In QuotedData’s morning briefing 9 May 2025:

• Syncona Limited has provided an update on portfolio company Autolus Therapeutics (Nasdaq: AUTL), following the biotech’s release of Autolus’s results and operational highlights for the first quarter of 2025. Autolus reported US$9.0m in net product revenue for AUCATZYL®, its lead commercial therapy for adult patients with relapsed or refractory B-cell precursor acute lymphoblastic leukaemia (r/r B-ALL). The product secured conditional marketing authorisation from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) during the quarter – a key regulatory milestone. Elsewhere, Autolus continues to progress its broader pipeline. Preliminary data from the Phase 1 CARLYSLE trial in systemic lupus erythematosus (SLE) have shown early promise. The company is planning to launch a pivotal Phase 2 trial in lupus nephritis, alongside a Phase 1 trial in progressive forms of multiple sclerosis, both expected to commence before the end of 2025.
• On 8 May 2025, Dr Alasdair Nairn, executive director of Global Opportunities Trust (GOT), acquired 25,000 shares in GOT at a price of 288p per share for a total consideration of £72,000.
• HydrogenOne Capital Growth (HGEN), the London-listed fund focused on clean hydrogen investments, has announced that it will publish its first quarter 2025 net asset value (NAV) and portfolio update on Wednesday, 14 May 2025 and that, following the release, Richard Hulf and Dr JJ Traynor, managing partners of HGEN’s investment adviser, will host a live investor presentation via the Investor Meet Company platform at 11am BST on the same day. The session is open to both existing and potential shareholders, with the opportunity to submit questions in advance or during the event. Investors can register for free by clicking here and anyone already following HydrogenOne on that platform will be automatically invited.
• Aquila European Renewables (AERI) has reported a modest NAV total return of 0.1% for the quarter ended 31 March 2025. The unaudited NAV stood at €317.4m, or 83.95 €cents per share, on a cum-income basis. The small uplift over the quarter comes despite a further 20bps increase in the portfolio discount rate to 7.5%, driven by rising risk-free rates, which negatively impacted the NAV by around 2.0 €cents per share. European power prices remained broadly stable, and no other material portfolio movements were reported. The trust continues to implement its managed wind-down strategy. On 1 May 2025, AERI announced the sale of its 18% stake in Sagres, a Portuguese hydropower asset, to co-shareholders managed by Aquila Capital. The transaction was completed at a valuation in line with the 31 December 2024 NAV. The board has indicated it is targeting two portfolio disposals to complete the wind-down. The majority of assets are covered by a non-binding heads of terms agreement with a preferred bidder, and due diligence is ongoing under an exclusivity arrangement. A further, “geographically focussed sale process” is also underway and an update is expected by the end of June. While renewable energy market conditions remain volatile, the board remains focused on achieving exits as close to NAV as possible, aiming to return capital to shareholders at a premium to the current share price.
• Rights and Issues Investment Trust has announced that a special resolution to renew its authority to buy back shares was defeated at its General Meeting held on 8 May 2025. While 73.84% of votes cast were in favour, the resolution failed to meet the required threshold due to opposition from a significant shareholder. The board expressed disappointment at the outcome, reiterating its view that a share buyback facility is a key tool in managing the trust’s discount to NAV. It noted that it is now considering all available options in light of the result. [QD comment MR: It seems very likely that the undisclosed blocking shareholder is the trust’s former manager Simon Knott and persons associated with him (Simon Knott is reported to own around 16% of the trust, while Josephine Knott – Simon’s mother – is reported to own around10%, which combined is around 26% and enough to block any special resolutions that require 75% to pass). It is widely believed that the same undisclosed shareholders were also responsible for blocking the share split – which seemed like a sensible proposal that should have improved liquidity at the margin – and forced the repurchase program to be suspended in March. It is also a very unusual situation if indeed the Knotts are blocking the proposals as Simon Knott is a non-executive director of the trust and so appears to be at odds with the rest of the board. While trusts can be adversely affected by buybacks, as liquidity reduces and this can compound the discount problem, ignoring a discount can leave a trust vulnerable to attacks by activists. However, there are limit to what an activist can do in a situation where they can’t win a special resolution, such as a liquidation vote.]

We also have:

Baker Steel supports strategic investment in Futura Resources

Chelverton UK Dividend Trust repays ZDPs and outlines new dividend policy

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