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QuotedData’s morning briefing 21 January 2022

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In QuotedData’s morning briefing 21 January 2022:

  • Hg, the manager of HgCapital Trust (HGT) has announced that it is making an additional investment into Lyniate, which it describes as “a leader in healthcare data interoperability”. The terms of the transaction are not disclosed. The transaction will result in HGT investing approximately £8.1 million in Lyniate, alongside other institutional clients of Hg. The transaction represents an uplift on HGT’s current investment in Lyniate of £7.5 million (21%) or 1.7 pence per share over the carrying value of £35.4 million in the Net Asset Value of HGT at 30 September 2021. HGT says that, based on the 30 September 2021 reported NAV, the pro-forma NAV of the Trust is expected to be £1.89 billion (or 416.2 pence per share). HGT’s liquid resources available for future deployment (including all announced transactions, and equity raised via tap issuance) are estimated to be £325 million (17% of the 30 September 2021 pro-forma NAV of £1.9 billion). The investment will reduce HGT’s outstanding commitments to invest in Hg transactions to approximately £396 million (21% of the 30 September 2021 pro-forma NAV).
  • Henderson High Income (HHI) has announced some changes to the structure of its management fee, with effect from 1 January 2022. First, the performance fee has been removed. Second, the level at which the management fee drops from 0.50% to 0.45% of adjusted average gross assets has been increased from £250 million to £325 million. All other terms remain the same.

We also have Polar Capital Global Financials’ announcement that it is considering issuing equity under its placing programme, Downing Renewables and Infrastructure’s acquisition of additional Swedish hydropower assets, and an update on BB Biotech following its full-year results.

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