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QuotedData’s morning briefing 24 March 2021

JPMorgan Japan AGM 2018

In QuotedData’s morning briefing 24 March 2021 –

  • BMO Private Equity (BPET) announced that the software company, Dotmatics, in which it has a holding, has entered an agreement for its sale to US-based company Insightful Science. The transaction is expected to complete early in Q2. The investment is led by Scotland based growth equity investor Scottish Equity Partners and the company is also held in SEP Fund V. Taking both the co-investment and the holding through the fund together, the transaction values BPET’s position at £37.7m.
  • Baillie Gifford Japan (BGFD) reported interim results covering the six months to 28 February 2021. Total NAV and market returns came to 20.4% and 30.3% – the benchmark TOPIX index returned 11%. BGFD’s performance was led by SoftBank, Outsourcing, Sumitomo Metal Mining, and MonotaRO.
  • Secured Income Fund (SSIF’s) interim results to 31 December 2020 brought a +1.8% total NAV return (the market return was -0.4%). On 19 June 2020, SSIF held a continuation vote that, in line with the directors’ recommendation, did not pass. The vote was required under the company’s articles as it did not have a NAV of at least £250M, as at 31 December 2019. SSIF is in the process of a managed wind-down.
  • Hg Capital Trust (HGT) sold its investment in Trace One to Symphony Technology Group, a Palo Alto-based private equity firm focused on investing in the software, data analytics, and software-enabled technology services sectors. Trace One is described as the world’s largest collaborative retail business platform for consumer-packaged-goods. HGT also announced the sale of Mitratech, a leading provider of legal and compliance software, in a deal that values HGT’s investment at approximately £49.9m. This would represent an uplift of £15.1m over the carrying value, as at 28 February 2021.
  • Further to its announcement on 19 March, The Schiehallion Fund (MNTN) announced the publication yesterday afternoon of a prospectus in connection with a placing of C shares of no par value at an issue price of $1.00 per C Share and admission of the C Shares to trading on the specialist fund segment. The placing is targeting an issue of in excess of 500m C shares.  MNTN makes minority investments in later-stage private businesses that the company considers to have transformational growth potential and to have the potential to become publicly traded.
  • It was announced yesterday afternoon that Baillie Gifford European Growth (BGEU) had appointed Chris Davies as co-portfolio manager alongside Stephen Paice and Moritz Sitte, with immediate effect.
  • The PRS REIT reported strong growth in half-year figures, with rental income up 91% to £10.7m and earnings per share jumping 86% to 4.1p. The number of completed private rented residential homes almost doubled to 3,163 at 31 December 2020. When let, these homes are estimated to produce an annual rent of £29.4m. The group has a further 1,963 homes under contract, which could add a further £19.4m to the annual rent roll.

We also have a new investment by BioPharma Credit.

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