QuotedData’s morning briefing 16 September 2022

In the QuotedData morning report for September 16, 2022:

• RTW Venture (RTW) assets of a fund such as an investment company, investment trust or OEIC.

  ” class=”glossary_term”>briefcase company, Third Harmonic Bio Inc., has completed its investment company, are the point at which new funds are launched, floated and traded on the Main Market.

  For the latest news and research on IPOs.

  ” class=”glossary_term”>initial public offering (Initial Public Offering

  ” class=”glossary_term”>initial public offering) and has quoted companies but not all UK quoted companies are listed.

  ” class=”glossary_term”>list on Nasdaq (ticker: THRD). The increased issue raised US$185.3 million by offering around 10.7 million shares at US$17 per share. Third Harmonic Bio is a clinical-stage biotechnology company developing a first-in-class, selective, oral KIT inhibitor for the treatment of severe allergies and inflammation. Its main active, THB001, is in the Phase 1 clinical trial for the initial indication of chronic urticaria, a dermatological disease driven by mast cell activation that produces red, painful, itchy welts or welts that develop in response to a specific stimulus (inducible urticaria). ) or without known cause (spontaneous or idiopathic urticaria). Beyond chronic urticaria, Third Harmonic Bio plans to continue development of THB001 in additional diseases of the skin, respiratory tract and gastrointestinal tract where mast cells play a known role in the pathophysiology of the condition. On the first day of trading, Third Harmonic Bio’s share price rose 15.8% to close at $19.68 per share. Prior to the initial public offering, RTW, along with other funds managed by RTW Investments, Limited Partnership

  ” class=”glossary_term”>LPparticipated in Third Harmonic Bio’s $105 million Series B financing round in December 2021.

• asian schroder net asset value including dividends or income.

  When dividends are not included in the performance calculation, it is known as Capital Return

  ” class=”glossary_term”>trotal return (ATR) has released its interim results for the six-month period ended June 30, 2022. During the period, it provided net asset value

  ” class=”glossary_term”>NAV and total share price returns of -16.4% and -18.7% respectively, both of which significantly underperformed the trust indices (e.g. the FTSE 100 index), a level of return (e.g. the Bank of England base rate) or the performance of other competing companies.

  Investment Managers often use the Benchmark as a reference point for the amount that they hold in stock in their portfolio and as a risk control.  if the portfolio held the same proportions of stocks as the index, its performance would track that of the index. If the investment manager chooses to own more or less of the stock than the index he / she is taking an active position.

  ” class=”glossary_term”>reference point (the MSCI AC Asia Pacific ex-Japan Investment Managers as Benchmarks and by  investors to compare performance.

  ” class=”glossary_term”>Index) which obtained a return of -5.9%, as well as the total return of the average net asset value of its benchmark that they may or may not share.

  ” class=”glossary_term”>peer group, which was -8.5%. ATR President Sarah MacAulay says that, following the unexpected Russian invasion of Ukraine, the deteriorating outlook for the world economy significantly affected Asian stock markets and ATR’s relatively large holdings in world leaders in the sectors of technology and semiconductors were particularly affected.

• Ecofin US Renewables Infrastructure (RNEW) has announced its interim results for the six months ended June 30, 2022. Over the period, RNEW delivered a total NAV and share price return of 1.2% and 67. 4%, respectively. After the end of the period, RNEW announced that portfolio managers Jerry Polacek, Matthew Ordway and Prashanth Prakash had resigned from Ecofin to start a new company. the Read our guide to Boards and Directors

  ” class=”glossary_term”>Council says that he was very disappointed by these resignations and that, in an ideal world, he would have had more notice and, working together with Ecofin, would have been able to make a smooth transition to a new team, but this was not possible mainly because the notice periods in the US they are usually much shorter than in the UK. Since the announcement, the Board’s priorities have been to ensure that Ecofin concentrates on:

  • management of the existing asset portfolio, whose continued performance allowed the Company to declare a investment companies try to pay dividends from income but they are now allowed to pay dividends from capital.

    ” class=”glossary_term”>dividend for the second quarter of 1.4 cents per share in July 28, 2022, consistent with the dividend yield target for the year ending December 31, 2022 of 5.25 cents – 5.75 cents as established in the November 2020 IPO Initial Public Offering (IPO).

    The prospectus is the first offering document provided by a company and includes most of the details of the business and legal structures. An investment Company Prospectus contains details on its objective, investment strategy, risks, performance, distribution policy, fees and expenses and fund management.

    ” class=”glossary_term”>user information; Y

  • Recruitment of a new leadership team. The Board has stressed to Ecofin’s senior management that this must happen without delay and has assured that it is an absolute priority. The Board has been receiving regular updates from Ecofin.

The RNEW board believes that focusing on these priorities is the best way to protect the value for the trust. investment company intends to achieve its investment objective (e.g. by investing in UK equities).

” class=”glossary_term”>investment strategythe board is open to exploring all options for the future of RNEW in line with good governance. It should be noted that Ecofin has confirmed to the Board that the ongoing management of the existing portfolio is not affected by the resignations, and the Board will continue to work with Ecofin to ensure this remains the case in the future.

• Dunedin Enterprise (DNE) has released its interim results for the half year ended June 30, 2022. Over the period, it delivered a total NAV and share price return of 4.0% and 9.4%, respectively. . The completion of Incremental was completed in March 2022, generating proceeds of £7.9m, with further proceeds expected to be received from the sale as a result of a gain disposal (the investment was valued at £5.6m as at 31 March). December 2021). DNE’s remaining stake in CitySprint was completed in January 2022 with proceeds received of £1.5m. following the middle financial year 

  ” class=”glossary_term”>end of the year, it was announced that Dunedin Buyout Fund II LP has entered into a legally binding agreement to make the investment in RED. The transaction is subject to financing and regulatory approvals and is expected to close in the second half of 2022. The investment in RED was valued at £23.7 million at the unaudited preliminary Net Asset Value as of June 30, 2022 published on August 1, 2022. The sale is expected to amount to £23.7 million. There is also potential future income from an earnings deal contingent on RED meeting earnings targets in the year to March 31, 2023. No valuation has been placed on earnings as of June 30, 2022. Valuation Increases unrealized losses totaling £7.7 million were offset by write-downs of £6.1 million. Valuation improvement was generated primarily from RED and Incremental. As of June 30, 2022, DNE had cash and near cash equivalents totaling £30.0 million of the total assets less any money owed

  See NAV

  ” class=”glossary_term”>net assets of £74.6m and, following the completion of RED, cash reserves are expected to rise to £53.7m. There are outstanding commitments General Partner plus a number of Limited Partners. The Limited Partners are like shareholders in a limited company – they are only liable for the debts of the partnership to the extent of their investment.

  ” class=”glossary_term”>limited liability company funds of £9.7 million as at 30 June 2022, consisting of £9.0 million for funds managed by Dunedin and £0.7 million for Realza. The Board reiterates that it is committed to returning proceeds from the sale of assets to shareholders and to do so in an efficient manner. As the portfolio realization process continues, the Board will look for opportunities to combine proceeds from more than one sale prior to bidding to achieve savings in the process. Once funding and regulatory approvals are received for the completion of RED, the Board intends to announce a distribution to shareholders.

• Baker Steel Resources (BSRT) has released its interim results for the half year ended June 30, 2022. Over the period, BSRT’s NAV per share fell 18.3% to 80.4 pence per share, and the price of its shares fell 12.67% to 65.5 pence per share. BSRT Chairman Howard Myles says the first half of the year was difficult for precious metals mining stocks, which were weaker in line with a drop in gold and silver prices, as well as very bearish sentiment. in general markets. BSRT says it was a frustrating period for the trust’s biggest investment, Futura Resources. With all planning and environmental permits in place, plus the final operating license pending completion of financing, Futura has been seeking financing to start production from its Wilton and Fairhill mines in Queensland. At current coking coal prices, the approximately A$50 million capital needed to bring both mines into production could be recovered in less than a year, but coal financing from traditional providers, such as banks or institutional investors, It has become increasingly difficult growing. shares issued by the company

  ” class=”glossary_term”>Social capital of at least 38 million shares. Assuming that this minimum size condition is met, the offered shares will be cancelled. GIF’s investment adviser has indicated its intention to remain invested and will not participate in the public offering.

We also have the purchase of two new assets by Octopus Renewables Infrastructure.

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