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Paul Hickman
25 March 2019

Majestic Wine (WINE); is making an inevitable response to the success of Naked Wines

The endgame for the plan is to move the entire business under the Naked brand

Majestic is making the inevitable response to the success of its growth child Naked Wines, outlining a Transformation Plan to reform the entire group around Naked. Naked, acquired in 2015, has shown itself to be the growth engine of Majestic, doubling sales to £175m this year, and building its online penetration to almost 45%.

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Ryan Long
25 March 2019

MOD Resources (MOD.LSE);  increases reserve estimate tonnage at the T3 Copper-Silver Project by 61%

The completion of the feasibility study will be a major de-risking event for MOD Resources

MOD Resources has increased its JORC 2012 compliant reserve estimate at the T3 Copper-Silver Project as part of its feasibility study. The increase represents an additional 61% in total tonnage, a 107% increase in contained silver and an increase of 57% in contained copper.

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Sparks Team
25 March 2019 · 2 min read

Bigblu Broadband (BBB); total revenue increases 26.1% to £55.4m for FY 2018

The company was awarded a grant of £2.1m to develop and conduct field trials for next generation 5G fixed wireless broadband

Bigblu Broadband posted its results for the 12 months ended 30 November 2018 (FY 2018). Like for like revenue grew 8.2% and adjusted EBITDA increased 45.7% to £6.8m. Net debt stood at £11.9m (FY 2017: £13.2m) and the number of total customers increased 13% to c.113,000.

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Sparks Team
25 March 2019 · 2 min read

Premier Technical Services Group (PTSG): announces £50m credit facilities with HSBC

The company also announced a £10m term loan facility

Premier Technical Services announced a new £40m revolving credit facility with HSBC today. The facility has a four-year maturity with an option to extend it by a further year, to March 2024. The company also announced a £10m term loan facility, which has a four-year maturity, with an option to extend it by a further year.

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Sparks Team
22 March 2019 · 2 min read

JPMorgan Global Convertibles Income Fund (JGCI); NAV total return of -5.69%

Board will seek to maintain the targeted annual dividend of 4.5p/Sh, resulting in a yield of 5.3% on the share price prevailing at period-end, in the absence of unforeseen circumstances

For the six months ended 31 December 2018, the JPMorgan Global Convertibles Income Fund reported total return on net assets stood at -5.7% vs. -3.4% from its benchmark, the Bloomberg Barclays Global Convertibles Credit Rate Sensitive Index. The total return to shareholders was -6.8%, as the discount of the share price to NAV widened over the six-month period from 3.6% to 6.0%.

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Sparks Team
22 March 2019 · 2 min read

Amur Minerals Corp (AMC); extends maturity date on convertible loan facility and undertakes further

The net proceeds of the further advance will be used for the development of the Kun-Manie project

Amur Minerals has extended the maturity date on the convertible loan facility of up to $10m to 20 March 2020, along with a further advance of $500,000 that will be immediately drawn down by the company. The company will also issue the investors with 10,902,956 warrants with an exercise price of 3.76p per share.

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21 March 2019 · 3 min read

Brexit: EU can do it if you really want…

Prospects of an orderly exit receding but no-deal remains less likely than extension

Alastair George, Chief Investment Strategist

The obstacle in the way of the amended Withdrawal Agreement (“the deal”), a document supported by both the EU and PM May, remains the UK Parliament. However, in our view, those accusing the UK Parliament of irresponsibility may as well level that charge at the institution of parliamentary democracy, described famously as the worst form of government except for all the others. While the currently chaotic scenes may be unnerving, there appears little appetite for compromising long-standing UK democratic principles, arcane or not. A week is a long time in UK politics and the prospects of an orderly exit on schedule are now clearly receding, compared to our earlier thoughts. Even so, an extension to Article 50 remains more likely than no-deal or Article 50 revocation and a way out of the impasse is also within the EU’s power.

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Ryan Long
21 March 2019 · 2 min read

Base Resources (BSE); reports robust PFS for Toliara

Ore will be extracted at Toliara using the lowest cost dry mining method, a dozer-trap mining unit

Base Resources has completes its pre-feasibility study (PFS) at the Toliara Heavy Mineral Sands Project, located in Madagascar. The PFS returned a robust post-tax NPV10 of US$671m with an IRR of 22.4%.

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Paul Hickman
21 March 2019

Ted Baker (TED); putting a brave face on its prospects

Management notes consumer uncertainty, discounting in many global markets, and bad weather in North America

Ted Baker, which must now embrace a future without its founder Ray Kelvin, is putting a brave face on its prospects.

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Sparks Team
21 March 2019

Game digital (GMD); has delivered a solid H1 trading performance

Higher profits and tight working capital management also helped to drive an £11.9m year-on-year increase in net cash

Against a backdrop of weak consumer confidence and a well-flagged low point in the console gaming cycle, GMD has delivered a solid H1 trading performance. GTV reduced by 1.4%, with growth in content and accessories offset by an ongoing managed decline in preowned games and a reduction in hardware and events revenue. However, both like-for-like GTV and the group gross margin remained broadly flat and this, combined with further material operating cost savings, helped to deliver EBITDA growth of 21.7% to £25.8m.

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