Intuitive Investments jumps as its life sciences deals pay off

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Intuitive Investments Group (LON:IIG) has seen its shares jump after unveiling its first results since listing on AIM in December last year.

The company, which is focused on the life sciences sector, raised £7.58mln and so far has invested £4.83mln since the float. It expects to be fully invested by the end of this month.

Its investments comprise seven quoted companies and seven private businesses. The latter are in the books at cost, the former have seen an unrealised gain of £931,000 or 55.6% on capital invested.

It said: “IIG has been inundated with enquiries for funding and corporate advice. The Investment Team have vetted over 105 companies. The current pipeline has opportunities for over £80 million of investments and this continues to grow. There are a number of near-term pipeline opportunities as well as the possibility for follow on investment of £5mln within the existing portfolio.

“We are continuing to execute our pipeline with a likelihood of two, possibly three, unlisted investments to be made in the second-half of the year. We recognise that our current capital base is small and we are exploring avenues to expand the funds available to us directly and indirectly with a greater emphasis on the latter.”

Its shares are up 8.57% at 22.8p, compared to the flotation price of 20p.

2.58pm: Property group sees buyers for its shares

Property portal OnTheMarket PLC (LON:OTMP) is in demand ahead of its results next week,

The company said in February it had seen an encouraging start to the year, and it will also be boosted by the recent acquisition of property technology business Glanty and a partnership with data specialist Sprift.

Analysts at house broker Shore Capital said in a note today: “We continue to see considerable scope for OnTheMarket to drive attractive medium-term organic growth and regard its current stock valuation…as modest.”

It is a little less modest now. Its shares are up 8.33% at 97.5p.

1.18pm: Investment group gets shareholder approval for its plans

Tern PLC (LON::TERN), an investment company specialising in the Internet of Things, has seen its shares jump after investors gave the company authority to issue up to 50mln new shares.

Although 22% of those who voted at a general meeting opposed the move, the motion was carried.

The company wanted the flexibility to be able to support its portfolio companies as necessary, as well as having negotiating leverage if dealing with potential third party investors.

Chief executive Al Sisto said: “We are conscious that we have shareholders who do not wish to see any dilution of their holding and I would like to reassure all shareholders that the company will not look to issue any further equity without having an appropriate use for the funds that is focussed on maximising shareholder value.”

The company is 16.28% or 3.5p higher at 25p.

11.29am: Exploration group agrees improved royalty terms

Slightly lower down the oil food chain than Tullow, Trinity Exploration & Production PLC (LON:TRIN) is also in demand.

The company, which is focused on Trinidad and Tobago, has renewed operating agreements with Heritage Petroleum for a 10 year licence period, double the previous amount and with an improved royalty structure.

The Onshore Lease Operatorship Agreements (“LOAs”) were originally set to expire on 31 December 2020 and were previously extended to 31 May 2021 whilst terms were finalised.

Trinity executive chairman Bruce Dingwall said: “We are delighted to have renewed these licences for double the previous tenure, and on improved terms, which will work for the benefit of all stakeholders. We continue to have a strong relationship with Heritage and the terms of the extension provide us with the ability to focus on driving value as we increase production from existing and new wells, especially on the back of now having the 3D seismic data.

“When combined with the government’s recent moves to reform the supplemental petroleum tax regime, the commercial and fiscal backdrop is moving in the right direction for existing operators to invest further and to attract new entrants into the region.”

Trinity is 5.8% higher at 18.25p.

10.32am: Oil firm’s chair to step down in summer

Tullow Oil PLC (LON:TLW) is moving higher as the crude price continues to rise, up 4.06% to 58.22p.

The company has also benefited from putting its finances on a firmer footing, such that non-executive chair Dorothy Thompson has announced she has decided to step down from the board.

She will stay on until a new chair is appointed, which is expected to be towards the end of the summer.

She said: “My time with Tullow has been interesting and challenging and Tullow is now well positioned for a positive and sustainable future. With the refinancing successfully concluded through our recent bond issue and with a new business plan in place which is progressing well under [chief executive] Rahul Dhir’s capable leadership, I have decided that this is the right time to step back from Tullow and to move to other opportunities.”

9.44am: US boost for technology firm

Software group Sopheon PLC (LON:SPE) is in demand.

Its shares are up 5.6% or 49p at 924p after it announced that the 3M Company, a long standing customer, was using its Accolade software for new product development throughout 3M’s global enterprise.

Sopheon said: “3M’s cross-functional innovation teams rely on Sopheon Accolade to streamline processes, manage risk, optimize decision-making and accelerate time to market.”

3M director Elizabeth Edblom said; “The unprecedented enterprise-wide transparency provided by the Sopheon Accolade platform allows us to know what’s going on in new product commercialization before, during and after launch.”

9.07am: Leak detection firm in expansion moves

Water Intelligence PLC (LON:WATR), the leak detection specialist, has bubbled up 4.19% to 870p after announcing two deals which should boost its second half sales and profits.

The company has reacquired its American Leak Detection franchise in Reno, Nevada, for US$0.25mln and also bought Kentucky based PlumbRight Services for US$0.7mln.

On top of that it has appointed former HomeServe US and Cemex executive John Spenard as “chief people officer” to “help manage the group’s accelerated growth plan”. 

The firm said it expected strong growth from the Reno franchise with additional corporate working capital and the end of COVID-19 restrictions. It said: “During 2020 Reno has suffered from extreme economic disruptions produced during lock-down because of its significant casino presence.” 

The acquisition of PlumbRight extends the plumbing services capabilities of its multimillion dollar Louisville, Kentucky location.

Executive chairman Dr. Patrick DeSouza said: “Today’s acquisitions will fuel growth.  We are also adding an important set of skills to our management team as we execute our growth plan.”

8.30am: Energy group starts biomass fuel production from Maine facility

Shares in renewables firm Active Energy Group PLC (LON:AEG) have sparked into life.

The company said it had started production of its CoalSwitch product – a biomass fuel that can be mixed with or completely replace coal – at its US plant in Ashland, Maine ahead of schedule.

Deliveries from the 5 tonne an hour plant to the Hunter Valley power plant owned by electricity group PacifiCorp will start this week. The fuel will be used in a testing programme which was not originally due to start until 14 June.

 will commence during this week for use in their testing programme which has been scheduled for the week commencing 14 June 2021. The CoalSwitchTM production by the Ashland Facility is part of the joint venture (the “JV”) between AEG and Player Design Inc, details of which were announced on 20 May 2021.

The Ashland facility, a joint venture with Player Design Inc, has been granted an initial permit to produce 1,000 tonnes of CoalSwitch by no later than 31 July 2021. Emissions data from the initial production will be supplied to the State of Maine for their analysis. The joint venture will then apply to the State of Maine to extend the terms of the permit to expand its production to up to 35,000 tonnes of CoalSwitch a year.

Active Energy chief executive Michael Rowan said: “This is part of AEG’s plan to have two operational CoalSwitch plants on the east coast of the US during 2021.. We will now proceed to deliver CoalSwitch to PacifiCorp on time and accelerate the CoalSwitch fuel testing programme.”

Active Energy’s shares are up13.33% at 0.79p.

Elsewhere Enwell Energy PLC (LON:ENW) has added 3.6% to 21.6p after a postive resources update from its Svystunivsko-Chervonolutskyi (SC) exploration licence in Ukraine .

Sergii Glazunov, Enwell’s chief executive officer, said: “Based on this independent assessment, a material volume of reserves and contingent resources has been estimated in our SC licence. With the confidence that this independent assessment provides, we have been progressing with our field development plan to recover the reserves and resources in the licence, and based on such work, we are optimistic about the future prospects for the development of the licence.”

Proactive news headlines

Belvoir Group PLC (LON:BLV) announced it has exchanged contracts to acquire the entire issued share capital of Nottingham Mortgage Services (NMS), a wholly-owned subsidiary of the Nottingham Building Society.

Brickability is acquiring Taylor Maxwell Group, supplier of timber and non-combustible cladding, for £63mln. The deal will be part-funded by a £55mln sale of shares.

Quantum Blockchain PLC (LON:QBT) said it has signed a service agreement with a UK-based international cryptography expert specialising in cryptocurrency mining blockchain optimisations as part of a research & development (R&D) strategy for Bitcoin mining.

Imperial X PLC will begin trading on the official list of the London Stock Exchange on Thursday under its new name of Cloudbreak Discovery Plc (LON:CDL), making it only the second prospect generator in the mining space listed in the UK. Shareholders yesterday approved all resolutions put to them at the company’s general meeting on Tuesday, meaning the acquisitions announced in August last year have now completed along with the change of name.

Drug discovery group e-therapeutics PLC (LON:ETX) has appointed Alison Gallafent as its head of intellectual property.

Savannah Resources PLC (LON:SAV) said its losses from continuing operations narrowed in 2020 helped by cost control measures and that the outlook for the company was “very promising”. The company, which is developing the Mina do Barroso lithium project, said it wants to grow its lithium business, primarily in the Iberian Peninsula.

Destiny Pharma PLC  (LON:DEST) chief executive Neil Clark said the group had made significant progress preparing its lead asset, NTCD-M3, for a phase III clinical study, which he confirmed, was on track to go ahead next year.

MetalNRG PLC (LON:MNRG), a natural resources and energy investment company, said it was satisfied with the progress its BritNRG Ltd investment had made with its 100-day operational plan.

Block Energy PLC (LON:BLOE) said it continued to perform well and has made significant progress despite the Coronavirus (COVID-19) pandemic.  

Jersey Oil and Gas PLC (LON:JOG) said it submitted a concept selection report to the UK Oil and Gas Authority, marking a significant milestone in delivering maximum value from the Greater Buchan Area (GBA) development project in the North Sea.

United Oil & Gas PLC’s (LON:UOG) Egyptian venture has been granted approval for a development lease to cover the ASD-1X discovery, part of the Abu Sennan Licence, which allows production operations to get underway.

Tiziana Life Sciences PLC (LON:TILS)(NASDAQ:TLSA) announced that notice of its annual general meeting has been made posted on its website ahead of the event on 25 June. Amid restrictions on personal movement the AGM will be an electronic meeting only and voting must made made by proxy and any questions submitted in advance.

SDX Energy Plc (LON:SDX) has given notice of its annual general meeting on 25 June. Given government guidance the AGM will be held with the minimum attendance required to form a quorum and shareholders will need to vote by proxy. The company will hold a webinar on 21 June where shareholders will be able to submit any questions in writing ahead of the proxy deadline.

Belvoir also announced that it will present at Proactive’s One2One Virtual Forum on Thursday 3 June 2021. The event will begin at 6.00pm and take place via online webinar, with registration available here.

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