Riverstone Energy (RSE) has written down Group14 Technologies to zero following ongoing production and commissioning challenges, as it continues its managed wind-down. It has returned £30m to shareholders through its second compulsory partial redemption during the quarter to 30 June and reported a draft unaudited net asset value (NAV) of $77m, with its remaining portfolio valued at $58m and $24m of cash. The remaining portfolio delivered 0.94 times invested capital before fees, unchanged from March. The manager said its focus is now on preserving value and identifying disciplined exit opportunities.
RTW Biotech Opportunities (RTW) announces that private portfolio company Avere Therapeutics (a 0.3% holding) is to merge with Nasdaq-listed NextCure, with the combined company expected to trade as Avere Therapeutics (AVRX) by year-end. Avere is raising a further $500m, following a $320m private placement, taking total funding to $820m to advance its lead oral therapy AVR-001 through Phase 2b and into Phase 3 in psoriasis, as well as a Phase 2b trial in ulcerative colitis. RTW Bio is investing a total of $5.9m across the two financings. The transaction marks RTW Bio’s fourth portfolio company to reach the public markets via reverse merger in 2026, following Yarrow Bioscience, Obsidian Therapeutics and Serapha Bio.
Glenstone’s offer for Alternative Income REIT (AIRE) seems dead in the water, with acceptance levels falling to less than 0.025% (excluding the shares Glenstone and related parties hold) after 35 days. Glenstone’s offer (at 70p per share) has received valid acceptances in respect of 17,849 AIRE shares, down from the 19,849 acceptances previously announced. AIRE’s board says that it continues to recommend that shareholders do not accept the offer and take no action.
