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QuotedData’s morning briefing 26 May 2020

In QuotedData’s morning briefing 26 May 2020, as the lockdown begins to ease:

  • FastForward Innovations says its medicinal cannabis investment, Emmac Life Sciences will manufacture product for a clinical trial as part of a Consortium led by the University of Valencia. The clinical trial in COVID-19 patients will use the T12 molecule to prevent disease progression towards Adult Respiratory Distress Syndrome (‘ARDS’), which is believed to be the leading cause of death in COVID-19 patients.
  • BioPharma Credit has entered into a US$200 million credit facility with JPMorgan Chase Bank. he company will pay a commitment fee on undrawn amounts of 200 basis points and a LIBOR margin of 400 basis points on drawn amounts. At 31 March 2020 the company had a net cash position of US$64.3 million, or 5% of NAV.
  • NB Distressed Debt has written down the value of its investment in Exide Technologies. Exide filed for protection under Chapter 11 of the US Bankruptcy Code on 19 May 2020. Along with the bankruptcy filing, Exide announced plans to sell its Americas assets and its Europe/Rest of World assets in separate processes, with each expected to be completed by September 2020. This takes 6% off the NAV of the ordinary shares, 8.6% off the value of the extended life shares and 6.9% off the value of the global shares.
  • International Public Partnerships has commited another £6.8m to buy stakes in the two PFI project companies that own the Project’s four schools which typically provide education facilities to over 3,700 secondary school pupils across Essex, UK. It now holds 28% of the phase 1 part of the project and 100% of phase 2. The contracts run until 2036.

We also have continuation votes for India Capital Growth and SQN Secured Income. Plus a new quarterly NAV for Aberdeen Standard European Logistics (going up).

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