Edison Investment Research

EJF Investments (EJFI); EJF Capital agrees to absorb 80% of the company’s recurring operating expens

The Board of EJF Investments has announced that with effect from 1 January 2020, EJF Capital has agreed to absorb 80% of the company’s recurring operating expenses, aside from management and incentive fees, until no earlier than 1 January 2021.

JPMorgan Global (JPGI); announces a second interim dividend

JPMorgan Global has announced a second interim dividend of 3.26p per share, for the financial year ending 30 June 2020.

Biotech Growth Trust (BIOG); report NAV per share fell 5.6% in 1H 2020

For the six months ended 30 September 2019, Biotech Growth Trust’s NAV per share fell 5.6% to 743.1p, which compares favorably with a fall of 5.9% in the benchmark NASDAQ Biotechnology Index. Discount of the company’s share price to NAV narrowed to 6.1% as at 30 September 2019 against 6.7% at the beginning of the period.

Avon Rubber (AVON); FY19 results confirm growing momentum

Group revenues rose by 8.3% year-on-year (4.2% constant currency) in FY19 at £173.9m

FY19 performance confirmed the growing momentum in H219. The commencement of deliveries of the recently won new mask systems orders in the US combined with improving dairy market conditions to provide a firm foundation for FY20, which will be further enhanced by the acquisition of the 3M ballistic protection assets when it completes in H120: managements has also announced the withdrawal from the SCBA market for fire services in the US having leveraged the technology for defence applications, which will be a modest headwind for Avon Protection as around £7m of below sector average margin revenues are dropped.

BioPharma Credit (BPCR); announces $52.5m of new investments

Partners with private fund, BioPharma Credit Investments V (Master) LP, for these new investments

BioPharma Credit announced that it has entered into two separate loan agreements. Under these agreements, the company will invest $52.5m immediately and a further $32.5m over the next 12 months. BioPharma Credit Investments V (Master) LP (‘BioPharma-V’) is a private fund investing in life sciences debt.

Ocean Wilsons Holdings (OCN); reveal group revenue down 7%

The company announced quarterly update for Q3 2019.

Ocean Wilsons Holdings reported revenue for the period of $106.1m, which was 7% lower than the comparative period (2018: $114.1m). This was mainly due to reduced revenue at container terminals, lower logistics revenue due to the completion of a specific high-volume contract and lower shipyard revenues. Overall, group revenue for the nine months ended 30 September 2019 declined 12.6% to $305.3m (2018: $349.1m).

Britvic (BVIC); report on potential sale of three bottling facilities in France

Britvic announced that it has entered into exclusive discussions with Refresco over the potential sale of its three juice manufacturing sites in France, its related private label juice business, and the Fruité brand. This deal will have a modest impact on adjusted EBIT, according to the company.

Brady (BRY); Subsidiary enters into secured loan agreement with Hanover

Brady Trading, a subsidiary of Brady, has entered into an uncommitted secured loan agreement with Hanover acquisition. Under the facility, Brady Trading will get an initial loan of £1.25m immediately. The subsidiary has the right to request an increase of £2.75m to the facility, if Hanover’s cash offer for Brady is declared unconditional in all respects.

KEFI Minerals (KEFI); posts encouraging grades from first Hawiah drill hole

Second and third holes also hit the targeted massive sulphides

KEFI Minerals reports encouraging results at the start of the scout drilling programme at its Hawiah Exploration Licence in Saudi Arabia. Assay results for the first drill hole have been received, and HWD_001 intercepted 15.8 metres of massive sulphide from 150.75 metres depth at 1.2% copper, 0.51% zinc, 0.51g/t gold and 9.1g/t silver.

Informa (INF); announce trading update

The 10 month update from Informa puts revenues up 2.8% year-on-year. The last two months of the calendar year are heavy, though (typically 20% of annual) and the group is on track to meet forecasts for 3.5% for the full year.