In QuotedData’s morning briefing 8 June 2023:
- Pershing Square (PSH) plans to buy back an additional $100m worth of its shares. Since March 2017, when its buybacks started, it has repurchased over 60m shares at a cost of $1.14bn.
- BioPharma Credit (BPCR) has agreed amended terms with its borrower LumiraDx. We discussed the problems that LumiraDx was having on the weekly show on 19 May 2023. Provided that LumiraDx raises at least $75m, the loan maturity date has been extended to 29 March 2026. The minimum net sales covenant in the agreement will be tested each quarter and the minimum liquidity covenant will be tested daily. LumiraDx will pay additional payment-in-kind (PIK) interest on the balance of the outstanding loan based on SOFR. BioPharma Credit and BioPharma V get to appoint one director and one observer to LumiraDx’s board, but can just opt for two observers instead. They also may get more warrants in LumiraDx.
- Edinburgh Worldwide’s (EWI) interim results to 30 April 2023 still show it lagging its benchmark (-7.5% versus -1.5%) and further discount widening (share price return of -13.6%), despite buying back almost 2.9m shares. Exact Sciences, a developer of non-invasive molecular tests for early cancer detection, was the standout positive contributor to returns. While Alnylam Pharmaceuticals, a developer of drugs focused on harnessing gene silencing technology, was the largest detractor to absolute returns. There were no changes to the line up of private investments which accounted for 20.9% of the portfolio at the end of April. In the listed portfolio, the managers added to the holdings in Novocure, Schrödinger, Progyny and Appian, and exited four positions during the interim period including Galapagos, Morphosys, Temenos and Oxford Instruments.
We also have results from STS Global Income & Growth (which was until recently Securities Trust of Scotland) and Fidelity China Special Situations and Schroder REIT