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QuotedData’s morning briefing 19 October 2020

In QuotedData’s morning briefing 19 October 2020:

  • The remaining conditions for UIL’s sale of Ascendant to Algonquin Power & Utilities Corp have been satisfied. UIL will get $37.6m. Ascendant owns 100% of Bermuda Electricity Light Company Limited, Bermuda’s sole electricity provider.
  • JPMorgan Brazil has published a circular in relation to its planned wind up. Its shares will be suspended from trading on 16 November, the meeting to approve the liquidation will be held the same day and investors should get their money on or about 27 November, if everything is approved.
  • Alternative Income REIT said “if all agreements are honoured, the Group will collect 100% of its rent for the current quarter. Furthermore, the Group has continued to collect its rent arrears with agreements now in place to collect 100% of the rents outstanding for the March and June 2020 quarter days by this time next year“… “rents are currently split 83% quarterly and 17% monthly. As at today [16 October], all of the quarterly rents due on the September 2020 quarter day have been collected, along with all of the monthly rents due, and the remainder of the monthly rents are due by the end of this year.”
  • RTW Venture Fund highlights an IPO by Tarsus Pharmaceuticals, which it made a $40m investment in last month. Tarsus is focused on the development and commercialization of therapeutics for ophthalmic conditions where there are limited treatment alternatives. Tarsus’ lead drug candidate, TP-03, is in late-stage clinical trials for the treatment of Demodex blepharitis, a common condition of ocular inflammation of the eyelid margin caused by the infestation of Demodex mites, with no FDA-approved therapies. The shares were priced at $16 and closed at $20.58 on the day. There is no disclosure of the NAV uplift to RTW (we don’t know what price they paid for their stake).
  • The Schiehallion Fund says that it is exploring the possibility of raising additional capital in the first half of 2021, which may be satisfied by the issue of ordinary shares, C shares or a combination of both.

We also have news of an acquisition by SDCL Energy Efficiency, a disposal by JZ Capital and a change of direction for Baring Emerging Europe. Home REIT made its first acquisitions since IPO and Land Securities set out a new strategy.

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