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Sparks Team
19 November 2018 · 2 min read

Marble Point Loan Financing (MPLF): issued $29.5m of senior unsecured notes with a 7.5% coupon

The aggregate principal amount represents an increase of $5m from the amount announced earlier this month

Marble point issued $29.5m of senior unsecured notes with a 7.5% coupon. The notes are due in 2025. The net proceeds from the privately placed notes are c. $28.4m after placement fees and estimated offering expenses.

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Sparks Team
19 November 2018 · 2 min read

Target Healthcare (THRL); acquires care home in East Sussex for nearly £13.8m

The property is leased for a 35-year period with RPI-linked cap and collar to a subsidiary of the Caring Homes Group

Target Healthcare recently acquired a care home in East Sussex for nearly $13.8m. The care home, which is designed around a residents’ courtyard, consists of 62 bedrooms with full en-suite wetroom facilities and has an external seating for residents.

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Sparks Team
19 November 2018 · 2 min read

Amur Minerals (AMC); announces strategic plan for Kun-Manie project

Amur will intensify its attempts to identify industry partners

Amur has provided a summary of its fully integrated plan for the Kun-Manie nickel copper sulphide project. The plan comprises engineering and development of the Kun-Manie project to Bankable Feasibility Study level. As well as off-site infrastructure development, including access and transportation, identification and engagement of appropriate strategic partners and finalisation of phased funding.

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16 November 2018 · 3 min read

Brexit: A decisive step into the fog

Limited support for UK PM May’s Brexit deal creates further uncertainty

UK PM May’s Brexit deal has achieved the unlikely honour of uniting both pro-EU and Brexiteers in rejecting it. Despite a difficult House of Commons session yesterday, she only reiterated later her role is to finalise the text and bring it back to Parliament for a vote in December. At this point it is difficult to see how she will succeed. A key rival is in the process of securing the 48 letters required for a vote of no-confidence and she has failed to secure a new Brexit minister. Without an election, any new PM would have the difficult task of renegotiating the current deal - and would have to create a credible deterrent of no-deal to succeed. An election risks a Labour government less accommodating to the corporate sector. Both these scenarios are likely to be unwelcome for financial markets. The probability of sufficient change to the draft agreement to pass the UK Parliament appears slim but would in contrast be welcomed by investors. 

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Sparks Team
16 November 2018 · 2 min read

Hutchison China MediTech (HCM); reveals Phase III trial results did not meet primary endpoint

Fruquintinib shows improvement in objective response rate, disease control rate, progression-free survival and the duration of response

The Phase III trial of fruquintinib in advanced non-small cell lung cancer patients did not meet the primary endpoint of increasing overall survival, despite improvements in progression-free survival.

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Sparks Team
16 November 2018 · 2 min read

European Assets Trust NV (EAT): to propose migration to the UK

European Assets Trust will provide a further update during the week starting 26 November 2018

European Assets Trust announced that it plans to propose the migration of the company’s legal seat and structure from the Netherlands to the UK. There will be no change to the investment policy or dividend policy as a result of this migration and the investment team will also remain the same.

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Paul Hickman
15 November 2018 · 3 min read

Young & Co (YNGA); posts like-for-like sales growth of 5.2%, driving total revenue up 8.8%

Pre-tax profit grew 4.8% to £26.4m after a 1.7% hit to managed pub operating margin

London pubs are decisively UK-centric and Young’s benefited from both the British climate and England’s football prowess this summer to deliver managed like-for-like sales growth of 5.2%, driving total revenue up 8.8% to £156.8m.

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Sparks Team
15 November 2018 · 3 min read

Regional REIT (RGL); announces exchange of 54 leases to new tenants year-to-date

As of 30 September 2018, the company’s portfolio amounted to c. £723.2m of gross property assets

Regional REIT provided a Q3 2018 trading update, announcing the exchange of 54 leases to new tenants from 1 January 2018 till date. These include 21 leases since 30 June 2018, totalling 195,005 sq. ft.

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Sparks Team
15 November 2018 · 2 min read

Chemring Group (CHG); provides post year-end statement for FY18

Order book worth £462m which includes £68m related to discontinued activities

Chemring Group provided a post year-end statement for the year ending 31 October 2018. Major progress in Sensors was observed, with positions now secured on all targeted Programs of Record.

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Sparks Team
15 November 2018 · 3 min read

QinetiQ (QQ): revenue and orders grow organically at 8% and 9% respectively

FY performance is well placed to be in line with expectations

In its results for H1 ending September 2018, QinetiQ reported organic growth of 8% in revenue due to a gain in EMEA services and Global Products. Cash performance was strong, underlying operating profit remained stable and interim dividend stayed at 2.1p.

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