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03 Feb 2021

Lowland Investment Company

Company Notes

Gearing up for a UK recovery

Lowland Investment Company aims to grow both capital and income by investing in a multi-cap, diversified portfolio of listed companies, predominantly based in the UK. The managers’ “contrarian” investment philosophy has a value and income bias, and the portfolio also contains an allocation to small cap growth names. The fund is managed by James Henderson and Laura Foll of Janus Henderson Investors. James has been responsible for the fund since 1990, while Laura was appointed co-manager in 2016. The fund has underperformed over the last five years, with a NAV total return of +20% compared with +37% for the FTSE All-Share benchmark, and +41% for its UK Equity Income peer group.

In addition, an earn-out clause has been agreed that would see an additional payment of up to £5m dependent on certain value thresholds on a future exit of the investment in Immunocore. After its IPO, Rosetta will be bound under the 6-month lock-up agreement as previously agreed by the fund. There is also a potential adjustment to the acquisition price in the event of significant changes in the value of the two listed companies in the basket.

The transaction is expected to close in late February or March, while the valuation will be reflected in the NAV as at 31 December 2020, which should be announced in April. A significant proportion of the proceeds will be used to pay down the outstanding debt under the credit facility, whereby the current term loan will convert to a revolving credit facility. The intention is to use the additional liquidity to support some portfolio companies with follow-on capital and make new investments.