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- QuotedData’s morning briefing 13 June 2024 – RTW, FAIR, FSFL, DGI9
In QuotedData’s morning briefing 13 June 2024:
- RTW Biotech Opportunities (RTW) says its largest (13.4% of the portfolio) holding, Avidity Biosciences Inc. has announced positive initial data from its Phase 1/2 trial of AOC 1020, an investigational therapy that targets DUX4, the root cause of facioscapulohumeral muscular dystrophy (FSHD). AOC 1020 demonstrated unprecedented and consistent reductions of greater than 50% in DUX4 regulated genes, trends of functional improvement, and favourable safety and tolerability in people living with FSHD. Avidity plans to accelerate plans to register patients onto its Phase 1/2 trial. FSHD is a rare, hereditary disorder marked by life-long, relentless loss of muscle function, significant pain, fatigue, and progressive disability, for which there are currently no approved therapies. You can read more about it here. [We love the astonishing advances that are being made in treating previously incurable diseases. Quite apart from any monetary benefit to RTW, this is clearly great news for patients.]
- Fair Oaks Income (FAIR) says that the life of its underlying Master Fund has been prolonged by extending the commitment period to 12 June 2025. After that date, any repayments of principal received from the underlying investments will be repaid to investors including the fund.
- Foresight Solar (FSFL) will carry on after investors voted against its discontinuation. However, the vote was 24.4%:75.6%, which is surprising. Also there were sizable votes against the re-election of two directors – Chris Ambler (11.3% against) and Monique O’Keefe (18.3% against). Monique has over 25 years’ experience in finance, law and governance. She is also deputy chair of the board of commissioners at the Jersey Financial Services Commission [see below]. The board said that several initiatives are underway to address the discount, including paying down debt and returning capital via the sector’s largest buyback programme relative to NAV. The chair, Alexander Ohlsson, said: “The board recognises shareholders’ concerns and will continue to engage with all shareholders, particularly those that voted for discontinuation. In the meantime, the directors will deliberate further on what additional strategic actions may best address these views in the near term.”
- At the Digital 9 Infrastructure (DGI9) AGM, shareholders voted against the re-election of Aaron Le Cornu as a director 39.7%:60.3%. Gailina Liew had already jumped before the AGM, stepping down as a director effective 11 June 2024. Eric Sanderson became the sole director of the company but Andrew Zychowski was brought onto the board on 12 June to make that two. However, there is a problem as both the directors are not Jersey residents (it is a local requirement that funds have at least two Jersey directors). So, the company has got permission from the Jersey Financial Services Commission to operate with just one Jersey director, and Aaron Le Cornu has been put back on the board on a temporary basis. [It goes without saying that this is a right mess and shareholders will be annoyed that their wishes are being disregarded, however temporarily.]
We also have the following: