GROSSBRITANNIEN

Edison issues update on Seraphim Space Investment Trust (SSIT): Several key holdings funded to break-even

Retrieved on: 
Wednesday, April 10, 2024
Traction, IPO, SSIT, NAV, ETF, ICEYE

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance.

Key Points: 
  • Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance.
  • However, we note that fund-raising across the spacetech sector remained robust in CY23.
  • Excluding the fully funded companies, the remaining portfolio has a fair value weighted average cash runway of 12 months, according to Seraphim Space.
  • Once IPO activity rebounds, this could provide SSIT’s major holdings the opportunity to list (though this seems more likely in CY25 rather than this year).

Holding(s) in Company

Retrieved on: 
Wednesday, April 10, 2024

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

Key Points: 

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

Edison issues initiation on Zalaris (ZAL): Simplifying HR and payroll solutions

Retrieved on: 
Wednesday, April 10, 2024
HR, DCF, BPO, Zalaris

Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle.

Key Points: 
  • Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle.
  • The company’s proprietary platform PeopleHub is tailored towards multinational corporations or large and complex single-country projects, the more attractive end of the business process outsourcing (BPO) market.
  • Margin initiatives are starting to bear fruit, which should drive further cash generation and returns.
  • Zalaris should continue to grow as it renews contracts with existing customers and wins new business in geographies where it is currently underrepresented relative to the market size.

Edison issues update on HgCapital Trust (HGT): Strong earnings growth and realisations in FY23

Retrieved on: 
Wednesday, April 10, 2024
Growth, NAV, Horizontal gene transfer, Environment, Hg

HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively.

Key Points: 
  • HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively.
  • This has been mostly driven by robust earnings momentum across its portfolio.
  • HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23.
  • Growth was further assisted by high ‘buy-and-build’ activity, which benefited earnings growth and supported returns through a considerable multiples arbitrage.

RM plc: PDMR Share Dealing Notification

Retrieved on: 
Wednesday, April 10, 2024

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

Key Points: 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument

Fuller, Smith & Turner PLC: Total Voting Rights and Treasury Shares

Retrieved on: 
Wednesday, April 10, 2024
Transparency, Disclosure, FCA, Financial adviser

The following notification is made in accordance with the UK Financial Conduct Authority Disclosure and Transparency Rule 5.6.1.

Key Points: 
  • The following notification is made in accordance with the UK Financial Conduct Authority Disclosure and Transparency Rule 5.6.1.
  • As at 31 March 2024, the Company’s issued share capital consisted of 41,182,339 ‘A’ Ordinary Shares of 40 pence each, 89,052,625 ‘B’ Ordinary Shares of 4 pence each, and 13,366,013 ‘C’ Ordinary Shares of 40 pence each, each carrying one vote.
  • Of this total, 4,143,691 ‘A’ Ordinary Shares and 4,327,915 ‘B’ Ordinary Shares are held in treasury.
  • Therefore, the total number of listed voting rights in the Company for the purpose of Disclosure and Transparency Rule 5.6.1 (calculated in accordance with Disclosure and Transparency Rule 5.6.2) as at 31 March 2024 was 37,038,648.

One Heritage Group plc: Support from Parent Company with An Extended Debt Facility

Retrieved on: 
Wednesday, April 10, 2024
Heritage

One Heritage Group PLC (LSE: OHG), the UK-based residential developer, development manager and property manager focused on the North of England, is announcing that its parent company and majority shareholder One Heritage Property Development Ltd (OHPD), in support of the Company, has agreed revised repayment terms of its £14.0 million debt facility (the “Facility”).

Key Points: 
  • One Heritage Group PLC (LSE: OHG), the UK-based residential developer, development manager and property manager focused on the North of England, is announcing that its parent company and majority shareholder One Heritage Property Development Ltd (OHPD), in support of the Company, has agreed revised repayment terms of its £14.0 million debt facility (the “Facility”).
  • On 15 January 2024, the Company announced that it had extended the facility until the 31 December 2025.
  • A revision to these terms has been agreed to allow the Company to extend repayment by up to 36 months until 31 December 2028.

Funding Circle Plc: POS-Transaction in Own Shares

Retrieved on: 
Wednesday, April 10, 2024
The Company, London Stock Exchange, FCA, Share repurchase, Retained firefighter

Funding Circle Holdings plc (the "Company") announces that it has purchased for cancellation the following number of its ordinary shares of £0.001 each on the London Stock Exchange from Numis Securities Limited (“Deutsche Numis”) as part of its buy-back announced on 7 March 2024:

Key Points: 
  • Funding Circle Holdings plc (the "Company") announces that it has purchased for cancellation the following number of its ordinary shares of £0.001 each on the London Stock Exchange from Numis Securities Limited (“Deutsche Numis”) as part of its buy-back announced on 7 March 2024:
    Number of ordinary shares purchased:
    Highest price paid per share:
    Lowest price paid per share:
    Volume weighted average price paid per share:
    The Company intends to cancel all of the purchased ordinary shares.
  • Following the cancellation of the repurchased shares, the Company's issued share capital will consist of 360,354,337 ordinary shares with voting rights.
  • There are no ordinary shares held in Treasury.
  • The above figure (360,354,337) may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Edison issues flash on Foresight Solar Fund (FSFL): Optimising capital allocation

Retrieved on: 
Wednesday, April 10, 2024
FSFL, Share repurchase, London Stock Exchange, Renewables Obligation (United Kingdom), NAV, Sale, Foresight Solar Fund, IPO

Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December).

Key Points: 
  • Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December).
  • There is significant headroom in the dividend cover to operate further out, even in a falling power price environment.
  • The latest sale of a UK solar asset indicates a value per megawatt roughly 15% above the valuation FSFL uses on its UK portfolio of £1.17m/MWh.
  • This comes alongside the sale of two other UK solar portfolios in 2023, both at greater valuations than FSFL’s valuation per megawatt hour.

ITHL Announces Collaboration with Everun to Increase Revenue and Innovation

Retrieved on: 
Wednesday, April 10, 2024
Partnership, Automation, Research, Fourth Industrial Revolution, Engineering, DMAIC, Multi

This collaboration is set to support both entities' market approach, leveraging ITHL’s research and development prowess alongside Everun's manufacturing.

Key Points: 
  • This collaboration is set to support both entities' market approach, leveraging ITHL’s research and development prowess alongside Everun's manufacturing.
  • The synergy between ITHL and Everun has already borne its first fruit: the fully electric Multi-truck.
  • The company states, this innovation marks a significant step towards sustainable industrial machinery and underscores the partnership's commitment to environmental responsibility and technological advancement.
  • The collaboration is leveraging ITHL's years of research and development to introduce technologically advanced products to the market.