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QuotedData’s morning briefing 15 March 2021

In QuotedData’s morning briefing 15 March 2021 –

  • International Biotechnology Trust’s (IBT’s) board and its manager, SV Health Investors, announced that Carl Harald Janson has decided to step back from his role as lead manager after seven at the helm. Lead responsibility for portfolio management will transition to Ailsa Craig and Marek Poszepczynski and the board has approved them as joint lead managers. Following a handover period, Carl Harald will remain as a Senior Adviser to SV Health Investors. Kate Bingham will remain the manager of IBT’s unquoted portfolio. Jim Horsburgh, IBT’s chairman, commented: “We thank Carl Harald for the pivotal role he has played over the past seven years leading IBT to an all-time high in NAV terms in 2020, and wish him well for the future. Ailsa and Marek are extremely capable and long-standing core members of our investment team and we are confident that they will continue to deliver strong returns to shareholders.”
  • Urban Logistics (SHED), the specialist UK industrial and logistics REIT, announced the signing of a new loan facility. On 12 March 2021, the company entered into a £48m loan facility with Aviva Investors. This is in addition to the £151m loan facility with Barclays, Santander and Lloyds which was secured in August 2020. This new facility provides a 7-year term and comes at a fixed cost of 2.34%.
  • Schroder UK Public Private (SUPP) announced the completion of the sale of seven assets to Rosetta Capital VI, an investment fund managed by the UK-based life science venture capital firm Rosetta Capital. SUPP received initial proceeds of approximately £52.9m, out of which £1.0m results from a positive adjustment to the acquisition price due to changes in the values of the listed portfolio companies Mereo BioPharma and ReNeuron on an aggregated basis. A significant proportion of the expected proceeds will be used to pay down a meaningful portion of SUPP’s outstanding debt under its credit facility whereby the current term loan will convert to a revolving credit facility. In addition, SUPP intends to use the additional liquidity to support some of its portfolio companies with follow-on capital and intends to make new investments into both public and private companies.
  • Weiss Korea Opportunity (WKOF) noted that when it was launched in 2013, it committed to offer shareholders an opportunity to elect to realise all or a part of their shareholding on or prior to the fourth anniversary of the company’s admission to AIM and unless it has already been determined that the company will be wound-up, every two years thereafter. The admission document, published on 8 May 2013, stated that the realisation opportunity would be made available to shareholders not less than 56 days before the eighth anniversary of the company’s admission to AIM. In addition, WKOF announced that it intends to declare an interim dividend to all shareholders in advance of this process.
  • The private equity sector company, Dunedin Enterprise (DNE), reported annual results to 31 December 2020. The company reported a NAV total return of -5.6% and a share price total return of -9.3%. Chairman, Duncan Budge, had this to say on DNE’s outlook: “Although the disruption created by the pandemic has continued to be the main focus for portfolio companies during the period under review, the generally strong financial position of portfolio companies has provided some protection. The onset of a comprehensive vaccination programme has improved the outlook considerably. Similarly, the agreement of a Brexit deal has provided our portfolio companies with some clarity. 
  • FastForward Innovations (FFWD) made note of the update made by Kaizen Gaming (Kaizen) regarding Fralis LLC (Leap Gaming), in which FFWD has a 43.4% interest. Kaizen Gaming, described as the leading GameTech company in Greece and one of the fastest-growing in Europe, has extended its partnership with Leap Gaming with the rollout of EuroLeague Instant Legends, offering the game across Kaizen’s major gaming sites.

We also have annual results from HgCapital TrustOctopus Renewables Infrastructure, and Allianz Technology.

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