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Andrew Hore – Quoted Micro 2 March 2020

NEX EXCHANGE

Incanthera (INC) raised £1.21m at 9.5p a share prior to joining NEX on 28 February. The price at the end of the first day of dealings was 10.5p (9.5p/11.5p). There were no trades. Incanthera is developing Sol, a topical product for the treatment of solar keratosis and prevention of skin cancer, which could be licenced to a partner within 18 months.

Mechanical and electrical installation services provider Field System Designs Holdings (FSD) continued to be hit by problems with its energy from waste customer in the first half. Revenues dipped from £11.8m to £11.5m, but it went from profit to loss due to litigation costs. The water sector is the main focus of the company. The new AMP7 water investment period starts in April. There was cash of £4.38m at the end of November 2019. The NAV was £3.28m compared with a market capitalisation of £2.4m.

Employee-owned business finance provider Capital for Colleagues (CFCP) broadly maintained its NAV at 43.44p a share at the end of August 2019. A £800,000 investment valuation gain plus a £126,000 write back of provisions was offset by loan impairments of £908,000. Management believes that several investee companies will have encouraging developments this year.

Ashley House (ASH) has decided to withdraw from NEX on 26 March and maintain its AIM quotation. Cash remains in short supply due to the failure to receive more than £1m owed by two debtors. More cash needs to be raised. Non-core assets could be sold. There are good prospects for the business. Three memoranda of understanding / framework agreements have been signed with institutions. There is a pipeline of nine potential affordable housing schemes, four of which have planning permission.

AfriAg Global (AFRI) says it intends to bid for the rest of Apollon UK, which has the right to 95% of net profit of Apollon Formularies Jamaica and the right to acquire a 49% stake in that business. AfriAg owns 2.68% of Apollon UK and is trying to satisfy regulatory requirements for the offer to go ahead.

PCG Entertainment (PCGE) had less than $24,000 left in the bank at the end of September 2019. A proposed deal fell through last year and management is considering a new strategy which could be announced in a few weeks. Trading in the shares remains suspended.

Eastinco Mining and Exploration (EM.P) has signed a joint venture agreement with Dynasty Construction, which owns 600 hectares of land in Rwanda, to explore for tin, tungsten and tantalum. Eastinco says the operation of the wash plant at the Kuaka mine has been delayed. It should be in operation by the end of April.

Dozen Savings 5% secured bonds 1 March 2020 have been withdrawn from NEX.

AIM

Netcall (NET) increased its total annual contract value by 10% to £16.6m at the end of 2019. The customer engagement software provider has been increasing the sales of its low-code products, which represent one-third of group revenues just a couple of years after the products were launched. The Liberty Connect conversational messaging platform has generated the first orders.

Fashion retailer Quiz (QUIZ) has been performing poorly almost since it joined AIM and many investors have lost patience. Fidelity sold its 5% stake, but one investor that believes it is a good time to buy the shares is Cavendish Asset Management, which has more than doubled its stake from 5.24% to 11.8%.

Redx Pharma (REDX) has terminated merger discussions with Yesod Bio-Sciences because the offer was not high enough. Redmile Group will provide up to £26.3m of funding to Redx. Redmile will subscribe for 11.5 million shares at 11.2p each, which is higher than the market price in the past six months. There will also be a £5m short-term loan and a £20m convertible loan. The share subscription will provide enough cash until April while the terms of the loans are agreed.

Cora Gold (CORA) has announced further drill results for the Sanankoro gold project in the Yanfolila gold belt in southern Mali. The results confirm significant additional mineralisation with some grades above 2g/t. There are more results to come.

finnCap is not changing its forecast for Surface Transforms (SCE) following its seven month figures. The carbon fibre brake discs developer is changing its year end from May to December. In the 17 months to December 2020, revenues of £3.3m and a loss of £1.7m are forecast.

Empire Metals (EEE) has raised £600,000 at 1p a share in order to invest in its assets in Georgia and identify other assets.

United Oil and Gas (UOG) has completed the acquisition of Egyptian oil and gas assets from Rockhopper Exploration (RKH) and it was readmitted to AIM on 28 February.

Eden Research (EDEN) is raising up to £10.6m at 6p a share via a placing and open offer. The biopesticides developer will spend the cash on gaining regulatory approval and registration for its products, as well as on further development.

AssetCo (ASTO) had cash of £17.1m at the end of September 2019 and since then a further £11m has been received. There are also bonds of £3.5m. Grant Thornton is appealing the judgement for negligence and the decision of the Court of Appeal should be made in the summer.

Billing Services Group (BILL) has completed the sale of its business and will distribute cash to shareholders by the end of March.

Mereo BioPharma (MPH) says it received positive feedback from the FDA following an end of phase 2 meeting for Setrusumab, a treatment for osteogenesis imperfecta in the young. A phase 3 study programme has been agreed.

STM Group (STM) has confirmed previous expectations for its 2019 figures which will be reported on 24 March. An underlying pre-tax profit of £2.5m is forecast.

Firestone Diamonds (FDI) wants shareholder permission to leave AIM. The general meeting is on 13 March. A weak diamond market and lower recovery levels than expected have made it difficult to finance the debt burden. Leaving AIM will reduce costs and there has been little liquidity anyway.

MAIN MARKET

Packaging supplier Macfarlane (MACF) increased its pre-tax profit by 10% to £12m. The full year dividend was raised by 7% to 2.45p a share. Both distribution and manufacturing made higher profit contributions. This year’s profitability is ahead of 2019, so far.

Personal care products supplier InnovaDerma (IDP) has a lot to do to make its full year forecast. Interim revenues increased from £3.9m to £5.4m and there was a slightly lower loss. There is £ in the bank but that could recover to more than £2m by the end of June 2020.

Chief executive George Bennett has leant $1m to Rainbow Rare Earths (RBW) to fund exploration and operations. He already has a 8.6% stake and there are warrants over 2 million shares exercisable at 4.55p each that have been issued in return for the loan, which does not have an interest charge.

Commercial aircraft leasing company Avation (AVAP) trebled its interim profit to $45.2m, including an unrealised gain of $37m on aircraft purchase rights, and the net asset value was 15% higher at $4.29 a share. This is equivalent to 325p a share. The dividend was raised by 5% to 2.1 US cents a share.

Trading in the shares of Mila Resources (MILA) has been suspended following an agreement to progress with the purchase of E-Tech Metals in a share deal. The transaction is subject to due diligence. The attraction is high grade neodymium and praseodymium mineralisation, which are important rare earths, in the Eureka rare earth project in Namibia.

BATM Advanced Communications (BVC) has won a $4m cyber contract from an existing government customer. This customer has and will generate contracted revenues of more than $18m.

Investment company London Finance and Investment (LFI) increased net assets by 7% to 63p a share at the end of 2019, although it fell to 62.6p a share by the end of January. An increase in the value of the stake in AIM quoted cake maker Finsbury Food (FIF) more than offset declines elsewhere in the six months to December 2019.

Andrew Hore

Andrew Hore – Quoted Micro 27 January 2020

NEX EXCHANGE

Results from IFA group AFH Financial (AFHP) indicate the success of the acquisition policy. In the year to October 2019, underlying pre-tax profit improved from £10.3m to £17m and earnings per share rose by more than two-fifths. The dividend was one-third higher at 8p a share. Assets under management were £6.2bn. AFH plans to grow to annual revenues of £140m and assets under management of £10bn in five years. Cash generated from operations was held back by the protection division predominantly generating non-indemnity business, where the payment is spread over the term of the package. Non-indemnity business will reduce in order to have a higher proportion of revenues that gets paid upfront. Cash generation will improve, and this will mainly go on deferred consideration.

Corporate adviser First Sentinel (FSEN) has raised £220,000 at 27p a share in order to provide working capital for the business. That was a small discount to the market price the day before the placing was announced, but the price fell to 19p/22p on the day. On the day, there were 25,000 shares traded at 20p each and 186,370 shares traded at 20.09p each.

NQ Minerals (NQMI) has appointed New York-based Ortoli Rosenstadt as the law firm to help it with a potential ADR listing in the US.

Broadband-focused shell SAPO (SAPO) has announced the death of its executive chairman Michael Meyer, who was the founder of Emess Lighting. He and his wife own 43.4% of SAPO. Michael Langoulant is the only remaining director of SAPO.

Eight Capital Partners (ECP) has placed an additional €90,000 of 7% July 2022 bonds, which are traded on the Vienna Stock Exchange. A total of €3.64m of bonds have been issued, which is 73% of the total that can be issued.

BWA Group (BWAP) has issued 3.26 million shares at 0.5p each to settle directors’ fees for the fourth quarter of 2019. The current share price is 0.2p/0.4p. Richard Battersby’s stake is 16%, Alex Borelli holds 9.48% and James Butterfield owns 15.8%.

Juliet Adelstein will become chief executive of Ganapati (GANP) on 1 February. She previously worked at Japanese advertising agency Dentsu. Hiroki Hasegawa and Toshitaka Nakajima are stepping down as chief executive and finance director respectively.

Via Developments (VIA1) 7% debenture stock 2020 has been withdrawn from MEX. Trading was suspended on 21 October 2019 because of a delay in appointing an independent non-executive director.

Former NEX-quoted company MESH Holdings still plans to acquire AI business Sentiance and Mike Power has taken over as chairman. MESH has also appointed two new directors. Corporate finance professional Lindsay Mair and Ireland-based former broker Rory O’Sullivan.

AIM

Last year was a tough one for agriculture and feed products supplier Wynnstay (WYN) and pre-tax profit fell from £9.5m to £7.9m, but the dividend was still raised. Profit is expected to be flat this year. There was net cash of £3.8m at the end of the year, as lower commodity prices reduced working capital requirements, but there will be £7m of lease liabilities included as debt in the next balance sheet. Seasonality means that there will be a net debt figure at the interim stage and the leases mean it will be much higher than it would have been. Net cash could still be £6m by the end of next October.

Concrete levelling equipment Somero Enterprises (SOM) had a better than expected fourth quarter and this led to an upgraded 2019 earnings forecast from 33.7 cents a share to 36.5 cents a share. That is still lower than 2018 and a further dip is expected in 2020 due to higher marketing spend. The expected total dividend for 2019 is 24.6 cents a share.

United Oil and Gas (UOG) says that the ASH-2 well that is part of the interests being acquired in Egypt has been producing more than 3,000 barrels of oil per day since the beginning of the year. United’s share is 660 barrels of oil per day. The acquisition of the Egypt interest from Rockhopper Exploration (RKH) will not be completed until February.

Nostra Terra Oil and Gas (NTOG) says a general meeting requisition is valid and it will announce a date for the meeting by next week. Eridge Capital wants to remove Matt Lofgran from the board and replace him with Andrew Morrison.

Regenerative medical products developer Tissue Regenix (TRX) says that revenues grew 12% last year, but the cash will not last much longer. There was £2.4m at the end of 2019 and this will last until the end of April. More funding will be required before then.

Peel Hunt has halved its dividend forecast for construction services provider Van Elle (VANL) to 1p a share, although it has maintained its 2019-20 pre-tax profit forecast at £4m. The interim dividend was cut by four-fifths to 0.2p a share. A sharp drop in interim profit means that two-thirds of the forecast needs to be made in the second half. Net debt was £10.4m at the end of October 2019.

IPTV technology company Mirada (MIRA) has completed the cancelation of the share premium account.

Gear4Music (G4M) had strong Christmas trading and gross margins improved. Revenues grew by 7% to the end of 2019 and gross profit was 18% ahead. Earnings of 3.9p a share are forecast for the 2019-20 financial year.

Agronomics (ANIC) has raised a further £5.5m at 7p a share. That is a one-third discount to the market price. At the end of last year £7.7m was raised at 5.5p a share. Agronomics has invested some of the cash it previously raised in cultivated meat businesses developing meat and fish that is produced without animals, but It will have £9.9m in the bank after the cash raising.

Cyber security software provider Kape Technologies (KAPE) generated slightly better 2019 margins than anticipated. EBITDA grew by 40% to $14.5m in 2019 and it will more than double this year.

Touchstone Exploration Inc (TXP) believes that the best possible outcome was achieved from the initial production tests of the Cascadura well in Trinidad, which appears to have oil and associated gas. The Coho-1 well should be in production by June.

Trinidad-based oil and gas producer Trinity Exploration and Production (TRIN) increased production by 5% in 2019 and exited the year with daily production of 3,400 barrels. The current forecast for 2020 is 3,260 barrels per day. There was cash of $13.8m at the end of 2019.

Fuel cells developer Proton Motor Power Systems (PPS) has received a €400,00 order from E-Trucks Europe for fuel cells for refuse collection trucks. They will be delivered by the end of 2020.

MAIN MARKET

Standard list shell Spinnaker Opportunities (SOP) still intends to acquire medicinal cannabis company Kanabo Research but there are still conditions to be satisfied. The deal was announced 11 months ago.

Contango Holdings (CGO) is another cash shell and it has been in the process of acquiring the Lubu coal project since April. A £1.4m placing at 5p a share puts Contango in a position to publish a circular for the acquisition.

Tex Holdings (TXH) says it has a record order book. It is responding to matters raised by the FCA and trading in the shares remains suspended. Trading was suspended nine months ago and it has reported its late annual figures, although there still appear to be doubts about the financial state of the company. The overdraft has been repaid.

Andrew Hore

Andrew Hore Quoted Micro 29 July 2019

NEX EXCHANGE

Inqo Investments Ltd (INQO) is investing in the South Lake Medical centre in Kenya. Other investors include Johnson and Johnson’s social impact fund. The total investment is $950,000, but Inqo’s contribution is not quantified. The medical centre was previously owned by a flower growing business and it caters for its workers.

Clean Invest Africa (CIA) has issued £130,000 worth of 8% convertible loan notes. They expire on 24 July 2020. The conversion price is 2.75p a share. Creditors have also agreed to accept payments of £54,000 in shares.

Sport Capital Group (SCG) had nearly £22,000 in the bank at the end of June 2019. There is also a 15% stake in Mighty Oak Exploration, which has exploration licences for cobalt and lithium in Uganda, and 2.4% in KKME, which has nickel and platinum prospecting licences in Botswana. A freehold property is in the books for £204,000.

Panther Metals (PALM) has raised £130,000 at 0.3p a share and the cash will help to finance the development of the company.

AIM  

Parcel delivery business DX (DX.) says that figures for the year to June 2019 will be in line with expectations. That means that there will still be a small, but much reduced, loss. Revenues were 8% ahead at £322.5m. The loss of the passport delivery contract will hit this year but that will be offset by growth in the courier market. Net debt was £1.3m at the end of June 2019.

Cyber security services provider GRC International (GRC) has postponed its full year results because it is calculating deferred consideration payable for DQM Holdings. The expected deferred payment is £3.7m, which is higher than the original range. The deferred consideration should be 60% cash and 40% shares at 116.5p each. The share price has fallen to 49p. GRC wants to change the terms. GRC is loss-making and it wants to spread the cash payments. It may need to raise more cash.

Good news from Shield Therapeutics (STX) which has gained FDA approval for Feraccru in the US. The approval covers the treatment of iron deficiency, with or without anaemia, thanks to its high tolerability. This doubles the potential market for the treatment. Shield is in discussions with potential commercial partners. finnCap increased its target share price from 200p to 350p.

Safe credit card payments technology provider PCI Pal (PCIP) says that its full year loss will be in line with expectations of £4.6m. Total contract value in the US is £1.4m, which indicates that progress is being made in that important market. Net cash was £1.5m at the end of June 2019, although PCI Pal is awaiting a tax credit and some additional contract payments in the first quarter of this year. There could be scope to raise funds on the back of recurring revenues.

Document management software provider GetBusy (GETB) is growing its revenues internationally and its eponymous new software product GetBusy is reaching the point of a commercial launch. Net cash is £1.95m, which is plenty for the immediate requirements of the group.

Polarean Imaging (POLX) is raising £2.1m at 18p a share. Last December’s placing was at 14p a share. The medical imaging technology developer will use the cash to finance the phase III clinical trial for its technology, where patient enrolment should be complete in the third quarter of 2019, and preparations for a product launch. There will also be working capital to build polarisers for future orders.

Judges Scientific (JDG) says that order intake was 4% higher in the first half of 2019. Delivery times have also been reduced so the order book has fallen from 14 weeks to 132 weeks.  

Tristel (TSTL) has acquired 80% of its Italian distributor for an initial £600,000. This should be earnings neutral this year. The disinfection products supplier generated revenues of £26m in the year to June 2019, which were 17% higher than last year. Underlying pre-tax profit will be £5.5m. Management is waiting for a response from the FDA in the US for the usability and human factors pilot.

Tri-Star Resources’ (TSTR) 40%-owned SPMP has produced the first antimony metal from its plant in Oman. There is expected to be a slow ramp up of production until full production is reached in 2020. The gold recovery circuit has yet to produce commercial levels of gold. SPMP needs to raise additional debt in order to cover the upcoming months prior to antimony production reaching breakeven levels. There are negotiations concerning the conversion of mezzanine debt into interest-free shareholder loans or shares. Tri-Star is expected to lose £500,000 this year. Although SPMP is not being consolidated, there will be a share of profit. That could eventually be as much as £10m a year.

CCTV technology provider Synectics (SNX) says that results will be second half weighted this year. Interim profit fell from £1.5m to £1.2m, but Shore still forecasts a rise in full year pre-tax profit from £2.9m to £4m. Net cash was £5.3m at the end of May 2019. The interim dividend was increased by 8% to 1.3p a share.

Trading in United Oil and Gas (UOG) shares has been suspended ahead of the conditional acquisition of the Egyptian oil and gas business of Rockhopper Exploration (RKH) for $16m, with an initial cash payment of $11m. The main asset is a 22% working interest Abu Sennan and share of production was 813 barrels of oil equivalent per day in 2018. Net book value was $13.8m at the end of 2018. United needs to raise cash for the deal and it is not expected to complete until the end of this year.   

MAIN MARKET 

At the AGM of Trifast (TRI) the chairman said that the industrial fasteners supplier was growing strongly in the US, particularly in the electronics and automotive sectors. Debt facilities have been increased and management is seeking acquisitions. The uncertain economic environment in Europe has led to some delays in the production schedules of clients.

Pembridge Resources (PERE) says that its subsidiary Minto Explorations is getting a working capital facility from Sumitomo Corporation as part of an offtake agreement for 55,000 tonnes of copper concentrate. That lasts until the 55,000 tonnes is delivered or the end of 2020. There will be an advanced payment for 90% of the value of concentrate each month. There is an interest charge.

Zen Global has decided not to make a bid for World Trade Systems (WTS) because it could not come to an agreement with major shareholder Suzhou Weibao about buying its shares and convertibles in return for coins issued by ultimate holding company Zen Ltd. Zen wanted to use WTS to use as a shell in which to reverse its blockchain operations.

Spinnaker Opportunities (SOP) had cash of £880,000 at the end of June 2019. The company subsequently received a commitment to invest up to £1.4m from a single investor conditional on the deal to acquire medicinal cannabis company Kanabo Research. The deal documentation is being prepared.

Andrew Hore

Corporate news review Tuesday 15th August 2017

Hargreaves Lansdown HL. reports net FY new business of £6.9bn, AuA up 28% to £79.2bn and active clients up 118k to 954k. PBT is up 21% to £265.8m, and HL raises its dividend by 20% to 29p per share.

John Menzies MNZS says it has enjoyed a positive first half, with underlying PBT up 36% to £24.7m and a proposed 11% increase in the interim dividend to 6p. Chairman Dr Dermot F. Smurfit said: “Overall, I am very pleased with the Group’s performance in the first half and we look to the future with confidence as demonstrated by the increased dividend payment.”

Mears Group MER reports interim results in line with management expectations, with revenue up 1% to £470.8m.

Plant Impact PIM publishes the first presentation on its R&D platform and pipeline. The full presentation can be found at www.plantimpact.com/investors.

Rockhopper Exploration RKH updates on the Abu Sennan drilling concession, onshore Egypt, in which the Company has a 22% working interest. Production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day (“boepd”) gross during the first six months of 2017. The group also updates on the Al Jahraa-9 well.

WideCells WDC raises £750k gross through the issue of 5,357,143 ordinary shares at 14p per share via a private placing with new and existing shareholders and the Board of Directors. The funds raised will be used to execute on a range of additional opportunities the Group has identified since listing in July 2016, rapidly accelerate the roll out of its three stem cell services divisions, CellPlan, WideCells and WideAcademy, and further its penetration of the rapidly growing stem cell market.

Wood Group WG. / Amec Foster Wheeler AMFW – The CMA (Competition and Markets Authority) today accepts in principle the remedy formally offered by Wood Group on 9 August to complete the recommended all-share offer for Amec Foster Wheeler. Robin Watson, CEO of Wood Group said “Today’s announcement is an important milestone and gives us further confidence in our ability to complete the transaction in quarter four this year.” Jon Lewis, CEO at Amec Foster Wheeler said “We welcome the announcement by the CMA. Our offer of a proposed remedy in May and the early commencement of the sale process to potential buyers of the upstream oil and gas business has ensured we have navigated this process ahead of schedule increasing the likelihood that the transaction with Wood Group will close in quarter four this year.”

Daily Actions – UK Main & AIM markets 07042016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London

AIM Market

ST Rec. changed
From To
Banks & Investment Banks
Rasmala Neutral Buy
Basic Resources    
Amur Minerals Corporation Neutral Buy
Arian Silver Buy Neutral
Ariana Resources Neutral Buy
Bezant Resources Buy Neutral
Amara Mining Neutral Buy
Goldstone Resources Buy Neutral
Greatland Gold Buy Neutral
Construction    
React Energy Buy Neutral
Financial Services    
ADVFN Buy Strong Buy
Fairpoint Group Neutral Buy
Polar Capital Holdings Neutral Buy
Health Care    
Cyprotex Neutral Buy
Immunodiagnostic Systems Buy Neutral
Taihua Neutral Buy
Industrial Good & Services    
Vianet Group Neutral Sell
Dart Group Sell Neutral
Hargreaves Services Neutral Buy
Impellam Group Sell Neutral
Media    
International Greetings Neutral Buy
Oil & Gas – Explorers    
Rockhopper Exploration Neutral Buy
Xcite Energy Neutral Buy
Oil & Gas – Producers    
Frontera Resources Buy Neutral
Personal & Household Goods    
Tavistock Investments Neutral Buy
Retail    
Stanley Gibbons Group Neutral Buy
Technology    
Brady Sell Neutral
Cyan Holdings Buy Neutral
Imaginatik Buy Neutral
Zoo Digital Group Neutral Buy
Telecommunications    
MXC Capital Neutral Buy
Travel & Leisure    
Tasty Neutral Buy

Main Market

ST Rec. changed
From To
Aerospace & Defence
Cobham Neutral Buy
Banks    
Barclays Buy Neutral
House Construction    
Persimmon Sell Neutral
Engineering & Machinery    
Hill & Smith Neutral Sell
Food Producers & Processors    
Cranswick Sell Neutral
Leisure & Hotels    
Intercontinental Hotels Group Neutral Sell
Restaurant Group Neutral Buy
Media & Entertainment    
UBM Sell Neutral
Speciality & Other Finance    
Charles Taylor Neutral Sell

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Daily Actions – UK Main & AIM markets 30032016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London

AIM Market

ST Rec. changed
From To
Basic Resources    
Amara Mining Neutral Buy
Financial Services    
Fairpoint Group Neutral Buy
Health Care    
Futura Medical Buy Strong Buy
Nanoco Group Buy Neutral
Industrial Good & Services    
Cap-XX Neutral Buy
LPA Group Sell Neutral
Kennedy Ventures Buy Neutral
NWF Group Neutral Buy
Symphony Environmental Technologies Neutral Buy
Oil & Gas – Explorers    
Rockhopper Exploration Neutral Buy
Oil & Gas – Producers    
Empyrean Energy Neutral Buy
Gulf Keystone Petroleum Strong Buy Buy
Technology    
cloudBuy Buy Neutral

Main Market

ST Rec. changed
From To
Chemicals    
Synthomer Sell Neutral
General Retail    
Kingfisher Sell Neutral
Media & Entertainment    
WPP Neutral Sell
Mining    
Randgold Resources Sell Neutral
Real Estate – REIS    
Capital & Regional Neutral Sell
Software & Computer Services    
Micro Focus International Neutral Sell
Transport    
Stagecoach Group Buy Neutral

RISK WARNING

Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com

 

The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.

 

 

DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.

Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.

Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company.

Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules.

Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW.

 

Daily Actions – UK Main & AIM market 18022016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.

AIM Market

ST Rec. changed
From To
Basic Resources    
Solgold Buy Neutral
Stellar Diamonds Buy Neutral
Financial Services    
IPM Neutral Buy
ADVFN Buy Strong Buy
Amphion Innovations Neutral Buy
Manx Financial Neutral Buy
Fairpoint Group Neutral Buy
First Property Group Neutral Buy
H&T Group Neutral Buy
Lighthouse Group Neutral Buy
Public Services Properties Investments Buy Neutral
Industrial Good & Services    
Augean Buy Neutral
Croma Security Solution Group Neutral Buy
Hargreaves Services Neutral Buy
Transense Technologies Buy Neutral
Media    
Mirada Buy Neutral
Oil & Gas – Explorers    
Rockhopper Exploration Neutral Buy
Oil & Gas – Producers    
KBC Advanced Technologies Neutral Sell
Northern Petroleum Buy Neutral
PetroCeltic International Neutral Buy
Technology    
DDD Group Buy Neutral
Travel & Leisure    
Tasty Neutral Buy

Main Market

ST Rec. changed
From To
Chemicals    
Victrex Buy Neutral
Engineering & Machinery    
Vesuvius Buy Neutral
Vitec Group Neutral Buy
Leisure & Hotels    
Mitchells & Butlers Buy Neutral
Mining    
Lonmin Buy Neutral
Personal Care & Household Products    
PZ Cussons Buy Neutral
Reckitt Benckiser Group Sell Neutral
Real Estate – REIS    
CLS Holdings Buy Neutral
Software & Computer Services    
Aveva Group Buy Neutral
Fidessa Group Neutral Sell
Support Services    
AMEC Foster Wheeler Buy Neutral
Bunzl Sell Neutral
Shanks Group Neutral Buy
Utilities    
Centrica Neutral Buy

RISK WARNING

Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com

The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.

DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.

Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company.

Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules.

Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW.

 

Daily Actions – UK Main & AIM markets 15022016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.

AIM Market

ST Rec. changed
From To
Basic Resources    
Ariana Resources Buy Neutral
Bezant Resources Buy Neutral
Centamin Sell Neutral
Pan African Resources Sell Neutral
Patagonia Gold Neutral Buy
Construction    
Breedon Aggregates Neutral Buy
Financial Services    
Amphion Innovations Buy Neutral
FastForward Innovations Neutral Buy
Impax Asset Management Group Neutral Buy
Inland Homes Neutral Buy
Origo Partners Strong Buy Buy
Polar Capital Holdings Neutral Buy
Urban Civic Buy Neutral
Food & Beverage    
Wynnstay Group Buy Neutral
Health Care    
Eco Animal Health Group Sell Neutral
Industrial Good & Services    
Holders Technology Neutral Sell
The Kellan Group Buy Neutral
Sabien Technology Group Sell Neutral
21st Century Technology Sell Neutral
Media    
Mirada Neutral Buy
Oil & Gas – Explorers    
Rockhopper Exploration Neutral Buy
Xcite Energy Buy Neutral
Oil & Gas – Producers    
Northern Petroleum Buy Neutral
Plexus Holdings Neutral Buy
Sound Energy Neutral Buy
Retail    
Asos Neutral Buy
Technology    
Concurrent Technologies Sell Neutral
DDD Group Neutral Buy
IQE Neutral Buy
K3 Business Technology Group Sell Neutral
SciSys Sell Neutral
Toumaz Neutral Buy
Travel & Leisure    
Best of the Best Sell Neutral
PPHE Hotel Group Sell Neutral

Main Market

ST Rec. changed
From To
Aerospace & Defence
Rolls-Royce Holdings Buy Neutral
Banks    
Barclays Buy Neutral
HSBC Buy Neutral
Lloyds Banking Group Buy Neutral
Standard Chartered Buy Neutral
Beverages    
SAB Miller Sell Neutral
Electronics & Electrical Equipment    
Spectris Neutral Buy
Engineering & Machinery    
Castings Sell Neutral
Vesuvius Buy Neutral
Vitec Group Neutral Buy
General Retail    
Burberry Group Buy Neutral
SuperGroup Neutral Buy
Information Technology & Hardware    
Filtronic Sell Neutral
Media & Entertainment    
Pearson Buy Neutral
St. Ives Sell Neutral
Pharmaceuticals & Biotechnology    
Dechra Pharmaceuticals Sell Neutral
Real Estate – REIT    
Town Centre Securities Sell Neutral
Real Estate – REIS    
CLS Holdings Neutral Buy
J Smart Sell Neutral
Speciality & Other Finance    
Aberdeen Asset Management Buy Neutral
Support Services    
AMEC Foster Wheeler Buy Neutral
Berendsen Neutral Sell
Michael Page International Neutral Buy
RPS Group Buy Neutral
Shanks Group Buy Neutral

 

RISK WARNING

Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com

 

The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.

 

DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.

Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company.

Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules.

Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW.

 

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