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Executive interview - Seneca Global Income & Growth Trust

executive-interview-seneca-global-income-amp-growth-trust-27-06-2017
  • 27 Jun 17
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Quantum Genomics

QGC001 clinical results

Quantum Genomics announced the results from the 34-patient Phase IIa study of QGC001 for the treatment of mild to moderate arterial hypertension. It showed a 2.7 mmHg placebo-adjusted reduction in the primary endpoint of ambulatory systolic blood pressure (SBP, p=0.16) and a 4.7 mmHg reduction in in-office SBP (p=0.15). The p value improved to p=0.06 using a multivariate analysis, which is encouraging given the trial size, albeit slightly non-significant. Data from this study will be used in the design of the US-based Phase IIb hypertension trial, starting in H217.

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  • 27 Jun 17

Windar Photonics

Good progress establishing platform for growth

During FY16 Windar took some important strategic steps in rolling out its innovative LiDAR: implementing additional functionality to enlarge the addressable market and modifying its sales channels to focus on the IPP market. While y-o-y revenue growth of 26% was lower than management guidance, the results show substantial reductions in the cost-base and lower losses. Management note that recent order wins are likely to result in high double digit revenue growth during H117 and the company approaching EBITDA breakeven. We are withdrawing our estimates and valuation until the interims when there should be more clarity on test programmes converting to sales.

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  • 27 Jun 17

Alkane Resources

Finishing the year with a flourish

Alkane has provided a pre-quarterly update for its Tomingley Gold Operation (TGO). Strong production performance of 17koz of gold produced across April and May has led the company to revise upwards its H217 production target from 31-36koz, to 43-45koz. H217 all-in sustaining costs (AISC) are also estimated to come down from A$1,350-1,550/oz published by Alkane in January, to A$1,000-1,100/oz. This is expected to have a positive effect on the company’s cash flow, which will be confirmed via its FY17 financials due out mid-July.

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  • 27 Jun 17

Ig Design Group

Party time

Another strong set of results from IG Design Group show the positive impact of its strategy of investment and innovation in design and delivery. Last year’s acquisition of Lang in the US has added product and customers, while the European operations are gaining additional benefit from the growth of their clients. A particularly strong cash performance has moved the balance sheet cash positive at the year-end, well ahead of schedule. The dividend has been raised from 2.5p in FY16 to a proposed 4.5p, with further rises on the cards underpinned by our raised FY18 and new FY19 estimates.

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  • 27 Jun 17

Seneca Global Income & Growth Trust

More relevant benchmark proposed

Seneca Global Income & Growth Trust (SIGT) has proposed changing its benchmark to a more relevant CPI +6% versus the current Libor +3%; it aims to generate income and long-term capital growth across multiple asset classes with low volatility. SIGT also aims to grow annual dividends at least in line with UK inflation. It currently has a long-term strategic allocation to equities (60%, split 35% and 25% between UK and overseas), fixed income (15%) and specialist assets (25%, generally yielding 5-8%). SIGT has outperformed its current benchmark and the FTSE All-Share index over three and five years and since its change of mandate in 2012, with lower volatility than the UK equity market. Annual dividends have increased above the level of UK inflation for the last four years and SIGT has regularly added to reserves. The board has been actively utilising the discount control mechanism that was initiated in 2016, with the aim that SIGT’s shares trade close to its NAV.

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  • 27 Jun 17
 

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