Morning briefing: CT Healthcare says second quarterly tender offer was undersubscribed; Seraphim flags LandSpace’s reusable rocket success

CT Healthcare (CTHT), the former Bellevue Healthcare trust, saw reduced uptake for its second quarterly 15% tender offer since Columbia Threadneedle’s Kosta Kleyman began running the portfolio on 5 March. The £62.5m company, the smallest in its sector, said 8.4% of its shares were put up for sale last month and will be bought back at 137.2829p. This eases the selling pressure on the fund after its first tender offer in May when 17.6% of shares were tendered, although just 15% repurchased. The shares have risen from 130p on 5 March and have rallied 21.4% in the past year, though that is below the 33.6% average of its Healthcare & Biotechnology sector.

James Carthew, head of investment company research at QuotedData, said: “A better run of performance from CT Healthcare, which has outperformed Worldwide Healthcare (WWH) over the past 12 months, yet still lags Polar Capital Global Healthcare (PCGH), might be behind its undersubscribed quarterly tender offer. The discount has narrowed substantially, but this is a trust that badly needs to expand to justify its existence.”

Seraphim Space (SSIT) has issued its August newsletter.

James Carthew commented: “As usual, there is plenty of encouraging news in this month’s roundup. The statement confirms an intention to proceed with a partial conversion of C shares after the end of this quarter and the likely uplift in the ordinary share NAV as ICEYE raises money at a €10bn+ valuation. For me, though, what stood out was China’s LandSpace (which plans to IPO shortly) successfully demonstrating its reusable rocket technology. If it, and others, can become viable competitors to SpaceX, this should contribute towards lower launch costs for the SpaceTech industry, boosting its growth.”