In QuotedData’s morning briefing 14 July 2021:
- Apax Digital Fund, which is backed by Apax Global Alpha, is making an investment in Tide as part of a series C funding round. Tide, a business financial platform offering business accounts and related banking services, as well as a comprehensive set of integrated software solutions, is already a holding within Augmentum Fintech’s portfolio. Apax Global Alpha’s share of the Apax Digital investment is equivalent to about €2.5m.
- Dunedin Income Growth (DIG) has agreed a £30m multi-currency credit facility from the Bank of Nova Scotia, replacing a previous £15m facility provided by Scotiabank (Ireland). The facility is available until 13 July 2023 and can be upped to £40m subject to the lender’s credit approval. Currently, the trust has drawn down €15.6m (sterling equivalent £13.3m) under the new facility.
- RTW has published a circular in connection with its application for admission of its ordinary shares to listing on the Premium Segment of the Official List (thereby making it easier for retail investors to hold shares in the company). There is a meeting of shareholders on 30 July. Making the move will also remove one obstacle to inclusion in indices.
- Separately, RTW says one of its portfolio companies, Ji Xing, which it recently committed additional funds to, has recruited Joseph Romanelli (ex Merck) as its CEO. Ji Xing has also concluded a licensing agreement with Milestone Pharmaceuticals (another RTW holding) to commercialise Etripamil, a novel calcium channel blocker designed as a self-administered nasal spray for a rapid response therapy in episodic cardiovascular conditions.
- PRS REIT (PRSR) has updated us on the state of play as at 30 June. Its number of completed properties is now 3,984 (up from 3,590 at end March) and these have an estimated rental value of £37.5m (March:£33.3m). A further 1,096 homes are under construction on 64 sites. 98.4% of the rent due on 30 June has been collected. Total rent arrears were just £0.4m at 30 June 2021.
- Taylor Maritime (TMI / TMIP) has taken delivery of a Handysize and a Supramax bulk carrier. The Supramax is income generating from delivery with an average annualized unlevered gross cash yield of about 15% and a duration of about 10 months. The Handysize has three months remaining on its existing charter. Current one-year time charter rates for this type of vessel are approximately $18,500 per day, on which basis the vessel’s blended average annualized unlevered gross cash yield would exceed 18% over the first 12 months of ownership.