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- QuotedData’s morning briefing 18 June 2024 – ADIG, SYNC, RESI, DCI, SONG, SEIT
In QuotedData’s morning briefing 18 June 2024:
- abrdn Diversified Income & Growth (ADIG) has announced details of its planned return of £115m of capital (38p per share) via a B share scheme. The distribution needs to be approved at a meeting that will be held on 3 July 2024. The money should be with shareholders on 10 July or thereabouts.
- Syncona (SYNC) is knocking two of its gene therapy investments – Swan Bio Therapeutics and Freeline Therapeutics – together to create Spur Therapeutics. Syncona will own 99% of the combined company, and its stake has an initial valuation of £104.7m. It will also put another £40m of capital behind it to support clinical trials. Spur’s lead gene therapy candidate is Freeline’s FLT201 for the treatment of Gaucher disease Type 1. It will also be working on: Swan’s SBT101, which is in a Phase I/II clinical trial for the treatment of adrenomyeloneuropathy (AMN), a central nervous system (CNS) disorder for which there is currently no approved treatment; and a pre-clinical Parkinson’s disease research programme, where a development candidate is expected to be selected soon.
- Residential Secure Income (RESI) has posted a 5.7% fall in EPRA net tangible assets to 77.2p per share in half year results to 31 March 2024. This was driven by a 2.1% like-for-like fall in the value of its portfolio of retirement living and affordable housing to £317m. On the operational side, the company reported an 8.5% growth in EPRA adjusted earnings, primarily through inflation linked rental income, delivering 117% dividend coverage. Dividends declared in the period were 2.06p (reduced from 2.58p in the same period last year). The company has a high LTV of 53%, which is expected to reduce to 50% following completion of the the sale of a local authority portfolio later this year.
- Dolphin Capital Investments (DCI) results are delayed due to an admin issue with its auditor in Greece. The shares have had to be suspended from trading until the accounts are published – expected in August.
- It turns out that each of the five non-executive directors of Hipgnosis Songs (SONG) is in line for a £250k bonus as part of the deal that has been agreed with Blackstone. This wasn’t in the announcement, but on page 30 of the offer document, it says that the 34 employees that work for Hipgnosis Songs will be kept on but no incentivisation arrangements have been agreed with those employees. It also says that the non-executive directors have agreed to resign. There is a reference to additional fees on page 31 and on page 64 it says “Hipgnosis has agreed to pay each of the Hipgnosis Directors additional fees of £250,000 each to reflect, amongst other things, the increased workload relating to the preparation of a response to Blackstone’s approach and the Acquisition. The Hipgnosis Directors are also entitled to out-of-pocket expenses incurred in the proper performance of their duties.”
- SDCL Energy Efficiency Income (SEIT)’s manager has a new investor. General Atlantic’s BeyondNetZero fund is buying 24.9% of the firm, which has $2.5bn of assets under management. General Atlantic already took a stake in the trust, announcing in March that General Atlantic SD (Bermuda), L.P. owned 12.2% of the company.
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