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QuotedData’s morning briefing 27 June 2023

In QuotedData’s morning briefing 27 June 2023:

  • RTW Venture Fund has changed its name to RTW Biotech Opportunities. The Guernsey registry has confirmed the name change, effective 22 June 2023. The ticker remains the same (RTW).
  • Seed Innovation’s (SEED) results show [deep within the text] that its NAV fell from £20.461m to £16.032m, or 9.62p per share to 7.54p, over the year ended 31 March 2023. The movement in the portfolio value of negative £3.5m is attributable to selling Leap Gaming for £3.2m less than its previous valuation; unrealised losses on listed investments of £1.8m; a write-off of remaining value in CiiTech & Yooma of £0.2m); offset by positive movements of Clean Food Group (+£0.9m); Northern Leaf (+£0.3m); and South West Brands (+£0.1m), less expenses of £744,000 (4.6% of NAV).
  • Hansa’s (HAN/HANA) results for the 12 months ended 31 March 2023 show an NAV total return of -3.1% and a flat 3.2p dividend. The board has decided to start investing into a portfolio of illiquid alternative assets, primarily in private equity. This will be done gradually and may reach 10% of its assets. There is some consideration of the reasons for the trust’s wide discount in the chairman’s statement. However, buybacks are rejected and the principal problem – the voting structure – is not even mentioned in this context. There may soon be a new requirement for shareholders to fill in forms about their tax residency (Hansa is a Bermudan company). There is no new news on events at Ocean Wilsons.
  • Life Science REIT (LABS) has refinanced its existing £150m term loan and Revolving Credit Facility (RCF) secured on its existing portfolio, including Oxford Technology Park. The refinanced term loan and RCF have been provided by existing lender HSBC, with an additional lender, Bank of Ireland, also joining the banking syndicate. The HSBC and BoI facilities include a £100m fully drawn term loan, increased from £75m, and a £50m RCF facility, both of which have had their terms extended to March 2026, with two further one-year extensions available, if required. Both facilities are split 60:40 between HSBC and BoI, respectively. Additionally, the company has a £35m accordion facility available on the RCF, if required. Both facilities now carry a cost of SONIA plus a 2.50% margin. The SONIA reference rate on both facilities has been capped at 2.00% per annum until March 2025. The facility also includes a ratchet clause that reduces the margin rate to 2.35% if the gross loan to value ratio decreases to 30% (based on the lenders’ annual valuation of the portfolio). The Company has also defined £40m of the term loan as a Green Loan in accordance with the LMA Green Loan Principles, secured on Rolling Stock Yard in London and completed Oxford Technology Park buildings, which are rated either BREEAM Excellent or EPC “A”. Following this refinancing £48.7m remains available in the RCF to be utilised in funding the ongoing development at Oxford which will be drawn on a quarterly basis to meet development funding requirements and minimise interest costs throughout the remaining development period.
  • CLS Holdings (CLI) has sold three properties for a total of £49.0m, excluding costs, at an average of 7.5% above 31 December 2022 valuations. CLS has unconditionally exchanged contracts to sell Westminster Tower, Albert Embankment to Australian developer Third.i with expected completion in September 2023. Having acquired the property in 1987, it is one of the older properties in CLS’ portfolio and benefits from planning permission for a residential redevelopment of the existing building, including the construction of three additional floors, with views overlooking the River Thames and Westminster. CLS has also recently completed on the sale of a smaller office property, St Cloud Gate in Maidenhead, UK and a legacy land holding outside Helsingborg in Sweden with planning permission for logistics.
  • Custodian Property Income REIT (CREI) has sold a high street retail unit in Bury St Edmunds at auction for £0.85m, in line with the 31 March 2023 valuation.

We also have results from Chrysalis and a new manager for Mid Wynd

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