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Strip Tinning Holdings (STG), an established supplier of specialist connectors to the automotive sector, has joined AIM raising £11.5m including £8m of new money at a market cap of £28m.
Clean Power Hydrogen (CPH2) the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser joined AIM raising £30.5m mainly of new money at a market cap of £119.4m.
Zoltav Resources has left AIM.
Companies: SAVE SAR RBBS PREM PNS PYC LEX MCL
VSA Capital (AQSE:VSA) has joined the AQSE Growth Market. VSA Capital is an international investment banking and broking firm, with offices in London and Shanghai, providing corporate finance, advisory and capital markets services to private and public companies.
No leavers today.
What’s cooking in the IPO kitchen?
Petershill Partners, Expected Intention to Float on the London Stock Exchange. Petershill Partners, a leading investment group providing bespoke capital and strat
Companies: UFO CYAN DKL GROW FDBK DATA HDD IQG ITX MCL
Umuthi Healthcare (UHS.L) , the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas has joined the main market (standard). No funds raised. Umuthi onboarded 2,000 clients during the previous financial year which represents a single digit fraction of the immediately available customers to its MedTech platform and have booked revenues as a result of these sales, ensuring tangible proof of concept. The bespoke p
Companies: CCS PYC FRAN MCL ABDP IUG AGL K3C KOO MDZ
Companies: TMT PPS GWMO AQX MCL TPG RBD KOD ALS
We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.
Companies: AVO AGY ARBB CLIG DNL GDR MCL NSF PCA PIN PXC PHP RECI RMII STX SCE TON VTA PIN
Hardman & Co
MCL’s recent results (see our 21 October note, Interim FY’20 results: steady core, deal upside) highlighted the strength of Home Collect (HCC). The division showed operational efficiency improvements, the appropriate use of technology and improving credit. It also generated double-digit underlying profit growth, despite a stable market and without compromising the agent-driven model. In this note, we explore MCL’s strategy to expand from this strong core business. The strategy is driven by exten
Companies: Morses Club Plc
The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather
Companies: AVO AGY ARBB BUR CMH CLIG DNL GDR MCL NSF PCA PIN PHP RECI RMII SCE SIXH SHED VTA PIN
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMII STX SCE TON SHED VTA W7L PIN
MCL’s core HCC division once again delivered a strong performance. Market volumes remain subdued, but 11% underlying profit growth has been delivered, with efficiency gains and good credit (20% reported adjusted growth). The acquired businesses’ performances required incremental investment, and initial lending appears slightly behind track, but these issues are short-term and management has reiterated its stretching guidance for FY’20 and FY’21. We also note the cash collected from CTL loans at
Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
Companies: AJB AGY ARBB CLIG DNL DPP GTLY GDR KOOV MCL MUR NSF PCA PIN PHP RE/ RECI RMII STX SCE SIXH TON SHED VTA W7L PIN
Bracken Trading — The Group undertakes its main trade of lending as well as electricity generation through the operation of two solar farms. Admission on the 09/09/2019
WORLD HIGH LIFE—The Investment Vehicle is to identify investment opportunities and acquisitions in legal Medicinal Cannabis, Hemp and CBD wellness sectors. The Company has raised £2,398,309 through three issues of Ordinary Shares to private subscribers.
Companies: LSAI MCL CWR ALU KIBO IHC BOO EVG ZAM ALS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Morses Club Plc.
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The group posted a strong set of results showing faster and stronger-than-expected net interest margin expansion and no signs of a deterioration and above all anxiety on the asset quality front. It remains to be seen if the UK government will allow banks to hold on to the benefit of interest rate increases and if the UK economy proves as resilient as expected.
Companies: Lloyds Banking Group plc
Legal & General disclosed strong HY 22 results, albeit in line with the consensus’ expectations. With most of the metrics improving on a yoy and sequential basis, we believe that the strong solvency position, in an environment with (sustainable?) higher yields, should trigger capital distributions to shareholders at the year-end.
Companies: Legal & General Group Plc
Aviva unveiled a fair operating result. While, in line with the insurance industry, Aviva saw a strongly negative impact from financial assets revaluation, the solvency position improved materially, yielding additional capital distributions. Once distributions cease, we believe that Aviva could be a takeover target.
Companies: Aviva plc
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Companies: H&T Group plc
Cenkos:Duke Royalty Ltd -Record revenues keep on rolling
Companies: Duke Royalty Limited
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports
Companies: UJO FAB HAT HZM SYM TRAC
Companies: Plus500 Ltd.
Companies: Civitas Social Housing Plc (CSH:LON)Real Estate Credit Investments Limited (RECI:LON)
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count
Companies: TRB NSCI NBB SMRT SPSY TMT SPE EDL EDL
Great results posted by M&G, which recorded very resilient AUMs. The firm managed to outperform the consensus despite the tough environment. While the management avoided any capital plans comments, the resilient solvency position leaves great prospects while the current share buyback is still far from being completed.
Companies: M&G Plc
Tatton Asset Management has announced the completion of a 50% stake in 8AM, following regulatory approval. We update our model on the back of this, reflecting the positive financial impact of the investment. We see 2-4% EBITDA upgrades over the forecast period and 1-3% EPS upgrades, as the operating profit contribution more than offsets the higher sharecount as part of the share consideration. 8AM will provide TAM’s clients with access to an extended range of risk profiled investments, underpinn
Companies: Tatton Asset Management Plc
Singer Capital Markets
Companies: Belvoir Group PLC (BLV:LON)SDI Group plc (SDI:LON)
ADF released a trading update following their first half ending on 30 June and ahead of interim results in mid-September. No new financials have been released, but management have guided that the first half continued to see strong demand and that they are trading in-line with our expectations for revenue and adj EBITDA. Valuations remain attractive with an FY23E P/E ratio of 10.8x and a normalised FCF yield of c15%.
Companies: Facilities by ADF PLC