CVS Group (CVSG LN) - Move to strengthen the Board CVS has moved to strengthen the Board by appointing Deborah Kemp as a Non-Executive Director from immediate effect. Deborah brings a wealth of experience of working in multi-site consumer facing businesses both from an operating, M&A and property development perspective – features which are all relevant to CVS going forward. Notably, her career has involved serving as CEO of Laurel Funerals from 2010-15, Chief Operating Officer at De Vere Hotels & Resorts from 2009-10 and a lengthy period at Punch Taverns plc culminating in being the MD of the leased business. Since 2015 she has been a director of Vennco Limited, a consultancy specialising in consumer businesses and in September 2017 became interim CEO of private equity backed Synseal Group. Overall, we view this as a positive appointment in light of CVS’s rapid growth in recent years and as it looks to move to the next phase of development. Following this appointment the Board of CVS now comprises two Executive Directors and two independent Non-Executives and a Non-Executive Chairman. We continue to be positive on CVS and see the recent share price weakness as a rare buying opportunity into a structural growth story. We anticipate LFL sales newsflow to improve in 2018 as it laps softer comps and self-help measures kick in. This is an important catalyst. Fundamentally the veterinary industry is attractive and CVS is very well positioned to capitalise on its leading market position and service/geographic diversity to double earnings over the next 5 years. We see a cal’18 P/E of 22x (ex further consolidation) as attractive and argue for fair value >1300p on a 12m view. Gresham Technologies (GHT LN) - Significant CTC win in the Nordics Gresham Technologies won a significant contract win with one of the largest financial services groups in the Nordic region. The bank will use Clareti Transaction Control (CTC) as part of a modernisation programme in its wholesale banking operations The contract has an initial value of approximately €2 million, around half of which is immediately recognisable (contributing in 2017), with the remainder to be recognised over the initial five-year term of the contract. This is another good win for CTC, following on from a number of significant wins in 2017, leaving us confident of its prospects. Summit Therapeutics (SUMM LN) - Discuva acquisition enhances infectious disease offering Summit has acquired Discuva and its research and development platform for the generation of differentiated antibiotic compounds for a total consideration of £10m in cash and shares. Summit will aim to generate a pipeline of new mechanism of action antibiotics to address serious infectious diseases and expand its pipeline in this area. The group’s infectious disease pipeline currently includes its flagship antibiotic candidate ridinilazole for the treatment of C. difficile infection (CDI). Summit is on track to commence two Phase III trials evaluating ridinilazole vs. vancomycin in H1 2018. We remain very excited about Summit’s potential and welcome this sensible bolt-on.