Strong cash generation at Parkmead Group (LON: PMG) boosted the share price. The Dutch gas assets generated £6.5m in cash in the 12 months to June 2023. Production should increase this year. The Kempstone Hill wind farm is starting to generate revenues. There are £188m of tax losses. The share price jumped 26.3% to 18p, although it has still fallen by two-thirds this year.
AMTE Power (LON: AMTE) has secured a short-term financing and the share price has recovered 12.2% to 1.15p. The battery technology developer will receive £2.5m from a subscription by Pinnacle International Venture Capital at 1.7p/share and it is also providing a £200,000 convertible loan facility. A placing will raise a further £400,000 at 0.5p/share. A general meeting is required to approve the subscription.
Jersey Oil and Gas (LON: JOG) and NEO Energy are buying the Western Isles floating production, storage and offloading (FSPO) vessel for the planned redevelopment of the Buchan field. NEO Energy will buy the vessel and Jersey Oil and Gas, which holds a 50% working interest in the field, will receive $9.4m from NEO Energy as part of the farm-in deal. Zeus estimates core NAV of 408p/share. The share price improved 13.1% to 216p.
AFC Energy (LON: AFC) is purchasing Octopus Hydrogen’s UK mobile hydrogen storage and distribution assets. These assets can be used to provide a hydrogen fuelling service for H-Power generator units rented by new partner Speedy Hydrogen Solutions and other future users of hydrogen powered equipment. The share price rose 7.8% to 15.76p.
FALLERS
Real Good Food (LON: RGD) is the highest faller on the day for a 12.1% decline to 1.45p following the disposal of Rainbow Dust Colours for £800,000 and a warning of tough trading, partly due to a shortage of cash. The remaining business is cake decorations maker JF Renshaw and its future is uncertain.
Tekcapital (LON: TEK) investee company Innovative Eyewear has launched a new Lucyd Dock product charging accessory. The Tekcapital share price dipped 6.18% to 8.5p.
SkinBioTherapeutics (LON: SBTX) has raised £3m from a placing at 19p/share, while a retail offer of up to £250,000 is ongoing and closes on 20 November. The cash will finance further studies, including one for the potential acne treatment, and the roll out of psoriasis treatment Axis-PS. The share price slipped 4.65% to 20.5p.
Future Metals (LON: FME) has exercised its option to acquire Osprey Minerals, which has an exploration tenure next to the company’s Panton platinum group metals project in Western Australia. The initial payment is 18.4 million shares, with a further A$625,000 of deferred consideration depending on the level of exploration drilling. The share price fell 2.38% to 2.05p.
Oil price staged a minor rally on Friday as traders covered shorts after another week of declines.
At the time of writing on Friday, Brent crude is up 1.24%, while WTI crude is up 1.21%.
Brent crude has stabilised above $77 but is heading for its fourth consecutive weekly drop.
WTI crude was trading at $73.80 per barrel, while Brent crude is $78.39.
According to Sophie Lund-Yates from Hargreaves Lansdown, even though “this (what this) outweighed concerns around OPEC+’s decision to go ahead with voluntary supply cuts,”
Additionally, “prices are still elevated compared to pre-pandemic, but this window does potentially offer some respite to businesses and consumers if it can be sustained—and in the short term, that will depend on escalating tensions in the Middle East”, said Lund-Yates.
The FTSE 100 was on the front foot on Friday as investors appeared encouraged by a two-week period of central bank action and inflation data.
The key takeaway for investors is the Federal Reserve and Bank of England are likely done with rate hikes and inflationary pressures on global economies are easing.
“One sure way to fire markets up would be a definitive course of action on interest rates. In the absence of certainty though, markets only have maybes to go on. And the latest suggestion from Goldman Sachs suggests that interest rate cuts could be coming in the new year and will brighten up February,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.
“There has been some concern over when the Bank of England will start snipping the tightropes of monetary policy, given that there is still some residual heat in the economy. Policymakers are insisting that loosening isn’t on the cards just yet, but things have been moving in the right direction which opens up the possibility of a policy shift in the coming months.”
Optimism around rates and inflation trumped a poor session in Asia and concerns about retail sales as the FTSE 100 gained 0.8% in early trade.
“The FTSE 100 shrugged off a weak showing for Asian shares overnight and softer than expected UK retail sales to trade firmly higher on Friday, shaking off the ennui it had shown on Thursday in the wake of Wednesday’s exuberance,” said AJ Bell investment director Russ Mould.
“The index was hurt by its big exposure to oil and gas yesterday as a big build in US inventories caused crude prices to plunge. The upside of this scenario is it further reduces inflationary pressures and underscores the idea that the rate hiking cycle has peaked.
“What’s helped in this regard is that Federal Reserve officials, while not exactly getting out the garlands and bunting and announcing a victory parade in the battle against inflation, are not really pushing back against the peak rates narrative either.”
Should others join Goldman Sachs in predicting rate cuts early next year, global equities could really fire up.
All industry groups were higher in London at the time of writing, with cyclical sectors leading the way.
Of the FTSE 100 constituents, only 5 were trading negatively at the time of writing.
Signature Brew, winner of Brewery of the Year in 2018 & 2021, was founded by a brewer and a musician with one simple philosophy – brew beer that makes music better.
This USP has established Signature Brew as the UKs most exciting brewery with music centric venues and high st pubs alike listing their accessible award-winning beers. With national distribution at 400+ permanent stockists, the brewery is backed by a community of partner artists and venues, and has a £5.3M run rate for 2023.
Having pivoted effectively – pioneering the now legendary Pub In A Box – during COVID in order to continue growth in 2020 and 2021 Signature Brew is now raising funds to fuel their national and international expansion through a seminal period as they bid to increase revenue from £5m to £10m as quickly as possible ahead of a targeted exit in 2-3 years time.
With the support of eminent M&A expert consultants Arlington Capital Advisors Signature Brew are acutely aware that reaching £10m revenue is the milestone at which global brewers look to acquire fast growing breweries. Doing so at the fastest growth rate possible is critical to achieving the exit valuation target of ~£75m.
Signature Brews development since inception has been supported by genuine association and collaboration with some of the biggest and best musicians in the world. They’ve collaborated with more bands than any one other brewery and their strategy going forward is underpinned by their Community of artists and utilising over a decade of being the go to brewery for bands and musicians.
Signature Brew has a state-of-the-art brewery in East London – complete with an iconic live music venue – where they’re brewing fresh, award-winning beer week-in and week-out and passionately supporting grassroots music at the same time. The brewery has been designed for quality and growth. High tech equipment such as Reverse Osmosis, Centrifuge and a fully automated brewhouse ensure perfect consistency in the product and the size of the vessels has ensured there’s ample headroom in the brewery’s production capacity.
Some of Signature Brews most significant accomplishments to date include:
Creating more than 60 collaboration brews with international bands and musicians. Including; alt-J, Idles, The Skints, Big Joanie, Hot Chip, Darkness, Sports Team, Mastodon, Hospital Records, Mogwai, Frank Turner and Heriot.
Created venues that are the place to be. Recent highlights include Skrillex, Tony Hawk, Tinchy Stryder, Steve Harris (Iron Maiden), Kate Nash and Aisling Bea all turn up for a pint or jump on stage!
Artists don’t just support via collaborations and performances many have invested in Signature Brew and are passionate about the growth of the brewery.
The legendary Pub In A Box was launched in the first lockdown in 2020. Signature Brew hired out of work musicians to help deliver the packages and the altruistic pivot during COVID gained press coverage from the likes of BBC News, Sky News, LadBible, GQ, Esquire, The Guardian and Rolling Stone.
When lockdown was lifted in 2021 they helped independent venues all over the UK get trading again via their Beer Grants campaign that saw Signature Brew give away £250k of beer.
They work with some of the best music venues in the country such as Rough Trade, Strongroom, Bush Hall and The British Music Experience.
All core beers have won Great Taste Awards as well as many regional and national brewing industry awards.
They support great music charities such as Music Venues Trust and Backup Tech.
And finally the brewery has a proud commitment to sustainability and leaving footprints on the festival field, not on the planet via a suite of green initiatives and efficient production methods
So this is your chance to join the likes of Robbie Williams, The Prodigy, Enter Shikari and Alt-J in investing in Signature Brew, a brewery with generational growth potential and a clear exit strategy.
Tekcapital has announced that Innovative Eyewear has launched a new edition of its Lucyd Dock product for the company’s smart eyewear brands including Lucyd, Nautica, Eddie Bauer and Reebok.
The Lucyd Dock is a first-of-its-kind charging accessory designed specifically for smart eyewear. It allows users to simply place their Lucyd Lyte glasses onto the Dock to charge, similar to how one would place traditional glasses on a nightstand before bed.
According to Innovative Eyewear, the new Dock 2.0 model maintains the original suggested retail price of $34.99 while adding several core improvements.
The upgraded features include cordless charging contacts that automatically adjust for all Lucyd models, an indicator light to show charging status, two USB-A ports and one USB-C port for simultaneously charging other devices, and USB data transfer capabilities to use it as a desktop USB hub.
The Lucyd Dock 2.0 is also more compact and travel-friendly than the previous model. It comes in new 99% post-consumer recycled packaging with product information printed in 5 languages to support global sales and distribution.
The redesigned Lucyd Dock aims to improve the user experience and charging functionality for Innovative Eyewear’s lineup of smart eyewear brands, providing both convenience and sustainability benefits.
“We are closer than ever to our goal of the world’s most user-friendly smartglasses with the launch of the Lucyd Dock 2.0. I am confident our customers will enjoy using the Dock to keep their various devices charged and their cables more neatly organized,” said Harrison Gross, CEO of Innovative Eyewear.
“By adding the new USB data functionality enabling the Dock to be used as a USB hub for computers, we have made it even more of a must-have accessory for our smart eyewear customers.”
The FTSE 100 slipped on Thursday with heavy-hitting dividend payers trading ex-dividend and Burberry dragging on the index after lowering profit forecasts for the year.
London’s leading index was down 0.6% at the time of writing on Thursday while the German Dax added 0.6% and French CAX lost 0.25%.
Companies trading ex-dividend on Thursday included Shell, Unilever, GSK and Hargreaves Lansdown.
The hype around lower CPI readings in the UK and US has started to subside, and markets are settling back into a familiar wait-and-see mode with key central bank meetings on the horizon.
“The market may be in something of a holding pattern until the next central bank meetings land in early to mid-December – although takeover action has offered some excitement today,” said AJ Bell investment director Russ Mould.
Mould also remarked on President Biden’s trip to meet Chinese leader Xi Jinping in which he called his counterpart a ‘dicator’. The meeting was meant to repair relations but the resultant headlines have focused on Biden comments. China responded saying his comments were incorrect.
Biden’s words unnevered markets and caused minor weakness in equities.
“A mixed response to a meeting between President Joe Biden and Chinese Premier Xi Jinping saw Asian stocks retreat a little,” Mould said.
Burberry
Burberry shares sank on Thursday after the luxury group said slowing demand would hit earnings this year. Shares in the company were down 9.7% at the time of writing and were by far the FTSE 100’s worst performer.
“The shine is dimming on the luxury sector as even higher end consumers tighten their belts. Heralded as a more resilient corner of the economy, suggestions of missing targets and lower-end profits aren’t what investors have come to expect and that has consequences for valuations,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.
“Specifically for Burberry, it doesn’t have a basket of other brands or products to help diversify risk in this scenario. The work the group’s done to become a more premium luxury house is to be commended and will improve strength in the long-term, but there’s no getting away from the fact that particularly aspirational, younger shoppers are thinking twice before swiping their cards. There could be further pressure to come before things improve, especially if a broader pull back in spending comes through in 2024 after the glut of festive trading.”
The step back in enthusiasm around interest rates was felt by Ocado shares which fell 4% on Thursday.
Halma was the FTSE 100’s top performer after the health technology company released a very robust set of earnings. Revenue and earnings rose by solid single digit percentages as the group achieved record revenue in the period.
Positive news from two wells underpins the estimated valuation of Arrow Exploration Corp (LON: AXL) and makes the shares of the oil and gas producer look attractive. There is money in the bank and next year significant cash will be generated from operations.
Arrow Exploration is traded on the TSX Venture Exchange as well as AIM, which it joined in November 2021 when it raised £8.8m at 6.25p/share. At that time, production was modest, but it has been building up since then and oil prices area also higher, although lower than in 2022. Gas prices are similar to those in 2021.
The M&G Global Emerging Markets Fund should be explored by investors ready to move back into Emerging Markets and lean towards Chinese equities.
Managers of the fund have made material changes to the portfolio’s composition this year and are preparing for the next chapter in the Emerging Markets story.
The M&G Global Emerging Markets Fund has consistently outperformed the benchmark, avoiding the drawdown in 2022 and producing an 8.3% return this year to the most recent quarter – a period in which the benchmark is almost flat.
There is an overarching case for Emerging Markets from a performance perspective relative to US equities.
The outperformance of Emerging Markets versus US equities enjoyed in the noughties has completely unravelled since 2010, and Emerging Markets are now at the lowest level compared to the S&P 500 since 2000 after the US and other developed market equities sucked flows away from Emerging Markets.
Emerging Markets have consistent cycles relative to US stocks, lasting 5 – 10 years. Although past performance is not a guide to future performance, should this cycle repeat itself, Emerging Markets could be in for a period of relative outperformance against US equities.
However, relative performance in itself is not enough to drive equity returns.
Speaking at an event in London this month, Michael Bourke, Fund Manager of the M&G Global Emerging Markets Fund, outlined compelling valuations and favourable growth stories throughout EM.
Highlighting the merits of an active approach to harnessing the opportunity, Bourke explained the dispersion of profitability and price-to-book valuations underpinned the attractiveness of stock picking compared to buying the index.
An Active Approach to Emerging Markets
The argument for employing an active manager over choosing passive alternatives is rarely as strong as in Emerging Markets.
Identifying value and allocating cash to companies with the potential to produce outsized returns is lost in passive investment, where investors are forced to take exposure to broad baskets of companies they may otherwise rather avoid.
M&G’s success in Emerging Markets has come from avoiding many of the underperformers in the space and carefully timing allocation to opportunities they see in both individual companies and countries.
Michael and his team have identified one such opportunity in recent months, the Emerging Markets’ largest constituent country, China.
After being underweight China for nearly seven years, the managers have decided now is the time to bolster exposure to the country.
In 2020, the M&G Global Emerging Markets Fund was underweight China compared to the MSCI Emerging Markets Index by 10.2%. In September 2023, the fund was overweight China to the tune of 2.8%.
The shift lies almost exclusively in the valuation of Chinese equities and the ability of Chinese companies to return cash to shareholders.
China is entrenched in the communist approach to managing the economy, typified by high levels of investment spending to drive the economy. This approach has supported Chinese corporations and their earnings despite damaging COVID restrictions and a property crisis.
There are, of course, concerns about the Chinese property market and Taiwan, but these are arguably priced in and are a reason Chinese equities trade on the lowest Price/Book multiple since the pandemic.
Adding context to the Chinese property crisis and potential fallout across the wider economy, Michael Bourke pointed out the current issues being experienced in the real estate market can not be compared to the West’s 2008 financial crisis because China’s derivatives market is limited compared to the one that blew up the financial system in 08/09.
Bourke suggested the problems in Chinese property represent a realignment of the economy rather than an existential threat.
“The Chinese real estate sector has halved, and it’s not coming back,” he said.
Considering the risks in China and concluding the attraction of equity valuation outweighs the risk in the long term, the fund has carefully picked out Chinese companies with the ability to return cash to shareholders through dividends and share buybacks.
These include JD.com, Alibaba and KE Holdings.
South Korea, India, and Brazil
With a 31% weighting as of the end of October, our focus has justifiably been on the fund’s approach to China
That said, the fund’s approach to South Korea, India, and Brazil is notable.
The managers are heavily overweight South Korea and see value in their larger holdings, including Samsung and Hana Financial.
The orientation of the Brazilian economy towards commodities has earned the country an overweight allocation of assets.
India is interesting in as far as it is the country the fund is most underweight. M&G doesn’t like the composition of the economy in that it relies too heavily on the consumer and lacks the punch of a booming manufacturing sector and extensive infrastructure projects to drive the next leg higher in India stocks.
There is the recognition Modi’s efforts have boosted the economy and driven equity prices higher. But the next phase in India’s growth story is one M&G’s Emerging Markets equity team are less convinced about.
Charles Luke, Investment Manager, Murray Income Trust PLC
At a time when investors can pick up a high income from bonds, the real value of a stock market portfolio is its ability to grow income and capital over time. This growth potential is particularly important when inflation is likely to be structurally higher, and preserving the real value of invested wealth is increasingly difficult.
100 years may be beyond the time horizon of many investors, but Murray Income’s growth since it was founded in Glasgow on 8 June 1923 shows what is possible. The Second Scottish Western Investment Company started with an initial share capital of £500,000 and on 30 June 2023, its net asset value was nearly £1bn. That’s quite some appreciation.
For many of our investors, dividend growth will be every bit as important, and 2023 was the 50th year that Murray Income has grown its dividend. It was an important milestone and that growth has been delivered in a range of market environments – from the oil price shocks of the 1970s, to the international debt crisis of the 1980s, the fall of the Berlin Wall in 1989 and the collapse of the Eastern bloc, onto the technology boom and bust of the 2000s and the Global Financial Crisis and its aftermath in the 2010s.
Finding growth today
Today, we find ourselves in another new environment. After a decade of near-zero interest rates, borrowing costs have risen rapidly in response to mounting inflation. Investors can now get a high and reliable income from both cash and bonds, creating greater competition for dividend-paying equities. The important differentiator for a stock market portfolio today is the growth in income and capital it can generate, and the inflation protection it offers as a result.
Murray Income has grown its payouts to investors by an average of 9.2% per year over the last 50 years. This is well ahead of inflation, which has averaged 5.5% since 1973. One of the key reasons for achieving this dividend growth record is a focus on a diversified portfolio of high quality companies. We have always invested in strong, established companies with a track record of growing their earnings and an ability to pay a rising dividend to shareholders.
We look for certain characteristics: a robust business model that allows a company to protect its competitive advantage, and a strong balance sheet with little debt, that gives a company optionality and defensiveness in a range of market conditions. We like a strong management team, with a commitment to dividend growth, and strong environmental, social and governance performance to show proper risk management.
Once selected, these companies need careful monitoring over time. Even the best companies will go through difficult patches, get taken over, make mistakes. Maintaining a fluidity and agility in portfolio selection helps ensure that companies sustain those traits over time.
Unstoppable trends
Any portfolio with aspirations to deliver reliable income growth over time needs to be aligned to unstoppable long-term trends. Today, those trends include the energy transition and decarbonisation, which leads the trust to TotalEnergies, an energy company with an attractive pipeline of renewable assets and SSE, a utility company, focused on networks and renewables.
Demographics is also a focus, with ageing populations driving demand for areas such as pharmaceuticals (through Astra Zeneca or Novo Nordisk) and medical equipment (through Convatec). While the UK stock market is seen as a technology desert, there are companies benefiting from the digital transformation, including accounting software group Sage and information provider, Relx.
At the same time, there is a rising middle class in many emerging markets. UK companies such as Unilever are firmly plugged into this trend, with established businesses in developing economies.
The latest company to enter the portfolio is a good illustration of the type of company we like. Rotork manages industrial flow control equipment. Its businesses include hydrogen and carbon capture and it has a fast-growing business in the US. It is a mid-cap company, trading below its historic average, which also has compelling ESG characteristics. It has a conservative management team and high margins, plus significant intellectual property.
Beyond the index
This is not how many investors view the UK stock market, preferring to focus on its low growth, old economy stocks. This is why we argue strongly against an index approach, or an approach that focuses only the UK’s largest dividend payers. To target income and capital growth, it is vital to look deeper. The UK has a range of interesting and exciting companies for those willing to look hard enough.
The investment trust structure has also been important in delivering a growing income and we believe it will continue to be so in future. We do not use our revenue reserve often, just eight times over the past 50 years, but at times of financial crisis, or pandemic, the ability to use those reserves has been invaluable. Today, the trust has around half of its annual dividend held in reserve, ready for the next crisis, should it appear.
While investors may be able to get 5% on a gilt, they shouldn’t neglect growth in their income portfolio. That growth will be vitally important to preserve the purchasing power of their income at a time when inflationary pressures are elevated. At various points in the past 100 years, the environment has been every bit as challenging as it is today, but Murray Income’s approach has allowed it to keep improving capital and income growth for shareholders year after year.
Companies selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance.
Discrete performance (%)
30/06/23
30/06/22
30/06/21
30/06/20
30/06/19
Share Price
4.9
(0.7)
18.5
(5.8)
13.2
Net Asset Value
9.0
(3.5)
20.8
(5.3)
7.9
FTSE All-Share
7.9
1.6
21.5
(13.0)
0.6
Five year dividend table (p)
Financial year
2022
2021
2020
2019
2018
Total dividend (p)
37.50
34.50
34.25
34.00
33.25
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: abrdn Investments Limited, Lipper and Morningstar.
Important information
Risk factors you should consider prior to investing:
The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested.
Past performance is not a guide to future results.
Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.
The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.
The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.
The Company may charge expenses to capital which may erode the capital value of the investment.
Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss.
There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.
As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.
Certain trusts may seek to invest in higher yielding securities such as bonds, which are subject to credit risk, market price risk and interest rate risk. Unlike income from a single bond, the level of income from an investment trust is not fixed and may fluctuate.
Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends.
Other important information:
Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London EC2M 4AG. abrdn Investments Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK.
Hotel Chocolat (LON: HOTC) is recommending a 375p/share bid from Mars, which values the chocolate company at £534m. The share price soared 161.9% to 364p and it has not been this high for 18 months. Mars is keen to help Hotel Chocolat expand into new regions. The track record of the current management when it comes to international expansion has been mixed and it will help to have a larger company with greater resources backing the expansion. Shareholders can accept an alternative offer of one rollover share in the bid vehicle for each share. The value of these shares will be dependent on the performance of the business, and this would be taking a risk.
City Pub Group (LON: CPC) is also the subject of an agreed bid. Young & Co’s Brewery (LON: YNGA) is offering 108.75p in cash and 0.032658 of an A share for each City Pub Group share, valuing it at 145p/share or £162m. The share price jumped 37.4% to 136p. Young’s has been seeking to grow its managed pubs business and believes it is rare to have the opportunity to acquire such an attractive portfolio of pubs. The deal will increase the number of pubs owned by 50 to 279. A significant amount of City Pub Group’s central overheads of £5.6m could be saved by the combined group and there could be other savings. Young’s shares fell 0.45% to 1105p.
Celadon Pharmaceuticals (LON: CEL) has secured a new sales contract with a European medicinal cannabis company that could generate up to £26m over a three-year period. The first delivery will be in the second half of 2024. The cannabis grower and drug developer will supply pharmaceutical-grade cannabis. There are other interested buyers. The share price rose 23.5% to 102.5p.
Great Western Mining (LON: GWMO) has identified a potential copper porphyry system at Huntoon Valley in Nevada. There is visible surface copper oxide mineralisation. The company has staked 19 claims to the west of the area. The hare price is 14.1% ahead at 0.0525p.
FALLERS
Craven House Capital (LON: CRV) investee companies Garimon and Honeydog have ended talks with fully listed shell Amigo Holdings (LON: AMGO) about a reverse takeover. Amigo will continue to wind down its lending assets. Craven House shares slumped 18.2% to 15 cents.
Cleantech company MyCelx Technologies Corporation (LON: MYX) has won a project worth $5.4m to clean up overboard discharge. This will not generate revenues until 2024. However, lower volumes and delays mean that 2023 revenues will be between $11m and $11.8m instead of the $13.5m previously expected. The share price is 6.2% lower at 60.5p.
Arkle Resources (LON: ARK) has raised £215,000 at 0.35p/share to fund lithium exploration at the Aughrim licence block. The share price fell 5.88% to 0.4p. More than two-thirds of the shares were taken up by directors John Teeling and James Finn.
Tatton Asset Management (LON: TAM) continues its impressive growth in assets under management, which have passed £15bn this month. There was a small performance gain in the first half, but the growth has come from net inflows of around £150m/month. The growth has led to improving margins and that more than made up for a dip in profit contribution from the Paradigm mortgage-related business. Earnings grew 6% to 10.52p/share. The dividend is being rebased with a 78% increase in the interim to 8p/share. The share price still dipped 5.74% to 509p, but it is still 11% higher than at the start of the year.
Ex-dividends
DX Group (LON: DX.) is paying a final dividend of 1p/share and the share price increased 3p to 46.5p, following a 47.5p/share bid from HIG European.
Equals (LON: EQLS) is paying a dividend of 0.5p/share and the share price rose 0.5p to 117.5p.
Fonix Media (LON: FNX) is paying a final dividend of 4.89p/share and the share price declined 3.5p to 194p.
James Halstead (LON: JHD) is paying a final dividend of 5.75p/share and the share price slipped 6.75p to 203.25p.
Mincon Group (LON: MCON) is paying an interim dividend of 1.05 cents/share and the share price is unchanged at 55p.
Portmeirion Group (LON: PMP) is paying an interim dividend of 3.5p/share and the share price is unchanged at 236p.
Strix (LON: KETL) is paying an interim dividend of 0.9p/share and the share price fell 1.45p to 69.55p.
Wynnstay Properties (LON: WSP) is paying an interim dividend of 9.5p/share and the share price declined 10p to 715p.
