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Announcement of 2028 privatisation plans
UIL | 09/10/2024
On 8 October 2024, UIL Limited (UIL) announced plans to take the company private after the redemption of the 2028 zero dividend preference (ZDP) shares.…
Executive interview
HBM Healthcare Investments – executive interview (9 October 2024) | 09/10/2024
HBM Healthcare Investments (SIX: HBMN) is a Swiss investment company focused on the global healthcare sector, with a particular focus on private equity…
Abrdn UK Smaller Companies Growth Trust in 60 seconds
abrdn UK Smaller Companies Growth Trust in 60 seconds | 09/10/2024
Edison’s investment companies team recently published a review of the abrdn UK Smaller Companies Growth Trust. Managers Abby Glennie and Amanda…
Executive interview
Premier Miton Global Renewables Trust – executive interview (9 October 2024) | 09/10/2024
In this interview, James Smith, fund manager of Premier Miton Global Renewables Trust (PMGR), discusses the trust’s portfolio as well as the broader…
Riding the H124 tailwinds
OSE Immunotherapeutics | 09/10/2024
OSE Immunotherapeutics has reported its results for H124, a standout period for the company’s development pipeline, with the momentum carrying into…
Federal-level win in the US
1Spatial | 09/10/2024
1Spatial’s momentum in the US has continued, with the company securing a $1.4m deal with the United States Forest Service (USFS). This is a new Federal…
IRL757 progress prompts $2.5m milestone payment
IRLAB Therapeutics | 08/10/2024
IRLAB Therapeutics has announced that it will receive a $2.5m milestone payment from the McQuade Center for Strategic Research and Development (MSRD),…
Strategic roadmap to 2028
CI Games | 08/10/2024
CI Games outlined its updated strategy to 2028 at its H124 results. The strategy focuses on greater efficiencies to produce higher-quality games, while…
Funding in place to complete XanaMIA Phase IIb
Actinogen Medical | 07/10/2024
Actinogen Medical announced a capital increase of up to A$11.1m on 18 September, consisting of the successful completion of an A$8.1m (gross) share placement…
Executive interview
Cereno Scientific – executive interview (7 October 2024) | 07/10/2024
Cereno Scientific (OMX: CRNO-B) is a clinical-stage biotech focused on developing treatments for cardiovascular diseases (CVD) using novel approaches.…
Sigmar the fourth
Games Workshop Group | 07/10/2024
Games Workshop Group (GAW) is the global leader for tabletop miniature gaming, which has enjoyed impressive growth, with core revenue and total operating…
Encouraging H1 across all divisions
Datatec | 07/10/2024
Datatec’s trading statement flags a robust performance at group level in H1. Westcon continues to deliver profit growth, Logicalis International…
Confident on FY25 outlook
Card Factory | 04/10/2024
Card Factory’s H125 revenue growth demonstrated it is delivering well against its multi-year growth strategy. While profitability was negatively…
Executive interview
Card Factory – executive interview (4 October 2024) | 04/10/2024
In our interview with Darcy Willson-Rymer, CEO of Card Factory, we discuss the recently released H125 results, the progress the company is making on its…
US CAR-T trial progresses to dose expansion
Immix Biopharma | 04/10/2024
Immix Biopharma’s US-based NEXICART-2 trial continues to make steady progress through the clinic, with the company reporting that the trial has advanced…
Strategic shift from growth to consolidation
Helios Underwriting | 03/10/2024
Helios Underwriting (Helios) delivered EPS growth of 35% to 7.7p in H124 and reported a net asset value (NAV) of 191p/share. While its combined ratio of…
Taking AIM at the opportunity
Henderson Opportunities Trust | 03/10/2024
With a focus on long-term growth, Henderson Opportunities Trust (HOT) seeks investment opportunities across the breadth of the UK market. This includes…
IRL757 starts strong in Phase I
IRLAB Therapeutics | 03/10/2024
IRLAB Therapeutics has announced an encouraging update for the ongoing Phase I trial for IRL757, which is being developed as a potential treatment for…
Tetragon maintains its investing pace
Tetragon Financial Group | 03/10/2024
Tetragon Financial Group (Tetragon) reported a 1.3% return on equity (RoE) in H124, with its net asset value (NAV) per share increasing by 1.9% in US dollar…
CS1 shines in Phase IIa PAH trial
Cereno Scientific | 02/10/2024
Cereno Scientific has reported positive top-line results for the Phase IIa CS1-003 trial, which evaluated the HDAC inhibitor CS1 in pulmonary arterial…
Rising revenues and big plans for the future
Gresham House Energy Storage Fund | 02/10/2024
Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. The sector had a tough start…
Slight sequential improvement in Q424
Topps Tiles | 02/10/2024
Topps Tiles (TPT) finished FY24 well on a relative basis by outperforming the still weak domestic repair, maintenance and improvement market. Its Q424…
FHSP partial realisation with £30m exit proceeds
International Public Partnerships | 02/10/2024
International Public Partnerships (INPP) has announced the partial disposal of its Public-Private Partnerships (P3) investment providing family housing…
FDA aligns on Phase III BPD plans
Oryzon Genomics | 02/10/2024
Oryzon Genomics has confirmed the FDA’s alignment with its proposed Phase III programme for vafidemstat in borderline personality disorder (BPD).…
Good Q324 on strong comparative
Greggs | 01/10/2024
Greggs demonstrated continued strong sales growth in Q324, against a challenging Q323 comparative. The company continues to benefit from its multipronged…
Portfolio growth ahead of budget
SDCL Energy Efficiency Income Trust | 01/10/2024
SDCL Energy Efficiency Income Trust’s (SEEIT’s) interim update (for the six months to 30 September 2024) has highlighted that its operational…
Pirepemat Phase IIb trial completes enrolment
IRLAB Therapeutics | 01/10/2024
IRLAB Therapeutics has announced the completion of patient enrolment for the Phase IIb trial (React PD) assessing pirepemat’s ability to improve…
A clear strategy to realise value
Regional REIT | 01/10/2024
Regional REIT’s (RGL’s) H124 performance had been well flagged during its equity raising and provided no surprises. With the £110.5m equity…
Maxigesic IV reaches the Chinese shores
AFT Pharmaceuticals | 30/09/2024
AFT Pharmaceuticals has taken another major step in extending its international footprint, with the signing of an exclusive license agreement for Maxigesic…
Termination of coverage
Termination of coverage - Kolibri Global Energy | 30/09/2024
Edison Investment Research is terminating coverage on Kolibri Global Energy (KEI). Please note you should no longer rely on any previous research or estimates…
Scaling up
Nano Dimension | 30/09/2024
Nano Dimension has agreed to acquire Markforged, a specialist in additive manufacturing (AM) for metal and advanced composites, for cash of $115m. The…
Executive interview
The London Tunnels – executive interview (30 September 2024) | 30/09/2024
The London Tunnels owns the Kingsway Exchange Tunnels in Central London and is aiming to develop a major heritage and cultural attraction, targeting full…
Executive interview
Medigene – executive interview (30 September 2024) | 30/09/2024
Medigene (FSE: MDG1) is a publicly listed, Germany-based, immuno-oncology platform company focused on the development of T cell receptor (TCR)-guided therapies…
Analysing H224 and looking forward to FY25
Pan African Resources | 27/09/2024
Pan African Resources’ (PAF’s) FY24 results, announced on 11 September, were within 1% of our prior forecasts for both EPS (4.14c cf 4.17c)…
Executive interview
AFT Pharmaceuticals – executive interview (26 September 2024) | 26/09/2024
AFT Pharmaceuticals (NZX: AFT) is a commercial-stage specialty pharma company with strong roots in Australasia, its own salesforce and a growing global…
Efficient capital allocation and increasing demand
Greencoat Renewables | 26/09/2024
Greencoat Renewables’ (GRP’s) large and diversified pan-European portfolio of renewable energy assets generated net cash of €113.6m in…
Buying into the rapid spread of technology
Henderson International Income Trust | 26/09/2024
Henderson International Income Trust (HINT) seeks out companies with potential for growth from exposure to structural themes that is not priced into their…
Successful turnaround
Impact Healthcare REIT | 25/09/2024
Impact Healthcare REIT has completed the transfer of four homes located in Scotland to a new tenant. As a result, all of the seven homes that have been…
Solid relative performance recovery continues
abrdn UK Smaller Companies Growth Trust | 25/09/2024
abrdn UK Smaller Companies Growth Trust’s (AUSC’s) relative performance continues to improve as managers Abby Glennie and Amanda Yeaman build…
Executive interview
Regional REIT – executive interview (25 September 2024) | 25/09/2024
Regional REIT (RGL) is a specialist investor in offices across regional centres of the UK, outside the M25. It is actively managed with a strong focus…
Tricoya project to be discontinued
Accsys Technologies | 25/09/2024
Accsys will discontinue the Tricoya project in Hull, England, as it has not found a financial or strategic partner to finalise the construction of the…
Earnings upside with chrome JV kicker in Q425
Sylvania Platinum | 25/09/2024
Sylvania reported FY24 EPS of 2.7c against our expectation of 5.8c and down 85% on the prior year due to mainly a 35% lower PGM 4E basket price. In addition,…
Equity proposition
The Law Debenture Corporation – equity proposition | 25/09/2024
The Law Debenture Corporation (LWDB) is a UK investment trust with a long history, dating back to 1889. It is one of largest constituents of the Association…
Proposed bid for the company confirmed
Esker | 25/09/2024
Alongside its H124 results, Esker confirmed that Bridgepoint, in association with General Atlantic and management shareholders, is proposing a cash public…
BARDA backs Basilea’s anti-infectives programme
Basilea Pharmaceutica | 24/09/2024
Basilea has bagged a multi-year agreement with the Biomedical Advanced Research and Development Authority (BARDA), potentially worth US$268m, to advance…
Attractive, lower-risk returns
International Public Partnerships | 24/09/2024
International Public Partnerships’ (INPP’s) portfolio continues to deliver consistent and predictable returns for investors, while providing…
H124 revenue growth supports FY24 outlook
Boku | 24/09/2024
Boku reported 24% y-o-y revenue growth in H124, with both digital wallet/account-to-account (A2A) payments and direct carrier billing (DCB) payments growing…
First by name, first by nature
Metals One | 24/09/2024
Metals One is a junior metals explorer with assets in Finland and Norway. After listing on the London Stock Exchange last year, it has moved quickly to…
Final PORTICO data reaffirms potential in BPD
Oryzon Genomics | 23/09/2024
Oryzon has presented the results of the final analysis from the Phase IIb PORTICO trial, which evaluated the efficacy and safety of vafidemstat in borderline…
Timing is everything
S&U | 23/09/2024
Interim results, for the six months to 31 July (H125), will be published on 8 October. Ahead of that, S&U has alerted the market that based on the H1 performance,…
Crystallising portfolio values
Molten Ventures | 23/09/2024
Molten Ventures has already surpassed its £100m realisation target for FY25 (ending March 2025) with exits from Perkbox, Endomag, Graphcore and M-Files,…
Merger with Alliance Trust offers many benefits
Witan Investment Trust | 23/09/2024
In June 2024, the boards of Witan Investment Trust (WTAN) and Alliance Trust (ATST) announced plans for a combination of the two companies to create Alliance…
Moving full steam towards pivotal studies
Newron Pharmaceuticals | 23/09/2024
Newron Pharmaceuticals’ H124 results reflect a period of positive traction for lead clinical asset evenamide, with stellar clinical data as an add-on…
Executive interview
IRLAB Therapeutics – executive interview (23 September 2024) | 20/09/2024
IRLAB Therapeutics (OMX: IRLAB-A) is a Sweden-based biopharma company focused on the development of novel treatments for neurodegenerative diseases, with…
Management sees positive portfolio momentum
IP Group | 19/09/2024
IP Group reported broadly stable private portfolio values in H124, assisted by the positive revaluation of Featurespace, an AI-powered fraud and financial…
Consumables business divested in strategic move
Creo Medical | 19/09/2024
Creo Medical has announced the sale of a majority (51%) stake in its European consumable business to Chinese medical-device manufacturer Micro‐Tech…
Market not reflecting very strong fundamentals
Utilico Emerging Markets Trust | 18/09/2024
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, at specialist value-based investor ICM. He reports that, operationally, the trust’s…
Strong reserves replacement rates for key assets
Pan American Silver | 18/09/2024
Pan American Silver (PAAS) has released its annual mineral reserves and resources statement. While the overall reserves and resources have fallen compared…
Moving into the next growth phase
discoverIE Group | 18/09/2024
discoverIE’s first capital markets day (CMD) in six years was an opportunity for the group to recap how via its buy-and-build strategy it has successfully…
Improving rent collection and fully covered DPS
Triple Point Social Housing REIT | 17/09/2024
Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental…
Third FY24 EPS uplift this year
Epwin Group | 17/09/2024
Epwin Group’s H124 results were robust, with management navigating inflationary pressures well. That said, we have reduced our revenue estimates…
Platform primed for growth
SynBiotic | 16/09/2024
SynBiotic has built up a leading platform company that spans the hemp and cannabis industry to cover the full value chain, from cultivation through to…
Equity proposition
Finsbury Growth & Income Trust – equity proposition | 16/09/2024
Finsbury Growth & Income Trust’s (FGT’s) investment objective is to achieve capital and income growth and provide shareholders with a total…
Improved growth in Q224
Intralot | 16/09/2024
Intralot reported better year-on-year growth in revenue and EBITDA in Q224 than Q124, although foreign currency headwinds – notably from Argentina…
Progressing to plan
ADS-TEC Energy | 16/09/2024
ADS-TEC supplies intelligent energy storage and management systems supporting the energy transition, including electric vehicle (EV) charging. While the…
FY24 distributable income outperforms
Attacq | 12/09/2024
Attacq is a diversified real estate investment trust (REIT), which generates revenue from a ZAR22.9bn investment property portfolio made up of shopping…
Contract expansions drive order intake
Checkit | 12/09/2024
In H125, Checkit reported year-on-year growth in annual recurring revenue (ARR) of 9%, with strong order intake partially offset by higher churn. Existing…
Tedopi registrational study commences
OSE Immunotherapeutics | 11/09/2024
OSE Immunotherapeutics has announced the initiation of its Phase III registrational study (Artemia) for lead cancer vaccine Tedopi, with the trial launching…
Healthy realisations in H124
Partners Group Private Equity | 11/09/2024
Partners Group Private Equity received a strong €103.7m in realisation proceeds in H124 (c 11% of opening NAV). Proceeds of €70.2m came from…
Investments support strong revenue pipeline
Calgro M3 | 11/09/2024
Calgro M3’s core business is integrated residential housing development and memorial parks. Established in 1995, the company generates the bulk of…
FY24 growth outlook maintained
AUSTRIACARD | 10/09/2024
AUSTRIACARD reported a step-up in adjusted revenue in Q224 (+12.4% y o y) as payment card sales re-accelerated and digital transformation technologies…
A good quarter, but softer margins expected in Q3
HELLENiQ ENERGY | 10/09/2024
HELLENiQ ENERGY’s Q224 results showed a continuation of Q124 trends, with refining margins trending down but increased year-on-year oil prices and…
Driving better media outcomes
Verve Group | 10/09/2024
Verve Group’s Q224 figures clearly show the benefit of its strategic focus on privacy-first targeted advertising solutions, with growth well ahead…
H2 rewards continue: US$25m Cresemba milestone
Basilea Pharmaceutica | 09/09/2024
H224 continues to be a rewarding period for Basilea Pharmaceutica, with the announcement of a third successive milestone payment for Cresemba in the last…
First patient dosed in new AML combination study
Oryzon Genomics | 09/09/2024
Oryzon Genomics has announced the commencement of patient dosing in the investigator-initiated Phase Ib trial evaluating iadademstat as a combination treatment…
Revenue recovery to provide base for growth
Gresham House Energy Storage Fund | 09/09/2024
Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). The BESS sector has faced…
Second Accoya plant operational
Accsys Technologies | 09/09/2024
Accsys Technologies has achieved the milestone of starting commercial operations at its Accoya USA plant (the second in the world). The company also reported…
Improved operational readiness
The Pebble Group | 09/09/2024
Pebble’s H124 results put it on track to meet FY24 EBITDA market forecasts, set against continuing cautious industry sentiment. Management has been…
Lower rates should be beneficial for performance
Martin Currie Global Portfolio Trust | 09/09/2024
Martin Currie Global Portfolio Trust’s (MNP’s) performance was negatively affected in 2022 by the shift in interest rate expectations as US…
Office repurposing progress
Picton Property Income | 09/09/2024
Picton Property Income’s previously agreed sale of a vacated office building in Cardiff, to a purpose-built student accommodation developer, has…
Core Asian fund offering income and capital growth
abrdn Asian Income Fund | 09/09/2024
abrdn Asian Income Fund (AAIF) is managed by abrdn’s well-established Singapore-based Asian equity team, supported by a 40-strong group of analysts…
Improved momentum in Q224
OPAP | 06/09/2024
OPAP enjoyed improved momentum in Q224 driven by the ongoing innovation of its core products in both retail and online, and the anticipated boost from…
Back to basics
EML Payments | 06/09/2024
EML Payments’ FY24 results were the first to show the full impact of the liquidation of PFS Card Services Ireland Limited (PCSIL). Continuing operations,…
New mesdopetam patent strengthens IP portfolio
IRLAB Therapeutics | 05/09/2024
IRLAB Therapeutics has been granted a new patent in Europe for its lead asset, Phase-III ready mesdopetam, which potentially extends its market exclusivity…
An innovative approach to drug development
Argent Biopharma | 05/09/2024
Argent BioPharma is a clinical-stage specialty biopharma company developing therapeutics targeting areas of unmet need. Currently focused on CNS conditions…
CS1 granted OMPD, complementing FDA ODD
Cereno Scientific | 04/09/2024
Cereno Scientific’s lead asset CS1 has been granted the Orphan Medicinal Product Designation (OMPD) from the European Commission as a potential treatment…
Business as usual despite political turmoil
Georgia Capital | 03/09/2024
Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling…
The Biotech Growth Trust in 60 seconds
The Biotech Growth Trust in 60 seconds | 03/09/2024
Edison’s investment companies team recently published a review of The Biotech Growth Trust (BIOG). The trust’s managers Geoff Hsu and Josh…
Upgrading on follow-on space order
Filtronic | 03/09/2024
Filtronic continues to benefit from the agreement signed with SpaceX in April – it has received a follow-on production order for E-band solid state…
Visible growth
Impact Healthcare REIT | 03/09/2024
Impact Healthcare REIT continued to generate consistently positive accounting returns in the six months to June 2024 (5.5%), comprising fully covered DPS…
European partnership not moving forward
Nanoco Group | 02/09/2024
Nanoco Group’s announcement that the collaboration with its European partner is essentially coming to an end is clearly disappointing news. We reduce…
Increasing profitability and margins
Nabaltec | 02/09/2024
Nabaltec recorded 2.2% y-o-y growth in its H124 revenue (€108.4m). The company’s strong performance in its functional filler segment was the…
Special by name, special by nature
Barton Gold | 02/09/2024
The publication of the results of its initial scoping study on the Tunkillia project on 16 July puts Barton well on the road to executing its three-phase…
Pressing clinical assets forward to key inflection
Cereno Scientific | 02/09/2024
Cereno Scientific has announced its Q224 results, reflecting tangible progress with its clinical candidates. Key developments include closing of patient…
Termination of coverage
Termination of coverage - CoinShares International | 30/08/2024
Edison Investment Research is terminating coverage on CoinShares International (CS). Please note you should no longer rely on any previous research or…