In QuotedData’s morning briefing 18 June 2024:

• abrdn Diversified Income & Growth (ADIG) has announced details of its planned return of £115m of capital (38p per share) via a B share scheme. The distribution needs to be approved at a meeting that will be held on 3 July 2024. The money should be with shareholders on 10 July or thereabouts.
• Syncona (SYNC) is knocking two of its gene therapy investments – Swan Bio Therapeutics and Freeline Therapeutics – together to create Spur Therapeutics. Syncona will own 99% of the combined company, and its stake has an initial valuation of £104.7m. It will also put another £40m of capital behind it to support clinical trials. Spur’s lead gene therapy candidate is Freeline’s FLT201 for the treatment of Gaucher disease Type 1. It will also be working on: Swan’s SBT101, which is in a Phase I/II clinical trial for the treatment of adrenomyeloneuropathy (AMN), a central nervous system (CNS) disorder for which there is currently no approved treatment; and a pre-clinical Parkinson’s disease research programme, where a development candidate is expected to be selected soon.
• Residential Secure Income (RESI) has posted a 5.7% fall in EPRA net tangible assets to 77.2p per share in half year results to 31 March 2024. This was driven by a 2.1% like-for-like fall in the value of its portfolio of retirement living and affordable housing to £317m. On the operational side, the company reported an 8.5% growth in EPRA adjusted earnings, primarily through inflation linked rental income, delivering 117% dividend coverage. Dividends declared in the period were 2.06p (reduced from 2.58p in the same period last year). The company has a high LTV of 53%, which is expected to reduce to 50% following completion of the the sale of a local authority portfolio later this year.

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