Impax Environmental Markets calls for exit tender offer support

Impax Environmental Markets PLC on Monday announced a broadly unchanged net asset value per share in 2025, as it urged shareholders to back plans for an exit tender offer.

The London-based trust invests in companies enabling the cleaner delivery of basic needs, such as power, water and food, or mitigating environmental risks such as pollution and climate change.

It said NAV per share was 426.4 pence on December 31, down 0.3% from 427.6p a year prior. NAV total return including dividends was positive 0.9% compared to negative 0.4% in 2024, but this underperformed its benchmark index, the MSCI AC World, which rose 14% in 2025.

‘This was a disappointing performance,’ IEM said.

‘Mega-cap companies focused on AI have pulled the MSCI ACWI higher, as have financials. As these stocks fall outside IEM’s investable universe, the company was unable to benefit from this concentrated outperformance,’ the company explained.

The dividend paid in 2025 was 5.1p per share, up 2.0% from 5.0p in 2024. This includes a first interim dividend of 1.9p per share and a second interim dividend of 3.2p per share.

Chair Glen Suarez said: ‘The year under review was characterised by a number of important developments for IEM, both operationally and in the context of an evolving shareholder landscape.’

In March, IEM announced an exit tender offer.

This came after largest shareholder Saba Capital Management LP, which holds a 22% stake, voted against a proposed continuation tender offer.

IEM said Saba’s rejection of the CTO, which it said would have delivered an exit ‘at close to NAV’, suggests that its ‘motives may go beyond arbitrage and potentially extend to gaining control over the company’.

IEM added that ‘maintaining the status quo presents too many risks for shareholders.

‘Doing nothing risks prolonged instability, significant costs, and a much worse outcome for shareholders.’

‘While the decision whether to tender shares is a matter for individual shareholders, the board unanimously recommends voting in favour of the resolution to enable the exit tender offer to proceed, so that those shareholders who wish to exit are able to do so,’ IEM said.

IEM said its directors will be tendering all of their own shares, ‘underscoring our conviction that this is the right outcome for IEM’s shareholders’.

Shares in IEM were up 0.1% at 402.84p each in London on Monday.

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