The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
RUA Life Sciences has provided an update on the progress of its vascular graft and vascular patch products, under development within RUA Vascular. Initial observations of the graft performance are encouraging and despite some external COVID-19 related delays, the grafts remain on track for US 510k regulatory filing in Q2/21E. This timing remains in-line with our expectation of US clearance during H2/21E. Development work on the patches has identified additional commercial opportunities for these devices, and therefore the company has elected to submit a separate 510k application for these products, expected by year-end. This broader submission should expand the end market potential beyond the original indications. We maintain our Buy recommendation on the stock.
Companies: RUA Life Sciences Plc
On 30th December 2020, RUA reported that shareholders had approved resolutions regarding the placing along with a strongly oversubscribed Open Offer. RUA now start 2021 with the resources and mandate to accelerate the development of its products, where we anticipate reports of progress during the year. We have slightly increased our R&D and CapEx spend for FY 2022 to reflect this investment and the cash utilization. RUA’s issued share capital now comprises 22,184,797 shares and the increases in FY 2022 investment in its products, modestly change our valuation by about £2.0m to £113.2m for the Company, equating to 510p per share.
We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in March in overall terms it still fell by 14.3% in 2020. This is its worst performance since the 31% decline in 2008. In contrast, US markets ended the year with key indices reaching record highs. Investors’ focus will continue to be dominated by the pandemic and widespread lockdowns. There would clearly be an adverse economic impact if, as likely, restrictions are tightened further. UK GDP in Q3 2020 rose 16% representing a record recovery from a record contraction in Q2. The estimate for GDP in November 2020 is due on 12 January 2021 and then the first estimate for December and Q4 2020 is due on 12 February 2021. These are likely to make sober reading, highlighting the impact of lockdowns on the economy. That said, the forward-looking nature of equity markets, as well as the customary new year optimism, which may be even more pronounced this year – mean the near-term obstacles may well be overlooked with the scope for a vaccine-led recovery later in the year ahead.
Companies: AMYT ARBB BPC BVC BEG BWNG CGI CLG CML EYE ECHO EPWN ESC FA/ GDWN GSF GNC HUW INSE KAPE KP2 NRR NBI NUC OTMP PPC QFI RQIH RUA SAVE SEN SNX TOU TXP TGL UPGS
Please note that our note on 14th December regarding RUA’s conditional Placing and Open Offer used an incorrect share count, now amended in this version. Our valuation of the company, assuming a full raise of £7m, is unchanged from the earlier note at £115.2m but the fair value per share is adjusted to reflect new share issuance. Upon completion of the issues, RUA will have the resources to accelerate the development of its products, on which much of our valuation has been based.
RUA have announced a Placing and Open Offer conditional on shareholder approval at a General Meeting (GM) – our financials assume the full amount of £7m, less costs, is raised. Since acquiring RUA Medical, RUA Life Sciences has become a fully integrated medical device designer and manufacturer. When the fundraising completes, RUA will have the resources to accelerate the development of its products on which much of our valuation has been based.
We note the announcement released by RUA Life Sciences at 2:56pm on Friday 11th December 2020 regarding a conditional placing to raise c.£6m and an open offer to raise an additional c.£1m at 120p per share. As a result, we withdraw our forecasts ahead of the general meeting for shareholders to approve the transactions scheduled for 30th December 2020 and the planned admission of the new shares the following day
RUA Life Sciences, through its operating companies, is the rights holder to the novel bio-compatible polymer, Elast-Eon, provides third-party medical device development and manufacturing services and is internally developing Elast-Eon based medical devices to treat cardiovascular conditions. Financially, the company combines established recurring revenue streams with significant upside potential from its pipeline products. We believe the structure and financial opportunities RUA is targeting makes it an attractive investment opportunity and initiate coverage with a Buy recommendation.
RUA have announced an earlier than expected update on the testing of its Elast-Eon-coated tri-leaflet artificial heart valve from its pilot pulsatile flow program. This testing is meant to simulate not just the flow of blood through the valve, but the viscous patterns that occur during the opening and closing of the valve, in the simulation of typical natural conditions. Not only have the minimum ISO Standard performance requirements been easily surpassed, but there were indications of reproducibility and ease of manufacture.
RUA Life Sciences announced its trading update for the six months to 30 September 2020. The global pandemic and the reduction in the number of elective surgeries had a (previously announced) impact on RUA Medical Device’s revenues. There was also a slight reduction in RUA Biomaterial’s licensing income, but in both divisions there has been a recent recovery and catch-up. Our valuation remains unchanged as our model had included these delays, and those divisions comprise minor components of our total valuation.
RUA have provided a recent flurry of positive news, including an update on RUA Vascular division’s products and the recovery in elective surgical procedures in the US and Europe. The recovery in surgeries is positive for the revenues of RUA Medical Devices division and provides investors with much more reassurance than the second-quarter financial results from the biggest medical device companies. With the tangible progress in RUA’s surgical grafts and patches, we are getting closer to increasing our valuation.
Following the acquisition of RUA Medical Devices Limited by AorTech International plc, the combination has released their first set of final results under the company’s new banner of ‘RUA Life Sciences plc’. The name change has not been the only transformation as RUA is now a fully integrated medical device company with FY 2020 revenues of £489k, a cash balance as at 7 July 2020 of £1.5m, plus much more to come in product development news in FY 2021.
Since AorTech’s May trading update the company has continued its run of positive news announcements with a Government grant under the Pivotal Enterprise Resilience Fund (PERF), the issue of a new patent, and most recently, the impending resumption of orders from RUA Medical’s largest customer. We have included the grant income in our financials and had previously reduced our forecasts of FY 2020 revenues, so our valuation remains unchanged.
Research Tree provides access to ongoing research coverage, media content and regulatory news on RUA Life Sciences Plc. We currently have 60 research reports from 8 professional analysts.
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
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
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. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). 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 Due early May, 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. 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 MTW GWI MTR DUKE ITM GDR MSMN CMCL PTRO
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
Futura Medical reported FY20 results in line with expectations, with net loss reduced from £8.9m to £2.4m. Net cash of £1.0m, coupled with £2.0m received in connection with the China and Far East MED3000 collaboration agreement and a £0.5m R&D tax credit, provides a cash runway that extends to Q122. The major events centre on MED3000’s progress along the respective regulatory paths in Europe and the US, with CE Marking expected by end-May. The FDA’s requirement is confirmed as a small study, FM71, involving 100 patients over six months. FY21 should see several commercialisation agreements established, notably in Latin America, Middle East, and Europe. Updating our model generates a valuation of £190.3m, equivalent to 76.6p (74.4p fully diluted) vs £181.5m and 73.1p (71.3p fully diluted) previously.
Destiny reported a statutory pre-tax loss of £6.5m (adjusted loss of £6.3m vs our £6.9m estimate) driven by a 13% increase in operating costs to £6.4m. Period-end cash of £9.7m (vs. £7.5m at 31 December 2019) provides a runway into Q4 2022. Following outstanding Phase 2b data for XF-73 nasal, released in late March, and the acquisition last year of the global rights to NTCD-M3, the company has two Phase 3-ready assets, both of which are planned to commence registration studies in 2022. We reiterate our rNPV SOTP target price of 370p, which implies an EV of c.£200m, recognising also the upside potential given the substantially higher valuations for companies focused on CDI recurrence (e.g. Seres Therapeutics and Finch Therapeutics, which are valued at c.£1.4bn and c.£0.6bn respectively but arguably with less compelling profiles than NTCD-M3).
Companies: Destiny Pharma Plc
Destiny has transformed its position from a year ago, both in fundamental terms and in share price strength. A year ago, Destiny was navigating the conduct of its Phase 2b clinical trial through the challenges of the pandemic. A year on, positive results from that study, the acquisition of another Phase 3-ready program, plus a successful fundraising have all transformed Destiny’s investment proposition. Their FY 2020 financials also emphasize what has not changed about Destiny − its prudent financial management.
OptiBiotix operates in the human microbiome market and we see the company at an interesting strategic inflection point, with developing revenues generated from its lead products and showing commercial traction with the next generation of products. We expect the company to generate value from both sets of products and see additional upside from its holding in SkinBioTherapeutics. With increasing interest being shown in targeting the human microbiome to improve health, OptiBiotix is well positioned in the market and initiate coverage with a Buy recommendation.
Companies: OptiBiotix Health PLC
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). Target Admission Date of 26 April 2021 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$27.51mm) 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 2021. 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.” MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. 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, in each case 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 2021. 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. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Companies: ADME ELIX DEV PPC TXP THR ATM FFWD C4XD IOG
Tiziana (LON:TILS, NASDAQ:TLSA) is advancing its lead immunotherapy Foralumab, a fully-human anti-CD3 monoclonal antibody (mAb) being developed for oral and nasal routes of administration, providing novel approaches in treating severe inflammatory and autoimmune disease. Top-line data from a recent
Companies: Tiziana Life Sciences PLC
Exceptional trading conditions through the Chinese Lunar New Year in February have prompted a further positive trading update from ECO, indicating revenue and EBITDA for FY21 will be significantly ahead of estimates that have already been upgraded several times. Conditions have also remained buoyant in markets such as the US and Brazil, with other territories remaining in line. As a result, we upgrade our FY21 revenue forecasts by a further 11% to £101.7m which translates to an adj EBITDA upgrade of 32% to £19.2m. We are also increasingly confident that the shift in China is structural rather than purely a recovery postASF. As such, we now factor in 3% group revenue growth in FY22 (from flat) and mid-single digit growth in FY23, supported by the familiar pattern of new geographic registrations and additional indications for lead product Aivlosin.
Companies: ECO Animal Health Group plc
PureTech reported full year 2020 results, marking an excellent year of progress that saw the company strengthen its balance sheet and internal pipeline. The company is well financed to progress its pipeline and we look forward to important data for LYT-100 (in lymphoedema) and LYT-200 (in solid tumours) over the next 12 months. Our TP stands at £5.50, offering 30% upside, with important H2 catalysts that could further add to this value.
Companies: PureTech Health PLC
In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic biopharmaceutical drugs, which saw sales rise 5.6% to $245bn, representing 26% of the market, driven by antibody-derived drugs.
Companies: AVO ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI STX SCE TRX VTA YEW
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have been commensurately positive. In addition to the results news flow, we have continued to see examples of M&A activity across a range of sectors. We have also seen a pick-up in IPO activity. Regarding the outlook, we have the Bank of England MPC Minutes on Thursday and Q4 2020 GDP numbers on 12 February. Most notably, we have the UK Budget on 3 March when the Chancellor will set out the next phase of the plan to tackle the virus and protect jobs. We will also have the latest forecasts from the Office for Budget Responsibility. That said, if signs of a greater than anticipated economic recovery are feasible in Q2 & Q3 and, potentially, only limited lockdowns are likely later in the year, grounds for greater optimism for UK small caps could lead to further outperformance in 2021, especially if M&A activity continues, in a world awash with cash.
Companies: AJIT ARW BPC BVC BAG BEG BON BWNG CLG CRPR EYE ECHO EPWN FDM FA/ GPH GNC HUW INSE KAPE KP2 MNZS NMCN NRR OBD PPC QFI ROL SAVE SCS SEN SOS SUR SNX TON TMG TGL TCN UEM VLS W7L WINK WYN
Although GSK witnessed a sales recovery in Q4, fresh lockdowns meant the top line was still in the red – Consumer Healthcare and Pharmaceuticals were the key drags, though Vaccines posted a strong show. Given the COVID-19-related disruptions, management anticipates a soft H1 21 with normality guided for H2. Ergo, the FY21 EPS is seen mid-to-high single-digit lower (vs. FY20: -4%). The spin-off of Consumer Healthcare remains on track for FY22 but a couple of recent R&D setbacks raise questions over the company’s innovation/acquisition capabilities.
Companies: GlaxoSmithKline plc
