Edison Investment Research

Henderson Far East Income (HFEL); allots 125,000 ordinary shares

The shares will be issued for cash on 16 September 2019

Henderson Far East Income has allotted 125,000 ordinary shares at 372p per share, each fully paid under its block listing facility. The NAV per ordinary share as of 11 September 2019 was 363.5p.

appScatter Group (APPS); reports revenue at £710,926

appScatter Group announced its interim results for the six months ending 30 June 2019. Cash outflow from operations stood at £1,311,023 and loss after tax was £5,119,236. The company also continued integration of the Priori Data and Abilott businesses acquired during 2018.

ANGLE (AGL); announces use of Parsortix in head and neck cancer

The review identifies the key potential uses of a CTC liquid biopsy

ANGLE announced that the University of Birmingham published the results of a review of research into the use of circulating tumour cell (CTC) markers in the treatment of head and neck cancer, identifying the key benefits of ANGLE’s Parsortix system over other CTC liquid biopsy systems.

Metals Exploration (MTL); reports gross profit of $8.49m for H1 2019

Restructuring negotiations with lenders continue to progress with a standstill agreement in place

Metals Exploration announced its interim results for the six months ended 30 June 2019. The company reported an after tax loss of $8.57m. Gold production grew 34% over the 2018 half-year from 22,952 ounces, to 30,774 ounces. Gold recoveries stood at 66.1%, an increase of 20.6% from the first half of 2018.

Mytilineos (MYTI); reports solid interim results

Mytilineos reported strong revenue growth (+38% y-o-y to €991m) and EBITDA progression with 1H EBITDA of €175m, +21% y-o-y (broadly in line with our forecast of €178m). In line with our expectations, the growth was boosted by the Power & Gas business (EBITDA up c 3x y-o-y) thanks to higher volumes and margins. The EBITDA for the Metallurgy declined only slightly y-o-y (despite a significant decline in alumina/aluminium prices and despite an exceptionally strong 1H18) while the EBITDA for EPC & Infrastructure businesses was broadly unchanged y-o-y.

BioPharma Credit (BPCR LN); Lexicon dispute resolution

Lexicon (one of BPCR’s borrowers) announced the settlement of the Zynquista dispute with Sanofi. As part of the alliance termination and settlement agreement, Lexicon will regain all rights to Zynquista and be solely responsible for its worldwide development and commercialization in both type 1 and 2 diabetes. Moreover, Sanofi has agreed to pay Lexicon US$260m with US$208m representing an upfront payment while the remaining consideration to be paid within the next 12 months. Sanofi will work together with Lexicon to complete the transition of responsibility for the ongoing clinical studies and other related activities.

Hurricane Energy (HUR); announce test flow results

The well will now be suspended, with the intention that it will be used for production via tie-back to Lancaster’s Aoka Mizu FPSO in 2020

Hurricane Energy announced this morning the flow test results from ‘Lincoln Crestal’ well, the second well of a three-well drilling campaign in the Greater Warwick Area (GWA), trying to access a 2C contingent resource of 604mmboe. The well tested at a maximum stable flow rate of 9,800bopd with the use of electrical submersible pumps (“ESPs”). The well flowed at an average rate of 4,682bopd under natural conditions and no formation water was produced.

Focusrite (TUNE); releases upbeat closing update

EBITDA is also expected to be ahead of market expectations

Focusrite has released an upbeat closing update for the year to 31 August 2019, highlighting ahead-of-market-expectations revenue of £84m (Edison FY19 forecast: £79.8m, broadly consistent with consensus). This includes growth of c 10% (6% CCY) in the existing business plus six weeks of revenue for the recently acquired ADAM Audio studio monitor business.

Finsbury Growth & Income Trust (FGT); issues 105,000 ordinary shares

The total number of ordinary shares in issue stands at 198,851,712

Finsbury Growth & Income Trust has issued 105,000 new ordinary shares of 25p each in accordance with its placing programme at a price of 927.25p per share. The shares rank pari passu with the existing ordinary shares in issue. The issue price equates to a premium to cum income NAV per share at the time of the transaction of 0.7%. Such a premium includes a placing commission of 0.2%.

Supermarket Income (SUPR); intends to raise c. £50m by equity issue

Three near-term acquisition opportunities have been identified by the company

Supermarket Income has proposed an issue of equity by way of a placing and offer for subscription. The issue price reflects a discount of 5.1% to the closing price on the last business day prior to the announcement.