M7 Box+ REIT set to join IPSX in April

Andrew Hore
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M7 Box+ REIT set to join IPSX in April

M7 Box+ REIT is the latest company planning to join International Property Securities Exchange (IPSX). The property portfolio to be acquired by the company is valued at £228.9m. Dealings are expected to start during April.

The portfolio is being acquired from Jersey-based closed end fund M7 Box+ II LP. The new company can apply to become a REIT and benefit from the advantages of that status. No additional funds will be raised during the flotation.

The shares will be introduced to the Wholesale market of the IPSX. M7 Real Estate Financial Services is the alternative fund manager to the company, while M7 Real Estate will be asset manager. M7 Real Estate owns 4.69% of the company.  

The property portfolio has seven let and operational e-warehouses with 40 occupiers. The tenants include B&Q, DSG, Aldi, B&M, Dunelm, Matalan, DFS, Carpetright, Pets at Home and Fitness First. In the fourth quarter of 2022 the properties were fully let with a weighted average unexpired lease term of 4.81 years.

Demand for capacity that combines retail and logistics is strong. An e-warehouse is defined as a warehouse with enhanced planning uses providing flexibility.

European indices trade like penny stocks in SVB-induced sell off

UK Investor Magazine
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European indices trade like penny stocks in SVB-induced sell off

European indices were trading like penny stocks on Monday as risk-off trade gripped markets despite HSBC acquiring SVB’s UK arm and US authorities stepping in to protect US depositors.

The Italian FTSE MIB was down around 4% at the time of writing Spanish IBEX was down over 3%. The FTSE 100 was down around 2.3%. All European indices were off the lows as this article was written.

“Despite the best efforts of governments and regulators, the market was still very edgy on Monday as investors considered the fallout from SVB’s collapse,” said AJ Bell investment director Russ Mould.

European banks were among the worst performers on Monday as fears gripped investors despite the absence of evidence of financial pressure among other institutions.

Standard Chartered was down over 6% at the time of writing.

US Interest Rates

SVB abruptly shifted the market narrative from interest rate hikes to financial stability last week. However, attention quickly snapped back to expectations of the Federal Reserve’s next move on Monday.

US futures had opened the session higher but the rally faded as we moved towards the US open. The positivity in US futures was attributed to the dialling down of interest rate hike expectations during the volatility caused by SVB’s failure.

“This situation has also significantly impacted expectations for the upcoming Fed decision with many now expecting a 25bp hike when it seemed almost certain for some that the US central bank would raise rates by 50 bp previously,” said Walid Koudmani, Chief Market Analyst at online investment platform XTB.com.

Goldman Sachs said they now expected there would be no rate hike at the Federal Reserve’s March meeting due to market volatility and disruption of the banking system.

Further volatility

Although European indices had recovered from the lows of the session, analysts highlighted the skittish nature of market and warned of more volatility this week.

“In any case, markets remain very reactive and susceptible to further developments and could continue to be volatile throughout the week as a major domino effect could cause widespread risk-off moods leading to further losses for stocks and riskier assets,” said Walid Koudmani.

The US President is expected to make a speech today, and tomorrow we will receive the next instalment of CPI date.

AIM movers: Condor Gold progresses La India sale and Aferian continues fall

Andrew Hore
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AIM movers: Condor Gold progresses La India sale and Aferian continues fall

Condor Gold (LON: CNR) is entering the end of the first phase of the process to sell the La India gold project in Nicaragua. There are three formal expressions of interest, including two non-binding offers, with more likely to be received. The project requires $105.5m of investment and has an estimated NPV (5%) of $86.9m. There are additional areas to explore. The share price rose 12.7% to 17.75p.

The two largest movers today are Keras Resources (LON: KRS) and Ukrainian food producer UKrproduct (LON: UKR). There has been higher than normal trading activity in Keras Resources, which is one-quarter ahead at 3.75p. There has been no trading in UKrproduct, which is one-fifth higher at 3.9p.

Pan African Resources (LON: PAF) has put in place the final component of the funding package for the Mintails project. Engineering optimisation studies are being finalised and construction could start in June. The share price is 8.92% ahead at 14.29p.

Ariana Resources (LON: AAU) has identified three additional targets at Kepez in Turkey. Ariana has a 23.5% stake in this project. The Kepez main vein extends for 1,800 metres and the north vein continues for a further 150 metres beyond previous findings. The share price moved up 9.43% to 2.9p.

Investors were reassured by Venture Life Group (LON: VLG) concerning its exposure to Silicon Valley Bank. The consumer healthcare products supplier has a £30m revolving credit facility with Santander and Silicon Valley Bank, but no deposits with the latter bank. It is possible for Santander to take over the Silicon Valley Bank proportion of the facility. A refinancing was due in June 2024 and this process will be accelerated. The share price increased 7.19% to 44.75p.

Concerns about the financial position of Rurelec (LON: RUR) led to a 23.5% slump in the share price to 0.325p. The South America-focused electricity generator is running short of cash and there is little prospect of a dividend from its Argentinian subsidiary. The majority shareholder is against issuing more shares. Management hopes to sell the investment in the Argentinian business and become a shell. The current cash should last into the second quarter of 2023.

Aferian (LON: AFRN) shares continue to decline following last week’s profit warning due to customer destocking of streaming devices and its exposure to Silicon Valley Bank. Annual results to November 2022 will be delayed while discussions with banks continue over future covenant compliance. There are no breaches of covenants yet. Aferian has a $50m loan facility from three banks, including Silicon Valley Bank, with potential for a further $50m and it lasts until 23 December 2024. There has not been a statement about this exposure. The share price slid 14.1% to 27.5p.

Tungsten West (LON: TUN) has appointed Neil Gawthorpe as chief executive. He was previously at Allied Gold. He will review funding options for the Hemerdon tungsten mine. This could be a combination of royalty, debt and equity financing. The permit for the processing plant is still be awarded. The shares are down by 14.6% to 8.75p.

Africa-focused forestry company Woodbois (LON: WBI) has completed the expected £3m placing at 1.2p a share and appointed Novum Securities as joint broker. The company hopes to become cashflow positive during 2023. The shares are 7.48% lower at 1.175p.

Energy efficiency as a service provider eEnergy Group (LON: EAAS) says it has exposure to Silicon Valley Bank through currency hedging and a drawn down £5m credit facility. The acquisition of the bank by HSBC means that there should be no material impact on the business. The share price is down 5.26% at 2.7p, having been lower prior to the announcement.

GoviEx Uranium Investor Presentation March 2023

UK Investor Magazine
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GoviEx Uranium Investor Presentation March 2023

Daniel Major, CEO of GoviEx Uranium, presents to investors March 2023. Daniel provides deep insight into the uranium market and the recent developments at their mine-permitted uranium projects.

Download Presentation Slides Here.

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. The company has a sizable resource inventory with over 130M lbs U3O8  in measured and indicated categories, and 89.3M lbs U3O8 in the inferred category. 

GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Muntanga Project in Zambia, and its multi-element Falea Project in Mali.

HSBC buys SVB UK arm to avoid government intervention

UK Investor Magazine
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HSBC buys SVB UK arm to avoid government intervention

Thousands of global start-ups and technology companies were at the risk of not being able to access their accounts on Monday after the collapse of SVB last week. However, those holding accounts at the UK arm have been saved by HSBC who swooped in to secure the bank over the weekend.

SVB’s depositors at the UK arm will be relieved their cash will be available after HSBC’s £1 takeover of the bank. The move will also likely stem contagion to the rest of the banking system and prevent jobs losses at tech companies and start-ups.

“White knights are coming to the rescue after a weekend of intense negotiations to stem contagion from the SVB collapse, which sent shockwaves through financial and tech sectors.  Investors are waiting with bated breath to see if this rush of regulatory activity to try and limit the fallout from the SVB bank collapse will help soothe volatile markets and so far the bold action appears to be working,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

Nonetheless, the ‘white knights’ were unable to prevent a sharp selloff across the European equities. The banking sector was sold heavily in a risk-off trade, despite the assurances SVB depositor funds will be safe. There is no evidence larger institutions are facing the same problems as SVB.

Although the UK government claimed they facilitated the deal between HSBC and SVB, they avoided having to step in to bailout the bank with taxpayer’s money.

Jeremy Hunt should enjoy the optics of the government’s involvement in the deal ahead of his budget delivery this week.

HSBC buys SVB UK arm, Power Metal Resources and Tekcapital with Alan Green

UK Investor Magazine
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HSBC buys SVB UK arm, Power Metal Resources and Tekcapital with Alan Green

The UK Investor Magazine Podcast is joined by Alan Green as we delve into market gyrations in the wake of SVB’s failure. We also discuss a number of UK equities.

We discuss:

  • HSBC (LON:HSBA)
  • Power Metal Resources (LON:POW)
  • Tekcapital (LON:TEK)

HSBC has stepped in to buy SVB’s UK arm and provide certainty to their deposit holders. This has avoided immediate contagion but investors a still clearly uncertain about the medium term consequences as the FTSE 100 drops another 2% in early trade on Monday.

Tekcapital has announced MicroSalt has added another distributor in H Mart. H Mart will stock their SaltMe crisps.

We also look at Power Metal Resources and their change of personnel. Paul Johnson will stand down as CEO, but will remain a part of the company.

Tekcapital announces new MicroSalt partnership and confirms no SVB exposure

UK Investor Magazine
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Tekcapital announces new MicroSalt partnership and confirms no SVB exposure

Tekcapital has announced their portfolio company MicroSalt has secured a new distribution deal, and has confirmed they have no direct exposure to failed SVB.

MicroSalt’s SaltMe crisps will now be stocked in H Mart. H Mart is one the United State’s fast growing retailers and has been recognised by the National Retail and Supermarket News.

SaltMe crisps are tackling cardiovascular disease head on by providing a low-sodium alternative to a traditionally high-salt product.

“There are tens of millions of health-conscious Americans, including those suffering from high blood pressure and other cardiovascular diseases who would certainly enjoy the full saltiness of SaltMe! potato chips with approximately half the sodium found in traditional potato chips,” said MicroSalt’s CEO Rick Guiney.

SVB Confirmation

Following the failure of the tech-focused US bank Silicon Valley Bank (SVB), Tekcapital confirmed on Twitter over the weekend they held no accounts or investments with SVB.

With HSBC stepping in to buy SVB’s UK arm and the US authorities saying they will protect depositors in the US, it now appears the feared contagion has been averted.

Aquis weekly movers: Six companies with rising share prices

Andrew Hore
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Aquis weekly movers: Six companies with rising share prices

There are six Aquis Stock Exchange companies with higher share prices at the end of last week. There were four trades in Fenikso Ltd (LON: FNK) shares during the week and the last was at 0.7p, the closing share price, up 27.3% on the week.

Good Energy (LON: GOOD) confirmed that its 2022 results will be published on 28 March. The share price rose 19.7% to 197.5p, the highest level since the end of 2022.

RentGuarantor Holdings (LON: RGG) was admitted to the Apex segment of the Aquis Stock Exchange at the beginning of March and this appeared to spark some trading in the middle of last week. The share price improved by 7.5% to 215p.

Tectonic Gold (LON: TTAU) shares recovered from their recent low and were up 4.17% to 0.625p.

Interest in music artists and events company All Things Considered (LON: ATC) was prompted by the agent of the year award at the International Live Music Conference Gala Dinner. The share price was 3.23% higher at 80p.

The share price of NFT Investments (LON: NFT) edged up 2.38% to 1.075p on trading interest later in the week.

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Fallers

CBD products supplier Yooma Wellness Inc (LON: YOOM) continues to restructure its operations, but it is still trying to find a way of moving the business forward. Following the exit from many businesses, the remaining businesses are in Europe. Yooma Wellness may have to sell other businesses if additional funds are not secured. The share price slumped 53.8% to 0.75p.

Shares in Pioneer Media (LON: PNER) fell by a further 53.8% to 3p before it left the market.

Rogue Baron (LON: SHNJ) says Shinju premium Japanese whisky won a gold medal at the 2023 LA Invitational Wine and Spirits Challenge. The share price was 7.69% higher at 1.2p.

Ananda Developments (LON: ANA) is acquiring MRX Global, which has invented a method to formulate cannabis medicines, for £2.02m in shares at 0.3p each. The share price has slipped by 6.45% to 0.29p. The first formulation is MRX1, which will be used in two phase II randomised controlled trials to investigate the effectiveness of cannabidiol in chemotherapy induced peripheral neuropathy and in patients with endometriosis. These trials have £1.55m of grant funding. Directors of Ananda are shareholders in MRX, so the deal requires shareholder approval. These directors will a 3% royalty on net sales of any commercial products sold by MRX. Ananda has raised £326,000 through a subscription at 0.3p a share and there is a broker option that could lead to the issue of 33.3 million shares at the same price. Charles Morgan has converted convertible loan notes into 747.3 million shares at 0.3p each. Charles Morgan and Melissa Sturgess will own 53.8% of the company.

EPE Special Opportunities (LON: EO.P) had an NAV of 334p a share at the end of January, which was a 27% decline. The share price fell 5.26% to 180p. The decline in the Luceco (LON: LUCE) share price was a major factor behind the NAV decline even though this stake has been reduced in recent years. Rayware was another poor performer. Quoted shell company Epic Acquisition Corp is reviewing acquisitions. An investment in dog snacks company Denzel’s was completed in October. Investments in Atlantic Credit Opportunities Fund and Prelude Structured Alternatives Master Fund.

Marula Mining (LON: MARU) has appointed Peterhouse as broker, replacing OvalX. This is part of the proposed move to AIM. The hare price was 2.21% lower at 7.75p.

Invinity Energy Systems (LON: IES) has sold a 220KWh VS3 flow battery to Dawsongroup, following a sale earlier in the year. STS Group and project partner Ideona have been appointed to deploy Invinity Energy batteries in Hungary, primarily for co-located solar and grid support projects.  The share price edged 1.59% lower at 31p.

Town Centre discount

Andrew Hore
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Town Centre discount

Town Centre Securities (LON: TOWN) continues to trade at a significant discount to net tangible assets, even though they declined in the six months to December 2022.
The valuation of the portfolio fell by 7% over six months, which was much better than the market benchmark, which fell by 17.5% due to the tough property market and higher interest rates. Net assets are 314p a share, while underlying net tangible assets are 306p a share, down 8%. The tender offer using disposal proceeds from the stake in the YourParkingSpace app helped to keep up the net tangible assets for each share.
Cash genera...

Vietnam Holding Investor Presentation March 2023

UK Investor Magazine
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1
Vietnam Holding Investor Presentation March 2023

Vietnam Holding presents at the UK Investor Magazine Virtual Investment Trust Conference March 2023.

Download Presentation Slides Here.

Vietnam Holding (LON:VNH) invests in high-growth companies in Vietnam, focusing on domestic consumption, industrialisation and urbanisation. Craig Martin, Chairman of Dynam Capital, the manager of Vietnam Holding, presents at the Virtual Investment Trust Conference March 2023.

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