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QuotedData’s morning briefing 6 July 2022

In QuotedData’s morning briefing 6 July 2022:

  • abrdn China (ACIC) has posted its interim results for the period from its change of mandate in October 2021 to 30 April 2022. It has been a testing period for most equity markets, but China has been particularly challenging and the trust’s NAV return was a dismal -21.5%. This compares with an MSCI China All Shares Index (in Sterling terms) fall of -16.8%. The chair said fundamentals have taken a back seat since January, with the direction of share prices being dictated by the current heightened levels of macroeconomic and geopolitical risk. He added: ‘This has led to a general rotation from growth to value stocks and the Company struggled to keep pace against such a strong wave of negative sentiment.’
  • RTW Venture (RTW) holding Orchestra BioMed has announced a a strategic collaboration with Medtronic to develop Orchestra BioMed BackBeat Cardiac Neuromodulation Therapy as a potential treatment for hypertension in patients who are indicated for a cardiac pacemaker. Meanwhile, the company also closed its $110m Series D financing with investments by Medtronic and funds managed by RTW Investments among others. It has also confirmed a definitive business combination agreement with HSAC2, which is structured to provide a minimum of $70m in gross proceeds to the combined company at closing, and up to $160m in the event of no redemptions by HSAC2 shareholders. The agreement includes $20m in total forward purchase agreements from Medtronic and RTW, as well as an up to $50m trust backstop agreement with RTW. The combined company is expected to have a fully diluted pro forma market cap of $407m assuming no redemptions and $317m assuming the minimum gross cash condition is met. The combined company’s pro forma fully diluted enterprise value is expected to be $158m. Upon closing of the transaction, the combined company will be named Orchestra BioMed Holdings.
  • Custodian REIT (CREI) has sold a retail unit in Weston-super-Mare at auction for £0.7m, in line with the most recent valuation. A five year lease renewal had recently been completed with Superdrug with annual rent decreasing from £124,000 to £60,000.

We also have results of a fund raise by Impact Healthcare REIT and an investment from HgCapital.

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