Edison Investment Research

Renewi (RWI); launches Belgian retail bond to raise up to €75m

Renewi has launched a Green Bond Issue to retail investors in Belgium to raise up to €75m at a gross coupon of 3% for a period of five years to July 2024. The notes, which will have an issue price of 101.875, are available in denominations of €1,000 and will be listed in the main market of the London Stock Exchange. The subscription period will run from 5 July 2019 and is anticipated to close on 12 July 2019, subject to early closing.

Telford Homes (TEF); CBRE launches a cash offer for Telford Homes of 350p per share

Acquisition is likely to complete in Q319

CBRE Group and Telford Homes (TEF) have announced the terms of a recommended cash acquisition by CBRE of TEF’s entire issued and to be issued ordinary share capital. Under the terms of the acquisition, shareholders of Telford Homes will be entitled to receive 350p in cash for each share.

Serco Group (SRP); reports that investigation by SFO concludes with a DPA

This proposed DPA is subject to final judicial approval

Serco announced that Serco Geografix has agreed a Deferred Prosecution Agreement (DPA) with the UK Serious Fraud Office (SFO). Serco Geografix (SGL) and the SFO will both appear in court on 4 July 2019 to seek approval for the proposed DPA, which would conclude the SFO’s investigation into Serco companies.

Solid State (SOLI); revenue increases 22% to £56.3m for FY 2019

Solid State announced its final results for the year ended 31 March 2019. Adjusted PBT and diluted EPS increased 18% and 16% to £3.5m and 35.9p, respectively while the adjusted operating margin decreased to 6.5% and dividends stood at 12.5p. During the year, Solid State acquired Pacer Group and delivered a significant increase in sales, with the Value Added Distribution division delivering about 25% organic growth.

Tetragon Financial Group (TFG); announces closing of merger with Bentall

BentallGreenOak remains a key strategic investment of TFG Asset Management

Tetragon Financial Group announced the closing of GreenOak Real Estate’s joint venture with Bentall Kennedy (Sun Life Financial’s real estate and property management firm). The combined Bentall Kennedy and GreenOak entity is named BentallGreenOak and is part of SLC Management. SLC Management is the institutional alternatives asset management business of Sun Life.

Walker Greenbank (WGB); enters into distribution agreement with Kravet

Kravet owns and distributes Kravet, Lee Jofa, Groundworks, Brunschwig & Fils and the UK's GP & J Baker brands

Walker Greenbank has entered into a distribution agreement with Kravet for the distribution of its Clarke & Clarke and Studio G brands in the US. Kravet will replace the Robert Allen Duralee Group (RADG), the company’s previous US distributor of the Clarke & Clarke and Studio G brands.

StatPro Group (SOG); secures Revolution conversion with a large insurance company

The contract has a minimum value of £1.5m

StatPro secured a contract for a conversion from its legacy StatPro Seven software to its new, cloud-based, StatPro Revolution platform,  with a large insurance company. The three-year contract has a minimum value of £1.5m, representing a 77% increase in the annual subscription.

Carr’s Group (CARR); acquires NW Total Engineered Solutions for £9.6m

Carr’s has acquired the entire issued share capital of NW Pump & Valve Limited, the holding company of NW Total Engineered Solutions Limited (NW Total), for a total cash consideration of up to £9.6m. The acquisition constituted an initial cash consideration of £6.0m, with a further contingent cash consideration of up to a maximum of £3.6m payable over the next three years based on the achievement of agreed financial targets. The group will use an additional term loan facility of £6.0m to fund the initial consideration, with the contingent consideration being self-financed.

Allied Minds (ALM); announces AGM statement: strategy to maximise returns to all shareholders

The company will release its 2019 half-yearly report on 19 September 2019

Allied Minds will report in today’s AGM that it expects HawkEye 360, Federated Wireless and Spin Memory will generate commercial revenue in 2019, with the potential for attractive and valuable growth thereafter. It is also optimistic that Federated Wireless and HawkEye 360 will complete fundraising in the near term.

KEFI Minerals (KEFI); provides update on Tulu Kapi gold project

KEFI Minerals took immediate actions with the Ethiopian government authorities to tighten precautionary security measures for the Tulu Kapi gold project and to ensure the local community’s and administration’s preparedness for community resettlement.