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QuotedData’s morning briefing 30 January 2024 – UKW, RTW, IHR

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In QuotedData’s morning briefing 30 January 2024:

  • Greencoat UK Wind (UKW) announced the appointment of Abigail Rotheroe as a non-executive director of the company. Her appointment will be effective from 1 March 2024. Abigail is a CFA Charterholder and brings over 20 years’ experience in the investment industry. She is the former investment director of Snowball Impact Management, responsible for developing the firm’s approach to impact investment and measurement. She has held positions at Schroder Capital Management, HSBC Asset Management and was a director of Columbia Threadneedle Investments, managing retail and pension fund assets in Asia and emerging markets.
  • RTW Biotech (RTW) announced that the resolution for the all-share acquisition of Arix’s assets by RTW was passed by the requisite majority with 92.22% of votes cast in favour. The completion of the scheme remains subject to, among other things, the passing of the resolution to be proposed at the second general meeting of Arix shareholders scheduled to be held on 12 February 2024. You can read more detail on the proposed acquisition on our website.
  • Impact Healthcare REIT (IHR) provided a trading update for 2023 where it says that annual contracted rent has increased 13.2% (or £5.7m) to £48.8m. This was driven by a large acquisition in January 2023 (which added £3.9m of rent) and inflation-linked rent reviews (£1.6m), which are capped at 4%. The 4% cap and high inflation allowed IHR’s tenants to grow their rent cover (earnings divided rent), with third-quarter rent cover at 2.2x (the strongest quarterly tenant performance since the company’s inception in 2017) and full year rent cover likely to be 2.0x. IHR’s dividend for 2023 was 6.77p (1.6925 per quarter). It is targeting a dividend for 2024 of 6.95p – a 2.7% increase. Company debt was £184.8m, giving an LTV of 27.7%. The cost of debt was 4.56%.

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