Edison Investment Research

Target Healthcare (THRL): Acquisitions in Shropshire and Lancashire

Target has entered into contracts to acquire and forward fund two new care homes located near Shrewsbury, Shropshire and in Preston, Lancashire for approximately £15.6 million, with tenants already agreed on long-term RPI linked leases in line with previously outlined yields.

Brady plc (BRY): Ustekveikja Energi Selects Brady EDM

Ustekveikja Energi AS, a municipal owned Norwegian utility, has selected Brady EDM for supporting its physical power market operations in the Nordic Region, with coverage including data communications, market interfaces, short-term trading, core energy data and meter management, reconciliations and settlement, invoice API with accounting system as well as the EDM-WEB portal.

Shire plc (SHP): Research agreement with NanoMedSyn

Stock up 1.4% to 3,021p at 08:15

Research agreement focuses on evaluating a potential treatment for a lysosomal storage disorder using NanoMedSyn’s proprietary AMFA technology. Shire will provide funding to NanoMedSyn but no further details were disclosed.

Angle PLC (AGL): Research update

Stock up 15.33% to 53.05p at 08:15

A prospective study examining the use of Angle’s Pelvic Mass Triage test returns positive results. Angle estimates that the market size for its combined Pelvic Mass Triage test for this clinical application alone is worth US$1 billion per annum.

Columbus Energy Res (CERP): Business Update - La Lora Concession in Spain

Stock down 0.75% to 5.96p at 08:12

Collective Dismissal Procedure completed on budget; CERP intends to participate in a re-tender for La Lora in Q2-Q3 2018.

Bushveld Minerals (BMN): Successful $22.2m equity placing

Stock up 1.18% to 12.44p at 08:08

BMN has conditionally raised approximately $22.2m, representing 14.4% of the currently issued share capital, by way of an oversubscribed placing at a price of 10.3 pence per share with leading institutional and mining investors. Proceeds will be used to redeem the outstanding convertible bond, to reorganise the corporate structure, and to support the vanadium expansion programme.

Market declines: US LIBOR or US trade war?

Headlines scream trade war while a surge in US LIBOR is tightening US financial conditions

It is very easy to point the finger at US trade sanctions against China as a reason for the recent declines in equity markets. The prospect of a near-term confrontation, in respect of access to markets and IP protection (a free competition zone perhaps rather than a free trade area), is clearly unhelpful for global equity sentiment. China’s transition from a catch-up nation to an economic competitor always had to be resolved at some stage. However the second dynamic at work during Q1 18 is a rapid rise in US LIBOR, over and above that of official US interest rates. This is tightening monetary conditions rather faster than policymakers may have intended.

Cenkos Securities (CNKS): 2017 final results

Stock down 2.1% to 115p at 08:07

Revenue grew 36% to £59.5m, profit after tax on continuing operations grew 155% to £8.2m and the dividend was raised 50% to 9p per share. Cenkos have experienced a pause in momentum in 2018 but are cautiously optimistic about the future.

Gaming Realms PLC (GMR): Trading update & sale of affiliate business

Stock down 0.99% to 10p at 08:04

GMR revenues declined 1.25% to £31.6m but EBITDA turned positive in 2017, up to £0.7m from -£1.7m in 2016. Today GMR has sold its affiliate portals, bingoport and freebingohunter, for a total consideration of £2.4m to 1ST Leads Ltd. GMR still expects overall EBITDA growth in 2018 but acknowledges that the sale of bingoport will reduce EBITDA in the short term.

Primary Health Properties (PHP): Proposed £100m raise to fund acquisitions

Stock down 1.47% to 112.32p at 08:10

PHP looks to raise £100m in equity at a 5.3% discount to pay down debt, fund acquisitions and fund asset management projects. £50m is underwritten and the total issue size may grow to £125m given sufficient demand.