SolGold have pushed back the publication of PFS to late 2021, electing to do further work to address alternatives and potential upsides. In our view, the release implies a large capex increase and a longer time to first production, and we have reduced our price target by 30% to 39p. However, with most of the bad news likely out of the way and fresh management coming into the business, we still expect a bid once the Ecuadorian elections have passed, representing 73% upside to the current share price.
Companies: SolGold Plc
Chaarat Gold* (CGH LN) – Placing and debt-for-equity conversion as Tulkubash development funding nears completion | Kavango Resources (KAV LN) – Warrants exercised by Directors & Senior Management | SolGold* (SOLG LN) – Progress of the Alpala PFS
Companies: CGH KAV SOLG
Chaarat Gold* (CGH LN) – Placing and debt-for-equity conversion as Tulkubash development funding nears completion Kavango Resources (KAV LN) – Warrants exercised by Directors & Senior Management SolGold* (SOLG LN) – Progress of the Alpala PFS
Hummingbird Resources (HUM LN) – Earnings climb as stronger gold price compensates for weaker production and higher costs Kavango Resources (KAV LN) – Exploration outlined for South KSZ Rainbow Rare Earths* (RBW LN) – Rainbow discovers high-grade REE in exceptionally thick veins on new targets around Gakara in Burundi SolGold* (SOLG LN) – Regional exploration in Ecuador Tertiary Minerals* (TYM LN) – Exploration at Mt Tobin
Companies: HUM KAV RBW SOLG TYM
Today's news & views, plus announcements from GSK, GLEN, VOD, UTG, WIZZ, BCN, SOLG, GPEIT
Adriatic Metals* (ADT1) – Exploitation permit granted for Veovaca Anglo American (AAL LN) – Q4 continues production recovery Anglo Asian Mining* (AAZ LN) - STRONG BUY – New presentation focuses on exciting growth opportunities Vast Resources* (VAST LN) – Interims highlight the commissioning of the BPPM Arkle Resources* (ARK LN) – Stonepark drilling results Eurasia Mining* (EUA LN) – Veles International buys 27.4m shares off Alexi Churakov Greatland Gold (GGP LN) – Further drilling results from Havieron SolGold* (SOLG LN) – Confirms 2020 exploration expenditure of over US$50m
Companies: ADT AAL AAZ ARK EUA GGP SOLG VAST
Antofagasta (ANTO LN) – Q4 production highlights strong quarter | BHP (BHP LN) – Record iron ore production, workforce reductions in Chile for Covid and continuing focus on copper exploration | IronRidge Resources* (IRR LN) – Call notice for exercise of warrants | Shanta Gold (SHG LN) – Reserves/Resources update replaces mined ounces | SolGold* (SOLG LN) – Nick Mather steps aside to allow search for new CEO to lead Alpala block-cave financing and development
Companies: ANTO BHP IRR SHG SOLG
Antofagasta (ANTO LN) – Q4 production highlights strong quarter BHP (BHP LN) – Record iron ore production, workforce reductions in Chile for Covid and continuing focus on copper exploration IronRidge Resources* (IRR LN) – Call notice for exercise of warrants Shanta Gold (SHG LN) – Reserves/Resources update replaces mined ounces SolGold* (SOLG LN) – Nick Mather steps aside to allow search for new CEO to lead Alpala block-cave financing and development
Companies: ANTO BHP SHG SOLG IRR
Anglo American (AAL LN) – De Beers reports continuing signs of recovering demand at its final sales cycle for 2020 | Caledonia Mining* (CMCL LN) – Exploration option at Connemara North | IronRidge Resources* (IRR LN) – Highly prospective gold licenses acquired in Ivory Coast | Kavango Resources (KAV LN) – Exploration progress on the Kalahari Copper Belt | Kodal Minerals* (KOD LN) – Acquisition of 350,000oz gold resource in Southern Mali | Panther Metals (PALM LN) – Merolia Gold Project acquisition completed | Rio Tinto (RIO LN) – New Chief Executive | SolGold* (SOLG LN) – Visible copper mineralisation in initial drilling at Tandayama-America | Sunrise Resources (SRES LN) – Bulk sample from CS Pozzolan-Perlite project
Companies: AAL CMCL IRR KAV KOD PALM RIO SOLG SRES
Anglo American (AAL LN) – De Beers reports continuing signs of recovering demand at its final sales cycle for 2020 Caledonia Mining* (CMCL LN) – Exploration option at Connemara North IronRidge Resources* (IRR LN) – Highly prospective gold licenses acquired in Ivory Coast Kavango Resources (KAV LN) – Exploration progress on the Kalahari Copper Belt Kodal Minerals* (KOD LN) – Acquisition of 350,000oz gold resource in Southern Mali Panther Metals (PALM LN) – Merolia Gold Project acquisition completed Rio Tinto (RIO LN) – New Chief Executive SolGold* (SOLG LN) – Visible copper mineralisation in initial drilling at Tandayama-America Sunrise Resources (SRES LN) – Bulk sample from CS Pozzolan-Perlite project
Companies: CMCL AAL KAV KOD PALM RIO SOLG IRR
Altus Strategies* (ALS LN) – New mineralisation area discovery at Agdz, Morocco | Arc Minerals* (ARCM LN) – Drilling at Fwiji and Muswema show tantalising copper and cobalt grades | Arkle Resources* (ARK LN) – Trenching starts at the Inishowen project | Empire Metals* (EEE LN) – Eclipse drill results show potential for high-grade open pit | Rio Tinto (RIO LN) – Jadar lithium maiden reserve | SolGold* (SOLG LN) – Drilling underway at Cascabel copper-gold target | Vast Resources* (VAST LN) – Baita Plai concentrate sales update
Companies: ALS ARCM ARK EEE RIO SOLG VAST SAV
AEX Gold Inc (AEXG LN) – Highly prospective exploration license granted in South Greenland | Arc Minerals* (ARCM LN) – Strong Buy – Anglo American move to next stage in potential deal with Arc over Zambian licenses | Kefi Gold and Copper (KEFI LN) – Preliminary drilling results at Hawiah point to resource expansion potential | Rambler Metals and Mining* (RMM LN) – Completion of US$13.25m fund raising and restructuring | SolGold* (SOLG LN) – Final assay results received for drill hole one at Porvenir | Taseko Mines (TKO LN) - Taseko and Tsilhqot'in Nation Extend Standstill by another year
Companies: AEX ARCM KEFI RMM SOLG TKO
Today's news & views, plus announcements from FERG, AHT, KAZ, LMP GLO, ERM, MCS, STU, SEIT, SOLG, INCE, AEXG, BEG
Companies: AEX GLO SEIT SOLG STU INCE
Eurasia Mining* (EUA LN) – West Kytlim Definitive Feasibility Study update | GoldStone Resources (GRL LN) – Mining lease expanded at AHKM as Board prepare to commence production | IronRidge Resources* (IRR LN) – Phase-3 drilling extend area of gold mineralisation at Zaranou | Mkango Resources* (MKA LN) – Mineral sands exploration at Mchinji | Rambler Metals and Mining* (RMM LN) – Restructuring timetable | SolGold* (SOLG LN) – Further assay results as Porvenir drilling effort expands | Strategic Minerals* (SML LN) – £700,000 fund-raising
Companies: EUA GRL IRR MKA RMM SOLG SML
Altus Strategies* (ALS LN) – BUY, 132p – New 10m Canyon Resources shares to be issued to Altus | Beowulf Mining* (BEM LN) – New lead-zinc prospect identified at Wolf Mountain | Corcel Plc (CRCL) – Burwell Li-ion battery storage and solar power project positive review | Power Metal Resources* (POW LN) – Drilling progress continues in Botswana | Scotgold Resources* (SGZ LN) – BUY, 182p – First gold at Cononish | SolGold* (SOLG LN) – Adjustments to Alpala PFS schedule | Vast Resources* (VAST LN) – Final approval of the lending facility targeted for 15 Dec/20
Companies: ALS CRCL POW SGZ SOLG VAST BEM
Research Tree provides access to ongoing research coverage, media content and regulatory news on SolGold Plc. We currently have 327 research reports from 7 professional analysts.
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. 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 IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. 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. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. 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. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has, this morning, released its full year results for 2020. The company previously announced production and operational figures for 2020 alongside group-wide reserves and resources update. As such the figures reported today are in line with our forecasts down to EBITDA level, but generally better than expected elsewhere– see Fig 1. Overall it has clearly been a strong year financially with revenue, EBITDA and EPS up by 31%, 34% and 270% respectively from the previous year. The company has also kept to its promise of a maiden dividend with 0.10p per share payable in April as part of a semi-annual programme.
Companies: Shanta Gold Limited
Today's news & views, plus announcements from MRW, BNZL, HICL, AGK, SEPL, SEIT, SDY, BGO, SHED
Companies: BGO SEIT SEPL
Pantheon Resources has this morning announced that the better than expected well-logs from the Kuparuk formation warranted a change in plan for the testing of that formation, namely, from an open hole test to a more rigorous cased hole test (with a 4 ½ inch liner). However, due to equipment failures and technical issues, the formation started to become damaged in its current location and as such it was not possible to set the casing string (4 ½ inch liner). Accordingly, the company has made the decision to drill a new modestly angled sidetrack in the Kuparuk formation. It is estimated that the sidetrack will take 2-3 days to drill, some 650 feet through the Kuparuk formation, which should then allow a better testing operation. As a result of the cold weather in Alaska, the drilling season may be extended into early April.
Companies: Pantheon Resources plc
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 many shortcomings, which included minimal vertical integration. With the winding up of the franchise system, the UK railway sector is effectively reverting to its former status as a nationalised industry, a shift started with the renationalisation of the collapsed Railtrack – later re-badged as Network Rail – in 2001.
Companies: ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI SCE TRX SHED VTA YEW
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. Subject to EGM on 21st March. Rogue Baron plc have announced its application for admission to the AQSE growth market. Rogue Baron owns five subsidiaries, namely: Shinju Spirits, Inc., Shinju Whiskey LLC, Mazeray Corporation, STI Signature Spirits Group LLC and Legacy Retail Group LLC. The Company’s goal is to build each of its brands that makes them a buyout target. Deal size TBC an expected admission date 12th March 2021. Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE. Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers. Total revenues were US$64.3 million, US$81.9 million and US$102.0 million for the years ended 31 December 2018, 2019 and 2020, respectively. The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50 million to support Trustpilot's growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees. Timing TBC. In The Style, the e-commerce womenswear fashion brand with an influencer collaboration model, announces their intention to float on AIM. In The Style is a pure-play e-commerce fashion brand with a l customer base of women predominantly aged between 16 and 35. Founded in 2013, the group has delivered £35.4 million net sales and £3.6 million Adjusted EBITDA in the nine months to 31 December 2020, with sales up 159% from £13.7 million for the nine months to 31 December 2019. Admission is expected to take place on or around 17 March 2021. Deal size TBC. Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm. Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m. Deal details and timing TBC. tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. 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 IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. 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. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. 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. According to media reports, Deliveroo is expecting to release its IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. 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 IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. 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. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. 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. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: ARS ESC AQX ARTL KRS KBT GRP BOOM CNS ANIC
Anglo Asian Mining* (AAZ LN) BUY – H2/20 exploration work returns exciting results at Gedabek CA Bushveld Minerals* (BMN LN) - Strong Buy 31p – Vanadium prices rise as new demand meets tight supply Gemfields (GEM LN) – Resumption of operations at Kagem and Montepuez after a year of disrupted production and sales GoldStone Resources* (GRL LN) – Exercise of warrants raises £1.2m Power Metal Resources* (POW LN) – Portfolio update Strategic Minerals* (SML LN) – Continued access to Cobre confirmed while current copper prices boost Leigh Creek economic returns
Companies: GML AAZ BMN GRL POW SML
Lancaster activity update
Companies: Hurricane Energy Plc
Today's news & views, plus announcements from SMDS, PSN, POLY, RIO, BIFF, SONG, HSX, PAGE, RLE, SHED
Companies: PSN RLE RIO
Anglo Asian Mining* (AAZ LN) – Termination of the proposed JV with Conroy Asiamet Resources (ARS LN) – £10m fundraising Beowulf Mining* (BEM LN) – 2020 results highlight progress in Kosovo and Sweden Cornish Metals* (CUSN LN) – Warrants exercised Phoenix Copper* (PXC LN) – Exercise of warrants follows recent economic update for Empire development project Scotgold Resources* (SGZ LN) – Production update and management/Board changes.
Companies: ARS CUSN AAZ BEM PXC SGZ
Today's news & views, plus announcements from RIO, TW, CRDA, TPK, PHP, MGGT, SHI, WHR
Companies: PHP RIO SHI TPK
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. 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 IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. 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. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. 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. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: ADME NFC CHAR WHR MKA IXI MOS D4T4 ALS TERN
Concept select update
Companies: Jersey Oil & Gas PLC
Sylvania have declared a one-off windfall dividend of c.5.2 cents pers share, 27% above our estimate of 4.1 cents. We expect a final dividend at the full year results of 4 cents, giving a combined yield of 6.4% in 2021. Sitting with $67m of cash and generating $155m of FCF at spot prices (35% FCF yield), with no major capex commitments, dividends look set to rise materially going forward. Basket prices hit a new record high today of c. R65,000/oz, and whilst this would normally make some investor nervous, we believe that the fundamentals for rhodium are solid on a three year view (see here). Top pick in mining.
Companies: Sylvania Platinum Ltd.
