QuotedData’s morning briefing 15 May – RTW, GIF, NESF, IHR

In QuotedData’s morning briefing 15 May 2024:

• RTW Biotech Opportunities (RTW) portfolio company, Lycia Therapeutics, announced the completion of a $106.6m Series C financing round. The company, alongside other investment vehicles managed by RTW Investments LP, participated in the financing round with other life science investment firms.
• Gulf Investment Fund (GIF) announced that it has completed the purchase of 1,157,160 tendered shares in accordance with the tender offer launched on 21 March 2024. The issued share capital is now 38,946,044 shares.
• NextEnergy Solar Fund (NESF) announced that its board has approved a dividend target of 8.43p per ordinary share for the financial year ending 31 March 2025. In line with its progressive dividend policy, the board considers that a 1% increase in the dividend target appropriately balances the interests of the company, investors and other stakeholders whilst taking into account the strength of the prior year’s dividend and the company’s attractive c.11% dividend yield.
• Impact Healthcare REIT (IHR) has completed the transfer of three care homes located in Bradford to a new tenant, We Care Group on long-term leases. The homes had been operated by Melrose Holdings following their transfer from the Silverline Group as part of a recovery plan first announced by the Group in June 2023. Since acquiring Silverline’s tenant companies, Melrose has stabilised the operation of the homes. As a result, discussions have taken place with potential long-term, third-party operators and the board has concluded that it is in the best interests of all the company’s stakeholders to facilitate the transfer of the Bradford Portfolio to We Care, providing a long-term future for the homes. We Care is an experienced operator with over 30 homes located throughout the North of England. As an operator, it has significant experience with turnaround homes, including in the Bradford submarket.  We Care has committed to make further investment in the homes and has agreed to the inclusion of a Landlord option to extend the leases to 35 years. The company has granted a rent-free period to We Care and lease incentives of £1.46m of which £0.25m is additional cash to invest directly in the homes. These incentives will enable We Care to complete the refurbishment of the homes and are expected to be fully recovered over the life of the leases. It is anticipated that the Bradford Portfolio will resume paying rent in the first quarter of 2025. The four remaining former Silverline homes, located in Scotland, continue to be operated by Melrose. The investment manager is making progress with its negotiations to transfer these four homes to a new operator on long-term leases.
• Sarasin & Partners has said that it will vote against the continuation of US Solar Fund (USF) and is encouraging other investors to do the same. You can read the rationale for this here.