Edison Investment Research

Diversified Gas & Oil (DGOC); acquires EdgeMarc for $50m and midstream system for $7.5m

The acquired assets are located in close proximity to DGO’s existing facilities in Ohio

Diversified Gas & Oil has announced the $50m cash acquisition of assets of EdgeMarc Energy Holdings has been approved by the United States Bankruptcy Court. The assets to be acquired include 12 gross producing unconventional Utica natural gas wells and associated facilities in the State of Ohio, as well as certain undeveloped lands. They add c 7.7kboed to DGO’s current c 90kboed production. Management’s internal estimates value EdgeMarc’s PDP reserves at $58m on a PV10 basis unhedged. DGO will also acquire EdgeMarc’s hedge book for 2019 and 2020.

ANGLE (AGL); initiates the main phase of its ovarian cancer clinical verification study

ANGLE has initiated the main phase of its 200 patient ovarian cancer clinical verification study with the enrolment of the first patient. A positive outcome from the study will support the company’s plans to launch a clinical assay for the detection of ovarian cancer in women with an abnormal pelvic mass.

Duke Royalty (DUKE); announces follow-on investment and restructuring of its Royalty Partner

The pro forma cash yield from Duke’s new exposure to SIL post this latest contribution will be approximately 18.0%

Duke Royalty has announced a follow-on investment of £0.25m and restructuring of its Royalty Partner, Pearl & Dean Cinemas. The company has restructured its investment, which now totals £2.75m, by moving the entire Royalty Agreement from the Pearl & Dean Group to its parent company, Step Investments Limited (SIL).

Standard Life UK Smaller Companies Trust (SLS); posts NAV total return of -1.1% for FY19

The basic revenue return per share for the year ended 30 June 2019 was 8.80p (2018: 7.24p)

Standard Life UK Smaller Companies Trust reported its results for the year ended 30 June 2019. The NAV total return was -1.1%, while the share price total return was -0.3% (both calculated on the basis that all dividends received are reinvested in additional shares). The total return of the reference index was -7.2%.

Utilico Emerging Markets Trust (UEM); declares a dividend of 1.80p per share

The dividend will be paid on 27 September 2019

Utilico Emerging Markets Trust has declared a first quarterly interim dividend of 1.80p per ordinary share with respect to the year ending 31 March 2020. The dividend will be paid on 27 September 2019 to shareholders on the register on 6 September 2019. The ex-dividend date will be 5 September 2019.

KEFI Minerals (KEFI); issues 16,941,604 new ordinary shares

KEFI has received notice from one of its working capital providers to convert £125,000 of the Loan Note issued on 5 August 2019, along with associated costs of £6,250 into new KEFI ordinary shares of 0.1p each at 0.77p per share. Therefore, KEFI has allotted and issued 16,941,604 new KEFI ordinary shares of 0.1p each to the loan facility provider. The loan facility provider continues to hold below 3% of KEFI’s outstanding share capital following the issue.

Bigblu Broadband (BBB); announce total revenue increases of 21.9%

The companies main banking partner HSBC increased RCF facility to £10m, due to the strong underlying EBITDA performance.

Bigblu Broadband announced its H119 results ended 31 May 2019 today. Adjusted EBITDA increased 56.4% to £4.3m and adjusted EPS grew to 2.7p. Operating profit increased to £0.7m and loss per share improved to 1.2p. Although net debt increased to £16.9m, it should, according to the company, reduce significantly to less than 1.5x EBITDA by year end.

Raven Property (RAV); reports net operating income of £64.

Diluted NAV per share increased 40% to 67p compared to 48p at December 31 2018

Raven Property announced its half-year results (unaudited) for the six months ending 30 June 2019. Net operating income stood at £64.3m for the period vs. £57.6m in the same period last year.

Supermarket Income (SUPR); acquires a Sainsbury’s supermarket

The 10 acre site comprises 78,000 sq. ft.

Supermarket Income Reit has acquired a Sainsbury’s supermarket in Preston, Lancashire, from Legal & General, for £54.4m (excluding acquisition costs), reflecting a net initial yield of 5.1%.

Fidelity Special Values (FSV); issues 150,000 new ordinary shares

Fidelity Special Values has issued 150,000 new ordinary shares of 5p each at a price of 256p per share from its block listing authority. The shares rank pari passu with the existing ordinary shares in issue.