Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MENHADEN CAPITAL PLC. We currently have 3 research reports from 1 professional analysts.
|27Mar17 12:49||PRN||Director Declaration - Change in External Directorships|
|09Mar17 13:43||PRN||Monthly Fact Sheet|
|06Mar17 16:59||PRN||Net Asset Value(s)|
|27Feb17 11:02||PRN||Change in Director's External Directorships|
|23Feb17 17:03||PRN||Director Declaration - Change in External Directorships|
|21Feb17 15:25||PRN||Intention to delist from NEX Exchange Main Board|
|09Feb17 16:44||PRN||Monthy Fact Sheet|
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MENHADEN CAPITAL PLC
MENHADEN CAPITAL PLC
2016 YTD Fund raising review – Topping up
05 Oct 16
Secondary issuance has dominated in 2016. 3i Infrastructure (3IN) led with a monster £385m raise (target: £350m) in May. At a sector level, infrastructure (£700m), property (£500m, mostly pre-Brexit vote), and renewables (£340m) tapped heavily in Q2 & Q3 2016. The IPO market remains quiet with only one primary launch in 2016; Hadrian’s Wall Secured Investments (HWSL) raised £80m for secured lending to SMEs including equipment finance, property development, and commercial loans. We also note that six funds have repurchased more than £50m of stock YTD.
16 Oct 15
The rout in commodity prices and emerging markets that caused a wider sell-off in global equity markets appeared to slow the pace of issuance in the sector during Q3. Secondary issuance comprised the bulk of flows; only one of the four IPOs managed to raise more than £100m. Two launches incorporated asset swaps i.e. weren’t exclusively new money. This quarter we have moved to use AIC sector definitions and also show net as well as gross flows to better gauge sentiment. A net £2.1bn of equity was issued in Q3 (£2.5bn gross), down from £3.3bn in Q2 (£3.8bn gross). Securitised debt topped the list, attracting a net £1.3bn, more than five times that of renewables, the next most popular sector. UK Mortgages Ltd (UKML.L) IPOed with £250m to invest in UK residential mortgages with a target total return of 7-10%. GLI Alternative Finance (GLAF.L) launched with a market cap c£53m of which c£10m was new money; the portfolio was seeded by GLI Finance (GLIF.L) in exchange for shares in the new vehicle. Fair Oaks Income Fund raised a £65m C-Share and Starwood raised £44m via a placing at the end of September. VPC Speciality (VSL.L) closed out the quarter with a £183m C-share.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.