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Re-admission of 888 Holdings to the Main Market following the reverse takeover of William Hill.
Umuthi Healthcare Solutions has left the Main Market.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide custo
Companies: BEM KIBO ODX PCA SAR TEK WAND
Further to its strategic review, Palace Capital intends to focus on becoming an ESG driven, regional office market specialist. To that end the company has announced a new £46.5m property disposal programme including its entire industrial property portfolio with the proceeds to be reinvested into the office sector. Palace Capital has also announced a buyback for up to 5% of its shares and continues to review its cost base. The outcome of the strategic review is to sharpen the focus on themes mana
Companies: Palace Capital plc
Palace Capital reported adjusted results ahead of our forecast and the FY22 final EPRA NAV was 5% higher than we expected at 390p prompting an increase in our Target Price to 350p. Steven Owen has been appointed Interim Executive Chairman. Management expects to complete the strategic review by the AGM in July. The portfolio transformation and robust financial performance delivered by Palace Capital during FY22 underpinned a 26% increase in dividend, saw LTV fall to 28% from 42% delivered a 14.8%
In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments.
In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b
Companies: VTA TRX SCE RECI PANR PCA OCI IBT AVO APP ARBB BBGI CSN DNL FAS FCSS FEV FJV FSV ICGT
Hardman & Co
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril
The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020.
At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.
Companies: VTA TRX SCE STX AVO ARBB PIN RECI PCA OCI IBT ICGT FAS FCSS FEV FJV FSV DNL CLIG BBGI PIN
Palace Capital (PCA) has issued a positive trading update ahead of the expected June publication of results for the year ending 31 March 2022 (FY22). It expects recurring earnings to exceed market expectations, underpinned by leasing and other asset management activity, as well as acquisitions, and will increase the Q422 DPS by 15%.
Today's news & views, plus announcements from PCA, INL, AVCT & ATM.
Companies: PCA INL AVCT ATM
Capital Access Group
Palace Capital has published a very positive trading update for FY22 confirming excellent progress on the execution of the strategy. The company expects to beat market expectations and has pre-announced a 15.4% increase in the quarterly dividend to a minimum of 3.75p for the FY22 final, underscoring management's confidence in the performance of the business. Management is also considering a range of strategic options to unlock further value in the business. Given the guidance, we hike our foreca
An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff
Companies: VTA STX RECI PIN PCA OCI ICGT IBT FAS FCSS FEV FJV FSV BBGI CLIG E7F0 ARBB APP AVO PIN
Dish of the day
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company's investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exist
Companies: ZYT EOG IGE KEFI MWE NFC PCA SAV SVM
Palace Capital has completed the sale of a further property in its disposal programme taking total receipts to date to £31.5m, ahead of the £30m target, prior to the conclusion of the full programme. So far, the disposal programme has achieved a 20% premium to book value generating an ungeared 11% aggregated IRR. Palace Capital is trading at a near 30% discount to our target price despite delivering on all fronts and with acquisition activity in the REITs sector picking up the discount is excess
Directors’ dealings - A legal way to do insider trading
One of the first things that a junior analyst learns is to keep an eye on directors’ dealings, but sometimes this is more complicated than meets the eye. In this article, I look at some less obvious tricks to study directors’ dealings.
It’s worth prefacing these remarks with a comment that, although investors want company CEOs and CFOs to have skin in the game, individuals shouldn’t have all their chips in one bask
Companies: VTA RECI PIN PCA OCI ICGT IBT CLIG BBGI ARBB APP PIN
Feature article: Streamers vs. broadcasters - Broadcasters fight back
Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters.
Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while
Companies: VTA TRX FCSS IBT RECI PIN PCA OCI DNL FEV FJV FSV FAS CLIG BBGI ARBB APP PIN
Palace Capital (PCA) has recently disclosed several positive developments covering the near completion of its non-core disposal programme, the commencement of capital redeployment into opportunities with more attractive return profiles and leasing progress at its attractive York development, completed earlier in FY22. A highly experienced new chairman has also been appointed.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Palace Capital plc.
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E
Companies: Urban Logistics REIT plc
Singer Capital Markets
Companies: H&T Group plc
1 July 2022
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini
Companies: UKOG TXP SQZ BLOK AOI 88E ZPHR GPRK GPRK CEG AXL
Augmentum Fintech has delivered a strong finish to FY22, with NAV per share up 19% YoY and +9% HoH to 155.2p, driven by both investments and positive fair value changes across the majority of its portfolio companies. The 23% IRR since IPO is above the Group’s 20% Internal Target Return, demonstrating overall attractive investment performance. Post-period end The Group has invested £4.0m in new portfolio company Kenbi and the £43m proceeds from the sale of its stake in ii strengthens AUGM’s cash
Companies: Augmentum Fintech
Mercia Asset Management reported FY22 results, with a significant uplift in adj. operating profit to £8.4m, driven by strong management fee margins of >2% on stable FuM as well as strong finance income during the year. Group AuM has grown to >£1bn post period end, driven by fundraises across the Northern VCTs. The Group is well set to achieve its Mercia 20:20 Vision, with ~£27m (~46%) of its cumulative three-year PBT target delivered in year one. We increase our adj. EBITDA forecasts by 1-26% on
Companies: Mercia Asset Management PLC
Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
No Leavers Today.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
Companies: VAST TSTL 7DIG AHT CMX JADE
The final decision on CRB III (see below) on streaming revenues is positive for Songwriters, Music publishing and Hipgnosis (SONG). The decision will result in addition revenues being paid to SONG over the coming periods. We view the ruling as positive and evidence of a continuing shift in the understanding of the value of a Songwriter’s contribution to a hit record and the willingness of industry stakeholders to recognise it. YTD SONG has de-rated significantly and currently trades on a 23.8% d
Companies: Hipgnosis Songs Fund Limited Shs GBP
Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including
Companies: Marlowe Plc
Companies: Honeycomb Investment Trust Plc
Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears
Companies: Personal Group Holdings Plc
Companies: FTC LPA PCIP PPC
Companies: ATOM D4T4 LINV
Continued expansion at NPIII provides NESF with further geographical diversification as the private fund reaches more than 1GW of international PV assets. This adds to NESF’s moves in battery storage to build a more diversified portfolio, minimising exposure to any single asset type.
Companies: NextEnergy Solar Fund Ltd