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QuotedData’s morning briefing 7 August 2020

In QuotedData’s morning briefing 7 August 2020:

  • The Renewables Infrastructure Group (TRIG) has announced its interim results for the six months ended 30 June 2020. During the period, TRIG’s NAV per share fell by 1.7%, but the chairman, Helen Mahy, reports that TRIG’s financial performance has remained resilient, sustained by strong operational performance and that the company continues to maintain its dividend guidance of 6.76p per share for the current year.
  • Biopharma Credit has provided details of two portfolio updates:

    • The Company has received a notice of prepayment for its $150 million senior secured loan with Novocure Limited, (NASDAQ: NVCR).  It therefore expects to receive on or before 18 August 2020, approximately $154.8 million, comprised of $150 million in principal, $1.8 million in accrued interest and $3.0 million in prepayment fees.  This investment is expected to generate an IRR of 10.2% as a result of the prepayment.

    • GBT: Global Blood Therapeutics, Inc (NASDAQ: GBT) provided notice to its Lenders of its intention to draw the second tranche of the Term Loan, in the amount of $75.0 million, prior to 31 December 2020. This will increase the Company’s investment in GBT from $41.3 million to $82.5 million.

  • Princess Private Equity has announced details of its Q2 results presentation. The investor conference call will be today at 10:00am BST / 11:00am CET, and the phone lines will open 10 minutes before the start of the call. The results presentation is now available at http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml. Dial in details are as follows:
    • +44 (0)207 107 06 13 (from the UK) 
    • +41 (0)58 310 50 00 (from Continental Europe)
  • Utilico Emerging Markets Trust has announced a change in its AGM arrangements. In light of the covid-19 pandemic, shareholders are being asked not to attend the AGM in person. Instead, voting on the resolutions to be proposed at the AGM will be conducted on a poll, rather than on a show of hands, and all valid proxy votes will count towards the poll votes. Provided the chairman is appointed as proxy by shareholders, the chairman will vote in accordance with shareholder’s wishes to ensure their votes are counted. The results of the voting will be published immediately, following the conclusion of the AGM, through a stock exchange announcement and on the Company’s website.
  • JPMorgan Claverhouse has published its interim results for the six months ended 30 June 2020. To summarise its performance, over the full six months to 30th June 2020 the total return on net assets was -22.3%, which the trust says is an underperformance of -4.8% compared to its benchmark index, the FTSE All-Share Index (total return). The announcement says that all of this decline occurred in the three months to 31st March 2020, resulting in an underperformance of -8.5% compared to the benchmark index in that period. In the three months to 30th June 2020 total return on net assets rebounded to +13.4% and outperformed the benchmark index by 3.2%. The trust has declared its third interim dividend at 6.50p per share. The announcement says that the trust continues to benefit from a relatively high level of revenue reserves, which have been built up over a number of years, and has the ability to utilise these, if necessary, to support the dividend.

We also details of the IPO of Syncona portfolio company, Freeline Therapeutics as well as the proposed merger of Honeycomb and its stablemate, Pollen Street Secured Lending.

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