TGP refinances its USD 225m RCF Two new contracts, LNGC contract coverage at 98% in ’20 and 94% in ‘21 Refinancing risk reduced, but it was already very low in our view Bond spreads imply distress that is not there

Teekay LNG Partners LP

• 04 Apr 20
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BioLargo reported record revenue of $1.86m for 2019, a 36% increase over 2018 and a record single quarter revenue of over $560,000 for Q4. Odor-no-More (ONM) had its best year to date with $1.46m in revenue ($832,000 gross profit). However, ONM fell short of its goal of breaking even for the year with a loss of $337,000 (albeit improved from the 2018 $433,000 loss) due to increased headcount for future growth. The company noted that in 2020 it will focus on increasing sales through improved distribution and strategic alliances and will keep its headcount constant. This will be supported by a new $10m equity facility from Lincoln Park.

BIOLARGO

• 02 Apr 20
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PDL BioPharma announced that the company is targeting either a complete sale or the monetization of its four key assets by the end of 2020, much faster than the two to three years previously communicated. To this end, the company has enlisted the help of three different advisors, namely Bank of America for the sale of the entire company or the royalty portfolio, Torreya for the sale of Noden and Evofem and SVB Leerink to investigate opportunities for LENSAR. The company will return the value to shareholders in as tax efficient a manner as possible likely via share repurchases or dividends.

PDL BIOPHARMA

• 01 Apr 20
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PDL BioPharma (PDL) has announced that following the completion of a strategic review process it has decided to cease additional strategic investments and monetize the company’s assets, returning net proceeds to shareholders. As the assets are not focused on any one area within healthcare, we believe they will likely need to be sold off piecemeal, which will lead to a relatively lengthy process (the company has estimated two to three years or longer). PDL’s stock has typically traded at a discount to its book value ($5.58 per share as of the end of Q319), so this should be a way to unlock the value of the company.

PDL BIOPHARMA

• 01 Apr 20
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In an environment where the majority of the MedTech stocks have been bashed relentlessly in the past month, Qiagen has been an exception. A takeover bid by Thermo Fisher took the scrip to lifetime highs in early March 2020. Moreover, the spread of COVID-19 globally, which opened a window of opportunity for the in-vitro diagnostics firm, further bolstered the momentum. Ergo, we view Qiagen as a good cash proxy in the current volatile environment.

QIAGEN NV

• 27 Mar 20
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Canacol Energy has recently reported record annual production of 143mmscfd for FY19 in line with our estimates. Key drivers for an increase of 28% in production versus FY18 include the completion of the Jobo to Cartagena, 100mmscfd pipeline. Management expects production for 2020 to be c 205mmscfd and capex for the year of c US$114m. Although the oil and gas industry is facing severe headwinds, which include the impact of coronavirus on global energy demand and the Russia/Saudi Arabia oil price war, Canacol fundamentals remain protected due to fixed contract gas prices. As a consequence, the company is able to maintain its capex, production, EBITDAX guidance and dividend for FY20, while its peers had to resort to cuts to protect their balance sheets. Our 2P + risked exploration NAV has decreased by 2% to C$7.02/share, reflecting higher actual end-FY19 net debt of US$300m versus our estimate of US$271m.

Canacol Energy

• 26 Mar 20
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On 18 March, Sunesis released the first assessments of the 400mg cohort in its ongoing dosing study of vecabrutinib for B-cell malignancies. Two (of three) patients in this cohort showed stable disease (SD), with one showing a 48% response. These results are largely similar to those seen with the 300mg cohort (one near-responder SD, two stabilized SD, and one progressor). We would like to have seen more definitive activity in this cohort, but there is still the possibility that Sunesis will cross the line of generating partial responses (PRs) in the upcoming 500mg cohort.

Sunesis Pharmaceuticals Inc

• 26 Mar 20
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Anglo Asian Mining* (AAZ LN) – Production maintained amid escalating state COVID-19 containment measures | Adriatic Metals* (ADT1 LN) – Gravity data reveals additional targets | Ariana Resources* (AAU LN) – Subsidiary pays Ariana £1.6m dividend | Aura Energy* (AURA LN) – Postponement of EGM | Caledonia Mining (CMCL LN) – Virus mitigation measures in place | Gem Diamonds (GEMD LN) – Letseng placed on care and maintenance | Polymet Mining* (PLM N) - Minnesota Supreme Court will hear appeal on three PolyMet permits | Sunstone Metals Limited (STM AU) – Identification of high-grade gold-copper porphyry targets at Bramaderos | Serabi Gold* (SRB LN) –– Higher gold prices and falling Brazalian real

AAZ ADT1 AAU AURA CMCL GEMD POM SRB

• 26 Mar 20
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The similarity in corporate name between Aurania Resources (TSX-V:ARU) and the dearly departed Aurelian Resources is more than coincidental. It is noticeable that the companies have the same ticker.Management was involved in the discovery of much of the NI 43-101 gold and copper resources in the ad

AURANIA RESOURCES

• 25 Mar 20
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