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Henderson Opportunities Trust
ShareSoc webinar – Henderson Opportunities Trust (12 July 2024) | 12/07/2024
During the webinar, James Henderson, portfolio manager of the Henderson Opportunities Trust, discussed the trust’s profile and its latest developments.
Anticipation builds as inflection points approach
IRLAB Therapeutics | 11/07/2024
IRLAB continued to progress its pipeline in Q224 and met key milestones, such as the clinical entry of IRL757 with non-dilutive backing from the Michael…
Taking a closer look at diabetic foot infections
Recce Pharmaceuticals | 11/07/2024
We highlight the opportunity of topical RECCE® 327 (R327) to address diabetic foot infections (DFIs), which is the leading cause of limb morbidity…
Organic growth paying dividends
Custodian Property Income REIT | 11/07/2024
Custodian Property Income REIT’s (CREI’s) confidence in its organic growth outlook is reflected in accelerated, fully covered DPS growth. Reversionary…
Equity proposition
BlackRock Latin American Investment Trust – equity proposition | 10/07/2024
BlackRock Latin American Investment Trust (BRLA) seeks long-term capital growth and an attractive total return, primarily through investing in quoted Latin…
Returning to profitability
Revolution Beauty | 10/07/2024
Revolution Beauty’s (REVB’s) FY24 results demonstrated the new management team’s progress on its updated strategy. Although revenue growth…
Equity proposition
abrdn UK Smaller Companies Growth Trust – equity proposition | 10/07/2024
abrdn UK Smaller Companies Growth Trust (AUSC) aims to achieve long-term capital growth through investment in a diversified portfolio consisting of UK-quoted…
New approach to drilling; potential share buyback
Kolibri Global Energy | 10/07/2024
Kolibri Global Energy (KEI) has provided an update on operations and revised guidance. It now guides to FY24 revenue of US$57–62m and EBITDA of US$43–48m…
Continued execution of footprint expansion
AFT Pharmaceuticals | 10/07/2024
AFT Pharmaceuticals continues to make inroads in expanding its strategic market footprint. Most recently, it announced the entry into China with the distribution…
The next stage of growth
Supermarket Income REIT | 10/07/2024
Supermarket Income REIT’s (SUPR’s) high-quality, omnichannel-focused portfolio is very well positioned to benefit from strong growth trends…
US CAR-T trial commences patient dosing
Immix Biopharma | 10/07/2024
Immix has announced that the first patient has been dosed in its Phase Ib NEXICART-2 trial of lead CAR-T asset NXC-201, which took place at lead study…
Record FY24; medium-term targets retained
Solid State | 10/07/2024
Solid State is developing from a component manufacturer into a value-added electronics partner offering engineered solutions. Management expects this to…
Executive interview
JDC Group – executive interview (9 July 2024) | 09/07/2024
JDC Group is Germany’s leading insurtech company, offering a platform on which clients can manage insurance portfolios from hundreds of German insurance…
Strengthening vafidemstat’s IP profile
Oryzon Genomics | 09/07/2024
Oryzon Genomics continues to fortify its IP profile for vafidemstat, which is being developed for borderline personality disorder (BPD) and for the potential…
Equity proposition
Utilico Emerging Markets Trust – equity proposition | 08/07/2024
Utilico Emerging Markets Trust’s (UEM’s) investment objective is to provide long-term total returns by investing predominantly in infrastructure,…
Good progression shown in Q424
Accsys Technologies | 08/07/2024
Accsys Technologies’ FY24 results were affected by weak construction markets, particularly in Q3, but the company noticed better trading conditions…
Delivery into a strong underwriting cycle
Helios Underwriting | 05/07/2024
Helios Underwriting (Helios) delivered strong EPS of 21.6p in FY23, from a loss of 3.1p in FY22, ahead of our 14.7p forecast. On 7 June, the company announced…
Intuitive deal expansion is a notable milestone
Creo Medical | 05/07/2024
Creo Medical has expanded its collaborative agreement with leading robotics manufacturer Intuitive Surgical, to include additional sites in the UK and…
Agreement to acquire Desktop Metal
Nano Dimension | 05/07/2024
Nano Dimension has entered into a definitive agreement to acquire Desktop Metal (DM) in an all-cash deal worth $185m ($5.50 per DM share), with potential…
Acquisition of Spacemetric
AAC Clyde Space | 04/07/2024
AAC Clyde Space has announced the acquisition of Spacemetric for a total consideration of SEK25m (including SEK9m subject to a performance earnout). Spacemetric…
Market environment turning slightly more positive
Heliad | 04/07/2024
Heliad reported a net asset value (NAV) per share of €18.20 at end-March 2024, roughly unchanged compared to end-September 2023 (€18.17), as…
Visibility pushed back
Nanoco Group | 04/07/2024
Nanoco Group’s trading update flagged that, while its development work on second-generation materials continues to progress as expected, it does…
First European provider of NVIDIA’s H200 GPUs
Northern Data Group | 04/07/2024
Northern Data has acquired 2,000 NVIDIA H200 graphic processing units (GPUs) through a newly formed strategic partnership with Supermicro, an established…
Non-core sales enhance the portfolio
Impact Healthcare REIT | 03/07/2024
Impact Healthcare REIT has exchanged contracts for the sale of five non-core homes for a combined £8.8m, in line with the most recent valuation. The…
Pirepemat passes Phase IIb DSMB safety hurdle
IRLAB Therapeutics | 03/07/2024
IRLAB Therapeutics has successfully completed the second and final of two pre-determined safety and data integrity reviews for its ongoing Phase IIb clinical…
Signs of stabilisation in Q324
Topps Tiles | 03/07/2024
Topps Tiles’ (TPT’s) brand strength continues to shine through with ongoing market share gains versus a weak repair, maintenance and improvement…
Hidden reserves
The London Tunnels | 02/07/2024
Opportunity knocks at Kingsway Exchange Tunnels to participate in the proposed rejuvenation of a singular and significant national asset and its vast blank…
Convertible bond issue
Deutsche Beteiligungs | 02/07/2024
Deutsche Beteiligungs (DBAG) completed an issue of €100m senior unsecured convertible bonds on 28 June, with proceeds to be used for co-investments…
Contract wins underpin US growth opportunity
1Spatial | 02/07/2024
1Spatial’s announcement of contract wins in the US, spanning a number of products across several states, highlights the company’s progress…
Proactive board seeking to lower the discount
Templeton Emerging Markets IT | 02/07/2024
Templeton Emerging Markets Investment Trust’s (TEMIT’s) board is frustrated by the company’s persistently wide discount so it has announced…
CS1 Phase II results inbound; first dose of CS014
Cereno Scientific | 02/07/2024
Cereno Scientific has released updates on its two most advanced clinical programmes. For CS1, which is being investigated as a potential treatment for…
SDC-1801 records positive Phase Ia data
Sareum Holdings | 02/07/2024
Sareum Holdings has announced positive top-line data from the Phase Ia clinical trial for SDC-1801, its lead asset, a novel TYK2/JAK1 inhibitor targeting…
Executive interview
Regional REIT – executive interview (2 July 2024) | 02/07/2024
In this interview, Stephen Inglis discusses Regional REIT’s (RGL’s) recently announced refinancing plans. Stephen is CEO of London & Scottish…
CoinShares International in 60 seconds
CoinShares International in 60 seconds | 01/07/2024
Get the lowdown from Edison’s Milosz Papst on CoinShares International which develops innovative infrastructure, financial products and services…
Termination of coverage
Termination of coverage - Biodexa Pharmaceuticals | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Termination of coverage
Termination of coverage - PB Holding | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Termination of coverage
Termination of coverage - Oxford Cannabinoid Technologies | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Termination of coverage
Termination of coverage - Ultimovacs | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Termination of coverage
Termination of coverage - Britvic | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Termination of coverage
Termination of coverage - DFR Gold | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Termination of coverage
Termination of coverage - The Merchants Trust | 01/07/2024
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants…
Enhanced portfolio metrics and interest savings
Target Healthcare REIT | 01/07/2024
Target Healthcare REIT has sold four of its care homes for £44.5m to the incumbent tenant, modestly ahead of the carried value. The homes have performed…
Moody’s raise to investment grade
Alpha Bank | 01/07/2024
On 27 June, Moody’s upgraded Alpha Bank’s long-term senior-unsecured debt rating by two notches to Baa3 (Ba2 previously), its long- and short-term…
Strategically positioning for profitability
musicMagpie | 01/07/2024
musicMagpie’s (MMAG’s) H124 results reflected several strategic decisions taken by the management team to improve profitability and cash generation.…
Increased cash generation and portfolio value
SDCL Energy Efficiency Income Trust | 28/06/2024
SDCL Energy Efficiency Income Trust (SEEIT) recorded a 9% increase in cash from investments in FY24, generating £92.5m (FY23: £85.1m), ensuring…
Cash flush
Argent Industrial | 28/06/2024
Argent Industrial (Argent) is primarily a steel-based beneficiation group, bolstered by offshore investments in both existing and new ventures, and by…
Encouraging start to FY24
MoneyHero | 28/06/2024
MoneyHero has made a promising start to FY24, with robust levels of revenue growth in Q124 across several core markets and all product verticals. Investment…
Publication of XanADu biomarker analysis
Actinogen Medical | 28/06/2024
Actinogen Medical announced that the prespecified biomarker subset analyses on stored plasma samples (n=72) from its previous Phase IIa XanADu study (n=185)…
No intention to bid for Crimson Tide
Checkit | 27/06/2024
On 26 June, Checkit announced that it did not intend to make a formal bid for Crimson Tide. Since Checkit’s original and revised all-equity proposals,…
Poised for expansion
Severfield | 27/06/2024
The highlight of Severfield’s FY24 results was the 14% increase in underlying operating profit despite declining revenue. This gives a clue to the…
Sharing the love
Société des Bains de Mer | 27/06/2024
Under comprehensive new management, Société des Bains de Mer (SBM) is building on its continued success (newly reported record EBITDA of c €150m…
Equity proposition
Henderson Far East Income – equity proposition | 27/06/2024
Henderson Far East Income (HFEL) is managed by Sat Duhra at Janus Henderson Investors, a global asset manager based in London. The trust’s dividend…
Investors to benefit from deal with Alliance Trust
Witan Investment Trust | 27/06/2024
Following a review of Witan Investment Trust’s (WTAN’s) investment management arrangements, the boards of WTAN and Alliance Trust (ATST) have…
Investor day takeaways
Pan American Silver | 27/06/2024
Pan American Silver (PAAS) recently held an investor day focusing on strategy, key projects, exploration, ESG and capital allocation. In this note we summarise…
Another partnership with expansion into CAR-T
OSE Immunotherapeutics | 27/06/2024
OSE Immunotherapeutics has entered into a commercial and revenue sharing agreement with the Memorial Sloan Kettering Cancer Center (MSK), focused on chimeric…
Positive trial news lifts two portfolio holdings
BB Biotech | 26/06/2024
In our last BB Biotech (BION) review note, published in May 2024, we noted that the biotech sector was eagerly awaiting some key milestones, the most important…
Brand video
Electro Optic Systems – Brand video | 26/06/2024
Electro Optic Systems develops advanced technology products and services for the global defence and space domains. Its core products include remote weapon…
Martin Currie Global Portfolio Trust in 60 seconds
Martin Currie Global Portfolio Trust in 60 seconds | 26/06/2024
Edison’s investment companies team recently published a review of Martin Currie Global Portfolio Trust (ticker: MNP), which is managed by Zehrid…
Accelerating the unlocking of value
Phoenix Spree Deutschland | 26/06/2024
While the Berlin private rental market continues to be strong, Phoenix Spree Deutschland (PSD) has adapted its historical rent reversion strategy to the…
Evenamide road to registration and beyond
Newron Pharmaceuticals | 26/06/2024
Newron hosted an investor day (25 June) featuring three key opinion leaders (KOLs) who highlighted evenamide’s unique mechanism at the site of pathology,…
Green shoots of recovery
Molten Ventures | 25/06/2024
Molten Ventures saw a stabilisation and recovery in portfolio valuations in H224, as well as a pick-up in realisation processes, with two agreed exits…
H124 NAV TR of 2% amid still muted markets
Patria Private Equity Trust | 25/06/2024
Patria Private Equity Trust (PPET) reported a modest 2.0% NAV per share total return in H124 (ending March 2024) as exit activity in private equity markets…
Positive outlook for FY25
Datatec | 25/06/2024
Datatec reported 6% revenue growth in FY24, with the backlog normalising after a period of tightness in the supply chain. Strong performances from Westcon…
A new name for its next phase
Metlen Energy & Metals | 25/06/2024
Mytilineos recently announced a company name change to Metlen Energy & Metals. The decision to rebrand is in line with its strategy of establishing a strong…
Executive interview
Foxtons - executive interview (25 June 2024) | 25/06/2024
Foxtons Group is London’s leading and most widely recognised estate agency. It operates from a network of around 60 interconnected branches offering…
Att driva en transatlantisk strategi för digitala tillgångar
CoinShares International | 25/06/2024
CoinShares International (CS) är en pionjär och en väletablerad aktör i den framväxande och snabbväxande branschen för…
Jun helps Verve blossom
Verve | 24/06/2024
Verve (formerly MGI – Media and Games Invest) has announced the acquisition of Jun Group for €170m (US$185m), part funded by a €40m directed…
Sensing the opportunity
Nanoco Group | 24/06/2024
With the successful Samsung litigation now in the rear-view mirror, Nanoco’s focus will be fully on building the business as a developer, manufacturer…
Unique proposition drives customer growth
Telecom Plus | 24/06/2024
The attractiveness of Telecom Plus’s (TEP’s) bundled utility proposition underpins the progress made in FY24, with record profits and customer…
Sale of Garrison Technology to Everfox
IP Group | 21/06/2024
On 12 June IP Group announced that Garrison Technology, one of its key deeptech holdings, is being acquired by US-based cybersecurity company Everfox (formerly…
Final oncology asset (lisavanbulin) divested
Basilea Pharmaceutica | 21/06/2024
Basilea Pharmaceutica has announced an asset purchase agreement with the Glioblastoma Foundation for lisavanbulin (BAL101553), the remaining drug candidate…
Focused on high-value opportunities
Amoeba | 21/06/2024
Amoéba has achieved promising results for the use of its amoeba-based active ingredient in skincare cosmetics in a series of lab and human volunteer…
Executive interview
The Platform Group – executive interview (21 June 2024) | 21/06/2024
The Platform Group, based in Düsseldorf, Germany, provides platform solutions that bring together suppliers and customers, both B2B and B2C, in the…
Executive interview
Singapore Post – executive interview (21 June 2024) | 21/06/2024
Singapore Post is the national postal service provider in Singapore and provides domestic and international postal and courier services. However, its main…
On a journey
Ibersol SGPS | 21/06/2024
Ibersol is responding well to the ‘unexpected challenge’ of the late 2022 disposal of its Burger King operations (22% of FY22 EBITDA) with…
FY24 ahead of expectations
Filtronic | 21/06/2024
Filtronic’s year-end trading update confirmed that it expects to report FY24 revenue and adjusted EBITDA ahead of our forecasts. Trading in H2 benefited…
CS014 (second asset) crosses into the clinic
Cereno Scientific | 21/06/2024
The European Medicines Agency (EMA) has approved Cereno Scientific’s Clinical Trial Application (CTA) for CS014, a novel HDAC inhibitor with epigenetic…
Performing well with improving outlook
Severfield | 21/06/2024
Severfield’s FY24 results demonstrate robust profit growth despite declining revenue, and management highlighted the positive outlook in its key…
Recent clinical data highlight vididencel’s potential
Mendus | 21/06/2024
Mendus recently presented positive data from two ongoing clinical studies, ADVANCE II and ALISON, at the EHA and ESMO conferences, respectively. While…
FY24 profit estimates beaten
Games Workshop Group | 21/06/2024
Games Workshop Group’s FY24 trading update provided a nice surprise on the revenue side, broadly equally split between core and licensing, and an…
Equity proposition
Lowland Investment Company – equity proposition | 20/06/2024
Lowland Investment Company (LWI) aims to give investors a higher-than-average return with growth in both capital and income over the medium to long term…
Underlying progress in Q124
Intralot | 20/06/2024
Intralot reported good underlying revenue growth in Q124, offset by broad-based unfavourable foreign exchange translation effects and some phasing. Our…
Decarbonisation
Edison Growth Conference panel – Decarbonisation | 19/06/2024
The third and final panel at the inaugural Edison Growth Conference 2024 covered decarbonisation. The need to fund the decarbonisation of the global economy…
Executive interview
Vietnam Enterprise Investments – executive interview (19 June 2024) | 19/06/2024
Vietnam Enterprise Investments (VEIL) is an investment company aiming to achieve medium-to-long term capital growth by investing in the equity securities…
2024: The year of M&A?
Edison Growth Conference panel – 2024: The year of M&A? | 19/06/2024
The second panel at the inaugural Edison Growth Conference 2024 was titled ‘2024 – the year of M&A?’ After a two-year bear market, where…
Pursuing a transatlantic strategy in digital assets
CoinShares International | 19/06/2024
CoinShares International (CS) is a pioneer and a well-established player in the nascent, high-growth digital asset industry. The company recently introduced…
Disruptive technology and AI panel
Edison Growth Conference panel – Disruptive technology and AI panel | 19/06/2024
The first panel at the inaugural Edison Growth Conference 2024 explored disruptive technology and AI. AI is certainly the fastest and possibly one of the…
Baker Steel Resources Trust in 60 seconds
Baker Steel Resources Trust in 60 seconds | 19/06/2024
Get the lowdown from Edison’s Milosz Papst on this investment trust which aims to achieve long-term capital growth through investing in equity, loans…
Further progress in the UK and internationally
Cordel Group | 19/06/2024
Cordel’s new customer win in the Middle East expands its global customer footprint, providing further validation of the company’s product market…
£200m Aston Martin branded residence unveiled
Dar Global | 19/06/2024
Dar Global’s latest luxury branded residential project, its first with Aston Martin, fits well with its strategy and follows its other recent announcements…
Visibly growing income and capital
Impact Healthcare REIT | 18/06/2024
Impact Healthcare REIT’s Q124 update showed a continuation of the positive trends that contributed to the strong FY23 performance. Rental growth…
Look inside the card
Card Factory | 18/06/2024
Card Factory (CARD) is aiming to become the leading omnichannel retailer of greeting cards, gifts and celebration essentials in the UK as well as select…
Organic growth accelerating
Picton Property Income | 18/06/2024
Picton Property Income’s 6% increase in the rate of quarterly DPS from Q423 demonstrates an increasing confidence in the outlook for organic income…
Executive interview
Card Factory – executive interview (17 June 2024) | 17/06/2024
Card Factory is aiming to become the leading omnichannel retailer of greetings cards, gifts and celebration essentials in the UK as well as select international…
Mesdopetam disease-modifying potential
IRLAB Therapeutics | 17/06/2024
Researchers in China studying IRLAB’s lead asset, mesdopetam (IRL790) in a preclinical model for levodopa-induced dyskinesia in Parkinson’s…
Executive interview
VietNam Holding – executive interview (17 June 2024) | 17/06/2024
VietNam Holding (VNH) is an investment company that holds a concentrated high-conviction portfolio of Vietnamese stocks. In this interview, Craig Martin,…
Equity proposition
HgT - equity proposition | 17/06/2024
HgT is a private equity company, which invests in leading, profitable, unquoted European mid-market businesses with an international footprint, offering…
Opportunities and optimisations
NioCorp Developments | 17/06/2024
Since our initiation note in January, NioCorp has 1) raised c US$7.6m in debt and equity instruments, 2) de-listed from the Toronto Stock Exchange, 3)…