The Fund Monitor

Menhaden Resource Efficiency recommences its share buyback programme, Riverstone commits a further £20m to its buyback programme and Tritax Big Box gets a rating upgrade.

By Frank Buhagiar 09 Jul 2024

Menhaden Resource Efficiency hits the buyback trail again

Menhaden Resource Efficiency (MHN) put out a short and sweet press release announcing that it was recommencing its share buyback programme in light of the Company’s wide share price discount to its net asset value. The shares have been trading at around a 40% discount to net assets, not far off the 52-week high discount of 42%.

Riverstone Energy tacks on another £20m to buyback programme

Riverstone Energy (RSE) announced it is committing a further £20m to its buyback programme. That represents around 9% of the fund’s market cap. RSE no stranger to buying back its own shares. Since October 2023, the company has acquired 110,407 of its shares at a total cost of approximately £0.7 million ($0.9 million). But that’s nothing compared to the 15,047,619 ordinary shares acquired via the tender offer earlier this year at a cost of £158 million.

Tritax Big Box gets a rating upgrade

Tritax Big Box (BBOX) noted Moody’s Ratings has upgraded its credit rating outlook on the logistics REIT to Baa1 (positive) from Baa1 (stable) and reaffirmed its long-term corporate credit rating. BBOX puts the upgrade down to growing scale, increased portfolio diversification and ‘a continued focus on high-quality logistics assets, which are supported by the recent acquisition of UK Commercial Property REIT Limited (UKCM).’

Dividend Watch

Artemis Alpha’s (ATS) total payout for the year came in at 6.8p a share, a 9.7% increase on the previous year’s 6.2p a share. That comes after the 4.26p final dividend was announced alongside the latest full-year results. ATS has a policy to “deliver growth in dividends at a rate in excess of inflation”.