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12 Apr 16
Rigid-plastic-products manufacturer and waste-management services provider One51 is holding a general meeting on 21 April to gain the shareholder approvals required to issue shares for a potential flotation on AIM and the Enterprise Securities Market (ESM). In 2014, Ireland-based One51 paid 78p a share in cash for AIM-quoted Straight, which valued the wheeled-bins manufacturer at £10.7m. One51 subsequently bought a controlling stake in Canadian plasticproducts business IPL. A flotation would trigger a deal to swap One51 shares for the one-third of IPL that it does not currently own. The plastics division is the main focus of expansion. One51 is a substantial business. In 2015, revenues grew from €276.5m to €366m, while underlying profit almost doubled from €16.2m to €31.9m. A full 12-month contribution from IPL would have taken revenues to €473.5m and grown profit even more rapidly. Plastic products generate nearly two-thirds of revenues and a greater proportion of profit. Net debt was €120m at the end of 2015 and there is contingent consideration of more than €33m that could become payable. Numis and Davy have been appointed as advisers for the flotation, which is still dependent on market conditions. Although One51 is unlisted there has been regular trading in its shares since 2007 and by the end of March the shares were changing hands at €1.70 each.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
15 Aug 16
Australian fintech company ThinkSmart Ltd intends to switch its quotation from ASX to AIM. This is the culmination of a strategic review started nearly a year ago. Henderson is subscribing for £5m-worth of shares at 25p (A$0.44) each in a pre-flotation placing at a premium to the ASX market price, which will give the fund manager 17% of the enlarged share capital. ThinkSmart requires regulatory approvals and a ruling from the Australian Taxation Office in order to go ahead with the transfer of quotation. Shareholders will also have to agree to the move. The introduction to AIM is expected to happen in early November, following a tender offer for up to 10 million shares. The cash raised from Henderson will be used to develop the business but it will also help to finance the tender offer, which will be at an indicative share price range of A$0.38 to A$0.55. ThinkSmart provides digital, paperless and retail point of sale finance services via its SmartCheck technology. Dixons Carphone Group subsidiary Dixons Retail is a major customer and the relationship goes back 13 years. Together they have developed a leasefinance package called Upgrade Anytime, which enables customers to upgrade to the latest computer and consumer electronics equipment. A contract has recently been won with the Carphone Warehouse subsidiary. Although ThinkSmart is based in Western Australia it also has an office in Manchester.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
The Cybersecurity Rebellion: “No, I’m Spartacus!”
07 Jun 16
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.