Research Tree | Equity Research for Investors

Level the playing field with real-time Equity Research

Research Tree offers both private and institutional investors access to the latest UK investment research from over 35 Brokers and Research Providers, offering comprehensive coverage of small and mid-cap stocks.

The Equity Research Platform

Equity research, broker reports, target prices, and valuations on UK-listed companies in real-time.

Our platform learns which sectors, industries, and markets you're intersted in to help you discover new stocks.

15 Apr 21

Strong close to FY21E

Volex’s y/e update points to revenue and adj. operating profit of over $440m and $41m, 9% and 5% ahead of our expectation. Results have benefited from 187% revenue growth in EVs and strong consumer electronics demand. Operating margins grew to 9.3% (FY20: 8.1%) and, absent higher margin acquisitions, we now expect gradual progress towards management’s 10% target, as an appropriate balance is struck between revenue growth and profitability. The drive to be the lowest cost producer of quality product, leveraging the Group’s global platform, is a core objective underpinning growth ambitions. Our updated adj. EPS growth - 14% for FY22E and 9% for FY23E - is cautiously framed in the context of the increased investment now being committed to drive revenue growth. The recent DE-KA acquisition is performing strongly and alongside further accretive moves, Volex should continue to deliver.

Companies: Volex plc

13 Apr 21

Glitz, Glamour and Growth

Sosandar is a fast growing fashion e-tailer, and brand awareness is surging. New product development and range expansion has led to positive reviews, celebrity endorsements and exciting 3P marketplace agreements. Crucially, it is now realising economies of scale and, after growth and margin strengthened in Q4, profitability is around the corner. We forecast an inflection to positive EBITDA within 12 months (FY23E £1.2m, 3.5% margin). This should be well received given previous downgrades. Our fair value estimate of 32p could prove conservative, particularly if scale/profitability build quicker than forecast.

Companies: Sosandar Plc

13 Apr 21

Open Orphan* - Potential Demerger of Non-Core Assets

Open Orphan has announced it is at an advanced stage in planning to spin off non-core clinical development assets through an AIM market listing. The Board believes that this collection of assets and portfolio of IP is better developed in the long term by being separated from the core Open Orphan services businesses, allowing more appropriate focus and funding. In our view, the Group's recent commentary has indicated the intention to spin-off a number of assets and this news confirms progress here although we note recent share price performance likely already reflects some of this positive development.

Companies: Open Orphan Plc

15 Apr 21

CAPD Q1 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q1 2021 trading update. Q1 revenue is the strongest since the company's inception and is in line with our estimates, as are the other operational metrics.

Companies: Capital Limited

13 Apr 21

LIBERUM: SigmaRoc* - Critical mass

Clean FY20 EPS beat our expectations by 5%, but the real story of these results is that EBITDA came in ahead of our November 2019 forecast. EBITDA rose 64% through acquisitions, but management has extended its record of improving the returns of acquired businesses. We raise our EBITDA forecasts by c.10% across the forecast period to reflect only the recent Belgian transactions. We raise our target price to 92p per share, set at 10x EV/EBITDA. With these acquisitions now in place, the group has reached critical mass with four platforms and strong enough cash flows to self-fund acquisitions and other opportunities.

Companies: SigmaRoc Plc

13 Apr 21

Q1 production results broadly as expected

CAML’s Q1 2021 production rates of copper, zinc and lead were down slightly versus Q1 2020, but we believe output of all three metals remains on course to meet group guidance for 2021. The latter is in-line with production levels over recent years, which if achieved we believe would result in material earnings (and potentially dividend) growth this year given the rally in base metals prices over recent months relative to 2020 average levels. Our 2021 forecasts would put CAML on an EV/EBITDA multiple of under 5x and a compelling dividend yield of over 6%, the latter conservatively assuming a free cash flow pay-out ratio below that used to set the 2020 dividend. Given our estimates assume zinc and lead prices broadly in-line with current pricing levels and a copper price assumption that is some way below current spot, we believe the risks to our 2021 estimates lie to the upside.

Companies: Central Asia Metals Plc

12 Apr 21

Cenkos: Xpediator Plc -- FY20A Annual Results

Xpediator delivered a solid performance in FY20A, with +3.7% revenue growth and Adj PBT of £7.2m (+41% YoY) in line with our forecasts. After an initial slowdown in activity in the early stages of the pandemic, trading recovered strongly towards the end of FY20A, which has continued into FY21E. With Xpediator confirming it remains in line with expectations for FY21E, we leave these largely unchanged (Adj PBT remains at £7.7m). We release new forecasts for FY22E (Adj PBT £8.5m), which reflects continued growth in the business. With the stock trading on a FY21E EV/EBITDA of c5.8x, we reaffirm our Buy rating.

Companies: Xpediator Plc

13 Apr 21

LIBERUM: Plus500* - Record number of active customers

Following a positive EGM statement on 16 March, today’s 1Q21 trading update highlights a record quarter for the number of active customers with a further 89k new customers at attractive ARPU and AUAC. This has resulted in revenues more than doubling QoQ to $203m, helped by lower customer trading losses, with EBITDA up six-fold to $121.7m. The performance is a testament to the strength of Plus500’s technology and has been achieved as the group continues to manage high platform volumes and further drives towards its goal to be a multi-asset fintech group from solely being focused on CFDs. We increase our FY21 and FY22 EPS by 7% to reflect the strong performance resulting in the shares trading on just 9.8x CY21 PE. We believe that the benefits of the group’s scalable proprietary technology and marketing algorithms are not reflected in the share price. Hence, we reiterate our BUY rating and increase our TP to 2090p from 1945p.

Companies: Plus500 Ltd.

14 Apr 21

LIBERUM: Futura Medical* - Continued momentum, several catalysts ahead

Futura has had a transformative few months with it securing European approval for MED3000, signing an out-licensing deal for Asia and agreeing a final structure for a small confirmatory US study. The shares have responded, up 261% YTD. However, we believe there are further significant catalysts to come including potential EU and RoW licensing deals, regulatory approval in smaller Asian markets and the start of the all-important US confirmatory study in H2. We expect the shares to further re-rate as management crystallises the value of MED3000 over the coming 6-18 months. Reiterate BUY.

Companies: Futura Medical plc

12 Apr 21

Belvoir Group - EPS +23% evidences resilience and potential

Belvoir has reported a very strong set of results, ahead of pre-Covid expectations, driven by a resilient performance in the Property division and strong growth in Financial Services. The relatively low risk and capital light nature of the group’s franchise model and its ability to attract and motivate entrepreneurs in the sector continues to deliver strong returns. Cash flow remained strong, with net debt reducing to £3.7m from £6.9m, post a £2.1m acquisition and £1.9m dividend cost. With Government policies set to keep the housing sector moving until at least September 2021 and Belvoir’s long-term growth potential undiminished in a large, fragmented market, we have upgraded our FY 2021 EPS forecast by 11% and target price from 233p to 285p.

Companies: Belvoir Group PLC

12 Apr 21

LIBERUM: Ilika* - David market cap, Goliath opportunity

In this report we provide an update on the developing customer interest for Ilika solid-state micro-batteries for medical devices and smart machinery sensors and the valuable IP it is building in Goliath cells for future EVs and cordless appliances. We illustrate there are few rivals for its millimetre sized batteries and few with a longer history in larger cells. We ascribe a higher value now to Goliath following recent progress in EV markets and validation for solid-state from leading car makers VW and Toyota and the much higher market capitalisation commanded by QuantumScape. TP now 320p (c£450m market cap).

Companies: Ilika plc

14 Apr 21

Growing H1 pipeline supports our FY estimates

Residential for rent developer and manager Watkin Jones has signalled “maintained momentum” during H1 in today’s trading statement, which showed new forward sales and further additions to the development pipeline, highlighting the continuing demand from institutional investors for build-to-rent (BTR) and purpose-built student accommodation (PBSA) assets. Fresh property management sales were resilient, despite disruption in higher education, while the reconfigured residential unit delivered robust sales revenues. We maintain our estimates for FY 2021E and FY2022E.

Companies: Watkin Jones Plc

14 Apr 21

Small Cap Feast

Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.

Companies: KIBO ROCK VRCI K3C TOU ADT PCA ATYM IOM MJH

12 Apr 21

Cenkos: Concurrent Technologies Plc -- FY20 prelim results update

Concurrent delivered results ahead of our December 2020 upgraded revenue and PBT forecasts, with record revenues in FY20, up 9% to £21.1m (FY19A: £19.4m). As a supplier to some of the world's most prominent defence companies, Concurrent was designated an essential defence supplier and production, design and development operations substantially continuing throughout the period of COVID-19 interruption. With a strong order book, £11.8m cash and no debt, focussed advanced technology R&D increasing and progress with its plans to add new hardware and software product ranges into new markets (AI, software and services), Concurrent is well positioned to accelerate growth as core markets emerge from COVID-19 difficulties.

Companies: Concurrent Technologies Plc

14 Apr 21

LIBERUM: NewRiver* - Breaking the mould

A strategic update from NewRiver shows intent to reshape the business, leaving it well capitalised and fit for the future of physical retail. Management is exploring the divestment of Hawthorn via an IPO, currently c.25% of the group asset base. Successful execution will help reduce LTV to within management’s target range, helping relieve any covenant concerns. Together with further non-core disposals, this will leave NewRiver with capital to transform ‘regen’ assets to create long-term value. Covid has proven NewRiver’s Retail resilience, which comes through again in its operating metrics. The shares now trade on an unadjusted +2yr fwd NAV of 33%, a wider discount than Hammerson, which to us looks wrong given the very different growth outlooks.

Companies: NewRiver REIT plc

16 Apr 21

The shift in consumer behaviour will persist

L’Oréal has released revenue growth of 10.2% lfl. The growth was mainly driven by Mainland China. Sales jumped 37.9% lfl, benefiting from group’s strong online penetration in the country and lower comparisons. But, interestingly, the strong rebound in the Chinese market did not make the L’Oréal luxe shine as much as the market expected. Active cosmetics and Professional products continued to be the firepower. L’Oréal will continue to benefit from its leadership in the dermo-cosmetics market and the outlook remains robust.

Companies: L'Oreal (OR:EPA)L'Oreal SA (OR:PAR)

16 Apr 21

Acquisition of KBC’s mortgage book

The acquisition of KBC’s Irish mortgage book could prove a profitable, albeit temporary, opportunity to invest excess capital. However, we do not see the further strengthening of BOI’s duopolistic position as good news from a fundamental standpoint.

Companies: Bank of Ireland Group Plc

16 Apr 21

Auctus on Friday - 16/04/2021

AUCTUS PUBLICATIONS GeoPark (GPRK US)C: Strong performance at CPO-5 and increasing free cash flow through deleveraging – 1Q21 production was 38,131 boe/d with Llanos-34 WI oil production of ~24.9 mbbl/d as, out of the six new wells drilled during the period, only four were production wells (the other two were water disposal wells). Production growth at Llanos-34 is expected to accelerate in the subsequent quarters as the Company is adding a third drilling rig with more wells coming on stream and a YE21 rate of ~28 mbbl/d. WI production of ~4.0 mbbl/d at CPO-5 was higher than we anticipated (3.2 mbbl/d) as a result of the Indico-2 well continuing to produce ~6.2 mbbl/d and no water. The company has also launched a tender offer for up to US$255 mm of the company’s 6.5% senior notes due in 2024. Reducing the size of this bond or refinancing a portion with a lower cost product (given the currently high oil price and the very strong balance sheet of the business) would boost cashflow. A reduction of gross debt of US$100 mm would for instance reduce annual interest payment by US$6.5 mm. That amount is more than the yearly dividend and could potentially be returned to shareholders instead of being paid to bondholders. Our US$25 per share target price is unchanged. The story continues to be about production growth with a very large exploration upside, particularly at CPO-5 with 120-270 mmbbl WI prospective resources. Valeura Energy (VLU LN/VLE CN) : Transaction update in Turkey - One final key government consent for the sale of the Turkish gas producing asset is outstanding. Valeura and the buyer have agreed to revise the outside date from April 19, 2021 to July 30, 2021 to continue the approval process. It is not particularly surprising that government approvals can be delayed given the current context of COVID-19. Securing an acquisition on attractive terms could act as a catalyst for Valeura share price. IN OTHER NEWS ________________________________________ AMERICAS Canacol Energy (CEN CN): Dry hole in Colombia – Contracted natural gas production was 173 mmcf/d during March 2021. The Milano 1 exploration well did not encounter commercial gas and has been plugged and abandoned. Gran Tierra Energy (GTE LN/AN): Operating update in Colombia – 1Q21 production was 24,463 bbl/d with current production of 28,930 bbl/d. FY21production guidance remains 28,000-30,000 bbl/d. The company held US$20 mm in cash (+US$6 mm versus YE20) at the end of March after having paid down US$10 mm on its credit facility. At the end of March, the credit facility balance was US$190 mm. Touchstone Exploration (TXP LN/CN): Good well test results in Trinidad – The top 199 feet of the 449 feet identified as potential pay in sheet four of the overthrust Herrera formation at the Cascadura Deep-1 well flowed at 4,262 boe/d (comprising 22.9 mmcf/d of natural gas and 449 bbl/d of NGLs) on test. EUROPE ADX Energy (ADX AU): Production update in Austria – Production from the Gaiselberg and Zistersdorf field has been restored to 430 boe/d. Production had been temporarily reduced due to pump failures since December. Aker BP (AKERBP NO): 1Q21 update in Norway – 1Q21 production was 222.2 mboe/d. At the end of 1Q21, net interest-bearing debt amounted to US$3.3 bn. Serica Energy (SQZ LN): 4Q20 results – FY20 net production in the UK was 23.8 mboe/d. The company held 61 mmboe 2P reserves at YE20 (62.3 mmboe at YE19). YE20 cash was £89.3 mm with no debt. The dividend to be paid in July 2021 has been increased to 3.5 p per share (3.0 p per share in July 2020). FORMER SOVIET UNION JKX Oil & Gas (JKX LN): Update in Ukraine and Russia – 1Q21 production was 9,177 boe/d including 5,334 boe/d in Russia and the balance in Ukraine. JKX held US$28.4 mm at the end of March. MIDDLE EAST AND NORTH AFRICA DNO (DNO NO)/Genel Energy (GENL LN)/Gulf Keystone Petroleum (GKP LN)/ShaMaran Petroleum (SNM CN): Update in Kurdistan – DNO has received a net payment of US$54.0 mm from the KRG including US$14.2 mm as payment towards arrears from 2019 to 2020. Genel has received US$27.2 mm including US$5.4 mm for arrears. Gulf Keystone has received US$23 mm including US$5.5 mm for arrears. ShaMaran has received a net payment of US$10.5 mm including US$2.4 for arrears. At the end of March, the outstanding receivable balances for DNO, Gulf Keystone and ShaMaran were respectively US$238.6 mm, US$65.2 mm and US$38.3 mm. Gross production from the Tawke licence was 110,900 bbl/d in January, 112,000 bbl/d in February, 113,100 bbl/d in March and 115,500 bbl/d month-to-date in April. Sunny Hill: Algerian gas asset nationalised – The Ain Tsila field is being seized by Sonatrach. Sunny Hill (Petroceltic) holds 38.25% WI in the asset. Sunny Hill is asking for a US$ 1bn compensation. United Oil & Gas (UOG LN): Production and reserves update in Egypt – 1Q21 WI production was 2,520 boe/d including (2,053 bbl/d oil and 467 boe/d of natural gas). This compared with 1H21 guidance of 2,300-2,500 boe/d. The ASH-3 well, has been producing at an average of over 4,000 boe/d (880 boe/d net) since coming onstream on 5 March. YE20 gross 2P reserves on the on the Abu Sennan concession are estimated at 16.8 mmboe (+24% versus YE19), representing a 200% reserves replacement ratio. SUB-SAHARAN AFRICA FAR (FAR AU): Offer by Remus to acquire the company – Remus intends to make an offer to acquire FAR at A$2.1 cts per share. The offer is only conditional on FAR rejecting the sale of the Senegal assets. ReconAfrica (RECO CN): First exploration well encounters oil shows in Namibia - The sample log of the 6-2 well provided over 200 meters of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock. The company believes that this support the hypothesis of a working hydrocarbon system. Total (FP FP): Final agreements in Uganda signed – Total and the governments of Uganda and Tanzania have signed the final agreements to kick start the development of Uganda resources. First export is expected in 2025. Total (FP FP): Withdrawing application for additional drilling in South Africa – Media reports indicated that Total has decided to postpone its application for additional drilling Brulpadda and Luiperd, in offshore Block 11B/12B. Africa Energy (AFE CN/AEC SS) is Total’s partner on the asset. EVENTS TO WATCH NEXT WEEK ________________________________________ 20/04/2021: Pantheon Resources (PANR LN): Operational update 21/04/2021: Wentworth Resources (WEN LN): 4Q20 results 22/04/2021: Jadestone Energy (JSE LN): 4Q20 results

Companies: ADX AKERBP AKERBP CNE GENL GPRK GPRK GTE JKX SQZ SNM FP TXP VLE

16 Apr 21

Unsurprising start to FY21

The Q1 21 revenues were in line with expectations The customer basis is starting to stabilise with the churn rate decreasing We expect a resumption of growth in H2 21 and, most of all, FY22 We will not change our estimates after this release

Companies: Solocal Group (LOCAL:EPA)Solocal Group (LOCAL:PAR)

16 Apr 21

SP Angel Morning View: Strong US and China data lift metals on rising risk sentiment

Anglo American (AAL LN) - to power Peru copper mine by renewables Galantas Gold (GAL LN) – Underground operations delivering higher grades to plant Tirupati Graphite (TGR LN) – £10m raised to fast track development plan

Companies: GAL AAL TGR

16 Apr 21

SP Angel Oil & Gas Daily Flow: 16/04/21

Market update - 16/04/2021

Companies: President Energy PLC

16 Apr 21

Strong Q1 21 in tough operating environment

FDJ reported strong Q1 trading numbers with stakes/revenue up 12%/5% respectively, driven by broad-based momentum (lottery +3.8% and sports betting +46.1%). The online momentum continued to accelerate as online stakes were up 87.2%, accounting for ~12.4% of total stakes (vs 7.4% in Q1 20). Given a packed sports calendar (Euro 21, Olympics) as well as big product updates on the lottery side, we see an upside to our FY21 top-line numbers following this trading update.

Companies: La Francaise des Jeux SA

16 Apr 21

Long COVID effect requires a focus on corporate health

In absolute terms, Montanaro UK Smaller Companies Trust (MTU) has been generating healthy returns for its shareholders; both the share price and the NAV are close to all-time highs. However, recently MTU has given up some of its earlier outperformance. As vaccines are rolled out, the end of lockdowns is finally in sight and we are all eager to get back to ‘normal’. Last November, the news that a number of vaccines were effective triggered a surge in stock markets and a sharp rotation from high quality and growth stocks into riskier and/or ‘value-style’ stocks. This did not suit MTU’s investment approach. MTU’s manager, Charles Montanaro, is convinced that this is likely to be a short-term setback. He believes that the long-term economic effects of COVID will put a severe strain on companies with unsustainable business models and some may fail. MTU will stick with its quality and growth focus.

Companies: Montanaro UK Small. Comp. Inv. Trust

16 Apr 21

Net zero carbon - Watch VivoPower International’s mission

16 Apr 21

Long COVID effect requires a focus on corporate health

In absolute terms, Montanaro UK Smaller Companies Trust (MTU) has been generating healthy returns for its shareholders; both the share price and the NAV are close to all-time highs. However, recently MTU has given up some of its earlier outperformance. As vaccines are rolled out, the end of lockdowns is finally in sight and we are all eager to get back to ‘normal’. Last November, the news that a number of vaccines were effective triggered a surge in stock markets and a sharp rotation from high quality and growth stocks into riskier and/or value stocks. This did not suit MTU’s style. MTU’s manager, Charles Montanaro, is convinced that this is likely to be a short-term setback. The long-term economic effects of COVID will put a severe strain on companies with unsustainable business models and some may fail. MTU will stick with its quality and growth focus.

Companies: Montanaro UK Small. Comp. Inv. Trust

16 Apr 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from OCDO, MDC, GFTU, YEW, MMAG

Companies: Yew Grove REIT plc

16 Apr 21

Small Cap Feast

Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.

Companies: GAL AXS IDH GWMO AGL YEW INFA HE1 PPC CASP

16 Apr 21

Electra Private Equity - The realisation strategy – step by step

On 15 April, Electra Private Equity (ELTA) announced the disposal of Sentinel – one of the company’s three remaining operating businesses – for £22.2m (58.1p per share), £11.3m higher than the asset’s carrying value on the balance sheet as at 30 September 2021. ELTA has been following a realisation strategy since October 2016, when it had a market cap of c £1.7bn, and has since returned c £2bn to shareholders. Since our 16 December 2020 initiation note, the shares have appreciated from a 22% discount to NAV to currently trading at a 4.1% premium.

Companies: Electra Private Equity

16 Apr 21

WHI First Light: Caspian Sunrise (CASP) - Operational Update

Caspian Sunrise has announced that its board has been informed that the price for oil sold to the domestic market from the BNG contract area in Kazakhstan has been increased to $12.4 per barrel. While still low by international standards, it is nearly double what the company has received for most of the last 12 months.

Companies: Caspian Sunrise PLC

16 Apr 21

Esker - Q1 order intake supports more confident outlook

In Q121 Esker reported record revenue (+10% y-o-y) and 45% growth in bookings. Management has slightly increased its outlook for revenue growth in FY21 and more explicitly guided on profitability. We maintain our conservative forecasts, which are at the lower end of guidance.

Companies: Esker (ALESK:EPA)Esker SA (ALESK:PAR)