Key Takeaways
- • TRIG secures overwhelming continuation vote with 99.3% support, backed by 1.5bn+ shares at its annual general meeting, validating management's £400m disposal plan and fee reduction announced in May following the failed HICL Infrastructure merger attempt.
- • Valhalla increases HgCapital stake to 11% from 10%, signaling confidence in the £1.7bn software-focused private equity fund despite a persistent 28% discount to net asset value driven by AI disruption concerns among portfolio companies.
- • Brevan Howard launches new private fund announced in January to invest and trade in BH Macro (BHMG) and other Brevan Howard strategies, with BHMG's sterling share discount narrowing from 10% to 6% since the fund's announcement.
- • TRIG divested £155m stake in Beatrice offshore wind farm last month, supporting its broader capital return strategy through buybacks and debt reduction while addressing shareholder concerns about fund continuation.
Summary
The Renewables Infrastructure Group (TRIG) passed its first continuation vote with overwhelming shareholder approval, securing 99.3% support from approximately 70% of votes cast at its annual general meeting. The ordinary resolution received backing from over 1.5 billion shares against 108.3 million opposing votes and 15.5 million withheld. This decisive result validates management's strategic pivot announced in May, which included a £400 million 12-month disposal program designed to fund share buybacks and debt reduction alongside a reduction in management fees. The strong vote reflects investor confidence in the turnaround plan following the controversial failed merger proposal with sister fund HICL Infrastructure announced late last year.
TRIG's capital deployment strategy has already gained traction with the sale of its 17.5% stake in the Beatrice offshore wind farm for £155 million last month, demonstrating management's commitment to executing the disclosed asset disposal plan and returning capital to shareholders.
In separate developments, Valhalla, the investment vehicle of Preqin founder Mark O'Hare, increased its stake in HgCapital (HGT) to 11% from 10%, signaling continued conviction in the software-focused private equity fund despite significant valuation headwinds. The £1.7 billion fund continues to trade at a wide 28% discount to net asset value, a discount that has persisted since Valhalla's initial 3.3% position disclosure in February when market concerns about artificial intelligence disruption to portfolio companies gained prominence.
Brevan Howard has officially launched the new private fund it announced in January, which will invest and trade in BH Macro (BHMG) and other Brevan Howard strategies, including the Cayman Islands Master Fund in which BHMG invests. Since the fund's January announcement, BHMG's sterling share discount has contracted from approximately 10% to 6%, suggesting positive market reception to the new investment vehicle.
TRIG's capital deployment strategy has already gained traction with the sale of its 17.5% stake in the Beatrice offshore wind farm for £155 million last month, demonstrating management's commitment to executing the disclosed asset disposal plan and returning capital to shareholders.
In separate developments, Valhalla, the investment vehicle of Preqin founder Mark O'Hare, increased its stake in HgCapital (HGT) to 11% from 10%, signaling continued conviction in the software-focused private equity fund despite significant valuation headwinds. The £1.7 billion fund continues to trade at a wide 28% discount to net asset value, a discount that has persisted since Valhalla's initial 3.3% position disclosure in February when market concerns about artificial intelligence disruption to portfolio companies gained prominence.
Brevan Howard has officially launched the new private fund it announced in January, which will invest and trade in BH Macro (BHMG) and other Brevan Howard strategies, including the Cayman Islands Master Fund in which BHMG invests. Since the fund's January announcement, BHMG's sterling share discount has contracted from approximately 10% to 6%, suggesting positive market reception to the new investment vehicle.
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