The Fund Monitor
In this week’s Fund Monitor, another possible tie-up in the REIT sector – this time NewRiver REIT is looking to acquire Capital & Regional; and another fund considers its options on account of its size – Menhaden Resource Efficiency.

By Frank Buhagiar

NewRiver REIT Looks to Acquire Capital & Regional
New River REIT (NRR) has joined the London-REIT takeover party after announcing a possible offer for Capital & Regional (CAL). Principal terms and conditions of the potential cash and share offer have been agreed by the Board that would see NRR acquire the entire issued and to be issued share capital of CAL. In exchange for each CAL share, shareholders would receive 31.25p in cash and 0.41946 New NewRiver shares. Based on NRR’s closing share price of 74.5p on 22 May 2024 (the last trading day before the Offer Period commenced), the offer would value CAL shares at 62.5p each. That’s a premium of approximately 21% to CAL’s undisturbed closing price of 51.5p per share.
In conjunction with the offer, NRR successfully launched and completed a placing and retail offer of new shares on the same day as the offer announcement. In all, around £50 million has been raised. CEO Allan Lockhart “This successful placing to support our proposed offer for Capital & Regional further underpins our belief in the strategic rationale for the transaction.” It must have been a busy day at NRR HQ!
JLEN Environmental Assets Changes Its Name
JLEN Environmental Assets (JLEN) is no longer, at least in terms of the name. The fund is now known as Foresight Environmental Infrastructure following shareholder approval at the company’s AGM on Friday 13 September 2024. That means the ticker also changes – from JLEN to FGEN.
Menhaden Resource Efficiency Considering Its Options
Menhaden Resource Efficiency (MHN) announced, alongside its half-year results, that “it proposes to carry out, together with its advisers, a formal review of the options available to it in order to address the issues facing the Company prior to its continuation vote in 2025.” For issues, read the fund’s size, “Notwithstanding its good net asset value performance, at its current size the Company’s secondary market liquidity is relatively low and it has been unable to attract attention and demand from investors, which has led to the Company’s shares trading at a material discount to the Company’s net asset value per share.”
Numis “Menhaden Resources Efficiency has announced that it will conduct a formal review of the options for the company, given the size, low trading liquidity and wide discount. The company is due to hold its five-yearly continuation vote by the AGM in July 2025 and will provide investors with a further update ahead of that with the outcome of the review.”
Dividend Watch
City of London (CTY) has clocked up 58 consecutive years of dividend growth. As per CTY’s Annual Report. The “annual dividend grew by 2.5% to 20.60p per share, slightly ahead of UK CPI inflation, and was covered by earnings per share.” That means “Over ten years, City of London’s dividend has grown by 39.6% compared with a cumulative increase in UK CPI inflation of 33.8%.” CTY, the inflation-buster!
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