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QuotedData’s morning briefing 1 December 2022

In QuotedData’s morning briefing 1 December 2022:

  • Bluefield Solar (BSIF) says that John Rennocks has stepped down as the chair of the Company and will remain an independent, non-executive director until his retirement from the board in Q1 2023. John Scott has been appointed as the new chair and Michael Gibbons CBE becomes its new senior independent director.
  • Syncona (SYNC) has completed its takeover of Applied Genetic Technologies Corporation, paying $34m upfront and up to $50m in payments contingent on the company achieving certain milestones. It becomes Syncona’s third portfolio company focused on retinal gene therapy, an area where the team has significant expertise and an unparalleled network following the foundation and subsequent sales of Nightstar Therapeutics and Gyroscope Therapeutics. Applied Genetic’s lead candidate AGTC-501 (laruparetigene zosaparvovec) targets X-linked retinitis pigmentosa (XLRP). XLRP is a genetic eye disease, with no currently approved treatments, that causes progressive vision loss and ultimately blindness in men. A Phase II follow-on study in AGTC-501 was recently completed, which demonstrated significant visual sensitivity improvements and a favourable safety profile. AGTC-501 has been granted orphan drug designation by the US Food and Drug Administration and orphan medicinal product designation by the European Commission. Syncona expects to support the company to explore strategic options for its broader gene therapy pipeline.
  • Over the 12 months ended 30 September 2022, CT UK Capital and Income (CTUK) underperformed its All-Share Index benchmark by 9.1% in NAV terms, returning -13.1% to the index’s -4.0%. The return to shareholders was -10.5%. The dividend has been increased by 1.7% to 11.8p, maintaining the trust’s AIC Dividend Hero status (29 years of consecutive dividend increases). This year’s returns dent an otherwise decent 25-year run for Julian Cane as fund manager – over 25 years ended 30 September 2022, he has generated NAV per share  total returns of 284.7% versus 252.1% for the benchmark. Regretfully, the results announcement did not include any comment by the manager.
  • Mobius Investment Trust (MMIT) says that of the 2,767,334 shares tendered to its 30 November 2022 redemption opportunity, 1,356,317 have been placed with buyers and 1,411,017 have been redeemed and cancelled. The redemption price (also the price at which the shares changed hands) was 130.36p.
  • abrdn European Logistics Income (ASLI) has reported a slight drop in EPAR net tangible assets (NTA) for the quarter to 30 September 2022 of 0.9% to 137.4 euro cents. Its property portfolio fell on a like-for-like basis by 1.0%, but increased after acquisitions to €807.4m. During the period the company acquired four properties (three in France and one in the Netherlands) for €44.6m, taking the portfolio to 27 assets. The company secured two new debt facilities (€40m and €60m) bringing its fixed debt facilities to €261.6m, at an average all-in interest rate of 2.0% and a loan to value of 35%.
  • Residential Secure Income (RESI) reported a 1.7% fall in NAV for the year to 30 September 2022 to 106.1p. With dividends paid of 5.16p, the total return for the year was 3.3%. EPRA Adjusted Earnings was 5.0p (up from 4.2p) producing a 97% dividend cover. Like-for-like rental growth was 4.5% (2021: 1.5%) with 3.7% in the first half of the year and 5.1% in the second.

We also have portfolio news from Riverstone Credit Opportunities and AEW UK REIT, and annual results from abrdn Equity Income.

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