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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Biopharma Credit Plc | BPCR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.002 | 0.24% | 0.842 | 14:39:47 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.848 | 0.842 | 0.848 | 0.84 |
| Top Posts |
|---|
Posted at 09/2/2024 12:21 by speedsgh Q4 dividend announcement which includes another special div taking FY payment to 10.21 cents...-------------------- Dividend Declaration - 2.96 CENT PER SHARE DISTRIBUTION INCLUDES 1.2 CENT SPECIAL DECLARATION BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to declare an interim dividend in respect of the financial period ending 31 December 2023 of $0.02957930 per ordinary share, payable on 15 March 2024 to ordinary shareholders on the register as at 16 February 2024. The ex-dividend date will be 15 February 2024. The Company has chosen to designate the entire amount of this interim dividend as an interest distribution. Shareholders in receipt of such a dividend will be treated for UK tax purposes as though they have received a payment of interest. This will result in a reduction in the corporation tax payable by the Company. The $0.02957930 dividend comprises an ordinary dividend of $0.0175 and a special dividend of $0.01207930. The Company is currently paying and continues to target a 7 cent annual dividend per ordinary share. This will bring total dividends for 2023 to 10.21 cents including special dividends totalling 3.21 cents. |
Posted at 02/1/2024 18:03 by gsbmba99 According to the 30 November factsheet, BPCR's share of the LumiraDx loan is valued at $126.3m (up slightly from 31 October presumably to reflect additional monies lent) and NAV is $1.01. Per the RNS, "the information as set forth below helped form the basis for the main assumptions reflected in the current valuation of the LumiraDx loan (as set forth in the October and November 2023 monthly updates)." |
Posted at 29/11/2023 08:09 by smidge21 DIVIDEND DECLARATION3.75 CENT PER SHARE DISTRIBUTION INCLUDES 2.0 CENT SPECIAL DECLARATION BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to declare an interim dividend in respect of the financial period ended 30 September 2023 of $0.0375 per ordinary share, payable on 5 January 2024 to ordinary shareholders on the register as at 8 December 2023. The ex-dividend date will be 7 December 2023. The Company has chosen to designate the entire amount of this interim dividend as an interest distribution. Shareholders in receipt of such a dividend will be treated for UK tax purposes as though they have received a payment of interest. This will result in a reduction in the corporation tax payable by the Company. The $0.0375 dividend comprises an ordinary dividend of $0.0175 and a special dividend of $0.0200 The Company is currently paying and continues to target a 7 cent annual dividend per ordinary share. |
Posted at 24/11/2023 12:57 by gsbmba99 Per the most recent fact sheet ( "At 31 October 2023, the Company has revised the valuation of its investment in LumiraDx to reflect revised assumptions based on new information available to the Investment Manager. As per the table, the revised valuation of the LumiraDx investment is $123.4 million as of 31 October 2023 vs $172.9 million as of 30 September 2023. Please note the valuation of the Company’s investment in LumiraDx is subject to further change, depending on any further revised assumptions made by and/or information available to the Investment Manager." |
Posted at 18/8/2023 13:28 by speedsgh Good news for BioPharma Credit as Biogen swoops on Reata - BioPharma Credit (BPCR), the specialist debt fund struggling with concerns over one of its big loans, is in line for a payday after US biotech company Biogen announced the acquisition of portfolio holding Reata Pharmaceuticals, which could net the investment trust returns of more than 70%, analysts estimate. In May, the £851m trust agreed a $137.5m senior secured loan to Reata over up to four payments; $62.5m has already been funded. BPCR will be recompensated for that sum, as well as fees for early prepayment. In an announcement on 31 July, the trust estimated the early repayment fees of 3% would total $15.5m if the transaction closed at the end of September, a sum that is likely to be higher given the trust anticipates completion in the following quarter, when it will have incurred more interest. The shares rose 1% to 0.85 cents on Monday as investors leapt at the first bit of good news since May, when the dollar-denominated trust flagged its second-largest investment, LumiraDx, which accounts for 12.8% of assets, as a problem loan. The shares had fallen 13% since their 0.97-cent peak this year in mid-May to 0.84 cents, representing a 14.6% discount to net asset value (NAV). JP Morgan Cazenove analyst Chris Brown estimated the gross uplift from prepayment fees and make-whole fees would add 0.8% to NAV after performance charges, based on the calculation that BPCR is likely to exceed the 6% hurdle given high interest rates. He added that the 16.9% discount to NAV at the end of last week was larger than the LumiraDx loans, reflecting that investors have priced in the worst, being a LumiraDx default. Floating rate loans, whose coupons have risen with interest rate rises, make up 98% of the portfolio, setting the trust on track for another special dividend, which it has paid out every year since launch in 2017. Maintaining an ‘overweight&rs Numis analyst Ewan Lovett-Turner said the positive news demonstrated BPCR’s approach, where the underlying assets it lends to have value to strategic buyers, and flagged the significant early prepayment fees it earns in the event of an acquisition. |
Posted at 24/5/2023 07:17 by mondex From CityWire:Concerns are rising around BioPharma Credit (BPCR) as the lender to US drugs companies reported ‘problem’ Pharmakon Advisors, which manages the £984m investment trust, made a $300m loan to diagnostics platform LumiraDx in 2021, half of which was funded by BPCR, representing 15% of assets, its fifth biggest of 12 loans. The debt matures in 2024 and is secured against LumiraDx’s assets, including the rights to its testing platform, point-of-care diagnostic systems, and its molecular technology. The size of the loan to the company is now causing nervousness as LumiraDx delivered revenue of just $22.2m in the first three months of the year, a steep fall from the $126m delivered in the same period in 2022, which was the final quarter of Covid-19-related revenues from the Omicron variant. It racked up a loss of $44.1m for the quarter. Shares in Nasdaq-listed LumriaDx have fallen 8% over the past five days, while BPCR’s 8%-yielding shares have shed 4% to stand at a 1% discount below net asset value. Over the past year, stock in LumiraDx shares has plunged 87%. The company plans to go back to the market to raise as much as $100m of additional capital this year, having raised around $840m on the stock market as of 31 March, plus an additional $52m in grants from the Bill & Melinda Gates Foundation. However, a capital raise last year saw the stock shed 20% of its value. Jefferies analyst Matthew Hose said a raise would come with ‘execution risk and would not be enough to cash cover the loan’. He noted the Nasdaq exchange has notified the company that its shares could be subject to delisting because it failed to meet the $1 minimum bid price. ‘Furthermore, even though the loan has a relatively modest fixed interest rate of 8%, we see a refinancing via a third-party lender as doubtful in the context of the current cash burn,’ said Hose, who downgraded BPCR from ‘hold’ to ‘underperform& ‘A more likely option, in our view, would be that Pharmakon and BPCR amends and extends the loan.’ The company is currently in the middle of a restructuring, which accounted for a large drop in operating expenses, although BPCR said additional restructuring announced in April is not factored into the accounts. ‘Additional restructuring activities are expected to reduce the global workforce by 40% with expense reductions of $36m per annum with the full impact from June 2023 onward,’ said the trust. A ‘problem child’ Numis investment trust analyst Ewan Lovett-Turner said it was ‘clearly disappointing to see a large investment…suf However, he said this was not a new problem but a ‘continuation of a trend seen throughout 2022 as Covid-19-related revenues declined for its point-of-care diagnostic systems’. ‘This has been a problem child for BPCR and its adjusted covenants in 2022 to reflect the changing environment,’ he said. However, Lovett-Turner said the trust had ‘never made a loss on a loan’ thanks to the strength of its underwriting, which is based on borrowers having assets to support the loan. ‘This has often led to troubled companies being acquired, which funds the debt repayment,’ he said. ‘Strengthening the cash position and balance sheet would be welcomed and we expect the results of the equity raise to be closely watched, we note the company has previously had some significant backing from investors such as the Bill & Melinda Gates Foundation. It will be also interesting to see whether there is further corporate action on the horizon.’ Stifel analyst Sachin Saggar said a concentrated loan book like BPCR is ‘always going to have moments where investors are unnerved if borrowers fall materially below expectations’. However, he said disappointing fund updates should not be a ‘bolt from the blue’ and should instead be ‘progressively priced into the NAV, as clearly borrower risk has increased since underwriting’. He noted that an investor call with LumiraDx focused on product growth and approvals, even in the Q&A section, with ‘no concern around balance sheet’ from investors. ‘It does not appear to us that despite Covid-19 revenues falling off a cliff the company is running into immediate issues, but also that investors would prefer this loan, which is 15% of NAV, to be repaid sooner rather than later,’ said Saggar. ‘This is likely to take some months and in the interim we expect the discount to widen, given we expect the loan to be marked at par.’ Launched in March 2017, BPCR has generated a five-year total shareholder return of 40% from the quarterly dividends it pays. |
Posted at 19/5/2023 13:27 by kimboy2 Sold this morning. If I want to get back in I am pretty sure I will get back cheaper.The original investment RNS; It is unclear exactly what the investment was for but the covid related stuff seemed to be the main selling point. Lumira results would suggest the profits from that are up the porcelain; I don't think that there is any chance that BPCR's loan will be repaid on time. The broker says; We have confidence in the ability of the manager to get the best result possible for investors Those are somewhat weasel words. Their due diligence is going to be tested and if they come out of this with all their payments in tact then kudos to BPCR. It is going to require some luck with the new developments though, which is not exactly what an investor wants to hear when they have relatively few large investments. |
Posted at 19/5/2023 10:00 by davebowler Liberum-EventBioPhar |
Posted at 02/5/2023 11:50 by gsbmba99 The company started including a chart in their presentations that depicts the gross yield (defined as the weighted average effective coupon across the various investments held by BPCR at the end of each calendar quarter).4Q21 - 9.0% 1Q22 - 9.0% 2Q22 - 8.9% 3Q22 - 9.5% 4Q22 - 10.8% 1Q23 - 11.7% 2Q23 - 12.1% (estimated) Obviously, this interest rate only applies to the loan balance. A significant portion of the fixed rate loans were taken out. Pro forma 1Q23 is stated as 76% floating / 24% fixed. (Page 4 of 27 - |
Posted at 07/11/2022 09:42 by davebowler Liberum-Increased flexibility in discount control mechanismMkt Cap £1,134m | Share price $0.96 | Prem/(disc) -5.3% | Div yield 12.0%EventIn order to reduce the costs to shareholders of the discount control mechanism and increase flexibility for the company, it has changed the discount control mechanism in two regards:If the discount is greater than 5% over a three-month period, the company is required to apply up to 50% of proceeds from debt repayments in purchasing company shares until such time that the two-week discount is less than 5% (previously 1%).If the discount is greater than 10% over a six-month period, the company is required to apply up to 100% of proceeds from debt repayments in purchasing company shares until the such time that the two-week discount is less than 5% (previously 1%). Liberum viewThis is an eminently sensible change to the discount control mechanism given the pressure put on the shares' discount to NAV and it follows best practice used in portfolio rebalancing where the most effective rebalancing rule is to rebalance once a limit is breached, but only to rebalance to the limit that was breached and no further to reduce costs. In this respect, it would have been even better for the company to rebalance only to a 10% discount to NAV instead of 5% in case the second trigger is met. But in the name of balancing investor goals of limiting the discount while reducing the costs of the discount control mechanism (which can be 3% of NAV for a round-trip of purchasing and then re-issuing shares), it makes sense to buy shares in case the second trigger is met until the discount is reduced to 5% on a two-week basis. |
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