In QuotedData’s morning briefing 15 December 2021:
- Dunedin Enterprise (DNE) has announced regulatory approval has now been granted for the partial realisation of GPS, which is held via DNE’s interest in Dunedin Buyout Fund III LP. Proceeds now received from the transaction amount to £18.2m, consisting of capital of £15.8m and income of £2.4m. In addition, £5.9m has been rolled into GPS Newco. DNE will retain a 1.5% interest in GPS Newco.
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CIP Merchant Capital (CIP) has invested in Time Out Group, the AIM quoted global media and hospitality business. CIP has acquired, in aggregate, 1,809,679 ordinary shares in Time Out for a total consideration of approximately £1m, representing approximately 0.54% of the issued share capital of Time Out. For the 18 months ended 30 June 2021, Time Out achieved revenue of £44.9m, a gross profit of £30.2m and a net loss for the period of £70.6m.
- BioPharma Credit (BPCR) has made new investments of up to $112.5m, with $87.5m immediately deployed in two transactions in biopharmaceutical companies Evolus, which has a current market cap of c.$300m, and Global Blood Therapeutics, with a market cap of $1.6bn. Under the terms of the transactions, BPCR will invest up to $62.5m in the first tranche for Evolus and up to an additional $25m by December 31, 2022. The loan will mature in December 2027 and will bear interest at 3-month LIBOR plus 8.50% per annum subject to a 1% floor along with a one-time additional consideration of 2.25% of the total loan amount payable upon funding of the first tranche. Under the original terms of the loan agreement for Global Blood Therapeutics, executed in December 2019, GBT borrowed $150m in two tranches and BPCR previously invested $8.25m. The amendment increases the aggregate principal amount of the loan to $250m through a $100m third tranche, which the parties expect to be drawn in full on or about 24 December 2021.
- Taylor Maritime Investments (TMI) has posted its inaugural interim results for the period from its IPO to 30 September 2021. The trust launched on 27 May on the London Stock Exchange raising $254m, followed by a subsequent capital raise of $75m on 28 July. Since its IPO, it has enjoyed substantial NAV appreciation and delivered 43%, driven by attractive vessel acquisitions that have strongly appreciated in value during the period. TMI announced a first quarterly dividend for September end of 1.75 cents per share and forecasts dividend cover for the full financial period ending 31 March 2022 of 3.9x. It said there is scope to pay an extraordinary dividend if the strong market persists.
- Atlantis Japan Growth (AJG) has published its interim results for the six months to 31 October 2021. During this time, the trust saw an NAV gain of 5.5% in GBP terms, compared to 3% for the TOPIX TR Index in GBP terms. Over the period, the discount widened from 9.2% to 11.7% and the board took the opportunity to buy shares at a discount. Chair, Noel Lamb, said: ‘The Japanese market remains supported by attractive valuations and fundamentals. The new Prime Minister, Mr. Kishida, appears ready to set his government on a more politically assertive approach than his predecessor, favouring more proactive government intervention and regulatory actions. Policy makers are focused on a likely new ‘Kishidanomics’ stimulus package, which should continue the focus on Japan’s DX (digital transformation) Initiative, alongside spending on major domestic infrastructure projects and aid for the renewable energy sector. Meanwhile, corporate change continues to gather pace, which should help drive value creation.’
- The PRS REIT (PRSR) has deployed the capital raised from its £55.6m fundraising announced on 29 September with the acquisition of three of its five targeted sites. The three sites have been secured at a combined gross development cost of around £60.3m and are expected to deliver 383 new homes with an estimated rental value of £3.6m per annum, once built and let. All three sites are already under construction, and the first homes are due to be available for rental from the end of February 2022. The two remaining target sites will be funded from debt facilities, which are to be arranged, and are scheduled for acquisition during the first half of 2022.
We also have full year results from Finsbury Growth and Income and asset sales by Hammerson.