In QuotedData’s morning briefing 21 March 2025:
- M&G Credit Income (MGCI) has announced the results of its placing and WRAP retail offer, which have collectively raised gross proceeds of £6.3m. MGCI will issue a total of 6,647,969 new ordinary shares at a price of 95.13 pence per new ordinary share, representing a 1.0% premium to the cum-income NAV per ordinary share as at 28 February 2025 (this being the last published NAV per ordinary share prior to the close of the Fundraising, as announced on 18 March 2025), with 4,384,509 shares issued in relation to the placing and 2,263,460 shares issued in relation to the WRAP retail offer.
- BioPharma Credit (BPCR) has announced that its investment manager, Pharmakon Advisors LP, notes the announcement released Wednesday 19 March 2025 by Paratek Pharmaceuticals regarding a definitive agreement pursuant to which Paratek will acquire OptiNose, Inc. for a total transaction value of up to US$330m in a transaction that is currently anticipated to close as early as mid-2025. BPCR has a US$71.5m investment in a US$130m senior secured loan to OPTN, which BPCR says would be prepaid upon the closing of the transaction. BPCR adds that, for illustrative purposes, if the transaction were to close on 30 June 2025, it would be expected to receive approximately US$10m with respect to make-whole fees, other fees and in connection with BPCR’s outstanding OPTN shares. In addition to the loan, BPCR owns 91,667 OPTN warrants that will expire out-of-the money at the closing of the transaction.
- Autolus Therapeutics Plc, a portfolio company of Syncona (SYNC), has reported its “financial results and business updates” for the full year ended 31 December 2024. SYNC lists the key highlights of the results as: AUCATZYL® (obe-cel) U.S. commercial launch progressing on track, with 33 authorised treatment centres, as of 19 March 2025, following U.S. Food and Drug Administration (FDA) approval on 8 November 2024; marketing authorisations for obe-cel from the UK Medicines and Healthcare products Regulatory Agency (MHRA) and European Medicines Agency (EMA) expected in H2 2025; initial six patients dosed in Phase I dose confirmation trial in Systemic Lupus Erythematosus (SLE); cash, cash equivalents and marketable securities of US$588.0m, as at 31 December 2024; and Autolus to provide clinical development programme updates, including plans for expansion in autoimmune diseases, at R&D investor event to be held on 23 April 2025.
- Value and Indexed Property Income Trust (VIP) has announced the results of its general meeting on 20 March where shareholders approved new articles of association that will take effect from the company entering the UK REIT regime by 95.75% to 4.25%. The turnout was 43.01%.
- LondonMetric Property (LMP) says that it has been assigned a first time long-term issuer default rating (IDR) of ‘BBB+’ by Fitch Ratings (‘Fitch’), with a stable outlook and a senior unsecured rating of ‘A-‘. The senior unsecured rating applies to LondonMetric’s existing US Private Placement notes in issue. Fitch’s Rating Action Commentary is available at www.fitchratings.com/site/pr/10302505. Martin McGann, LMP’s finance director, says “This BBB+ investment grade credit rating reflects the Company’s significant scale and strong balance sheet, as well as its alignment to structurally supported sectors and assets that generate reliable, repetitive and growing income. It gives us greater optionality for future debt issuances and will allow us to benefit from more attractive financing rates in the future.”
- Supermarket Income REIT (SUPR) has announced the results of its general meeting of 20 March 2025. All of the resolutions were passed very convincingly, with between 91.08% and 99.77% of the votes cast in favour, on a turnout of 58.18%. The key takeaway is that shareholders overwhelmingly support the transaction that will see SUPR internalise its management structure (click here to read more about this). [QD comment MR: We’re not surprised to see SUPR shareholders approving the deal to internalise its management structure. While we are not sure whether the board put forward these proposals as a means of getting around the cost disclosure rules that require trusts and REITs to disclose expenses as if they are charged twice – making them less appealing to investors than their equivalent listed property company peers that do not need to adhere to these rules (as they are deemed conventional companies) in the process – we believe shareholders will have recognised this as an obvious benefit and voted accordingly. While recognising the benefits the deal offers in the current environment, we still believe that having an external manager should be the best solution for REITs over the longer term and this and other similar transactions highlight that a resolution to the cost disclosure problem is urgently needed.]
We also have:
Henderson Smaller Companies’ Neil Hermon to retire at the end of September
Partners Group Private Equity reports robust NAV total return as distributions boost liquidity
JPMorgan Claverhouse continues dividend growth streak as managers reposition portfolio
Literacy Capital’s long-term track record remains strong despite short-term NAV decline
Temple Bar delivers another year of strong outperformance and proposes dividend uplift
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Fairly flat 2024 for Fidelity European Values turns into more exciting 2025
Foresight Environmental hails deal to expand its biofuels business
