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QuotedData’s morning briefing 21 July 2020

In QuotedData’s morning briefing 21 July 2020:

  • BioPharma Credit has received a notice of prepayment for its $150 million senior secured loan with Amicus Therapeutics, Inc. As a result, the company is expected to receive on or before 4 August 2020, approximately $156.2 million, comprised of $150 million in principal, $1.2 million in accrued interest and $5.0 million in make-whole amount and prepayment fees. This investment is expected to generate an IRR of 13.3% as a result of the prepayment.
  • SME Credit Realisation says its NAV fell by 8.5% over the three months ending 30 June 2020. It is handing back £20m to shareholders via a compulsory redemption of shares at 80.18p per share. About 10.5% of the company’s shares in issue will be redeemed.
  • Duncan Owen, Schroder Real Estate’s fund manager since IPO in 2004, has decided to step down from his role as global head of real estate at Schroders REIM. This will take effect on 31 December 2020. Thereafter, he will become a special advisor to Schroders REIM with a focus on the trust. This will mean he will continue to work closely with the board and the existing team including Nick Montgomery, assisting Schroders in fulfilling its role as the appointed investment manager. Schroder European Real Estate has made a similar announcement.

Afternoon update:

  • 18.9% of shares voted at Perpetual Income & Growth’s AGM voted against the re-election of Bob Yerbury to the board – presumably because of his ties to the management company (which is still in place three and a half months after the board served notice on Invesco).
  • Having issued 11.6m shares since its AGM on 21 May, Impax Environmental Markets is asking shareholders for permission to increase the number of shares it is allowed to issue, to prevent it running out of capacity.
  • Worseley Investors has secured a rental uplift and a lease extension for its cinema in Curno, Italy. This will help offset the loss of rental income since the Italian lockdown started in February.

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