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QuotedData’s morning briefing 13 December 2022

In QuotedData’s morning briefing 13 December 2022:

  • HgCapital Trust (HGT) is selling its stake in Transporeon, a leading cloud-based logistics and transportation management software platform, to Trimble as part of a transaction that values the whole of that business at an enterprise value of €1.88bn. The trust’s share of the proceeds is about £107.8m. The transaction is expected to close in the first half of 2023. The deal adds about £15.3m or 3.3p per share to the NAV taking it to about 454p. After this deal, the trust’s liquid resources, including its £142m undrawn bank facility are estimated to be £437m. HgCapital Trust paid £35m to buy its stake in Transporeon in January 2019.

  • JPMorgan Mid Cap (JMF) is amending its investment management fee arrangements with JPMorgan Funds Limited. With effect from 1st January 2023, the annual investment management fee, currently 0.65% on the first £250m of total assets (excluding amounts held in a liquidity fund) and 0.60% on total assets over £250m, will be charged at 0.65% on the first £200m of net assets and 0.55% on net assets in excess of £200m.
  • International Biotechnology Trust (IBT) notes that Amgen is buying Horizon Therapeutics (HZNP) for $116.50 per share which represents a 47.9% premium to the closing price of Horizon on 29 November 2022 and 19.7% higher than the closing price as at 9 December 2022 of $97.29. Prior to the announcement on 12 December 2022, the trust owned 479,973 shares in Horizon which represented 13.5% of NAV, as at the close on Friday 9 December.
  • Regional REIT (RGL) has completed a new lease of 44,245 sq ft of previously vacant Grade A office space to Global Banking School at Norfolk House, Birmingham. The annual rent amounts to £840,991 (£19.01/sq ft), with a 15 year lease including an option to break after 10 years. Norfolk House comprises of 115,780 sq ft and underwent a substantial internal refurbishment programme in 2017-2018. It is located close to Birmingham New Street train station and the Bullring and Grand Central shopping centre.

We also have results from Lowland and an update from abrdn Property Income Trust

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