Avon Rubber (AVON); signs an agreement to acquire 3M’s ballistic-protection business
The initial cash consideration of about $91m is payable on completion and will be funded from existing cash resources
Avon Rubber has signed an agreement to acquire 3M’s ballistic-protection business and the rights to the Ceradyne brand for an initial cash consideration of $91m. A further contingent cash consideration of up to $25m is payable, depending on the outcome of pending tenders.
Read more...Secure Trust Bank (STB); reports interim half year result
For the six months to 30 June 2019, growth in both Business Finance and Consumer Finance resulted in increase in earnings and continued improvement in the quality of the loan book
Secure Trust Bank reported its interim half-year results for the six months to 30 June 2019 today. Operating income for the first half was £81.4m against £72.5m for H1 2018. Basic EPS increased by 15% to 79p per share and the interim dividend of 20p per share has been declared and will be paid in September 2019.
Read more...Palace Capital (PCA); new secured £40m revolving credit facility
The new revolving (RCF) credit facility from NatWest with a maturity of five years will replace the current £29.4m NatWest facility.
Palace Capital reported a new £40m revolving credit facility (RCF), which the company says will support the group’s operational flexibility, deliver further portfolio initiatives and offer wider scope for new investments. Before the agreement, the group drew £106.2m on its existing facility. This RCF increases total debt facilities available to the company to £154.6m. Current weighted average cost of debt of 3.2% will come down to 3.1%, if the RCF is fully drawn.
Read more...Osirium Technologies (OSI); announces two strategic contract wins
Both the contracts have an initial licence period of 12 months, initially for 200 devices
Osirium announced two contract wins for its PxM Platform, including a comprehensive package of software, consultancy, training and 24/7 support.
Read more...Shield Therapeutics (STX); interims in-line with expectations
Complete data from AEGIS-H2H will be disclosed/presented in H219
Shield Therapeutics’ interim results are in-line with our expectations for the 2019e. The first stream of royalties from partner Norgine (currently marketing in UK and Germany) trickling in (H119: 0.3m) implies in-market sales of Feraccru in H119 were £1.2m, on track with our conservative sales forecasts for the year £3.6m. H1 19 benefitted from €2.5m milestone payment from Norgine for the successful result in the Phase III study (AEGIS-H2H) in April. Complete data from AEGIS-H2H will be disclosed/presented in H219 and could be the catalyst to enable near-term growth in sales, both through driving clinical uptake and enabling preferential reimbursement.
Read more...Elektron Technology (EKT); disposal of Bulgin to private equity
Elektron Technology last week announced that it intends to sell Bulgin
Elektron Technology last week announced that it intends to sell Bulgin, which designs and manufacturers connectors and switches, to private equity investors, Equistone Partners Europe, for a total cash consideration of £105m. This represents a 15.1% premium to the market capitalisation of the Group on 30 July 2019 and is 11.2x FY19 EBITDA and 3.5x FY19 revenues. The move will enable the company to focus on its high growth Checkit real time operations management software activity.
Read more...Bigblu Broadband (BBB); subsidiary secures £12m of new equity
Bigblu is expected by the company to benefit from QCL's increased valuation
Bigblu Broadband (BBB) announced that QCL Holdings, a subsidiary of BBB and new holding company for Quickline Communications, has secured £12m of new equity and debt funding to support the build-out of its fibre backed fixed wireless network business across the UK. The funding includes an initial £4m in new equity, with a further £4m of equity committed and a £4m revolving credit facility provided by HSBC.
Read more...Walker Greenbank (WGB); provides half year update
The international sales were also up 4.4% in reportable currency
Walker Greenbank reported today that for the six months ended 31 July 2019, total brand sales were up 0.4% in reportable currency, but down 0.7% in constant currency terms. According to the company, this was primarily due to a sales decline of 3.1% from the UK, the largest market for the company.
Read more...Carclo (CAR); announces General Meeting
The notice for this meeting will be issued by the company as soon as practicable
Carclo announced that the board discovered the value of the company’s net assets is now less than half of its called-up share capital while preparing the financial results for the year ended 31 March 2019.
Read more...Civitas Social Housing (CSH); announces quarterly NAV and dividend
The company acquired three properties for a consideration of approximately £3.2m.
Civitas Social Housing announced its quarterly NAV and dividend, along with a market update, today. Annualised rent roll for the period stood at £46.0m, up 62% since last year. NAV per share was up 0.12% and the board has declared a quarterly dividend of 1.325p per ordinary share for the period.
Read more...