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QuotedData’s morning briefing 8 November 2021

HICL Infrastructure HICL

In QuotedData’s morning briefing 8 November 2021:

  • HICL Infrastructure (HICL) has acquired, indirectly, a 33.3% interest in Road Management Group, a holding company which comprises two UK shadow toll roads: the A417/A419 Swindon-Gloucester and the A1(M) Alconbury-Peterborough. The interest was acquired from Abertis Infraestructuras for a combined consideration of up to £34.4m. This investment will be funded by HICL’s Revolving Credit Facility. These roads are strategically located and benefit from extensive traffic history which significantly de-risks the variable component of revenue. Both roads have performed resiliently through the Covid-19 pandemic and are well positioned for further recovery. Following this acquisition, the proportion of demand-based assets in the portfolio with correlation to GDP remains below 20%.

  • Syncona (SYNC) has announced that Blackstone Life Sciences has entered into a strategic collaboration and financing agreement with one of its portfolio company’s Autolus Therapeutics. The $250m transaction includes a $100m immediate equity investment and up to $150m in product financing. $50m of product financing is payable on closing of the transaction with the remainder payable based on certain near-term milestones. Blackstone will appoint a member to the Autolus Board of Directors and will receive a capped mid-single digit royalty based on product revenues generated with worldwide net sales of obe-cel and potential next generation products.Martin Murphy, CEO of Syncona, said:We are delighted that Blackstone are investing in Autolus and remain excited about the obe-cel1 programme as a potentially stand-alone treatment for patients with adult acute lymphoblastic leukaemia (ALL). We believe that obe-cel represents a potentially best-in-class product that could represent a transformational treatment option for adult ALL patients.
  • Seraphim Space (SSIT) has made a $25m investment into HawkEye 360, the world’s leading commercial provider of space-based radio frequency (RF) data and analytics. The investment in HawkEye 360 represents the first new company to be added to the portfolio since IPO and is the first investment into a company that participated in the Amazon Web Services Space Accelerator which is delivered by Seraphim Space Camp. It also takes Seraphim Space’s portfolio of assets to a total of 20 SpaceTech companies. HawkEye 360 today announced it has closed $145m in new funding in a round led by Seraphim Space and New York-based global private equity and venture capital firm Insight Partners. HawkEye 360 is delivering a revolutionary source of global knowledge based on radio frequency (RF) geospatial intelligence to those working to make the world a safer place. The company operates the first-of-its-kind commercial satellite constellation to detect, characterise, and geolocate a broad range of RF signalsrevealing hidden and previously uncharted activities across land, sea and air. 
  • Highbridge Tactical Credit (HTCF) has announced that it will return £15,475,575.30 (equivalent to £2.30 per share) on 15 November 2021 by way of a compulsory partial redemption of ordinary shares of NPV. The redemption will be effected at £2.7417, being the NAV as at 30 September 2021 and pro rata to holdings of shares on the register at the close of business on 15 November 2021. Fractions of shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares and all shares that are redeemed will be cancelled with effect from the relevant redemption date. Following the redemption, the issued share capital will be 1,084,072 Shares, of which nil will be held in treasury. 
  • Round Hill Music Royalty (RHM) has announced that its senior manager, Neil Gillis has decided to retire when his contract expires on 28 February 2022, to allow him some personal time to take up producing and teaching music. Steve Clark will take over full managerial responsibilities, having joined the team in August 2020, as Global Chief Operating Officer.

  • Harworth Group (HWG) has acquired a 107-acre site in Rothwell, Northamptonshire, and will look to gain planning permission and develop a 1.5m sq ft industrial & logistics scheme. The acquisition will enhance Harworth’s existing 26.2m sq ft industrial & logistics pipeline, of which 9.0m sq ft is already consented. Harworth anticipates submitting an outline planning application for the site in 2023.
  • AEW UK REIT (AEWU) has bought Central Six Retail Park in Coventry for £16.4m, reflecting a net initial yield of 11%, with an anticipated reversionary yield of 12.5%. The acquisition takes AEWU close to full investment, having recently sold two of its industrial holdings in South Kirkby and Basingstoke. The retail park provides 148,765 sq ft of modern purpose-built retail space and the site cover is just 27% (providing development potential). Units are let to TK Maxx, Next, Boots, Sports Direct, Burger King and Poundland.

We also have annual results from Fidelity Special Values, interim results from Scottish Mortgage, a NAV announcement from Civitas Social Housing and a proposed placing from VH Global Sustainable Energy Opportunities and Sirius Real Estate.

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