Winners and losers in September

There was an eclectic mix of property companies to feature in the top price movers for September. Top of the tree was private rented sector and residential development specialist Sigma Capital Group, with a 34.2% rise. The group launched a £1bn joint venture with EQT Real Estate, the real estate platform of global investment firm EQT, to deliver 3,000 private rental homes in Greater London. Micro-cap investor Panther Securities also hit double-digit gains, while Macau Property Opportunities saw

First quarter of 2020

The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020.

Retail ready for a renaissance?

There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared to 11.5% in August 2014. When you look at fashion retailing specifically, online sales accounted for 26.8% of consumer spend on clothing in 2018 (source: Mintel).

Retail ready for a renaissance?

There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared to 11.5% in August 2014. When you look at fashion retailing specifically, online sales accounted for 26.8% of consumer spend on clothing in 2018 (source: Mintel).

SP Angel – Morning View

Altus Strategies* (ALS LN) – CFO appointment | Ariana Resources (AAU LN) –Salinbas drilling results | Atalaya Mining (ATYM LN) – Q2 production helps maintain 2019 production guidance | Caledonia Mining (CMCL LN) – Central Shaft nears end of the sinking phase | Keras Resources* (KRS LN) – Keras bulk sample metallurgical test shows ore is best suited for silico manganese alloys | Walkabout Resources* (WKT AU) – General project and funding update

Small Cap Breakfast

Sensyne Investments - healthcare technology company that creates value from accelerating the discovery and development of new medicines and improving patient care. Raising £60m. Mkt Cap £225m. Due 17 Aug. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Vitesse Media (VIS) — To be renamed Bonhill Group. RTO of the trade and assets of InvestmentNews, a B

SP Angel – Morning View

Condor Gold (CNR LN) – Nicaragua in crisis following killing of 300-450 and kidnapping of >600 | Caledonia Mining (CMCL LN) – Q2 Results | Mkango Resources (MKA LN) – Major drill programme update at Songwe Hill Rare Earths project | Randgold Resources (RRS LN) – Record quarterly production at Kibali offsets issues at Tongon

SP Angel – Morning View

Amur Minerals* (AMC LN) – Increased metallurgical recoveries at MKF reported | Ariana Resources (AAU LN) – Snow delays Kiziltepe project construction in Turkey | Caledonia Mining (CMCL LN) – Record quarterly and annual gold production at Blanket. | Hummingbird Resources (HUM LN) – Yanfolila quarterly progress report | Sibanye (SGL SJ) – $2.2bn Stillwater Mining acquisition

SP Angel – Morning View

Caledonia Mining (CMCL LN) – Quarterly dividend and confirmation of 60,000 oz production target for 2017 | Kodal Minerals* (KOD LN) – Birimian Gold agrees to sell it’s Bougouni lithium project for A$107.5m in cash | Metminco* (MNC LN) Suspended due to Share Consolidation | Nyota Minerals (NYO LN) Suspended – Asset sale and becoming a cash shell

SP Angel – Morning View

Caledonia Mining (CMCL LN) – Gold sales arrangements remain intact. | Gemfields (GEM LN) – Emerald auction rescheduled | Rambler Metals (RMM LN) – FY 2016 production results as production from LFZ builds up

SP Angel – Morning View

Amur Minerals* (AMC LN) – Access road update | Aureus Mining (AUE LN) – Q3 Operational update | DiamondCorp (DCP LN) Suspended – Lace Diamond mine closed as storm causes production level to flood | Caledonia Mining (CMCL LN) – Looking for a 20% increase in gold production in 2017. | Metals Exploration* (MTL LN) – Equity placement | Serabi Gold (SRB LN) – Record Q3 gold production and increased 2016 guidance | Strategic Minerals* (SML LN) – Exploration of Australian gold and nickel projects

SP Angel – Morning View

Caledonia Mining | Coal of Africa | Sirius Minerals | Vast Resources

AIM Breakfast

InnovaDerma* (IDP.L) | Sareum Holdings * (SAR.L) | Venn Life Sciences* ( VENN . L ) | Allergy Therapeutics (AGY.L) | Pires Investments (PIRI.L) | Water Intelligence (WATR.L) | Caledonia Mining Corp (CMCL.L) | Totally (TLY.L) | Gaming Realms (GMR.L) | Ceres Power (CWR.L)

SP Angel – Morning View

Caledonia Mining | DiamondCorp | Scotgold Resources

SP Angel – Morning View

BlueRock Diamonds | Caledonia Mining | Georgian Mining Corporation | IronRidge Resources | Polo Resources

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

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

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Lowland Investment Company - Is the tide turning?

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and

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

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net

abrdn Private Equity Opportunities – On the way to greener pastures?

Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea

Tetragon Financial Group - FY23 growth driven by idiosyncratic factors

Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme. Tetragon’s FY23 return on equity (RoE) of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for