Panmure's note from this morning from Research Tree.. "Liam Church, CEO Escher opines that the South Africa Post Office's, SAPO, implementation of its RiposteTrEx platform for eRegistered Mail demonstrates the system's combination of security and adaptability. We agree and add that the use case is a dramatic illustration of Escher's: (i) pivotal role of showing Postal Authorities how to 'digitise' and adapt to the modern word, (ii) ability to debut successful new products alongside its existing POS offer and (iii) expand TAM. The share enjoys..."
Panmure's note from this morning: "RPC, the international plastics products design and engineering group, has delivered a strong set of FY16 results (EBITDA +34%, EPS +14%). Growth has been driven by the full year effect of acquisitions and organic growth (packaging division +4% LFL). The GCS acquisition (completed 31 March) has been quickly integrated into the group and management has raised combined Promen/GCS cost synergies from €65m to €80m..." From Research Tree
finnCap's note from this morning from Research Tree.... Weatherly has announced that it has concluded a formal agreement with Orion Mine Finance to further defer the start of its debt repayment until February 2017. Thereafter, each repayment will be increased so that the debt is cleared by February 2020. In exchange for agreeing to the deferral, Orion has the right to buy up to 700 tonnes of copper cathode each month at a price of US$5,000 per tonne (copper is currently trading at US$4,630 per tonne).
Panmure's note out this morning on Research Tree... "A barnstorming period punctuated by 32 new GIANT customers, 12 YOY, taking the total to 68, 25 YOY. EBITDA was dented due to the planned spend to RM7.2m, RM16.89m YOY. Positively; (i) Operating cash, post working capital, was RM5.82m, up from RM5.21m YOY despite lower levels of profitability, (ii) Fusionex improved cash collections and, (iii) following last year's fund raise there is no shortage of cash, RM124.91m. (iv) Fusionex talks about a substantial new business pipeline and, as expected, GIANT 2016 is on the cusp of it."
Hybridan's note out this morning on Research Tree... "Against a market backdrop where tech IPOs in the United States have virtually ground to a halt, TMT Investments is still managing to make profitable exits and gain access to innovative opportunities to invest in high growth internet based companies. This is thanks to its solid connections in the world of private tech investing. On 29 March TMT announced a partial exit from Depositphotos for $5.85m leaving TMT with a stake of circa 16.7%. The transaction was equivalent to an additional 9 cents per share in additional NAV per TMT share and provided a balance sheet boost enabling further capital deployment. "
"During down turns to the mining sector, mining companies tend to reduce capex and research and development expense to conserve cash. This has adversely affected Alexander Mining’s ability to commercialise its technology. As the sector begins to recover it should bode well for the Company..." - note on Research Tree
just pulled this from Beaufort Securities's note out this morning on Research Tree... "Advanced Oncotherapy has made a significant progress in the FY2015, keeping its promises and delivered its development milestones to the timeline. In February 2016, AVO announced industrialisation agreement with Thales for LIGHT system, and further strengthened its financing through securing a £24m vendor financing agreement with Metric Capital, a pan- European private capital fund manager, to fully fund the installation of the Group’s first LIGHT machine in Harley Street. This is important news for AVO as it demonstrated not only a senior institutional lender has taken a very close look at the Group and concluded that LIGHT is viable and that its expect its first installation in Harley Street to rapidly become capable of generating strong cashflow, but also that AVO is both sufficiently confident and advanced in its planning to establish a general provision of vendor financing for its prospective international customers. In order to meet its target for the first commercial sales of LIGHT in 2017, AVO’s priorities will be to ensure the components of the LIGHT machine is compliant with the associated regulatory requirements, initial installation into the UK and to pursue commercial roll-out of the technology through existing and new partners. The Group continued to strengthen its team by appointing highly experienced senior management and shuffled the role internally to build a more commercially focussed business. As has been explained in numerous research documents, Beaufort’s commercial scenario for LIGHT is that the cost, safely, operational and size advantages its brings to the world of proton therapy, will effectively render ‘first generation’ systems all but obsolete; its development will also has potential to expand the international market for such systems from some US$2.5bn annually right now, to a figure potentially ten-times as large as LIGHT becomes the obvious successor to the similarly-priced but now relatively antiquated X-ray radiation systems that have a global installed base in excess of 20,000 units. In this respect, LIGHT uniquely faces a giant and accelerating global opportunity...."
Beaufort's note out this morning: "VOG performed strongly in the seven months ended 31st December 2015, with robust revenue resulting in its first profit. Gas sold during the period nearly doubled, supported by solid demand in Douala, Cameroon and the surrounding areas. VOG’s robust operating cash flows have helped it lower debt levels. The acquisition of 75% interest in Matanda block would help the company to further enhance its position in Cameroon; the area is 60 times the current licence area of Logbaba and is estimated to hold P50 gas-in-place volume of 1.8 tcf and 136 mmbbl of condensate. The funding received after the reporting period would allow Gaz du Cameroun (GDC) to complete its 2016 capital expansion programme without recourse to any equity funding. Going forward, VOG aims to increase profit for 2016 by increasing revenue and reducing operational and corporate expenses. We are encouraged by the company’s progress and anticipate further positive developments. Therefore..." - it's out on Research Tree
Zeus Capital's note out this morning on Research Tree: "Deltex Medical Group plc (DEMG), the global leader in the field of Oesophageal Doppler Monitoring (ODM), today announced excellent initial results from the largest ever randomised clinical trial (conducted in 450 patients undergoing major surgery in 5 hospitals in Spain) assessing the impact of oesophageal Doppler monitoring (ODM) on post-operative complications. As a result of these findings, presented at the Euroanaesthesia 2016 conference in London, ODM is indicated as the preferred method for intra-operative fluid manage..."
Zeus Capital's note out this morning on Research Tree... "This morning’s AGM statement confirms that trading since the FY15 results announcement (12th April) has remained resilient and is on track to meet FY16 market expectations. FY16 will mark the third year of strong growth reflected in the three year CAGR in revenue of 19.4% and in EPS of 20.0%. This has been driven through five acquisitions since the IPO that have materially increased the scale of the business. With net/debt to EBITDA of 1.4x forecast for FY16, there remains capacity to undertake further acquisitions to drive..."