Investment Companies Daily Burnham another step closer to PM, 3IN TCR completion/updated NAVe, CORD final results, MNTN/BGEU private valuation update

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Investment Companies Daily Burnham another step closer to PM, 3IN TCR completion/updated NAVe, CORD final results, MNTN/BGEU private valuation update

C A Z E N O V E Europe Equity Research

19 June 2026

Investment Companies Daily

Burnham another step closer to PM, 3IN TCR

completion/updated NAVe, CORD final results, MNTN/

BGEU private valuation update

• UK - Burnham another step closer to becoming the next PM (Allan European Investment Companies

AC Monks) - Andy Burnham won the Makerfield by-election with a very strong Christopher Brown

55% share of the vote, and by a margin of over 9k votes compared to Reform (44-20) 7134-4722

as the next largest party. This exceeds the 5k margin of victory that Labour christopher.brown@jpmorgan.com

enjoyed in Makerfield at the 2024 general election and leaves Burnham with Adam Kelly, CFA

significant political momentum. (44-20) 7742-9526

adam.kelly@jpmorgan.com

• The next steps are not entirely clear. Burnham appears minded to encourage J.P. Morgan Securities plc

Starmer to announce a timetable for his departure as Labour leader and Prime

Minister, as part of an orderly transition. This could take at least several weeks Investment companies Research

and stetch over the summer, but would provide clarity up front. Starmer has homepage -click here

indicated he will not go easily, but the strength of the Makerfield victory and

pressure from his own cabinet might change his mind.

Largest movers over the last week (%)

• If Starmer vows to fight Burnham, or if another Labour MP such as Wes SDCL Energy Efficiency Income -25.7

Streeting were to find enough support, this could lead to a more formal Aquila European Renewables… -9.8

leadership contest. This could last two or three months, given the process ICG-Longbow Senior Sec. UK… -8.5