BioPharma Credit (BPCR), the specialist life sciences debt investor, has announced that its discount control mechanism has been activated. The company will be required to purchase shares in the market as a result of the shares trading in excess of a 5% discount to NAV over a three-month rolling period, using the methodology described in the company's prospectus.
Jeremy Sillem, chairman of BPCR, said, "As a result of the extremely volatile equity market conditions, the discount at which the company's shares traded narrowly exceeded 5% over a rolling 3 month period using the methodology described in the prospectus."
BPCR: BioPharma Credit's discount control mechanism activated