Investment Companies Daily Equity Strategy, Medallia software co taken over by creditors, CTPE realisation, BHMG monthly reports, BPCR NAV, PINT investment, INOV increased tender, NESF/ANII Finals

Research evidence excerpt

Investment Companies Daily Equity Strategy, Medallia software co taken over by creditors, CTPE realisation, BHMG monthly reports, BPCR NAV, PINT investment, INOV increased tender, NESF/ANII Finals

ncorporation of the latest valuation information in the final tender price.

Shareholders now have until 1.00pm. on 23/9/26 to make their tender election. The record

date is 6pm on 23/9/26, with completion on 29/9/26.

• NextEnergy Solar Fund (NESF, Underweight) - Final results - NESF has announced

its final results for the year to 31/3/26. NESF provided a detailed March 2026 NAV update

(see our note here) and the 76.1pps 31/3/26 NAV announced today is in line with the

pre-announcement. The key points from the results are as follows:

• NAV progression: NESF’s NAV TR for the year to 31/3/26 was -11.1% and its share price

TR was -21.8%. In Figure 1NESFNAVprogresionforyearto31/3/26(pencepershare) we show the progression of the NAV and the main negative

was a reduction in power price forecasts -7.0pps and lower battery energy storage systems

revenue forecasts -1.0pps was also a negative. Lower valuations for co-investment, fund

investments and revaluation of development land were -2.4pps combined, higher

discount rates -1.6pps and finally changing ROC & FiT indexation from RPI to CPI -

2.0pps were the other notable negative contributors. On the positive side higher short

term inflation +1.0pps, energy generation revenue ahead of budget +0.5pps and the

reduction to the management fees implemented by changing the basis from NAV to a

50/50 mix of market cap and NAV +1.3pps were partially offsetting positives. Energy

generation was 2.0% ahead of budget due to irradiation 6.7% ahead of forecast partially

offset by DNO outages caused by periodic preventative maintenance and upgrades and