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QuotedData’s morning briefing 4 May 2021

QuotedData Morning briefing

In QuotedData’s morning briefing 4 May 2021:

  • Syncona (SYNC) has provided an update on investee company Gyroscope Therapeutics’ proposed IPO in the US. SYNC says that Gyroscope has filed an amended registration statement on Form F-1 with the US SEC, which relates to a proposed IPO in the US of its American Depositary Shares (ADS), with each ADS representing one ordinary share. The registration statement discloses an indicative pricing range for the proposed offering of US$20.00 – $22.00 per ADS. This would represent an increase in value of Syncona’s current shareholding in Gyroscope (compared to the sterling holding value announced following the Series C financing on 26 March 2021) of £52-£72 million (or 7.7p-10.7p per Syncona share).
  • Hg, the Manager of HgCapital Trust (HGT), has announced that it has agreed the sale of Eidosmedia, a provider of Enterprise Content Management (‘ECM’) software, primarily to the Media and Financial Services verticals, to CAPZA, a European private investment platform. While the terms of the transaction have not been disclosed, the transaction values HGT’s investment in Eidosmedia at approximately £0.8 million. This would represent an uplift of £0.4 million (84% or 0.1 pence per share) over the carrying value of £0.4 million in the Net Asset Value (“NAV”) of HGT at 28 February 2021.  Based on the 28 February 2021 reported NAV, the pro-forma NAV of the Trust is expected to be £1.3 billion (or 309.4 pence per share). HGT’s liquid resources available for future deployment (including all announced transactions, the proposed full-year dividend payable in May 2021 and equity raised via tap issuance) are estimated to be £129 million (10% of the pro-forma 28 February 2021 NAV). In addition, HGT has access to a £200 million standby facility, which is currently undrawn.
  • Round Hill Music Royalty (RHM) has acquired the 29.14% share in RH Carlin Holdings LLC that was previously owned by Round Hill Fund One. As such, RHM has acquired all of the Identified Pipeline as outlined in its prospectus published on 19 October 2020. While the sum paid has not been disclosed, RHM says that the consideration paid reflects the underlying valuation of the Copyrights owned by Carlin as of 30 June 2020. All income from the Copyrights attributable to the Company, in relation to its shareholding in Carlin, will accrue to the Company from 1 April 2021. Following the acquisition of the Second Investment, the Company has fully invested the capital raised in the IPO and subsequent placing.
  • LondonMetric has completed a a £380m private debt placemen, which has a blended maturity of 11.1 years and a blended coupon of 2.27%. Simultaneously with the completion of the placement, the company has also secured two new revolving credit facilities (RCFs) totalling £400m. They comprise a £175m, five-year facility with Wells Fargo and a £225m facility for a three year term with NatWest, Barclays, HSBC and Santander. The placement and the new debt facilities will replace an existing £444m RCF due to mature in April 2022 and two bilateral loans with Wells Fargo of £75m and HSBC of £75m. The company will also repay its £130m secured debt facility with Helaba. Overall, the refinancings increase the company’s loan maturity by four years to 8.2 years and the average cost of debt on a drawn basis will be 2.6% (31 March 2020: 2.9%).

We also have news of acquisitions by LXI REIT, a dividend update from Custodian REIT, a joint battery investment by JLEN Environmental Assets and Foresight Solar, and a progress update from Cordiant Digital Infrastructure.

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