Cordiant Digital Infrastructure’s Chairman buys shares AGAIN; Gulf Investment Fund launches a tender offer; Diverse Income maintains its unbroken record of dividend growth; while Partners Group Private Equity shares sit on a 6.7% yield full-year payout was raised.

By Frank Buhagiar•28 Aug

Cordiant Digital Infrastructure Chair Tops Up Holding

Cordiant Digital Infrastructure (CORD) Chairman and co-founder, Steven Marshall, snapped up a combined 440,919 CORD ordinary shares at an average price of 74.56 pence each. As per the company’s press release, following the purchases, which were made in July and August 2024, Marshall now holds 9,516,119 ordinary shares in the company. Regular readers will know, the purchases are not the only ones made by Marshall over the past year or so. With the share price still trading at a steep discount to net assets (-37%) chances are they won’t be the last.

Gulf Investment Fund Launches Tender Offer

Gulf Investment Fund (GIF) announced a tender offer for up to 100% of each shareholder’s holding in the fund. The tender offer is being proposed in line with the authority granted by shareholders at the December 2023 Annual General Meeting. The Tender Price will be announced at a later date.

Winterflood notes that “As it would not be in the interests of shareholders to be invested in a sub-scale illiquid fund, the fund shall not be obliged to proceed with any tender offer where the Board believes it would reduce the fund to such a size that it would no longer be fit for purpose. This minimum size condition shall be a post tender offer share capital of not less than 38m shares.” Thing is, according to the February Half-year Report, the US$2.5352 NAV per share reported for 31 December 2023 was based on 40,103,204 ordinary shares in issue. The tender then unlikely to be a particularly large one.

Dividend Watch

Diverse Income (DIVI) increased its full-year dividend by +4.9%. As announced in the latest Annual Report, a recommended final dividend of 1.2p per share will raise the payout for the year to 4.25p from 4.05p. The dividend increase maintains the trust’s “unbroken good and growing dividend record.”

Partners Group Private Equity (PEY) shares are currently sitting on a prospective dividend yield of 6.7%. That’s according to the latest Half-year Report and follows the payment of the first interim dividend of EUR 0.355 per share to shareholders in June. All in line with the fund’s objective to distribute 5% of previous year-end NAV for each financial year via semi-annual payments in June and December.