This newsletter was originally published on substack on July 27, 2025.
With liquidations, I try to focus on the individual company and not get too caught up in what the index is doing. When analysing a situation I ask myself:
- What sort of liquidation is this?
- What are the selling conditions for these assets?
- What do the liabilities look like?
- How liquid is the corporate entity?
- What is the liquidation value?
- When will I get my money back?
Important Note: These watchlists are not buy signals, buy pitches or recommendations to purchase shares. The purpose is to inform you of opportunities and to give you a paragraph profile of the situation. Some of these opportunities might be actionable now, in the future or never. Please do your own research.
Liquidations
INVL Technology (VSE:INC1L) is an investment fund that invests in European IT businesses. They own and manage a cybersecurity company- NRD Cyber Security, a GovTech company- NRD Companies, and a Baltic IT company- Novian. The fund is due to wind down by July 2026, with a possible extension of two years. In March last year they appointed an investment adviser to sell the portfolio companies. Last week they terminated the agreement and will look for a new adviser. In the press release the manager said “the decision to terminate.. was made to provide greater flexibility in exploring alternative strategic options for the sale of the portfolio companies”. Key drivers are the M&A conditions for these types of companies and operating performance. The fund has indicated that selling conditions are less than ideal but they have interested parties. They also said the companies are performing well. This is not currently trading at a bigger enough discount to get me interested, especially if it takes another 3 years to wind up. However the comment on exploring alternative strategic options could mean a full portfolio sale, which would expedite the timeframe and increase IRR. One to follow. NAV 4.27 EUR. Timeframe 3 years.
Syncona (LON:SYNC) is a life science investment fund. They have 14 portfolio companies at various stages of development. Last month the board announced they would seek to wind down the company over the medium term and return capital to shareholders. They said they might sell some investments at a small premium to current share price (not NAV) to create liquidity. The obvious key drivers here are how successful the portfolio is. Biotech is notoriously high risk and low odds of success. Hence the large discount to NAV. Potentially a play if they were to announce a very successful investment and you’d ride the momentum for short term trade. The timeframe on this is also likely to be long, I estimate 5-7+ years. NAV £1.79. Timeframe 7 years.
Doric Nimrod Air Three (LON:DNA3) is an aircraft leasing investment fund. In 2013 they purchased 4 Airbus A380s and leased them to Emirates. The company has announced they will sell the aircraft to Emirates and liquidate the company. Key drivers of this situation is USD/GBP rate they convert the sales proceeds at and timeframe. The board has indicated they will return funds in Q1 2026. If you can pick this up on a slightly bigger discount, this could be a low risk short term return. NAV £0.6495 (company estimate -return of capital + dividends). Timeframe < 9 months.
Philly Shipyard (OS:PHLY) operated a commercial shipyard that built and repaired vessels for the United States Jones Act market and government. The shipyard was sold in December 2024. They paid out the majority of the proceeds in two special dividends. What’s left is cash held in escrow for another 4 years. At least 8.40 NOK has been earmarked for potential distribution once escrow is finished. PHLY will delist on 9th September. Key drivers of this situation are the probability of warranty claims and running costs. From current prices you could get a 4 year IRR of 20-30% p.a. It’s tempting but holding unlisted stock for that long isn’t ideal. NAV NOK 8.40. Timeframe 4 years.
Site Centers Corp (NYSE:SITC) is an owner of open-air shopping centers located primarily in suburban, high income areas in the USA. In 2024 they spun off 79 convenience properties in a $2.4b transaction. The remain-co was left with 33 properties and c$700m in value. They have since sold 3 properties. Management has not confirmed a liquidation. However they’re selling assets and have recently returned $1.50 in capital. According to a VIC write up, management reaffirmed to the poster they will continue to sell assets. So this looks like a liquidation all but in name. Key drivers will be market conditions for these types of properties, interest rates and capex. Most of the properties are box big centres and are benefitting from low supply. This is an interesting play, some more clarification around liquidation plans would probably see it move towards liquidation value. NAV $14-16.50 (my very rough estimate). Timeframe 2.5 years.
Potential Liquidations
Ellen AB (STO:ELN) is a Swedish company that has developed products to improve women’s health. The company announced the sale of the business via an asset sale for 13.3M SEK (asset and liabilities will transfer). They also announced a review of strategic alternatives to explore the potential of a reverse takeover or if no options present, a liquidation. Shareholders who own 38% of the shares have indicated they will approve the asset sale at the EGM. So odds are high this gets approved. Key drivers are if they find a reverse takeover target and if they liquidate, the cash burned in the interim. The gross sales proceeds are c1.20 NOK. The stock is trading at a 28% discount to this price. So a potential opportunity here if they liquidate. NAV 1.20 (gross sales proceeds).
Gore Street Energy Storage Fund (LON:GSF) is an investment fund that owns a portfolio of utility-scale energy storage projects. RM Funds, who own 6%, have requisitioned a meeting to remove 2 directors and replace them with their own. They want to divest non core assets, return capital and merge with a peer or sell the company. The board is still evaluating the requisition and believes in the strength of the company. Key drivers of this situation are other shareholders and the board’s attitude towards a realisation. The share register looks pretty open with only 1 other institutional investor holding 9%. The green energy fund sector has recovered well this year off a low base. GSF is still trading at a 40% discount so the market is implying the company’s NAV might not be realistic. However, RM Funds said there’s been 25 UK battery energy storage transactions completed this year. This gives me confidence that there is at least liquidity for these types of assets. NAV £1.02.
Murray Income Trust (LON:MUT) is an investment fund focused on UK equities. Earlier this month they announced a strategic review due to a persistent discount to NAV. With net assets of £930m, a fund this size could be considered “too small” today. The key driver is if shareholders want to wind up and other strategic options the board considers. Apart from Rathbones, who own 10% of the fund, no other inventors own over 2%. I will wait for the outcome of the review. NAV £9.61.
Schroder BSC Social Impact Trust (LON:SBSI) is an investment fund that invests in private market social impact investments via funds and co investments. Due to the discount to NAV and inability to attract more shareholders, the board has initiated a strategic review with the possibility of a wind down. Over 60% of NAV is committed to funds that mature in over 5 years. Their longest investment is due to mature in 9 years. The board is considering how to create liquidity quicker. At a 30% discount to NAV, this is not currently attractive. However, the move away from ESG type investing and as capital leaves this space, could present an opportunity to buy at a larger discount in the future. NAV £1.02.
Maven Renovar VCT (LON:MRV) is a VCT that invests in UK AIM companies. The board received a requisition notice from a group of shareholders who own 5.2% of the trust. Paul Jourdan, who was the previous manager (removed 1 May 2025) is part of this group. They want to appoint 4 board members (including Jourdan) and remove the current directors. They were removed at the AGM last month but were automatically reappointed due to the trust not having the minimum number of directors. Only 14% of shares voted at this meeting. The requisitioning shareholders want the company to return capital and only make new investments if the AIM market offers attractive opportunities. Reading back through past announcements the current board indicated that this group of shareholders also want to liquidate the company. The obvious driver here is what % of shares turn up to vote and if shareholders want to appoint the new board. If the same % turns up then the Jourdan group will likely win. The trust has a market cap of £87m so is getting on the small side. If they start to return capital it would likely make the fund uneconomical and you could see a wind down. NAV £0.66.
Previously Mentioned
abrdn European Logistics Income (LON:ASLI) I first mentioned ASLI in Watchlist #1 and updated the situation in Watchlist #7. Recently they have announced the sale of two properties in the Netherlands at a 3% discount on Q1 marks and 2 properties in Germany at a 10% premium. They also announced a £0.12 capital return via B shares. Ex date is 29th July. Although taking longer than most people expected, this is turning into a good liquidation so far. NAV £0.71. Timeframe < 2 years.
Sun Residential REIT (CVE:SRES) I updated this situation in Watchlist #8. They have now announced the closing of the property transactions and a $0.10 dividend. This went ex dividend on 25th July. In the press release they said “ “The First Distribution is for over 90% of the proceeds to be distributed to unitholders, the second distribution will be for the residue. ” As I wrote in the previous update, the total payout might be less than $0.111. This statement gives me further evidence that might be true. Nonetheless, it’s going to be a nice short term return from a $0.09 buy point. NAV $0.006 (adjusted for $0.10 distribution) Timeframe < 6 months.
Pioneer Funds (NYSE:MHI, NYSE:MAV, NYSE:MIO) I first wrote about the funds in Watchlist #7. MHI, MAV and MIO liquidation meetings were approved. PHD, PHT, HNW were adjourned to allow shareholders more time to vote. MHI, MAV, MIO will stop trading on 22nd August and should expect the primary distribution on 27th August. Keep an eye out for a short term trade here. NAV- MHI $9.05, MAV $8.21, $11.60. Timeframe < 1.5 months.
Conclusion
That’s all for this edition.
Let me know what you think?
I’m always interested to hear other people’s views.
Disclaimer: The content in this write-up is for informational purposes only and should not be construed as financial or investment advice All opinions expressed are my own. Please do your own research or consult with a professional before making any investment decisions.
Disclosure: I, or members of my family, hold shares in LON:ASLI, CVE:SRES and could potentially hold shares in any of the mentioned companies in the future.
Note: NAV is reported NAV, book value or my estimate. Timeframe is based on my estimate. Both could change.
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