liquid and less-liquid assets, it will take varied periods for the assets of the Company to be realised in an orderly manner that aims to achieve a balance between seeking to obtain the best achievable value for those assets and making timely returns of capital to Shareholders. In the absence of unforeseen circumstances and based on current and anticipated market conditions, the Investment Manager is currently estimating that all but the most illiquid assets in the Portfolio could be realised within two years. Further, the Board anticipates, in consultation with the Investment Manager, that a first return of capital will be made to Shareholders by the end of June 2025.
I think the payoff is too low and liquidation timeline is a long way off, so I haven’t included it yet. If they can convert the preferreds to ordinary shares then upside is much bigger.
Hi, Menhaden Resource Efficiency (MHN) says its manager is undertaking a gradual realisation of all of the trust’s listed investments with a view of completing this within the next 4 to 6 weeks. The joint liquidators propose to make interim distributions to shareholders over the period to 26 May 2025, when sufficient realisations have been made. To keep costs down, distributions will be made when net realisations exceed £40m. Source: https://quoteddata.com/2025/04/quoteddatas-morning-briefing-10-april-2025-mhn-igc-mini/
https://www.menhaden.com
Thanks Michael. MHN ceased trading on 24th March so not buyable now.
Are you tracking how these are doing anywhere? I wasn’t sure if there’s a spreadsheet that maybe I missed.
Thanks, and great work
I have my own spreadsheet that I keep but haven’t published yet. It’s something I’m considering doing.
I saw you tweeted that you posted this and I was confused why I wasn’t notified. I then realized I wasn’t subscribed 🤦♂️
I’ve now subscribed great work
Thank you. Great call on SRES.