MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 14 January 2025 was 177.22p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

15 January 2025

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 13 January 2025 was 177.10p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

14 January 2025

14 January 2025

 

Menhaden Resource Efficiency PLC

(the "Company")

 

 

 

Monthly Fact Sheet as at 31 December 2024

 

The Menhaden Resource Efficiency PLC Fact Sheet as at 31 December 2024 will shortly be available for inspection at the Company's website (https://www.menhaden.com) and the National Storage Mechanism website (https://data.fca.org.uk/#/nsm/nationalstoragemechanism).

 

 

- END -

 

 

Frostrow Capital LLP

Company Secretary

Tel: 020 3709 8733

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 10 January 2025 was 177.25p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

13 January 2025

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 7 January 2025 was 176.00p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

08 January 2025

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 6 January 2025 was 176.27p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

07 January 2025

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 3 January 2025 was 175.21p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

06 January 2025

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

GB00BZ0XWD04

Issuer Name

MENHADEN RESOURCE EFFICIENCY PLC

UK or Non-UK Issuer

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

First Equity Limited

City of registered office (if applicable)

London

Country of registered office (if applicable)

United Kingdom

Name

City of registered office

Country of registered office

 

 

Estate of William Black

 

 

 

 

 

 

Rath Dhu Limited

 

 

 

 

Douglas

 

 

 

 

Isle of Man

 

 

 

 

Armstrong Investments Limited

 

 

 

 

Douglas

 

 

 

 

Isle of Man

 

 

4. Details of the shareholder

Name

City of registered office

Country of registered office

 

 

Nortrust Nominees Limited

 

 

 

 

London

 

 

 

 

United Kingdom

 

 

5. Date on which the threshold was crossed or reached

03-Jan-2025

6. Date on which Issuer notified

06-Jan-2025

7. Total positions of person(s) subject to the notification obligation

.

% of voting rights attached to shares (total of 8.A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer

Resulting situation on the date on which threshold was crossed or reached

5.962575

0.000000

5.962575

4700000

Position of previous notification (if applicable)

6.495401

0.000000

6.495401

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)

 

 

GB00BZ0XWD04

 

 

4700000

0

5.962575

0.000000

 

 

Sub

  Total 8.A

 

 

4700000

5.962575%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument

Expiration date

Exercise/conversion period

Number of voting rights that may be acquired if the instrument is exercised/converted

% of voting rights

 

 

 

 

 

 

 

Sub

  Total 8.B1

 

 

 

 

 

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument

Expiration date

Exercise/conversion period

Physical or cash settlement

Number of voting rights

% of voting rights

 

 

 

 

 

 

 

 

Sub

  Total 8.B2

 

 

 

 

 

9. Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

Ultimate controlling person

Name of controlled undertaking

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

 

 

Estate of William Black

 

 

 

 

First Equity Limited as Investment

  Manager of Armstrong Inv Limited

 

 

3.805899

0.000000

3.805899%

 

 

Estate of William Black

 

 

 

 

Armstrong Investments Limited

 

 

 

 

 

 

 

Estate of William Black

 

 

 

 

First Equity Limited as Investment

  Manager of Rath Dhu

 

 

2.156676

0.000000

2.156676%

 

 

Estate of William Black

 

 

 

 

Rath Dhu Limited

 

 

 

 

 

10. In case of proxy voting

Name of the proxy holder

 

The number and % of voting rights held

 

The date until which the voting rights will be held

 

11. Additional Information

 

12. Date of Completion

06-Jan-2025

13. Place Of Completion

London

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 2 January 2025 was 175.25p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

03 January 2025

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 31 December 2024 was 172.95p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

02 January 2025

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 30 December 2024 was 173.31p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

31 December 2024

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 27 December 2024 was 173.52p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

30 December 2024

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 24 December 2024 was 174.60p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

27 December 2024

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 23 December 2024 was 174.28p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

24 December 2024

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 20 December 2024 was 173.70p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

23 December 2024

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

GB00BZ0XWD04

Issuer Name

MENHADEN RESOURCE EFFICIENCY PLC

UK or Non-UK Issuer

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

First Equity Limited

City of registered office (if applicable)

London

Country of registered office (if applicable)

United Kingdom

Name City of registered office Country of registered office Estate of William Black Rath Dhu Limited Douglas Isle of Man Armstrong Investments Limited Douglas Isle of Man

4. Details of the shareholder

Name City of registered office Country of registered office Nortrust Nominees Limited London United Kingdom

5. Date on which the threshold was crossed or reached

20-Dec-2024

6. Date on which Issuer notified

23-Dec-2024

7. Total positions of person(s) subject to the notification obligation

. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 6.495401 0.000000 6.495401 5120000 Position of previous notification (if applicable) 7.675230 0.000000 7.675230

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB00BZ0XWD04 5120000 0 6.495401 0.000000 Sub Total 8.A 5120000 6.495401%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B2

9. Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold William Black First Equity Limited as Investment Manager of Armstrong Inv Limited 4.567079 0.000000 4.567079% William Black Armstrong Investments Limited William Black First Equity Limited as Investment Manager of Rath Dhu 1.928322 0.000000 1.928322% William Black Rath Dhu Limited

10. In case of proxy voting

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional Information

12. Date of Completion

23-Dec-2024

13. Place Of Completion

London

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Ben Loomes

2

 

Reason for the notification

 

a)

 

Position/status

 

Non-executive Director

b)

 

Initial notification /Amendment

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

Menhaden Resource Efficiency PLC

b)

 

LEI

 

2138004NTCUZTHFWXS17

 

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary 1p shares

 

 

GB00BZ0XWD04

 

b)

 

Nature of the transaction

 

Purchase of shares

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

£1.27796 per share

 

23,356

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

23,356 Ordinary 1p shares

 

£1.27796 pence per share

 

e)

 

Date of the transaction

 

20 December 2024

f)

 

Place of the transaction

 

London Stock Exchange (XLON)

 

Name of authorised official of issuer responsible for making notification:

 

Paul Griggs, for and on behalf of Frostrow Capital LLP

Company Secretary to MENHADEN RESOURCE EFFICIENCY PLC

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 19 December 2024 was 173.21p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

20 December 2024

20 December 2024

 

Menhaden Resource Efficiency plc (`MHN' or the `Company')

 

Proposed managed realisation and return of capital

 

 

Following the announcement on 16 September 2024 that the Company is reviewing its future options, the Board has decided that it is in the best interests of shareholders as a whole to propose an orderly realisation of the Company and return the realised capital to shareholders.  This decision has been taken in consultation with Menhaden Capital Management (the portfolio manager) and the AIFM (Frostrow Capital) and reflects feedback from a range of shareholders. The Company intends to publish a circular in early 2025 in order to put the necessary resolutions to shareholders.

 

Rationale

 

While the Board believes that the Company's resource efficiency investment thesis remains compelling, headwinds continue to weigh more widely on appetite for investment trust shares, particularly those with smaller scale and lower liquidity, resulting in wide discounts and the inability to issue new shares and grow trusts.

 

This has also been the case for Menhaden Resource Efficiency plc. Although the NAV has grown by 7.1% per annum since inception, and by 9.7% per annum over the period since the appointment of Luciano Suana as Chief Investment Officer in March 2016, the share price growth has continually lagged NAV growth (reaching a discount of 38.9% on the day prior to the 16 September announcement), resulting in the Company not achieving sufficient scale (market cap £94.2mn as at 30th November) and the shares suffering poor liquidity.

 

The Board has, with its advisers Deutsche Numis, obtained and considered shareholder feedback and undertaken a comprehensive analysis of a wide range of possible future options. The Company received multiple proposals from third parties which included alternative investment management arrangements, potential mergers with other investment trusts, and discounted cash offers for the unquoted portfolio.

 

However, the shareholder feedback received by the Board heavily supported a realisation of the portfolio and return of capital to shareholders. As such, and after taking account of the deliverability and immediacy of the options, the Board has decided to propose to shareholders that MHN is put into an orderly realisation process.

 

A circular, expected to be published early in 2025, will include detail on the proposal, including measures intended to effect the realisation on a cost- and tax-efficient basis. Shareholders do not need to take any action at this time.

 

Howard Pearce, Chair of Menhaden Resource Efficiency plc said:

"With its portfolio of investments in both listed companies and unquoted co-investments, Menhaden Resource Efficiency has delivered good NAV returns. The Board recognises and appreciates the efforts of the Menhaden Capital Management team in delivering this performance." 

 

"However, the conditions for UK investment companies have changed significantly over the past decade. Having considered a range of future options, proposals and shareholder feedback, the Board now believes it is in all shareholders' best interests to propose an orderly realisation and return of capital. Given the nature of the portfolio, the Board believes this can be achieved in a relatively short timeframe once the necessary shareholder approvals have been obtained."

 

Ben Goldsmith, CEO of the portfolio manager, Menhaden Capital Management, added:

"We are proud of the portfolio's NAV performance since launch. When I conceived Menhaden Resource Efficiency together with our chairman Graham Thomas, our thesis was that companies with the most efficient energy and resource use would outpace competitors, particularly as supply-demand dynamics continued to constrain net supply.

 

"Since then, drivers including the global race to net zero, pandemic constraints, plus the Ukraine and other wars, have highlighted the importance of energy security and critical resources for many companies. Businesses who have navigated such constraints and are adapting to the energy transition have typically outperformed. Our investment thesis remains intact, and the opportunities to allocate capital to resource-efficient businesses remain.

 

"However, considering the wider ongoing challenges for investment companies, we think the time is now right to deliver back to shareholders the return on capital they have accrued, as well as their original capital.  As investment in global resource efficiency has become more mainstream, attention now needs to turn to rebuilding natural ecosystems."

 

ENDS

 

Contacts:

 

Menhaden Resource Efficiency plc

 

Howard Pearce, Chairman

Via KL Communications or Deutsche Numis

 

 

Deutsche Numis - Corporate Broker

 

Nathan Brown

Matt Goss

+44 (0)20 7260 1000

 

 

KL Communications - Financial PR

Menhaden@kl-communications.com

Charles Gorman

Henry Taylor

 

+44 (0)20 3882 6644 / +44 (0)7795 977 967

Frostrow Capital - AIFM

 

Paul Griggs (Company Secretary)

 

+44 (0)20 3709 8733

 

About Menhaden Resource Efficiency plc

 

Menhaden Resource Efficiency plc (ticker: MHN) is an investment trust, listed on the main market of the London Stock Exchange, which invests in businesses and opportunities demonstrably delivering or benefitting significantly from the efficient use of energy and resources; irrespective of their size, location or stage of development.  Its portfolio consists primarily of direct listed and unlisted holdings across different asset classes and geographies.

 

It has net assets of £134.4mn as at 30 November 2024[1]. MHN's portfolio manager is Menhaden Capital Management (MCM).

 

MHN's historic performance is as follows - as at the date of the most recent factsheet.

 

Performance as at 30 November 2024 (%)

 

Percentage Growth

YTD

1 Year

3 Years

5 Years

 

Since Inception

NAV

6.9%

9.7%

11.7%

48.5%

 

78.1%

Share Price

19.6%

24.9%

7.8%

34.6%

 

19.9%

Index ^

5.7%

6.6%

36.9%

56.2%

 

97.7%

 

Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed. An investor may receive back less than the original amount invested.

 

Source: Morningstar/Frostrow. ^ RPI+3%, and the data is quoted on a month lag.

 

 

About the portfolio manager, Menhaden Capital Management (MCM)

 

MCM was co-founded in 2015 by Ben Goldsmith, MCM's chief executive officer, and Graham Thomas, non-executive chairman of MCM's investment committee. Together with Luciano Suana, Chief Investment Officer, who joined MCM in 2016 to enhance MCM's structure, processes and performance, they form MCM's investment committee. MCM will consider alternative structures in the future to continue to invest in the resource efficiency theme, and build on the strong track record they have established.

 

[1] Latest factsheet.

MENHADEN RESOURCE EFFICIENCY PLC

LEI: 2138004NTCUZTHFWXS17

NET ASSET VALUE

The estimated un-audited net asset value per share for Menhaden Resource Efficiency PLC, calculated in accordance with the guidelines of the Association of Investment Companies, at the close of business on 18 December 2024 was 172.93p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary                                                  

19 December 2024