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QuotedData’s morning briefing 21 September 2020

In QuotedData’s morning briefing 21 September 2020 –

  • Crystal Amber (CRS) reported annual results to 30 June 2020. The UK smaller companies fund’s NAV fell by (55.4%) in total return terms. It was a better second half of the year, with CRS’ NAV increasing by 11.2% over the year-to-date to 30 June 2020. The main drivers of the negative return over the full-year were Hurricane Energy (20.4%), Equals Group (15.2%), GI Dynamics (11.1%), De la Rue (4.6%) and Redde Northgate (4.4%). In its management report, CRS noted: “Despite uncertainties around COVID-19, the fund’s major holdings in De La Rue and Allied Minds have demonstrated their resilience. Moreover, GI Dynamics has a clinically proven product that can meet a huge unmet clinical need in the fight against diabetes and obesity, both contributors to increased risk of death from COVID-19. Prior to the pandemic, and aside from the already well-documented effects of COVID-19, many UK domestically focussed businesses suffered from Brexit related uncertainties. This also adversely affected the appetite of potential corporate acquirers. Increased redemption pressure also affected several small and mid-cap fund managers and resulted in reduced demand for, and a surge in the supply of shares in many listed companies.”
  • Urban Logistics REIT has announced its intention to raise £130m in a placing to fund its acquisition pipeline. The issue price of 139p is a 5.4% discount to the closing mid-market price on 18 September 2020 and a 2.1% premium to the adjusted EPRA NAV per share of 136.1p as at 31 March 2020.
  • We had interims from Dunedin Enterprise (DNE) with the NAV and shares returning (13.4%) and (29.4%) in total return terms, over the six-months to 30 June 2020. Comments from chairman, Duncan Budge, noted: “The disruption and ongoing uncertainty created by the pandemic continues to be the main focus for portfolio companies.  While each portfolio company has implemented plans, where possible, to address this threat, the generally strong financial position of portfolio companies has provided some protection. Whilst there is continued uncertainty regarding the UK’s ongoing relationship with the EU, the Board does not expect there to be any significant impact from Brexit on the operations of the company.”
  • Invesco Enhanced Income (IPE) announced that following over eight years of service to the board, Michael Lombardi has resigned with immediate effect, in order to make time for his other priorities.
  • RTW noted the pricing of Athira Pharma’s IPO – Athira is a clinical-stage biopharmaceutical company developing innovative first-in-class regenerative therapies with the potential to restore brain function. Athira is currently advancing its lead therapeutic candidate, ATH-1017, a novel small molecule targeting HGF/MET receptor, in late stage clinical trials for Alzheimer’s Disease. The valuation of Athira at IPO represented a 2.3x multiple of the investment made by the company in May 2020.

We also have news of another equity raise by Hipgnosis Songs, including an opportunity for retail investors to participate, and interim results from Schiehallion.

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