QuotedData’s morning briefing 2 March 2021

Syncona achilles therapeutics

In QuotedData’s morning briefing 2 March 2021:

  • Syncona (SYNC) notes that Achilles Therapeutics, a clinical-stage biopharmaceutical company developing precision T cell therapies to treat solid tumours, announced it has filed a registration statement in  relation to a proposed IPO. Syncona owns 44% of Achilles which it values at £72.4m.
  • RTW Venture Fund (RTW) participated in a Series C financing round for Tenaya Therapeutics, a US-based privately held biotechnology company with a mission to discover, develop, and deliver curative therapies that address the underlying causes of heart disease. The proceeds from the financing round will be used to advance its lead gene therapy program in hypertrophic cardiomyopathy (HCM) towards first-in-human clinical studies.
  • Just 43,044 shares were submitted to TwentyFour Select Monthly Income’s (SMIF) quarterly tender.
  • Shareholders approved the issue of 54,054,054 new shares in Target Healthcare REIT (THRL).
  • CIP Merchant Capital has been granted a 12-month option to acquire a further 41.6% of 7Star S.r.l, a private Italian company founded in December 2016 which operates a chain of three veterinary hospitals under the brand name Happy Friends. CIP already owns 35.4% of the company. The price is just €5 [note €5 not €5 per share], but €203,818 of shareholder loans will be repaid and €320,474 of loans written off. The Happy Friend’s business lost €1.1m before tax in 2019 on revenue of €0.7m and at end December 2019 had assets of €6.5m. [The option price looks remarkably low, this suggests to us that the business remained heavily loss-making in 2021.]
  • Estate agent Foxtons is buying Douglas & Gordon for £14.25m in cash.
  • Primary Health Properties (PHP) has acquired a modern purpose-built primary care centre in Shankill, Co. Dublin, Ireland for a cost of €3.8m. The property was developed in 2019 and is let to the Health Service Executive (HSE), Ireland’s equivalent to the UK’s NHS, and a local GP practice with a weighted average unexpired lease term of just under 23 years. The HSE income represents 92% of the rent roll being Irish government backed income.
  • Tufton Oceanic Assets (SHIP) plans to issue up to 25,533,763 new shares at 98 cents (a 1.7% premium to NAV). Separately, it says that its containerships ‘Riposte’ and ‘Kale’ have agreed new fixed rate time charters (15-18 months on average) with a major investment grade container line at yields substantially higher than the containership run rate yield of 14.7% reported in Tufton’s latest fact sheet. The company’s forecast run rate yield has improved to 13.5% from 12.7%.

We also have results from Apax Global Alpha, Bluefield Solar, Strategic Equity Capital, RIT Capital Partners

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