In QuotedData’s morning briefing 12 June 2020, as the UK economy contracts by 20.4% in April:
- Hipgnosis Songs got permission from its shareholders to make greater use of borrowed money to enhance returns. The limit on borrowing has been lifted from 20% of net assets to 30% of net assets. It is now thinking about issuing more shares.
- Warehouse REIT has completed a 10-year lease renewal with Iron Mountain, the NYSE listed storage and information management services company, at Stretton Green Distribution Park, Warrington. The 10-year lease renewal, with no breaks, has been agreed at a 26% uplift to the previous rent paid, with a headline rent of £615,000 per annum, or £5.80 psf. The warehouse was one of seven properties in a 995,100 sq ft portfolio acquired by Warehouse REIT in September 2019 for an initial consideration of £70 million, the value of which increased by 7.4% in the subsequent six months.
- RTW Venture says its portfolio company Avidity Biosciences, Inc. has priced a $259.2m IPO on NASDAQ (ticker: RNA), offering 14.4m shares at $18.00 per share. Avidity is a biopharmaceutical company pioneering Antibody Oligonucleotide Conjugates to treat a wide range of serious diseases.
We also have results from Edinburgh Investment Trust, Baillie Gifford UK Growth (whose co-manager, Milena Mileva, is talking to James Carthew later) and Stenprop.