3i Infrastructure – Finals to 31 March 2019 | Civitas Social Housing – Response to BeST regulatory announcement |
Companies: 3I Infrastructure (3IN:LON)Civitas Social Housing Plc (CSH:LON)
3IN – 3i Infrastructure – Pre-close update | WHR – Warehouse – Results of fundraising
Companies: 3I Infrastructure (3IN:LON)Warehouse REIT PLC (WHR:LON)
3i Infrastructure – New investment | Fair Oaks Income – Final redemption of 2014 shares | Tetragon – Final close of TCI III
Companies: 3IN FAIR TFG
3IN – 3i Infrastructure – Sale of stake in Cross London Trains | YEW – Yew Grove – Results
Companies: 3I Infrastructure (3IN:LON)Yew Grove REIT plc (YEW:DUB)
3i Infrastructure – Q4 2018 update | Gresham House Energy Storage – Q4 2018 NAV | CEIBA Investments – Trading statement
Companies: 3I Infrastructure
3i Infrastructure – Interims to 30 September 2018 | Target Healthcare – Results of fundraising | International Public Partnerships – Financial close on Dudgeon OFTO
Companies: 3IN INPP THRL
3IN – 3i Infrastructure – Pre-close update 1 April to 27 September 2018 | GRI – Grainger – Trading update to 30 September 2018 | GABI - GCP Asset Backed Income – Results of fundraising
Companies: 3IN GRI GABI
NextEnergy Solar – Acquisitions | 3i Infrastructure – Partial syndication | RIT Capital Partners – Interims to 30 June 2018
Companies: NESF 3IN RCP
Grit Real Estate Income – Results of IPO | 3i Infrastructure – New investment | Starwood European Real Estate Finance - Q2 2018
Companies: 3I Infrastructure (3IN:LON)Starwood European Real Estate Finance Ltd (SWEF:LON)
Research Tree provides access to ongoing research coverage, media content and regulatory news on 3I Infrastructure. We currently have 111 research reports from 3 professional analysts.
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May, musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. 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. Due 27 April.
Companies: KIBO MTW GWI MTR DUKE ITM GDR MSMN CMCL PTRO
In line with the goal to transition towards becoming a global, multi-asset fintech group, Plus500 has entered the fast growing, but under-penetrated, US retail trading market in futures and options on futures through the acquisition of Cunningham Commodities and Cunningham Trading Systems (CTS) for c.$30m in cash. Being a regulated Futures Commission Merchant (FCM) the deal gives Plus500 immediate access to a retail market that is estimated to be c.$2bn globally. We view the acquisition, which will be earnings accretive in its first full year, as extremely attractive that should deliver a substantial opportunity to leverage the group’s best-in-class technology in enabling market access to a large US retail investor base. We leave our estimates unchanged until the completion of the deal, expected in 3Q21, but clearly there is upside risk to our FY22 and FY23 forecasts. We also maintain our BUY rating and TP of 2090p, implying 40% upside.
Companies: Plus500 Ltd.
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA 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$27.51m) will be used to fund the Acquisition. Due 19 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. 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. Due 27 April.
Companies: GAL AXS IDH GWMO AGL YEW INFA HE1 PPC CASP
We expect Real Estate Investors to return to growth in FY21 (+6% total accounting return), barring any major disruption to the roadmap out of lockdown. The majority of returns will be delivered by dividend income, underpinned by solid rent collection >90%. Vacancy may increase further near term, but any confidence returning to the West Midlands property market could see 2021 become a tale of two halves. Net LTV should reduce for completing sales, also helped by better sentiment and filling voids. A 31% discount to spot NAV looks attractive given the relative security of income that supports an 8% prospective dividend yield for FY21, and a business returning to TAR growth.
Companies: Real Estate Investors plc
What’s new: Full year trading update reveals full year results on 15 June will be “ahead of all analysts’ forecasts”. Good momentum has continued into the year to 31 March 2022. 35% rise over last 12 months in AUM to £9.0bn on 31 March 2021; - Net inflows added £755m, with 2H net inflows of £427m 30% higher than 1H net inflows of £328m; annualised growth rose from 10% to 11%; - Market movements added £1.5bn or 22% (i.e. outperforming WMA); - From 31 March 2020 the WMA balanced index rose 19% to 4819; - Since 1 April 2021 the WMA balanced index has risen 3% to 4961; 3.3% rise in Paradigm Consulting member firms to 407 (2020: 394), with 2H rise higher than 2.5% in 1H; 4.4% rise in Paradigm Mortgage firms to 1,612 (2020: 1,544) with 2H rise higher than 3.0% in 1H; - increase in market activity in 2H helped by stamp duty holiday; - 10% rise in gross lending to £11bn (20% rise in 2H to £6bn); £16.9m of net cash (30 Sept 2020: £13.3m).
Companies: Tatton Asset Management Plc
AuM grew by 5.1% to £30.9bn (vs. N+1Se £31.5bn) in Q4. Net inflows were sustained at £958m, with complementary £543m positive performance. Sustainable hit the £10bn milestone. AuM is already up a further 5% to £32.5bn in the few weeks of Q1’22 so far. We leave our FY21e forecasts unchanged. Unwinding some excessive prudence in costs drives upgrades: +3% EPS in FY22e and +5% EPS in FY23e. A 14.8x FY22e PER reflects a sustained growth trajectory, but doesn’t reflect upside should LIO deliver distribution synergies in newer funds.
Companies: Liontrust Asset Management PLC
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May. musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. 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. Due 27 April.
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on the Lake Rebecca Gold Project over which it holds an uncapped 1.5% NSR. The owner of the project, Apollo Consolidated, has released an updated mineral resource estimate increasing the indicated resources by 50% to 815,000oz of gold. The combined optimised and pit-constrained Lake Rebecca resource now stands at 1.105 Moz.
Companies: Trident Royalties Plc
Tatton expects earnings to be ahead of market expectations: we upgrade FY21e adj. EBITDA by 10%. This is the result of strong FuM growth in H2 as well as sustained mortgage lending – contributing to the upgrade equally. FuM is touching £9.0bn with improving flows and positive performance. There is positive earnings momentum in outer years from higher FuM and we upgrade by +10% in FY22e, but remain more cautious further out (FY23e +4%). Tatton is sustaining an impressive trajectory, adding £2bn from net inflows in 2yrs. We see further penetration into the existing adviser base as a key opportunity and, given the size of this opportunity, believe the premium 22x Mar-22e PER rating is warranted.
Ahead of results for the year ended 31 March 2021 (FY21), due in June, Palace Capital (PCA) issued a trading update on continuing robust rent collection, further disposals of non-core assets, and perhaps most important of all, the completion of the flagship Hudson Quarter (HQ) development in York, on budget, later this month. We expect HQ to be a significant driver of returns and deleveraging over the next two years.
Companies: Palace Capital plc
XPS’s pre-close guides to trading in line. FY 21 revenue growth is expected to be 7%, better than our estimate of 5%, and partly driven by blockbuster growth at Investment Consulting. 6% of group growth is expected to be organic, which is impressive during a pandemic. Updating our growth estimate and making no further changes, this increases our FD EPS by 1.4%. Fundamentals remain attractive. Recurring revenues are in excess of 85% in the core pension divisions, the business is growing at a faster pace than the Big 3 and strong cash flows provide fire power for bolt-ons. A CY 21 dividend yield of 5.4% is increasingly attractive in a low-yield world. BUY, TP 210p.
Companies: XPS Pensions Group Plc
CLS has continued to achieve high rent collection rates across the business with 95% received for the current quarter. Overall for Q1 2020 CLS has now received 98% of rents due. This outturn is comfortably ahead of collection levels achieved by a number of office-focused peers. The shares trade on a c.25% discount to spot EPRA NDV, offering a prospective c.3.3% dividend yield, compared to the UK real estate sector at a c.9% spot NDV premium. In our view this is too cheap and we reiterate our BUY rating.
Companies: CLS Holdings plc
Gore Street has raised £135m at a 2.4% premium to NAV almost doubling the size of the fund. With a project pipeline of 1.3GW we expect it to be able to deploy this capital effectively and we think this will allow the company to take its pick of some of the best sites.
Companies: Gore Street Energy Storage Fund PLC
In these six short videos Harworth CEO, Lynda Shillaw, discusses the Harworth business model, her impression of the Company since joining as the CEO in November 2020, how the investment portfolio has grown in recent years and the strategy behind the acquisitions, how the recovery in housebuilding activity has helped the sale of 'oven ready land', the major development schemes in the portfolio and what to expect from the review of the business.
Companies: Harworth Group PLC
