Morrisons testing new concept of store with no tills

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The Morrisons store is portable and can be transported to other locations

Morrisons (LON:MRW), the British supermarket chain, has opened a shop without tills, where customers can pick up their shopping and walk out with no assistance.

The store is a test of a new concept being developed by the supermarket, based close by to its head office in Bradford. The company has plans to open additional stores across the UK in due course.

Shoppers are able to go into the store once they have scanned their key on a special Morrisons app.

Digital cameras then track shoppers, identifying which items they put into their bags, and then charge their account accordingly.

As of now, the shop is a mini-version of a Morrisons store and is portable, meaning it can be transported to another location in a large vehicle.

This feature is especially useful as it means the stores can be set-up quickly and disassembled in not easily accessible areas, including university campuses or train stations.

It has been reported that a trial a version of the store that is available to the public will appear before the end of the year.

Amazon, earlier this year has opened a till-less grocery store in London, its first “just walk out” shop outside of America.

Morrisons remains in the middle of a takeover attempt as there is competition among leading private equity companies to acquire the supermarket.

The business consists of just under 500 stores and over 110,000 employees across the UK.

Shanta Gold cuts output guidance for 2021

Shanta Gold says it remains on track to become a mid-tier gold producer in Africa

Shanta Gold (AIM:SHG), the East Africa-focused gold producer, announced its production and operational results for the quarter ended 30 June 2021 on Monday.

The update is regarding its East African assets, including New Luika Gold Mine (NLGM) and Singida Project in Tanzania and West Kenya Project in Kenya.

Shanta Gold cut its production guidance for the current year due to lower output in Q2 and a revised operating plan.

However, it also said it remains on track to become a mid-tier gold producer in Africa.

The company’s gold production of 14,201 ounces, down from 14,641 ounces in Q1, was restricted by lower than anticipated grades from underground mining.

Its annual production guidance for 2021 has been revised to 60,000–65,000 ounces at AISC of $1,325–$1,375 per ounce.

In better news Shanta Gold completed the installation and ramp-up of it third mill at New Luika resulting in throughput of 2,450 tonnes per day being achieved by the end of the period, higher than anticipated.

On Monday the AIM-listed company also released a new five-year plan for its gold assets in Tanzania, including a reserves and resources update for NLGM.

Eric Zurrin, Chief Executive Officer, commented: “We’ve had some real exploration success at Shanta Gold during 2021 leading to the positive five-year outlook that we’ve outlined this morning transforming us to a 110,000+ ounces gold producer by 2023. We’re proud and excited about this growth in our business and look forward to taking our investors on the journey with us over the next few years.”

“Whilst we are looking forward to the future, we are disappointed that we will be reducing this year’s production guidance to 60,000 – 65,000 oz. Whilst this is partly due to a deferral of ounces to 2022 onwards, it is not the outcome we hoped for this year. Our softer production for Q2 has also meant that our revenues have been slightly reduced for the quarter but we are pleased to confirm that we have received US$4.2 million in VAT offsets as we work with the Tanzanian government to clear the outstanding balance.”

New premium listing: Seraphine

Although maternity wear supplier Seraphine Group operates its own shops, it is predominantly an online business. This is an international business covering more than 120 countries. Europe accounts for two-fifths of sales, the majority in the UK, and North America more than one-quarter.  
Management believes that growth can continue to be rapid. Medium-term online percentage growth rates are expected to be in mid-twenties, which is lower than previously but still impressive.
Seraphine plans to pay a dividend of between 20% and 40% of adjusted post-tax profit. There will be a final dividend...

New AIM admission: Orcadian Energy

Orcadian Energy has a highly experienced management team that has worked at BP and LASMO among others, and they intend to build the company into a major viscous oil producer.
The cash raised in the placing will help Orcadian to secure a farm-out or find some other way of financing the Pilot field. There are also plans to acquire seismic data. A field development plan is required.
The shares started trading at 42.5p and ended the first week at 41.5p. On the first two days there were 810,540 shares traded.
Development is still at an early stage and much more cash will be required to commercialis...

New AIM admission: Lendinvest

Property finance asset manager Lendinvest has floated so that it can continue to increase its funds under management and particularly its platform assets under management. A greater proportion of platform assets are likely to be lower risk with longer durations. There will also be further investment in technology.
Management believes it can double underlying EBITDA margin and grow underlying EBITDA by up to five times over the medium-term. Greater efficiency will help with this target.
The ambition is funds under management of more than £5bn in 2023-24 with a greater proportion from institutio...

Argo Blockchain share price jumps on rumours of second listing on Nasdaq

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Argo Blockchain Share Price

The Argo Blockchain share price (LON:ARB) is surging on Friday following a prolonged slump that began in the middle of February. As rumours circulated on Twitter that Argo Blockchain will go ahead with a secondary listing on the Nasdaq, the bitcoin miner’s share price climbed, and is now up by 18.32% at the time of writing.

Secondary Listing

Bitcoin mining firm Argo Blockhain, listed on the London Stock Exchange (LSE) at present, is weighing up a secondary listing on Nasdaq.

The London-based miner revealed the plan Tuesday, adding that no decision has been made whether to go ahead. The company said that “there is no guarantee that the listing will be finalized,” while, “any proposed listing is subject to market and other conditions, and there can be no assurance as to whether or when the proposed listing may be completed.”

Argo also confirmed it mined 167 bitcoin last month, up by one from May.

https://twitter.com/DocumentingBTC/status/1412894379333890049?s=20

Bitcoin

It is no secret that bitcoin has been struggling to regain momentum following a crash that happened in May. Investors in the Argo Blockchain share price will be hoping for better news for the cryptocurrency following the Chinese government crack down which helped its price to tumble. Bitcoin dropped below £23,000 on Friday morning before climbing back above the mark into the afternoon.

One piece of news that could act as a catalyst for a surge in the price of bitcoin is Apple announcing that it is buying the cryptocurrency. Similar to talks of a second listing on the Nasdaq, rumours have been aplenty on social media regarding a potential announcement by Apple that it is holding bitcoin. However, at this stage, while there have been no official statements, it is mere speculation.

Having said that, Apple has previously posted a vacancy requiring a business development manager who can handle ‘alternative payments’. Apple co-founder Steve Wozniak referred to bitcoin as digital gold and said it was a ‘mathematical miracle’. He also said that while he does not invest in it, he considers it to be the future.

Investors will keeping a close eye on how Apple, and other major corporations approach bitcoin in the coming months. Any major moves could further impact the Argo Blockchain share price.

Cineworld share price surges on short squeeze

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Cineworld Share Price

The Cineworld share price (LON:CINE) soared on Friday in a move that looks to be straight out of the AMC playbook. In the middle of the afternoon session on Friday, as the week draws to a close, the Cineworld share price is up by 9.53% to 62.78p per share. It follows a torrid month for the cinema chain which saw its share price tumble. At the time of writing, the Cineworld share price is down by 28% since the beginning of July. It appears as though the dramatic moves over recent weeks have been a result of short selling from major investors followed by a response from Reddit-type short squeezers.

Short Selling

It has been reported that 7.5% of Cineworld shares are being held in short positions by large investment companies. Short shellers have likely been attracted to Cineworld because of its significant debt of $8.3bn, as concerns remain over the strength of the recovery from the pandemic, and the cinema chain’s ability to cope.

However, the dramatic fall in the stock’s value caught the attention of other investors who have been able to buy Cineworld shares at a cut price. The mass buying also appears to be an effort to squeeze on the major investment managers, in a similar vain to previous Reddit-induced shorts.

Analysts’ View

Earlier this week Peel Hunt, the specialist for UK investment banking, confirmed its is maintaining its ‘hold’ recommendation. However, it did reduce its price target by 10p to 75p per share.

“The Cineworld share price has drifted off since the highs of March, when it reached 120p, more sharply recently,” Peel Hunt said.

While the cinema has performed reasonably well in the US and UK as restrictions have been lifted, the precariosuness of the recovery remains an issue, as does the threat of streaming services to the industry.

Investors will be keeping an eye on the Cineworld share price over the coming days to see which way things go.

BEPPS Snacks secures £400,000 from the Good Food Fund

The investment is aimed at tackling childhood obesity

BEPPS Snacks, the London based start-up aiming at tackling childhood obesity, has secured a £400,000 investment from the Good Food Fund.

In addition to the funding, BEPPS will get support and guidance from Missions Venture, a company that nurtures scalable challenger brands.

BEPPS Snacks offer an innovative range of ‘Great Taste Award’ winning pea, pulse and grain snacks, which hero the black eyed pea. Its products are stocked by a range of major retail outlets, including Tesco and Ocado.

The Good Food Fund by Ascension Ventures, seeks to back entrepreneurs making healthy eating accessible to all.

A number of initiatives the Goof Food Fund has invested in include: Rootles, the chocolate coated veg-based biscuits; Naturelly, fruit juice jelly pots and pouches; Insane Grain, puffed sorghum snacks and Snackzilla, company that makes oat cookies.

BEPPS Snacks Founder, Eve Yankah, a working mother inspired by her children to create the brand, commented on the company’s journey so far: “We’ve made some exciting investments in D2C this past year, since Covid, that are starting to pay off – D2C [direct-to-consumer] is our fastest growing channel alongside Grocery.”

“We’ve seen our Amazon sales increase over 300% in the past six months alone. Funds will be used towards further accelerating our D2C growth alongside more trade marketing investment to support our growth within Grocery, we still have a lot of accounts to go after!” Yankah said.

Emma Steele, investment director at Ascension Ventures added: “The Good Food Fund is all about supporting innovative approaches to tackling social inequalities in food, including childhood obesity.”

“BEPPS is building its brand as a fantastic and great tasting healthy snack but also at an affordable price, using very simple and under-utilised ingredients. As with every business, backing the right founder is key and we are excited to be on board this journey with Eve – she is a strong leader and has a great clarity of vision for scaling the business.”

Founder Eve Yankah has donated 60,000 packs of BEPPS so far to food banks via City Harvest in London and nationwide via Woman’s Aid UK.

Evolving trends in the Investment Trusts market with finnCap’s Monica Tepes

The UK Investor Magazine Podcast is joined by Monica Tepes, Investment Companies Research Director at finnCap, to discuss the UK Investment Trust market.

We cover key trends including top level themes such as ESG and Tech ITs then drill down into the sectors currently catching Monica’s eye.

Investment Trusts have enjoyed the benefits of readily available investor funds for new issues and we explore those sectors impacted by the pandemic and how premiums and discounts have behaved as changes in restrictions drive investor sentiment.

Investment Trust providing investors with exposure to technology companies have rode a wave of investor interest and we discuss a recent issue focusing on space in addition to those holding some of the UK’s largest private tech companies.

ESG fund attracted record inflows in 2020 which has led to a wave of new ESG products in the UK and the entire universe adopting rating systems that can leave some investors confused about the true ESG characteristics of certain products.

We discuss niche sectors such as the growth story in Vietnam and one particular fund focussed on Uranium miners.

Watch the latest Vietnam Holding Investor Presentation.

Shares in Soho House owner drop further after low valued IPO

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The primary reason for Membership Collective Group going public is to pay debt down

Shares in the Membership Collective Group, the parent company of the private members’ club chain, Soho House, took a dive on Friday, a day after its debut on the New York Stock Exchange.

At the time of writing, shares in the Membership Collective Group are down by 9.57% to $12.66.

The private members’ club group raised $420m via an IPO, after it sold its stock at $14 per share, the lower end of the range it had suggested to potential investors.

Senior people at the company were seeking to pull investors in with lofty plans to extend the Soho House membership model.

Openings in other major European cities were touted including Paris, Rome and Tel Aviv.

Membership Collective Group was hoping to pay down a significant portion of its debt with the money raised from the flotation.

Having raised $450m, it tends to use $223m to lower its $600m of net debt. Interest payments on its debt dragged on its balance sheet during Q1 of the current financial year.

“The main reason for going public is to pay that debt down. We don’t really need it for capital investment,” said Andrew Carnie, MCG global president.

Membership Collective Group has over 119,000 members, while its waiting list holds more than 48,000 applicants.

The company is of the view that it is in a strong position to do well over the coming months as lockdowns ease, while only 10% of subscriptions were cancelled.

Membership Collective Group’s goal is to increase membership revenues from 26% of the total amount to over 50%.

The chain is expecting to post a loss for the year.