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Capital increase to support accelerated growth
14 Feb 17
Collagen Solutions is a biomaterials company developing and manufacturing medical grade collagen components for use in medical devices, research, and regenerative medicine. A number of investment initiatives have been introduced over the last year to accelerate the rate of growth, including global commercial infrastructure and the development of a pipeline of finished medical devices. The company has announced a capital increase, as well as some strategic investor venture debt, to raise gross funds of up to £12.0m to fund these initiatives, with a target of generating a five-fold sales increase over 5 years and profitability in 2019.
Disruptive peanut allergy vaccine
13 Feb 17
AGY is a long-established specialist in the prevention, diagnosis and treatment of allergies. Trials to obtain full regulatory approval as a biological for its ultra short-course immunotherapy, Pollinex Quattro, have progressed well in the EU, and are back on-track in the US with a planned new safety trial. Meanwhile, AGY acquired novel virus-like particle (VLP) technology with the goal to develop a short-course therapeutic vaccine for peanut allergy. Positive safety and efficacy results from proof-of-concept pre-clinical tests with Polyvac Peanut are very encouraging. A small safety study in humans is required before Phase I trials can commence.
Fixed Interest Investments
06 Feb 17
In addition to a market capitalisation of some £144m for the REA Holdings’ ordinary shares, investors can also choose to invest for superior income opportunity amongst the company’s range of traded fixed interest securities. These securities include 9% Cumulative Preference shares with a market capitalisation in the region of £62m, a US$ Note programme with an issue value of some £35m and offering a coupon of 7.5%, and two Sterling Note issues of £8.3m and £31.85m, with coupons of 9.5% and 8.75% respectively.
Bringing Home Collect into the 21st Century
02 Feb 17
Having completed a major integration, management is now focussing on carefully controlled growth. Technology is driving efficiency improvements, aiding credit management (impairments are at the lower end of expectations) and improving compliance and controls. MCL is the number 2 in UK home-collect credit (HCC) market, and is around twice as large as the number 3. It is attracting and acquiring performing agents and portfolios of loans. Revenue margins have been increased and MCL is introducing new products where it has a competitive advantage from existing operations, or risk management expertise. We see 28% valuation upside.
2016 Q4 Trading Update
02 Feb 17
PPHE’s trading update confirmed that trading was in line with expectations and that the new year had started well. This is reassuring news and it appears that the business performance has acclerated in Q4, although the comparison is distorted by the Croatian acquisition and new openings. Nevertheless, we are encouraged. The stock continues to trade at a significant discount to the real value of the assets, a value to be further boosted when the new hotels open, and we expect the discount to narrow.
The Quest for Dividends
01 Feb 17
The Dow Jones Index has just breached the 20,000 mark, the first time in its 131- year history that it has done so, whilst the FTSE-100 Index has also been at record levels in recent weeks. The election of the controversial Donald Trump as the new US President, and more specifically the impact of his planned expansionist economic policies, have boosted stock markets, both in the US and in the UK.
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