Edison Investment Research

Severfield (SFR); issue of 263,740 ordinary shares at 2.5p each

Stock up 1.76% to 86.50p at 8:07

SFR has announced the issue of 263,740 new ordinary shares at 2.5p each from its block listing authority of 11 May 2018 and has the ability to issue a further 661,973 ordinary shares under its block listing facility.

Banca Sistema (BST:IM) completion of acquisition and news on risk weighting development

Banca Sistema has this week announced that it has completed the acquisition of a 19.9% stake in ADV Finance (for €0.6m).

Augean (AUG); Colt fixed assets sold to Future Industrials

AUG announced the sale of Colt Industrial Services fixed assets to Future Industrials for £1.0m cash consideration and use the proceeds to pay down existing debt facilities.

Standard Life UK Smaller Companies Trust (SLS); announces merger with Dunedin Smaller Companies

SLS announced that the board of Dunedin Smaller Companies Investment Trust plc (Dunedin) has agreed on the terms of merger in principle after a strategic review. The proposed merger is based on the current net assets of SLS and Dunedin, and is expected to increase SLS’ assets to over £550m.

appScatter Group (APPS); to raise £3.07m through equity issue to complete fundraising exercise

Stock up 9.48% to 63.5p at 8:01

APPS will issue 4.4m new ordinary shares by way of subscriptions at an issue price of 70 pence per share to raise £3.07m of gross proceeds. The company expects to use the net proceeds of around £2.84m for general corporate and working capital requirements.

Earnings revisions: No sign of a trade war (yet)

US estimates rising again while Europe and UK remain stable

In our view developed market equities remain in a benign de-rating phase, moving only sideways as profits rise and unconventional monetary policy is withdrawn. Critical to this view is a robust set of profits growth figures for 2018. Despite a significant slowing of economic momentum in the UK and Europe, consensus forecasts there still call for 8-9% 2018 earnings growth on a median basis. In the US, profits forecasts have seen another leg higher in recent months. The median US company is now expected to deliver close to 20% earnings growth in 2018. While there remain legitimate concerns and “headline risk” in respect of US trade policy, in our view and for the near-term, investors seem unlikely to dash for the exits with profits growth this strong.

Amur Minerals (AMC); Issue of 3,480,369 new ordinary shares for convertible loan agreement

Stock up 0.82% to 4.90p at 8:10

AMC has announced the issue of 3,480,369 new ordinary shares to Cuart Investments PCC Ltd. and YA II PN Ltd. in settlement of $197,753 of principal and accrued interest as part of a convertible loan agreement entered on 13 February 2018.

Severfield (SFR); FY results: underlying PBT up 19%, proposed special dividend of 1.7p per share

Stock up 3.66% to 84.79p at 8:08

SFR announced its results for the year ended 31 March 2018. Underlying profit before tax (PBT) grew 19% to £23.5m (2017: £19.8m), and underlying basic earnings per share grew 15% to 6.4p (2017: 5.5p).

Stobart Group (STOB); transfer of 1,715,000 shares to Employee Benefit Trust

Stock up 1.37% to 258.50p at 8:00

STOB has announced a transfer of 1,715,000 ordinary shares from treasury to the company’s employee benefit trust for nil consideration to meet obligations under employee share plans.

Regional REIT (RGL); sale of The Point, Hamilton Hill, Glasgow for £14.1m

Stock up 1.59% to 96p at 8:00

RGL has announced the signing of contracts to sell The Point Trade & Retail Park in Hamilton Hill, Glasgow for £14.1m, reflecting a net initial yield of 6.6%.