Edison Investment Research

GB Group (GBG); posts strong financial and operational performance in 1H20

Organic revenues are up 18% on a constant currency basis.

GB Group announced its trading statement for the six months to 30 September 2019, ahead of releasing its half-year results. Revenue is likely to be up by 64% at £93.7m for the period. This reflects its recent acquisitions of Vix Verify and IDology, supplementing positive underlying trading across the key growth areas of Location, Identity and Fraud.

Agnico Eagle (AEM); post strong quarterly results

AEM is now at a perfect inflection point

A very strong set of quarterly results released by Agnico Eagle after the close of trading in Toronto yesterday (i.e. Wednesday). AEM’s Q3 results were characterised by the record quarterly production of gold after particularly strong production results from Goldex, Kittila and Meliadine, as a result of which the company has increased its production guidance for the full year.

Solid State (SOLI); open order book at £36.5m

Net cash position stood at c. £0.25m as of 30 September 2019

Solid State announced its trading update for the six months ended 30 September 2019. Adjusted PBT for the period is expected to be c. £2.5m due to favourable operational gearing, revenue growth and gross margin improvement. The company has continued its record trading performance achieved last financial year and is on track to deliver the upgraded full year earnings in line with the board’s expectations.

CVC Credit Partners (CCPG); announces September 2019 Tender Price

CVC Credit Partners European Opportunities has announced its September 2019 tender price. The company announced 24,749,347 sterling shares at a tender price of £1.0435 and 1,665,000 euro shares at a tender price of €0.9970. The NAV per sterling and euro share as of 30 September 2019 was £1.0535 and €0.9970, respectively.

Past the peak of political risk?

Could Brexit and US/China trade be in the rear-view mirror for 2020?

For over a year, investors have had to embed a risk premium for adverse political developments into global asset prices. For example, a US challenge to the long-standing consensus on the benefits of free trade has been a novel and unwelcome development. Furthermore, the uncertainty surrounding the form and timing of any departure of the UK from the EU has had a dampening effect on investment and profits on both sides of the English Channel. We are now seeing progress being made on both these questions during October which raises the prospect that they may be in the rear-view mirror for 2020. We continue to believe bearish positions on European equities may over-cautious in the context of still very low yields on government bonds.

ReNeuron Group (RENE); reports new data on CTX stem cell platform

ReNeuron Group announced that new data relating to its CTX stem cell platform will be presented today at the 27th Annual Congress of the European Society of Gene and Cell Therapy (ESGCT). The new data shows that ReNeuron’s CTX cell therapy candidate can be re-programmed into a pluripotent state and differentiated into other cell types. These new cell types can be efficiently expanded as potential cell therapy candidates targeting a broad range of diseases.

BlackRock Grtr Eur (BRGE); NAV per ordinary share at 399.52p

BlackRock Greater Europe Investment Trust announced its annual results for the year ended 31 August 2019. NAV per share increased 6.3%, outperforming the FTSE World Europe ex UK Index, which rose 4.8%. Net PAT decreased 22.2% to £4,160,000, while revenue profit per ordinary share decreased 18.4% to 4.87p. Total dividend increased 1.7% to 5.85p per share.

HgCapital Trust (HGT); plans to invest £31.6m in Argus Media

Argus Media is a leading global provider of energy and commodity price reporting.

Hg, the Manager of HgCapital Trust announced that it plans to invest in Argus Media. HgCapital Trust will invest approximately £31.6m in Argus, with other institutional clients of Hg investing alongside the company through the Hg Saturn Fund.

Shield Therapeutics (STX); present positive results

Shield Therapeutics announced that the positive results for Feraccru/Accrufer (Ferric Maltol) in AEGIS-H2H phase 3b non-inferiority study will be presented at the 27th United European Gastroenterology Week (UEG) 2019.

KEFI Minerals (KEFI); allots and issues 23,732,031 new shares

KEFI has received notice from one of its working capital providers to convert £150,000 of the loan note issued on 5 August 2019 and associated costs of £7,500 into new KEFI ordinary shares of 0.1p each at a price 0.664p per share. Therefore, KEFI has allotted and issued 23,732,031 new KEFI ordinary shares of 0.1p each to the loan facility provider.