- The Unbound Group (UBG) (formerly Electra Private Equity) provided an update follow its strategic review. The company had recently reported that the trading environment remained challenging over Q1 with conditions deteriorating more than expected, leaving the company with cash constraints. As a result the board has decided to initiate a formal review of strategic options available to the group, including a formal sale process, pursuant to which the board will consider the options available to maximise value for the company’s shareholders and the group’s other stakeholders.
- European Assets Trust (EAT) announced that as part of an orderly succession plan, Kevin Troup has today been appointed to the board and its committees, while the company’s chairman, Jack Perry, will retire from the board at the conclusion of the company’s 2024 AGM. Upon his retirement Stuart Paterson, the chair of the audit and risk committee, who was appointed to the board in July 2019, will become chairman.
- BioPharma Credit (BPCR) provided an update on its investment in LumiraDx. For the three months ended 31 March 2023, LumiraDx delivered revenue of $22.2 million, compared to $126.4 million for the three months ended 31 March 2022, the final quarter of pandemic-related COVID revenues from the Omicron variant. In addition, on a conference call with investors, LumiraDx communicated its intent to raise additional equity and pointed to the recent filing of a US$100 million shelf registration statement. As of 31 March 2023, LumiraDx had raised approximately US$840 million in equity plus an additional US$52 million in grants from the Bill & Melinda Gates Foundation.
- Lowland Investment Co (LWI) announced its half year update. The company NAV rose by 16.1% over the six months ended 31 March, outperforming the FTSE All-Share Index, which increased by 12.3%. This is a tentative recovery in the company’s performance, which has been disappointing since the Brexit vote. Returns over relatively short periods can be volatile. This is demonstrated by the fact that the three year return, which was slightly negative at the year end and lagged the benchmark, is now 61.2%, some way above the benchmark’s 47.4% return. Performance over five years still lags the benchmark, increasing by 8.1% compared with 27.9%.
- Pantheon International (PIN) announced a monthly performance update with NAV per share down 0.8% for the month ended 30 April 2023. Valuation gains were +2.6p (+0.6%), foreign exchange movements were -5.9p (-1.3%), share buybacks added 0.2p (+0.0%) and expenses and taxes were -0.6p (-0.1%).
- HarbourVest Global Private Equity (HVPE) announced a NAV update for the month end 31 April 2023: estimated NAV per share of $48.38 (£38.52), a decrease of 0.1% in US dollar terms over the month.
- Marble Point Loan Financing (MPLF) provided a monthly update for April. MPLF’s ordinary share estimated NAV total return was 0.82%, compared to the total return of the Credit Suisse Leveraged Loan Index of 0.95%.The company noted that secondary loan prices rose in April as the market continued to stabilise and the March banking crisis turmoil subsided. Although new issue loan volumes continued to be driven by refinancing transactions, aggregate issuance was higher and contributed to an overall more constructive market sentiment. Retail loan funds experienced outflows but to a much lower degree than March.
- Hg, the Manager of HgCapital Trust (HGT), announced an investment in GTreasury, a treasury, payments, and risk management software provider. The terms of the transaction are not disclosed. HGT will invest approximately £9.8 million in GTreasury, with other institutional clients of Hg investing alongside HGT through the Hg Mercury Funds.
We also have an annual report from JPMorgan Multi-Asset Growth & Income.