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Duke has today confirmed its second new royalty partner this month, through a £7.7m agreement with InTec Business Solutions (InTec). The deal, disclosed in April's placing, sees Duke re-establish exposure to the technology sector (following Welltel's earlier exit), maintains portfolio diversification and takes the current royalty portfolio to eleven partners. Should the other disclosed deal from the placing be executed as planned, we would expect to revise FY22E forecasts. The stock currently tr
Companies: Duke Royalty Limited
Duke has provided a positive Q1/21 update, confirming a record quarterly cash revenue, exceeding results seen prior to COVID-19. This evidences Duke's successful navigation of the pandemic and the strength of its portfolio, where NAV has remained above 30p p/s. Q2/22 should see cash revenues materially rise to c£3.2m given recent deployments, boding well for future DPS uplifts. Our forecasts remain unchanged, awaiting further deployments, but we see great upside potential via FV gains, as tradin
Avation is a lessor of 44 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a brief update as of 30 June 2021, which points to an impairment review having been completed in line with its standard accounting policies across its turboprop, narrow-body and wide-body fleet. The net impact is to reduce the book value of the fleet by c.$32m, which follows on from the H1 2021A impairment of $46.7m. Management believes that
Companies: Avation PLC
Companies: Oakley Capital Investments
Companies: Brewin Dolphin Holdings PLC
The quarter enjoyed stronger-than-expected provision releases and a partial reversal of the first quarter negative equity adjustments, whereas the DTA remeasurement offset ongoing restructuring charges.
Companies: Barclays PLC
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Mr Peter Bacchus as Non-Executive Director with immediate effect with James Kelly stepping down to pursue other business interests. We would also like to highlight the favourable development at Thacker Pass Lithium Project, over which Trident holds a Gross Revenue Royalty (GRR), where a federal judge denied a motion from four environmental groups to stop digging at the planned lithium mine.
Companies: Trident Royalties Plc
Vp’s AGM update this morning confirms encouraging recent activity levels across the Group’s core markets, underpinning full year expectations. As we have written previously, we see scope for outperformance over the forecast period in the event of a continuing recovery in demand. In our view, Vp remains the stand out opportunity in its sector in terms of earnings recovery and re-rating potential.
Companies: Vp plc
Personal Group (PGH) has provided a trading update indicating a robust H1/21E result, in-line with our expectations. This comes despite restrictions on face to face sales of Insurance policies being in place for most of the period. Crucially, these sales have resumed from June, have shown promising early results and H2/21E is expected to see further traction towards pre-pandemic levels of sales. Given this, we view the outlook very positively, expecting a strong EPS recovery over the medium term
Companies: Personal Group Holdings Plc
AfriTin* (ATM LN) –Uis mine in Namibia aiming towards doubling monthly concentrate output Alba Mineral Resources (ALBA LN) – Identification of new gold target close to Gwynfynydd Altus Strategies* (ALS LN) – New silver/copper licenses secured in Morocco Cornish Lithium (PRIVATE) – DLE technology provider selected for the Pilot Plant Greatland Gold (GGP LN) – Additional drilling results from Havieron Piedmont Lithium (PLL US) – A presentation delivered to Gaston County officials Serabi Gold
Companies: PLL ATM ALBA ALS GGP SRB
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining. Ariana Resources (AAU LN) – Kiziltepe production guidance maintained Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21 Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Companies: Harworth Group PLC
DSM offers a rare opportunity to gain exposure to a concentrated portfolio of UK micro-cap stocks, an area of the market which is often overlooked. The portfolio has navigated the pandemic well, with most holdings having either returned to or exceeded pre-Covid levels. The companies have also emerged from the crisis in a much stronger position with far more operationally efficient business models. A series of positive trading updates and director buying across 60% of the portfolio since the star
Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
The group made a strong start with net interest margin recovery and loan provision recoveries, thus enabling management to upgrade its guidance for the year. The £1bn tax credit expected in Q3 will be the icing on the cake. In that context, we suspect that the cautious stance on future capital distribution only aims at not upsetting the regulator.
Companies: Lloyds Banking Group plc
