Edison Investment Research

ReNeuron Group (RENE); reports positive efficacy data in retinal disease

Study investigator presents positive efficacy data in ongoing retinal disease clinical trial.
ReNeuron Group announced that positive efficacy data was presented at the American Academy of Ophthalmology Annual Meeting (AAO) in San Francisco from the company’s Phase 1/2a clinical trial of its hRPC stem cell therapy in retinitis pigmentosa (RP).

YouGov (YOU); employee benefit trust purchases 1,000,000 ordinary shares

YouGov announced that Sanne Fiduciary Services, acting as Trustee of the YouGov Employee Benefit Trust (EBT), has purchased a total of 1,000,000 ordinary shares of 0.2p each in the group as part of a planned programme over a 10 month period.

Entertainment One (ETO); reports group underlying EBITDA of £13.4m

Entertainment One announced its first quarter results (unaudited) for the three months ended 30 June 2019. The value of the group’s library assets increased to $2.1bn as at 31 March 2019. The quarterly results were prepared in relation to the proposed acquisition of the group by Hasbro (previously reported on 22 August 2019).

XP Power (XPP); trading update: revenue increases 2%

The company’s full-year expectations remained unchanged.

XP Power announced its trading update for the quarter ending 30 September 2019. Orders increased 8% to £55.9m, while net debt was £50.0m as of 30 September 2019. The total dividend for the first three quarters of 2019 increased 6% to 55p per share.

Hutchison China MediTech (HCM); surufatinib NETs solid data at ESMO

Hutchison China MediTech (HCM) presented robust SANET-ep Phase III China data at ESMO 2019 on surufatinib in non-pancreatic neuroendocrine tumours (NET). The data support a China NDA submission (imminent), with surufatinib likely to be the first of HCM’s non-partnered assets to reach the market (late 2020).

Regional REIT Limited (RGL); announces a series of letting agreements

Regional REIT announced a series of regional lettings across its portfolio, in aggregate 10.9% ahead of expected rental value

The lease of Unit 2 of the 16-unit site has successfully been renewed to Vanguard Logistics Services Limited for a five-year period. A stepped rent has been agreed, increasing to the headline rent of £370,000 per annum, representing an uplift of 15.4%, which is 5.4% ahead of ERV.

Finsbury Growth & Income Trust (FGT); issued 40,000 new ordinary shares

These shares rank on par with the existing ordinary shares in issue.

On 8 October 2019, in accordance with its placing programme, the company issued 40,000 new ordinary shares of 25p each at 902.25p per share.

Rockhopper Exploration (RKH); provides an update on Abu Sennan

Rockhopper Exploration announced the following progress update in relation to its previously announced disposal of Rockhopper Egypt Pty Limited to United Oil & Gas for $16m. All the existing joint venture partners in the Abu Sennan concession had irrevocably and unconditionally waived their pre-emption rights under the Joint Operating Agreement.

Ted Baker (TED); post analyst meeting

Despite this, Boohoo has delivered a YTD price performance +68%

Ted Baker’s interim results on 3rd October were preceded by the company’s latest profit warning, giving the analyst meeting a sombre tone from the offset. Management emphasised that the profit warning was a result of the challenging backdrop for fashion retailers, caused, mainly, by consumer uncertainty (i.e. Brexit) and unseasonably warm weather. Ted Baker reacted to this elevated uncertainty through unprecedented and sustained levels of promotional activity, which significantly impacted gross margin.

Brexit: Through the fog of war on public opinion

EU and UK play poker and maintain elevated uncertainty

Author: Alastair George

If the objective of the EU was to demonstrate just how hard it is to leave the Union under Article 50, it would have surely succeeded. The UK has been put into a position where Parliament has rejected a government-negotiated Withdrawal Agreement three times. Now, under a new PM the UK has finally put forward detailed alternative arrangements for Northern Ireland. Despite initially positive indications, the EU presently appears to have baulked at these proposals, aiming perhaps at forcing the UK to extend Article 50 and conduct another general election to break the Parliamentary deadlock. We believe no-deal at the end of October remains a low probability. In the circumstances, in our view investors should keep sight of the relatively discounted valuations of sterling and UK equities for the medium-term.