SPA Technology: Fiinu (BANK.LN) - Strategic Update

Fiinu announced that it continues to face the challenge of securing the necessary exit funding for its subsidiary Fiinu 2 Ltd. to exit the mobilisation period of its Bank licence and commence operations without restriction. However, Fiinu has completed the development of the technology and infrastructure build for its Plugin Overdraft platform and is in a position to launch the platform into the market.

SPA Technology: Fiinu (BANK.LN) - Operational Update

Fiinu has announced that given the funding commitment remains outstanding for it to remove its restrictions to launch, it has temporarily withdrawn its banking licence for 2- 3 months. During this time, it looks to secure the required funding ahead of recommencing the final stages of the banking licence application process, that being “Friends and Family” testing ahead of initiating full banking activity without restrictions shortly thereafter.

SPA Technology: Fiinu (BANK.LN) - Operational Update

As part of the regulatory requirement for the mobilisation phase of the Bank Licence, Fiinu must be in regular contact with the PRA & FCA reporting on the continuous analysis of the business. As a result of the recent update, we have revised our forecasts to better reflect the current market environment and cost structure through mobilisation.

SP Angel Technology: Fiinu (BANK.LN) - Enabling the Plugin Overdraft®

Fiinu reported H1 2022 financial results. These results are not relevant to current operations as a change of business occurred early in July 2022 following the reverse takeover (RTO) of Fiinu Holdings Ltd.

SP Angel Technology: Fiinu (BANK.LN) - Assembling a First Class Team

Fiinu has been busy after entering mobilisation, enhancing its Executive Team. New appointments have been made for the following roles: CFO (designate), Chief Product Officer, Programme Director for Mobilisation of Fiinu Bank and Head of Technology

SPA Spec Sits: Plugin Overdraft® Platform and Market Size Update

Fiinu has selected Tuum to provide its core banking platform for its Plugin Overdraft® application. Tuum's platform was found to be the most technically advanced amongst the competition. Fiinu is evidently making solid progress on the final development stages of the world’s first, bank agnostic Plugin Overdraft®, following the award of the mobilisation bank licence from the PRA in July. We believe Fiinu’s innovative overdraft product is timely, with increasing consumer demand for short-term cr

Special Sits Research: Plugin Overdraft®: First in the World (BANK LN)

Fiinu's business model is counter-cyclical, highly innovative and is targeting the financial inclusion of millions of people. We forecast that Fiinu will achieve break-even towards the middle of 2024 and generate EBITA of ~£52 million in 2027. Assuming an average PE range of 10-15x, a premium to Fiinu's traditional bank and lending peers and more in line with fintech platforms, the long-term valuation estimate for Fiinu would be £0.5-1bn.

Hybridan Small Cap Feast 21/12/2021

Joiners: All Things Considered joins AQSE Growth Market. M7 Regional E-Warehouse REIT joins the Wholesale Segment of the IPSX. Roquefort Investments joins the Main Market following a Reverse Takeover. Leavers: No leavers today. What’s cooking in the IPO kitchen? Hydrogen Utopia International PLC (HUI), to join Access Segment of the Aquis Stock Exchange. The company aims to become one of the leading new European companies specialising in turning Non-Recyclable Mixed Waste Plastic into carbon-free

Small Cap Feast: 24/05/21

Dish of the day Dianomi (DNM.L), the provider of native digital advertising services to premium clients in the Financial Services and Business sectors, has joined AIM with an issue price 273p. Primary capital to be raised on admission £5m, Secondary Placing £32m and an anticipated Market Cap £82m. In FY 2020, revenue was £28.43m, representing growth of 58.8% compared to FY19. The majority of the Group's revenue is generated in the Americas (FY20: 76.6 %) followed by EMEA (FY20: 17.0%.), and APA

Small Cap Feast: 13/05/21

Pioneer Media Holdings Inc to join the Access Segment AQSE Growth Market. The Company is an investment company focused on the eSports and mobile gaming industries, and all business sectors related thereto. No funds being raised. Due 25 May. Pharma C Investments to list as a SPAC on the Access Segment of the AQSE Growth Market. It is specifically seeking to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis. Due 26 May. No shares being issued on admission.

Small Cap Feast: 15/07/21

Joiners: Orcadian Energy (ORCA.L), the North Sea focused, oil and gas development company, has joined AIM. The Company's key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Raised £33m at 40p. Mkt Cap £25.5m. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? South West Brands the multi-brand cannabidiol consumer goods company intends to float on the Main Market (Standard). Raising funds to contin

Small Cap Feast

Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for

Gaining momentum….. ……across many fronts

Immedia has delivered, in line with our previous forecasts, a significant improvement in its full year results, bringing the Group back into profitability and enhancing its cash balances. FY18 PBT of £106K represents an impressive swing of £800K from last year’s result. This has been driven by a combination of strong turnover growth, gross margin improvement and tight cost control. While much of this benefit came from the Nationwide contract, trading relationships strengthened with other key cli

Northland Capital Partners Limited Morning Report

SAVANNAH RESOURCES (SAV.L) | THOR MINING (THR.L) | IMMEDIA (IME.L)

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

H&T Group (HAT): Core franchise build, short-term retail noise

In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2