RC Fornax PLC (AIM:RCFX) says it’s well placed as the UK reshapes defence spending. It’s bidding across seven frameworks and has three major agreements in advanced talks. The group joined Aurora’s Evolve network in January and won a UK public sector space contract. A December fundraise added £2.1 million, with £4.5 million in firm FY26 sales visibility. Blencowe Resources PLC (LSE:BRES) reported more thick, near-surface graphite hits at the Iyan deposit in Uganda. A maiden JORC resource is now expected i ...

Company Overview - Proactive is a financial news and online broadcast organization that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates across six offices on three continents, including key financial hubs such as London, New York, Toronto, Vancouver, Sydney, and Perth [2] Content Production - Proactive's editorial team produces approximately 50,000 pieces of real-time news, feature articles, and filmed interviews annually [1] - The content covers a wide range of topics, including medium and small-cap markets, blue-chip companies, commodities, biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Distribution Announcement - The Gabelli Global Small and Mid Cap Value Trust declared a cash distribution of $0.21 per share, payable on March 24, 2026, which is a 31% increase from the previous distribution of $0.16 per share, raising the annualized distribution rate to $0.84 from $0.64 per share [1] Distribution Policy - The Fund intends to pay quarterly distributions determined by the Board of Trustees, with the possibility of an additional adjusting distribution in December based on excess income and net realized capital gains [2] - The Board of Directors reviews potential distributions each quarter, considering the Fund's net asset value and market conditions, with the distribution policy subject to modification at any time [3] Tax Implications - Portions of the distribution may be treated as long-term capital gain or qualified dividend income, subject to a maximum federal income tax rate of 20% for individuals in taxable accounts, with additional Medicare surcharges applicable for high-income individuals [4] - If the Fund's earnings do not cover the total distributions, the excess amount will be deemed a return of capital, generally not taxable and reducing the shareholder's cost basis [5] Distribution Components - For 2026, the current distribution to common shareholders is estimated to include approximately 33% from net investment income and 67% from net capital gains, with final determinations made after year-end [6] Fund Overview - The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with total net assets of $181 million, primarily aiming for long-term capital growth by investing at least 80% of its assets in equity securities of small or medium-sized companies [7]

Core Viewpoint - The Gabelli Dividend & Income Trust has approved a continuation of its fixed monthly cash distribution policy, declaring a distribution of $0.15 per share for April, May, and June 2026, while increasing the annual distribution by 7% to $1.80 per share [1][2]. Distribution Details - The distribution schedule is as follows: - April: $0.15 per share, payable on April 23, 2026, with a record date of April 16, 2026 - May: $0.15 per share, payable on May 21, 2026, with a record date of May 14, 2026 - June: $0.15 per share, payable on June 23, 2026, with a record date of June 15, 2026 [2]. Strategic Evaluation - The Board of Trustees is actively evaluating potential strategic opportunities for the Fund, considering the current favorable environment for investing in broader equity markets [2]. Distribution Monitoring - The Board reviews potential distributions quarterly, taking into account the Fund's net asset value and market conditions. An adjusting distribution may be paid in December if necessary to meet minimum distribution requirements [3]. Tax Implications - Distributions may be treated as long-term capital gains or qualified dividend income, subject to a maximum federal income tax rate of 20% for individuals in taxable accounts. Additionally, certain U.S. shareholders may incur a 3.8% Medicare surcharge on net investment income [4]. Return of Capital - If the Fund's earnings do not cover the total distributions in a year, the excess amount distributed will be considered a return of capital, generally not taxable and treated as a reduction in the shareholder's cost basis [5]. Distribution Composition - For 2026, distributions to common shareholders are expected to include approximately 4% from net investment income and 96% from net capital gains, with final determinations made after year-end [6]. Fund Overview - The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with total net assets of $3.4 billion, focusing on high total return with an emphasis on dividends and income [8].

Core Viewpoint - The BlackRock Multi-Sector Income Trust (BIT) has experienced a small negative total return since mid-2025, which is unexpected given the generally favorable credit environment [1]. Group 1: Company Overview - The BlackRock Multi-Sector Income Trust (BIT) was last rated as a 'Hold' by the company [1]. - The trust has shown a negative performance despite a benign credit environment, indicating potential underlying issues [1]. Group 2: Investment Strategy - Binary Tree Analytics (BTA) focuses on providing transparency and analytics for capital markets instruments and trades, particularly in CEFs, ETFs, and Special Situations [1]. - BTA aims to deliver high annualized returns with a low volatility profile, leveraging over 20 years of investment experience [1].

Core Insights - Caledonia Investments focuses on long-term partnerships with fund managers, primarily in North America and Asia, aiming for steady capital deployment and value creation [4][6][19] - The company targets a diverse portfolio across public companies, private capital, and funds, with a significant emphasis on the North American lower mid-market and Asian private markets [5][10][19] - Caledonia's strategy is supported by a robust framework that includes thorough manager selection and ongoing monitoring, ensuring alignment with investment goals [3][4] North American Market - The U.S. lower mid-market consists of approximately 400,000 companies generating over $10 trillion in revenue, with a significant portion being founder-owned businesses [1] - Caledonia's North American portfolio includes 30 managers across 45 funds, with typical commitments of $25 million to $30 million per fund, providing exposure to around 200 underlying companies [9] - The largest sector exposures in the North American portfolio are industrials, consumer discretionary, healthcare, and technology, with a focus on service-oriented businesses [9] Asian Market - The Asian investment strategy targets the growing middle class and innovation, with Asia's share of the global middle class expected to rise to two-thirds by 2030 [10] - The Asia portfolio totals £313.8 million, comprising 15 managers across 35 funds and investments in 385 companies, with healthcare being the heaviest sector weighting at 33% [12] - Despite macroeconomic challenges, the portfolio has seen seven IPOs in the last 18 months, indicating improving market conditions [14][13] Financial Performance - Caledonia aims for absolute returns of inflation plus 3% to 6%, having delivered a 9.8% annual return over the last decade, outperforming inflation by 6.5% [6] - The Funds strategy represents about 30% of NAV, or £894 million, with a significant portion invested in North American lower mid-market funds [5] - The company has a long history of increasing dividends, maintaining a commitment to shareholder returns [6] Strategic Actions - Caledonia is actively addressing its discount to NAV, with plans for share buybacks and other capital allocation strategies to enhance shareholder value [18] - The company does not hedge its balance sheet but may consider hedging specific known cash flows [16] - Recent sales, such as the expected cash proceeds of £290 million from the sale of Stonehage Fleming, are anticipated to positively impact NAV [17]

Core Viewpoint - The press release discusses forward-looking statements related to the Trust's investor demands for Units and the ATM Program, emphasizing the uncertainties and assumptions involved in these projections [1] Group 1: Forward-Looking Statements - The Trust's forward-looking statements include expectations regarding investor demand for Units and the intended use of proceeds from their sale [1] - Assumptions made by the Trust regarding the silver market are considered reasonable but are subject to significant uncertainties and contingencies [1] - The Trust acknowledges that known and unknown risk factors could lead to actual results differing materially from those projected in the forward-looking statements [1] Group 2: Risk Factors - A discussion of risks and uncertainties facing the Trust is available in the Offering Documents and continuous disclosure filings [1] - The Trust disclaims any obligation to revise or update forward-looking statements unless required by law [1]

Core Viewpoint - The U.K. investment trust sector is currently experiencing significant attention due to activist investor Boaz Weinstein's campaign to influence the boards of several trusts, despite the sector traditionally being viewed as unexciting [1][2]. Group 1: Activist Investor Actions - Boaz Weinstein, founder of Saba Capital, launched a campaign in December 2024 to oust the boards of seven investment trusts, electrifying the investment trust landscape [3]. - Saba Capital requisitioned general meetings at three trusts managed by Baillie Gifford and two by Janus Henderson, as well as targeting the CQS Natural Resources Growth & Income Trust and Herald Investment Trust [4][5]. - Weinstein's strategy aims to replicate his previous successes in the U.S. by addressing the significant discounts at which these trusts were trading compared to their net asset values [6]. Group 2: Shareholder Votes and Stakes - Despite acquiring stakes between 19% and 29% in the targeted trusts, Saba was defeated in all seven shareholder votes by Valentine's Day last year [7]. - Following the previous vote, Saba increased its stake in the Edinburgh Worldwide Investment Trust (EWIT) from 25% to over 30%, indicating a renewed effort to influence the board [9]. Group 3: Legal and Financial Implications - Weinstein has threatened legal action against EWIT for not providing sufficient information regarding its sale of part of its stake in SpaceX, which reportedly left £37 million on the table [10][11]. - EWIT's decision to sell part of its SpaceX stake was justified as necessary to comply with a self-imposed rule regarding asset allocation, although the optics of the sale have raised concerns [12]. Group 4: Market Impact and Reactions - Weinstein's aggressive tactics have prompted some trusts to take action to reduce their share price discounts, with Herald announcing a tender offer to shareholders [13]. - The average investment trust discount remains at 15%, a level not seen since between June 1997 and January 2001, indicating a potential area for improvement within the sector [14].

Core Viewpoint - Boaz Weinstein's criticism of Edinburgh Worldwide Investment Trust (EWI) is seen as a threat to the UK's investment sector, potentially undermining investor confidence and the attractiveness of UK investment trusts [1][5]. Group 1: Impact on Investment Trusts - The chairman of EWI, Jonathan Simpson-Dent, expressed concerns that Weinstein's actions could negatively affect the confidence in the investment sector, making it harder for trusts to attract talent [2][5]. - EWI is one of several trusts targeted by Saba Capital, which has been pushing to replace boards due to perceived poor performance [2][4]. Group 2: Saba Capital's Actions - Saba Capital, which owns 30% of EWI's shares, has threatened legal action against EWI for not providing information about its stake in SpaceX [3]. - Saba is proposing to remove all six of EWI's independent non-executive directors and replace them with three of its own nominees, with a vote scheduled for January 20 [4]. Group 3: Broader Implications - Simpson-Dent warned that if the perception of the UK investment environment worsens, it could lead to a reduced candidate pool for positions within the sector, causing medium to long-term harm [4]. - The ongoing campaign by Saba may not only aim to improve EWI's performance but could also be a strategy to take over the trust entirely [6][7].

Core Viewpoint - Boaz Weinstein, head of Saba Capital Management, criticizes Edinburgh Worldwide Investment (EWI) for selling a significant portion of its stake in SpaceX, questioning the commercial rationale behind the decision [1][2][4] Group 1: Investment Trust Actions - EWI reduced its investment in SpaceX by over a third in October, decreasing its stake from 13% to 8.4% just before SpaceX's valuation increased to $800 billion from $400 billion [2] - The trust, valued at £850 million, was established in 1998 by Baillie Gifford to invest in high-growth companies [2] Group 2: Activist Investor Response - Weinstein demands greater transparency from EWI's board regarding the sale and suggests it may be linked to a potential merger with a rival trust, a claim EWI denies [3] - He indicated that if satisfactory responses are not provided, Saba may pursue legal action on behalf of EWI [3] Group 3: Financial Impact - The sale of EWI's SpaceX stake is estimated to have cost shareholders approximately £37 million [6] - Weinstein's fund previously blocked a merger that would have allowed Baillie Gifford to maintain control over the trusts while requiring Saba to halt its activist efforts [7]