Kore Potash (KP2); completes Kola definitive feasibility study
The metrics look good, but how will a £65m market cap company fund $2.1bn in development costs?
Kore Potash has completed a definitive feasibility study (DFS) at its Kola Potash Project, located within the Republic of Congo. The DFS was originally expected in Q318, but the French consortium that undertook the DFS experienced delays.
Read more...Domino’s Pizza (DPZ); report that sales growth is still strong
The statement does not discuss margins, which don’t appear to be an issue for the 2018 year
Like-for-like sales growth is still strong at 4.5% in the UK, which is consistent with Q2’s 4.7% though down from 7.0% in Q1. Online sales up 10.8% to 80% of all sales, are evidence of Domino’s continuing fit with the connected market.
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Shield Therapeutics (STX); positive results from long-term phase of AEGIS-CKD study
Haemoglobin levels increased and maintained in patients with chronic iron deficiency anaemia across 52 weeks of Feraccru therapy
Shield Therapeutics has announced positive results from the open-label extension phase of the AEGIS-CKD pivotal study of Feraccru. The new drug is a novel oral ferric iron therapy used in the European Union for the treatment of iron deficiency (ID) in adults and in Switzerland, for the treatment of IDA in adults with inflammatory bowel disease (IBD).
Read more...Brady (BRY); post year-end trading update
Net cash at year-end was £4.6m, against £4.4m on 31 December 2017
Brady, a provider of trading and risk management software for the global commodity market, declared that revenues for the year ended 31 December 2018 are expected at approximately £23m and adjusted EBITDA is forecast at around £2.6m, which is broadly in line with consensus market expectations.
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ECB fiddles as eurozone turns
Compared to US Fed, ECB seems flat-footed as growth slows
During the recent period of market volatility the US Fed has in our view successfully re-positioned itself on the doveish end of expectations, both in terms of interest rate and more recently balance sheet policy. The ECB in comparison appears flat-footed, with ECB President Draghi failing to use the opportunity in his press conference last week to emphasise policy flexibility in the event of a downturn. Ironically, the most recent disappointing incoming data is concentrated in the eurozone, rather than the US.
Read more...Tetragon Financial Group (TFG); announces final results of tender offer
The final proration factor for the tender offer is 99.53%.
Tetragon Financial Group has agreed to purchase 4,347,826 non-voting shares at a purchase price of $11.50 per share. This was offered as a part of the modified Dutch auction tender. The aggregate cost of this purchase is $49,999,999.00, which excludes fees and expenses relating to the tender offer.
Read more...Destiny Pharma (DEST); second positive Phase 1 trial data from XF-73 skin irritation study
Upcoming step is key Phase 2b trial for XF-73 in the prevention of post-surgical staphylococcal infections
Destiny Pharma announced positive data and the non-irritant classification for its XF-73 nasal gel from its second Phase 1 clinical study examining the drug’s potential to cause irritation when administered topically. The study, required under the Investigational New Drug (IND) application opened in February 2018, achieved the prime objective of a low cumulative irritancy score, with high statistical significance as compared to a placebo of distilled water.
Read more...Findel (FDL); traded strongly at end of year
Management is upgrading guidance to the “upper end” of market expectations, a range of £26.0-28.0m on an IFRS9 basis
In its Q3 trading statement, Findel reports strong late Christmas trading. The retail business, now renamed Studio Retail Limited, traded strongly over the 15 weeks to the end of December. Product sales grew 13.6% year-on-year, a further improvement against 12% previously. Online ordering has hit a new level of 78% of all orders, and margins continue in a range 125–175bp, ahead of the prior year.
Read more...Fuller Smith & Turner (FSTA); sale of brewery business nothing short of astonishing
The disposal means that management will now focus on its successful pubs and hotel operation
Fuller’s sale of its beer business, including the iconic Griffin Brewery in Chiswick, is nothing short of astonishing. Management have always averred they would never sell the historic brewery, which they have described as Fuller’s “spiritual home”. In addition, London Pride is probably the most successful ale brand in the UK.
Read more...IQE (IQE); expects revenue for the year of no less than £156m
IQE has reiterated its 2019 and longer-term guidance
On 24 January 2019, IQE has agreed a new three year $35m multi-currency revolving credit facility provided by HSBC. This facility is secured over the assets of IQE and bears an interest rate margin of between 1.45% and 1.95% per annum over LIBOR on any drawn balances. This facility is currently undrawn.
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