The Company has announced an intention to raise approximately £108m of equity via a placing at 155pps. Discussing the raise, SHED highlighted that existing funds are fully invested or committed and the Company has a strong pipeline of off market opportunities. The Pipeline has a weighted average NIY of c6.1% (versus SHED’s portfolio NIY of 5.1%, as of 31 March 2021) and average rent per square foot of c£5.40. Management expect that the net proceeds of the Placing to be deployed within approximat
Companies: Urban Logistics REIT plc
Urban Logistics REIT (“ULR”) has delivered a watershed year: doubling the portfolio with a disciplined approach focusing on value-add opportunity through reversion and regear. Finals show rental income doubling from acquired assets, with recurring EPS in line with our forecast. EPRA NAV was 6% ahead of N+1Se, as valuation yields tightened. The manager has secured a further c.£150m pipeline of similarly attractive assets. We make a modest upgrade to EPRA NAV on better valuation. We see sustained
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
Companies: ARG ADT UKOG PHAR UNG CYAN FA/ SNX VRE SHED
Urban Logistics REIT (“ULR”) has secured two assets at aggregate £21.7m cost equating to a 6.14% NIY. Both assets have long unexpired lease terms and opportunities for rental growth, as well as scope for value creation through asset management. 99% of rents for the Jun-21 quarter have already been collected. ULR offers a 6% dividend yield on the annualised returns from capital deployed in FY22e. With the price at NAV, we think that this represents an attractive entry point into an active value c
Sky News reports that a surge in pandemic-fuelled activity by homebound traders is propelling AvaTrade towards a London stock market listing that could value it at up to £700m. Established in 2006, AvaTrade is one of a number of platforms - including CMC Markets, Plus500 and IG Group - which enable their customers to trade contracts for difference. PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, conside
Companies: FA/ TYM PCF ROL SHED PRM TLY BMK CMET ADA
Urban Logistics REIT (“ULR”) has disposed of a portfolio of five assets for £30m – equating to a 4.8% exit NIY. The sale price is a 35% uplift on the last balance sheet valuation (Sep-20) or c.+3p/share – a positive for balance sheet values overall. A 78% total return has been achieved on the assets, since acquisition at an average 7.0% NIY. The disposal is part of the manager’s ongoing portfolio optimisation and proceeds will be reinvested into the existing pipeline. We make no immediate change
Urban Logistics REIT (“ULR”) has converted further pipeline with five new development assets across two sites in the Midlands secured for £23m GDC at 6.12% yield. Completion is not expected until late 2022/early 2023. This follows the acquisition of a distribution asset in Droitwich earlier this week (1/3) for £5.4m. This prompts no change to forecasts as we expect all capital to be deployed by Mar-21 year end. ULR trades at an attractive 3% discount to NAV with a 6% dividend yield – both FY22e,
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 ongoi
Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO
UK railway privatisation, which was launched in the mid-1990s, has finally turned full circle: the Department of Transport has recently confirmed that its controversial railway franchise system will be scrapped. In this month's feature article, Nigel Hawkins, the Infrastructure analyst at Hardman & Co, examines the 25-year history of railway privatisation and chronicles its ups and its downs. The successes of railway privatisation, such as new rolling stock, are addressed, along with the ma
Companies: ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI SCE TRX SHED VTA YEW
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IP
Companies: SBI OCI IDOX ROL JAN BSE PXS SHED TSG KDNC
Urban Logistics REIT has announced a further 6 acquisitions deploying £28m at a 6.87% NIY. All assets have good long term rental profile with strong tenant covenant, but also potential for active management. These acquisitions represent good progress towards full deployment. We already assumed that all available capital would be deployed by the end of FY21e (Y/E March) and estimate only ~£50m remains. With a 2.1% discount to NAV and a 6% yield on annualised metrics, we think this remains attract
Urban Logistics REIT (“REIT”) has acquired another high quality “last mile” asset in the Wirral for £16.3m (5.0% NIY). The 169k sqft site is let to a subsidiary of Culina. It is leased through to 2032 and has clear rental progression, with an uplift on commencement of a reversionary lease in 2022 and a rent review in 2027. 99% rents for the Jan-Mar quarter have already been collected – highlighting the resilience in the tenant base/income. We do not change forecasts, already assuming full deploy
Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are consi
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
Urban Logistics REIT (“ULR”) has made further acquisitions deploying £23m additional capital into high quality assets with attractive NIYs and opportunities to drive value through active management. Assets are positioned in optimal locations, with good demand-supply dynamics and strong tenant covenant. Amazon UK is added to the tenant roster via the Fareham acquisition. We already assumed full capital deployment by Mar’21 in our forecasts so these acquisitions prompt no change. In our view, the
The 12 November interims showed an impressive 16.0% annualised total asset return. The company’s “last-touch” distribution warehouse portfolio is in a strong spot. Market supply is reducing structurally, and demand is growing in the short and long term. In 2H’21, 17% of leases are being renewed into a strong market. Deployment of recent equity raises is ahead of schedule, set to complete (with gearing) by January 2021. Expertise is paying off in an actively managed portfolio, yet the shares trad
Research Tree provides access to ongoing research coverage, media content and regulatory news on Urban Logistics REIT plc. We currently have 65 research reports from 7 professional analysts.
Duke has today confirmed its second new royalty partner this month, through a £7.7m agreement with InTec Business Solutions (InTec). The deal, disclosed in April's placing, sees Duke re-establish exposure to the technology sector (following Welltel's earlier exit), maintains portfolio diversification and takes the current royalty portfolio to eleven partners. Should the other disclosed deal from the placing be executed as planned, we would expect to revise FY22E forecasts. The stock currently tr
Companies: Duke Royalty Limited
Duke has provided a positive Q1/21 update, confirming a record quarterly cash revenue, exceeding results seen prior to COVID-19. This evidences Duke's successful navigation of the pandemic and the strength of its portfolio, where NAV has remained above 30p p/s. Q2/22 should see cash revenues materially rise to c£3.2m given recent deployments, boding well for future DPS uplifts. Our forecasts remain unchanged, awaiting further deployments, but we see great upside potential via FV gains, as tradin
Avation is a lessor of 44 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a brief update as of 30 June 2021, which points to an impairment review having been completed in line with its standard accounting policies across its turboprop, narrow-body and wide-body fleet. The net impact is to reduce the book value of the fleet by c.$32m, which follows on from the H1 2021A impairment of $46.7m. Management believes that
Companies: Avation PLC
Companies: Oakley Capital Investments
Companies: Brewin Dolphin Holdings PLC
Companies: Speedy Hire Plc
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Mr Peter Bacchus as Non-Executive Director with immediate effect with James Kelly stepping down to pursue other business interests. We would also like to highlight the favourable development at Thacker Pass Lithium Project, over which Trident holds a Gross Revenue Royalty (GRR), where a federal judge denied a motion from four environmental groups to stop digging at the planned lithium mine.
Companies: Trident Royalties Plc
Vp’s AGM update this morning confirms encouraging recent activity levels across the Group’s core markets, underpinning full year expectations. As we have written previously, we see scope for outperformance over the forecast period in the event of a continuing recovery in demand. In our view, Vp remains the stand out opportunity in its sector in terms of earnings recovery and re-rating potential.
Companies: Vp plc
Personal Group (PGH) has provided a trading update indicating a robust H1/21E result, in-line with our expectations. This comes despite restrictions on face to face sales of Insurance policies being in place for most of the period. Crucially, these sales have resumed from June, have shown promising early results and H2/21E is expected to see further traction towards pre-pandemic levels of sales. Given this, we view the outlook very positively, expecting a strong EPS recovery over the medium term
Companies: Personal Group Holdings Plc
AfriTin* (ATM LN) –Uis mine in Namibia aiming towards doubling monthly concentrate output Alba Mineral Resources (ALBA LN) – Identification of new gold target close to Gwynfynydd Altus Strategies* (ALS LN) – New silver/copper licenses secured in Morocco Cornish Lithium (PRIVATE) – DLE technology provider selected for the Pilot Plant Greatland Gold (GGP LN) – Additional drilling results from Havieron Piedmont Lithium (PLL US) – A presentation delivered to Gaston County officials Serabi Gold
Companies: PLL ATM ALBA ALS GGP SRB
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining. Ariana Resources (AAU LN) – Kiziltepe production guidance maintained Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21 Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Companies: Harworth Group PLC
DSM offers a rare opportunity to gain exposure to a concentrated portfolio of UK micro-cap stocks, an area of the market which is often overlooked. The portfolio has navigated the pandemic well, with most holdings having either returned to or exceeded pre-Covid levels. The companies have also emerged from the crisis in a much stronger position with far more operationally efficient business models. A series of positive trading updates and director buying across 60% of the portfolio since the star
Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
The group made a strong start with net interest margin recovery and loan provision recoveries, thus enabling management to upgrade its guidance for the year. The £1bn tax credit expected in Q3 will be the icing on the cake. In that context, we suspect that the cautious stance on future capital distribution only aims at not upsetting the regulator.
Companies: Lloyds Banking Group plc
