(the “Company“, together with its subsidiaries, the “Group“)
Strategic Acquisition of Senior Living Portfolio
Proposed acquisition of a Senior Living portfolio, for cash and shares issued at EPRA NTA, delivering high-single digit EPS accretion1 in the first full financial year and proposed change of Investment Objective and Investment Policy
The Board of Social Housing REIT plc is pleased to announce it has entered into a conditional agreement with Resi Portfolio Holdings Limited, a wholly-owned subsidiary of Residential Secure Income plc (“ReSI“), for the purchase of its portfolio of senior living assets for a headline purchase price of approximately £108.3 million (the “Acquisition“) to be funded via a combination of cash and newly issued Shares.
The consideration for the Acquisition is a mix of cash and newly issued Shares as follows:
· £45 million payable in cash on completion, to be funded via the Group’s own cash resources and a new £30 million debt facility (the “Cash Consideration“);
· Approximately £62.3 million to be satisfied by issue of 66,103,233 new Shares (the “InitialConsideration Shares“) on completion at an issue price equal to the Company’s EPRA NTA as at 31 December 2025 of 94.23p per Share; and
· £1 million of the purchase price will be deferred until the Completion Accounts have been finalised (the “Deferred Amount“).
What do the early stages of a stock market crash look like?
Christopher Ruane isn’t peering into a crystal ball trying to time the next stock market crash. He’s getting ready now, for whenever it comes.
Posted by Christopher Ruane
Published 9 June
Image source: Getty Images
You’re reading a free article with opinions that may differ from The Twelfth Magpie’s Premium Investing Services.
Are we heading for a stock market crash? Are we already in one that is building momentum?
Ask a dozen different investors and you may get a dozen different answers – or even more! This is an area that can both be emotive and also highly contested.
In reality, nobody knows for sure when the next crash will be. But history tells us that there will be one, sooner or later.
It can be helpful to know what a stock market can look like up close.
Slow Build Up or Sudden Plummet
A stock market crash is commonly understood to mean a decline of 20% or more in short order.
Sometimes, that can come more or less out of the blue. The pandemic was an example – even in February 2020 the market seemed to be absorbing news of its growing threat without too much impact, then in March there was a sudden crash.
But sometimes a crash can follow a bubble that builds up over years. In the end, few people deny that there is a bubble (though some always do), but they disagree about when and how it will burst.
Meanwhile, it can keep going for years. The Japanese property boom in the 1980s that fuelled a rampant stock market and subsequent crash is an example.
When people – including some very smart people – say that you cannot time the market, this can be the sort of situation they are talking about. You may have lots of rational arguments as to why a market is overvalued and you may ultimately be proven right. But trying to time when the drop starts is a mug’s game.
As the Michael Burry character in The Big Short said, “I may be early but I’m not wrong” – to which the response was, “it’s the same thing”.
Not everything moves at once
Typically, even in a sudden crash, not all shares fall as fast or as far.
Some have stronger fundamentals, while some may benefit from investors trying to fish for bargains.
But ultimately, a stock market crash can mean sizeable falls for many companies, even well run ones. For people who have not witnessed a crash before, being involved in it can be scary. That is why having a plan of action can help.
Here’s my approach
The current market looks frothy in some parts to me. But I am not trying to time the next crash.
However, I am not sitting on my hands. Rather, I am making and updating a list of shares I would like to own if sudden market turbulence makes their price more attractive.
3 strategies to try and earn money from a Stocks and Shares ISA
There is more than one way to skin a cat — and the same is true of trying to create wealth through an ISA, as our writer explains.
Posted by Christopher Ruane
Published 12 June
Image source: Getty Images
You’re reading a free article with opinions that may differ from The Twelfth Magpie’s Premium Investing Services.
How exactly can somebody use a Stocks and Shares ISA to try and earn money?
There are a number of different ways. Here are three common ones.
Capital gains
One strategy is to try and earn money thanks to capital gains. In other words, selling shares for more than they cost when bought.
That can be very lucrative depending on the shares involved.
Take Rolls-Royce as an example. The aeronautical engineer’s share price has surged 1,063% over the past five years. So £10,000 invested in June 2021 would now be worth around £116,300.
But that is a paper gain. It is not actual hard cash until the shares are sold.
An ISA can offer shelter from capital gains tax. So, it can be a tax-efficient platform within which to target wealth-building through share price growth.
But, of course, that depends on what shares are chosen – and until they are sold and any gain is crystallised, it is just a paper gain.
Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.
Passive income from dividends
An alternative approach can be to try and set up passive income streams in the form of dividends.
This is not mutually exclusive with capital gains. Rolls-Royce pays dividends, but has also delivered bucketloads of capital growth.
But as a rule of thumb, many investors classify shares as being primarily either growth or income shares.
There is no hard and fast dividing line, but British American Tobacco (LSE: BATS) is a useful illustration.
The company does still have some growth opportunities, for example in the non-cigarette tobacco business. But its main business is making and selling cigarettes.
Demand for them is declining – and likely to keep getting lower. Indeed, the company’s total revenues have fallen for several years in a row.
Still, while cigarette demand is falling, it remains a lucrative business – and British American’s portfolio of premium brands gives it pricing power.
That is why it is seen primarily as an income stock (despite a 63% share price gain in five years). It has grown its dividend per share for decades and aims to keep doing so
The current yield is 5.3%, meaning a £10,000 investment today would hopefully generate around £530 in dividends annually, even before factoring in any increases.
I see it as a share for investors to consider.
Compounding dividends over the long run
Rather than pull those dividends out as cash when paid, though, an investor could choose to leave them inside the ISA wrapper.
That would offer the advantage of the dividends being available to reinvest inside the ISA, without eating into the annual ISA contribution allowance.
Although that would not provide passive income in ready cash, over time it can be a powerful approach to building wealth and also future income streams.
To illustrate, compounding £10,000 at 5.3% annually for 20 years, it ought to be worth over £28,000. At a 5.3% dividend yield, that could then earn £1,489 in dividends per year.
There is no right way of investing, although there are plenty of wrong ways.
The right way for you, is the number of years before you want to spend your hard earned and therefore your risk tolerance.
In 2026’s complicated stock market, here’s Warren Buffett’s advice
Christopher Ruane sees some contradictions in the current stock market. So he has been taking a leaf out of a very famous investor’s book.
Posted by Christopher Ruane
Published 15 June
Image source: The Motley Fool
You’re reading a free article with opinions that may differ from The Twelfth Magpie’s Premium Investing Services.
Some years in the stock market feel very mundane. Others do not – and 2026 is certainly one of them.
Despite geopolitical uncertainty and high oil prices, AI excitement has continued to give the stock market a buzz typified by last week’s historic Space Exploration Technologies public offering.
Before you decide, please take a moment to review this report first. Despite ongoing uncertainties from US tariffs to global conflicts, Mark Rogers and his team believe many UK shares still trade at substantial discounts, offering savvy investors plenty of potential opportunities to learn about.
The FTSE 100 has already hit an all-time high this year, although it is below that level now. But buoyant markets and a less-than-buoyant economy going hand in hand rarely ends well, as we know from history.
So, as an investor, what am I doing?
Learning from experience
I am sticking to what I regard as time-tested stock market principles, rather than going along with narratives such as “this time is different” or “AI changes everything”.
AI may (or may not) change a lot – time will tell. But, as with the 2008 financial crisis, dotcom boom and countless earlier crashes, technological or financial innovation does not make the whole market different forever. Fundamental principles of finance and investing tend to reassert themselves over time.
I definitely reckon parts of the stock market look frothy right now. But I am not wasting time trying to time the market. After all, while history tells us there will be a stock market crash sooner or later, nobody can know for sure when that will be.
Instead, I am looking to the wisdom of billionaire investor Warren Buffett, who has lived through multiple stock market booms and crashes.
Sticking to longtstanding valuation principles
Buffett has said that, when people are greedy, it is time for investors to be fearful – and, conversely, when people are fearful, to be greedy.
With some AI-related valuations lately, I have definitely seen a lot of greed in the market.
So is it time to be fearful? In sectors where valuations look heavily stretched, I think so.
But elsewhere, I continue to spot what I think look like potential bargains, using traditional valuation metrics.
Such metrics may have fallen somewhat out of fashion lately (as they often do when the stock market gets very excited) – but I believe they are as relevant as ever.
The Board has decided not to declare a fourth interim dividend, which would normally have been paid at the end of June, because of reduced cash inflows from the portfolio in the second half of the year, mainly as a result of reduced receipts from Onyx, and the continuing capital-constrained position of the Company.
Whilst the Board had considered declaring a reduced interim dividend reflecting the lower second half cash inflow, in light of the Wind-Down it considered it more appropriate to prioritise balance sheet strength and value preservation, in particular reducing debt.
This decision, which was not easy to take, aligns with a decision to suspend future dividends (other than as necessary to maintain investment trust status). Clearly the aim of the Wind-Down is to significantly reduce drawings under the Company’s revolving credit facility and then return cash to shareholders as disposals are made. Once the revolving credit facility has been significantly reduced the Board will reconsider its position on paying interim dividends if circumstances allow.
To maximise flexibility to return cash in an efficient and equitable manner, the Board is proposing the cancellation of the amount standing to the credit of the Company’s share premium account, stated in the Circular to be approximately GBP 757 million as at 31 March 2026.
The Company intends to maintain its investment trust status, its listing on the premium segment of the Official List and trading in the Ordinary Shares on the Main Market of the London Stock Exchange. The Company anticipates continuing to pay dividends to the extent required to comply with the investment trust regime for so long as it is able to do so.
This Quiet 10% Payer Beats the Hottest New Fund on the Market
Michael Foster, Investment Strategist Updated: June 15, 2026
We love CEFs for a simple reason: Their big dividends are the best route to financial independence.
I say that from experience: Years ago, CEFs’ high income streams allowed me to leave a full-time job I disliked, travel, and live wherever I wished to. Later on, I launched my CEF Insider service to help other investors unlock these funds’ vast income potential.
Today we’re going to look at a top pick from the service’s portfolio to see how it delivers its outsized income stream (a 10.5% yield as I write this). Then we’re going to stack it up against another CEF you might think is a strong buy, but unfortunately this fund’s size and celebrity manager mask some significant flaws.
CEFs “Translate” Portfolio Gains Into High Dividends
The way CEFs deliver their strong income streams is straightforward and unique at the same time: These funds invest in a particular asset class—be it stocks, bonds, real estate investment trusts (REITs) or other holdings—and aim to return as much of their returns as possible to shareholders in the form of dividends.
Some CEFs also employ leverage to amplify those gains, while others use option strategies.
As a result of these moves, the average CEF yields 8.7% as I write this, while our CEF Insider portfolio yields slightly more: 9.1%. With yields like those, an investor needs to save a lot less to generate, say, $100,000 in yearly income than they would if they invested in a typical S&P 500 index fund (current yield around 1%):
Bear in mind, too, that the market’s 1% yield has been falling as stocks have gained, since yields and prices move in opposite directions. So you’d think a CEF that invests in well-known S&P 500 stocks and “translates” their gains into dividends would be worth a lot to an investor looking for passive income with a reasonable level of risk.
You’d be right. Which brings me to the first fund we’ll discuss today.
USA: A 10%-Paying CEF That Does Everything Right
The Liberty All-Star Equity Fund (USA) pays that 10.4% yield I mentioned earlier. It’s also returned 11.7% annualized over the last decade. Note that this return is based on the fund’s market price, not its per-share NAV, or the value of its underlying portfolio (an important distinction for CEFs, as we’ll see in a moment).
So you can see that USA is basically handing out its return in the form of dividends. That’s a sweet setup for an income-focused investor who wants to own S&P 500 stocks and doesn’t want to worry about timing their sales to get the cash they need.
Consider, too, that USA’s dividend payouts are up 25% in that time.
High, and Growing, Dividends From This “Gain Translator”
Those gains are thanks in no small part to the strong performance of the fund’s NAV (the orange line). The line floats up and down because USA ties its dividend to its NAV performance, aiming to pay out 10% of NAV a year, in four quarterly instalments of 2.5% each.
NAV is important for another reason, too, as a CEF’s NAV and market price can move independently of each other, causing the market price to trade at discounts or premiums to NAV. As I write this, USA trades at a 12.5% discount to NAV, well below its five-year average discount of 0.9%.
That’s far oversold for a proven fund like this, especially since USA also uses almost no leverage—around 5% of the portfolio as of this writing.
This is a CEF performing at its best, and there are many funds that deliver this kind of performance and strong income. But not all CEFs are winners. One fund recently launched by a popular investor is a good example of a CEF we want to avoid.
Size, Celebrity Manager Mask PSUS’s Flaws
That CEF is called Pershing Square USA (PSUS), and it’s run by billionaire investor Bill Ackman. We did a breakdown of PSUS in a May 14 article on Contrarian Outlook.
If you’ve been investing for a while, you’ve probably heard of Ackman. He’s a value-investing maverick and billionaire whose public fights against corporate management teams have grabbed headlines worldwide.
He dramatically took on Herbalife (HLF) via a huge short position in 2012. He ended up on the losing end of that one, but his aggressive moves did turn Chipotle Mexican Grill (CMG) around. Similar tactics with Valeant Pharmaceuticals (VRX) and Canadian Pacific Kansas City (CP) had mixed results.
In April, Ackman launched PSUS, his venture into CEFs. Despite Ackman’s fame, it hasn’t gone well.
A Steep Decline in a Strong Market
As you can see above, PSUS’s return based on market price (in purple) has dramatically underperformed the S&P 500 (in orange) since the end of April, when Ackman launched PSUS. Worse, the fund’s return is down 24% since its launch.
The lack of a dividend—something we demand in CEFs—surely doesn’t help, either.
If you just know Bill Ackman as a successful hedge-fund manager, PSUS’s poor start doesn’t make sense. But it does make sense for those who’ve followed CEFs for a while.
Ackman raised $5 billion for this fund, which briefly made PSUS the fifth-largest CEF in the world. (The biggest, just as an aside, is the Sprott Physical Gold [PHYS], with $15.5 billion in assets under management).
PSUS’s size is actually part of the fund’s problem.
Five-billion dollars is a large sum by any measure. But it’s a fraction of what Ackman originally wanted: When he first discussed launching this fund in 2024, he said he was going to bring in $25 billion. When it finally launched two years later, the amount was much less than that. And even its current size has proven to be too big.
PSUS’s total NAV return since its launch has been around negative 2.5%, as of this writing, which is significantly worse than the S&P 500’s 3.6% gain over that period.
Investors are no doubt unhappy, and there are a lot of investors in this fund now due to its size and higher profile. With that in mind, the significant drop in PSUS’s market price makes sense: Demand for PSUS is falling much faster than its underlying NAV, resulting in an outsized 22.7% discount as I write this.
PSUS is still a top-10 CEF in terms of its market capitalization, so it’s no small fund. But this trend also means it’s a top-10 CEF in another way: It’s now the ninth-most-heavily discounted CEF on the market.
And PSUS could still move up to number one by that metric, unless Ackman makes some moves to close that gap. Until that happens, and the fund’s discount starts to meaningfully close, we’ll avoid PSUS at CEF Insider.
