Proactiveinvestors United Kingdom Proactiveinvestors Proactiveinvestors United Kingdom Proactiveinvestors RSS feed en Tue, 16 Jul 2019 23:55:15 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[Media files - 3D printing has potential to be 'huge disruptor' for titanium ]]> Tue, 16 Jul 2019 12:57:00 +0100 <![CDATA[Media files - Investor Update: Clinigen expects profits to increase by more than a third ]]> Tue, 16 Jul 2019 09:04:00 +0100 <![CDATA[News - Gousto secures £30mln in funding round to support expansion plan ]]> Recipe box supplier Gousto has secured £30mln in a funding round to develop artificial intelligence technology.

The funding round, led by London private equity firm Perwyn, takes the company’s total funds raised to more than £100mln.

Gousto chief executive and founder Timo Boldt said: “We are relishing the next stage in Gousto’s evolution, investing in innovative technology to allow us to offer the most choice. 

“The most varied delivery options, the best quality meals that arrive in the shortest lead time, for the lowest price”.

Gousto will hire more than 100 tech employees by 2022 as part of its expansion plan.

Perwyn joins existing Gousto investors Unilever Ventures, celebrity personal trainer Joe Wicks, BGF Ventures, MMC Ventures and Canaccord Genuity.

Andrew Wynn, Perwyn founder and managing partner, said: “We are delighted to be making this investment and joining the exciting journey that Gousto is on.”

Mon, 15 Jul 2019 15:47:00 +0100
<![CDATA[Media files - Union Jack's Biscathorpe-2 well 'much more promising than previously indicated' ]]> Mon, 15 Jul 2019 08:50:00 +0100 <![CDATA[News - UK streaming service Roxi plans London IPO as it goes up against Spotify ]]> UK streaming company Roxi Music has appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Roxi, which counts Robbie Williams and Sheryl Crow among its shareholders, aims to go public in the fourth quarter of 2019 and is expected to fetch a valuation of £50mln.   

Chief executive Rob Lewis said: “As the sole UK company offering full catalogue music streaming services, an IPO on AIM will enable Roxi Music to scale up the business and take our successful product international, ensuring the UK’s place in the next stage of the digital music revolution.”

The company has developed a technology that is operated by a handheld device and gives users access to music streaming, music games and karaoke.

The product retails at £99.95 and comes with a box that hooks up to televisions and a microphone-installed remote.

It includes a year’s access to a catalogue of more than 35 million songs. Once the year is up, the service costs £5 a month which is half the price of Apple Inc (NASDAQ:AAPL) and Spotify Technology (NYSE:SPOT)

Williams and Crow promoted the device and received shares in the business.

Roxi said the London flotation will help it to ramp up TV marketing campaigns in the UK and the US, as well as develop a new range of music entertainment products as it looks to take on industry heavyweights Spotify and Apple.

Mon, 15 Jul 2019 08:13:00 +0100
<![CDATA[News - Medical cannabis firm Freyherr to list on NEX to support European expansion ]]> Medical cannabis company Freyherr International Group PLC has announced plans to list on London’s NEX Exchange as it looks to expand its European operations.

Freyherr International is the UK parent company of a group of medicinal cannabis firms that operate in Slovenia including cultivation business Freyherr d.o.o, pharmaceuticals arm Freyherr d.o.o. and dispensary unit Patron do.o.

The group plans to float 10% of its shares on NEX and it expects to begin trading on July 30.

The initial public offering will support the company’s plan to invest €5.5mln on bolstering its operations.

Freyherr wants to spend €1.2mln in upgrading its pharmaceutical facility, €1mln on improving its existing labs with new tools for the analysis of cannabinoid (CBD) and €1.55mln on equipment for extraction and distillation.

The rest of the funds will be used for establishing standalone medicinal cannabis facilities in southern Europe where the group said it has received a “number of favourable commercial approaches”.

“Together these initiatives will help the company take advantage of the current demand for medicinal cannabis products and implement a model for pan-European expansion,” Freyherr said.

Freyherr will join Sativa Group PLC (NEX:SATI), which was the first medicinal cannabis firm to list on NEX in March 2018.

Following the legalisation of medicinal cannabis in the UK last November, there have been at least a dozen companies looking at stock market listings in London, including on the main market of the London Stock Exchange. 

Fri, 12 Jul 2019 08:46:00 +0100
<![CDATA[Media files - Investor Update: Faron Pharma encouraged by Clevegen efficacy and tolerability ]]> Fri, 12 Jul 2019 08:20:00 +0100 <![CDATA[News - Swiss Re pulls ReAssure IPO due to 'heightened caution' from investors in London ]]> Weak investor demand in London has led to the last-minute shelving of a £3bn initial public offer for UK life insurer ReAssure Group PLC by parent Swiss Re.

The life insurance consolidator had priced the IPO in late June and was due to float this month.

READ: ReAssure aims for £3.3bn IPO valuation as it spins off from Swiss Re

Swiss Re said on Thursday that there had been “heightened caution and weak underlying demand” from institutional investors. 

Global share listings in the first six months have slumped to their lowest since 2016, with some European markets seeing a sharp slowdown.

Swiss Re said it still intended to spin off ReAssure but did not plan to restart the IPO process this year.

“While we firmly believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, there has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure’s value and future prospects,” finance director John Dacey said.

As part of the IPO, which had been priced at 280p-330p per share, Swiss Re was due to cut its stake from 75% to 50%, with Japanese insurance group MS&AD Insurance retaining its 25% stake.

Credit Suisse had been leading the sale of shares to institutions in the City and Wall Street, with Morgan Stanley and UBS joint co-ordinators and bookrunners.

Thu, 11 Jul 2019 09:42:00 +0100
<![CDATA[Media files - Benchmark Holdings identifies breakthrough to help Tilapia fight disease ]]> Thu, 11 Jul 2019 09:11:00 +0100 <![CDATA[Media files - Investor Update: Redx Pharma agrees US$203mln deal for cancer programme ]]> Wed, 10 Jul 2019 09:29:00 +0100 <![CDATA[Media files - Investor Update: Concepta looks ahead to first births with double digit pregnancies ]]> Tue, 09 Jul 2019 08:57:00 +0100 <![CDATA[News - WeWork files for IPO but plans to raise more cash first ]]> US shared office giant WeWork Companies Inc wants to drum up at least US$3bn in 2019 ahead of an initial public offer in coming years, it was reported overnight.

The group, which was recently valued at around US$47bn, plans to raise up to US$4bn from a bond sale to fund its hoped-for route to profitability, according to various reports in the US.

WeWork has also filed paperwork with authorities for an IPO.

Shaking up the concept of sharing office spaces, WeWork has become one of the largest office occupiers from New York to London but has yet to turn a profit.

Last year its losses more than doubled to $1.9bn even though revenue more than doubled to $1.8bn, while its most recent numbers saw first-quarter losses reduced slightly year-on-year to $264mln.

Yet, seen as a major ‘disruptor’ of the property industry, WeWork has attracted US$8.4bn of funding since it was founded in 2010.

A new US$3bn-US$4bn debt funding this year could swell to US$10bn in coming years, but will be separate from funds raised in a potential IPO, a source told Reuters.

Earlier this year the group rebranded as the We Company to encompass its WeLive shared living concepts and WeGrow, its nursery and school scheme.

Mon, 08 Jul 2019 08:14:00 +0100
<![CDATA[Media files - Investor Update: Firestone Diamonds unearths largest stone yet ]]> Mon, 08 Jul 2019 07:48:00 +0100 <![CDATA[Media files - Environmental policy to have fundamental impact on graphite industry ]]> Fri, 05 Jul 2019 12:54:00 +0100 <![CDATA[Media files - Investor Update: Churchill China's hospitality business trading well in Europe ]]> Fri, 05 Jul 2019 07:56:00 +0100 <![CDATA[Media files - Investor Update: Argo Blockchain more than doubles crypto mining capacity ]]> Thu, 04 Jul 2019 07:49:00 +0100 <![CDATA[Media files - Lithium producers looking to 'maximise the value-add' in the supply chain ]]> Wed, 03 Jul 2019 12:55:00 +0100 <![CDATA[Media files - Investor Update: Thor Mining highlights Vanadium potential at Jervois project ]]> Wed, 03 Jul 2019 08:30:00 +0100 <![CDATA[Media files - Investor Update: BigDish to launch next week in Brighton ]]> Tue, 02 Jul 2019 08:17:00 +0100 <![CDATA[Media files - Investor Update: Lekoil agrees deal to drill up to five new wells in Nigeria ]]> Mon, 01 Jul 2019 08:58:00 +0100 <![CDATA[News - Aircraft leasing investor Voyager AIR reaches for US$200mln of IPO funding ]]> Voyager AIR Ltd will aim to raise US$200mln (£157mln) as part of its flotation on the London Stock Exchange, the aircraft leasing investor said on Thursday.

The proceeds of the initial public offer, made up of a placing and open offer, will be used to buy up to five widebody aeroplanes, three Boeing 777-300ERs leased to Philippine Airlines and two Airbus A330-300s leased to Sichuan Airlines.

READ: Voyager AIR targets London IPO

This “seed portfolio”, acquired at roughly a 9% discount to their combined valuation, should immediately produce US-dollar income for Voyager AIR with an expected initial dividend yield of 8.5% per year.

Voyager, which is structured as a closed-ended investment company with its assets managed by Amedeo Limited, will target an annual dividend yield of 7% as it acquires additional aircraft over the longer term, along with an internal rate of return of 10-12%.

Amadeo has appointed former Airbus Financial Services director Liz Barry chair of the independent board and said it has identified a pipeline of other aircraft assets, "providing investors access to a scalable, diversified, aircraft leasing platform".

The vendor of the initial five aeroplanes, New York private equity firm Centerbridge Partners' Voyager Aviation Holdings vehicle, is taking a stake of up to 25%.

Pricing of the shares for the IPO has not yet been confirmed, with the issue set to be completed in July.

Thu, 27 Jun 2019 11:40:00 +0100
<![CDATA[News - ReAssure aims for £3.3bn IPO valuation as it spins off from Swiss Re ]]> ReAssure Group PLC, the UK closed-book arm of Swiss Re, will aim to float in London with a market cap of £2.8bn-£3.3bn.

The life insurance consolidator said on Thursday that the price for its initial public offer had been set at 280p-330p per share when it floats next month.

READ: ReAssure to float in London as part of spin-out from parent Swiss Re

Only 26% of ReAssure’s shares will be issued as free float, all being sold by parent Swiss Re, while Japanese insurance group MS&AD Insurance is retaining its 25% stake.

An over-allotment of another 3.9% chunk of Swiss Re’s shares will be made available if investor demand requires it, which if fully taken up would see a total potential sell down by the reinsurance giant of 29.9%.

Credit Suisse is leading the sale of shares to institutions in the City and Wall Street, with Morgan Stanley and UBS joint co-ordinators and bookrunners.

When MS&AD made its second investment last December, the valuation of ReAssure was given as £3.5bn.

As well as providing a partial exit for its parent and widen its access to capital in future, ReAssure has said it is pursuing the IPO to increase its "flexibility and appetite for growth as it will no longer be subject to Swiss Re specific constraints".

Thu, 27 Jun 2019 11:04:00 +0100
<![CDATA[Media files - Investor Update: Allergy Therapeutics receives multi-million-dollar settlement ]]> Thu, 27 Jun 2019 10:26:00 +0100 <![CDATA[Media files - Investor Update: Tekcapital’s Belluscura set to receive FDA clearance ]]> Wed, 26 Jun 2019 08:30:00 +0100 <![CDATA[Media files - Investor Update: Metal Tiger delighted by result of MOD Resources takeover ]]> Tue, 25 Jun 2019 09:26:00 +0100 <![CDATA[News - Southern Water fined after 'serious failings' lead to waste water spill ]]> UK water regulator Ofwat has ordered Southern Water to pay £126mln for “serious failures” at its sewage treatment sites and for “deliberating misreporting” its performance.

Southern Water will pay a rebate of £123mln to customers through their bills and a fine of £3mln for failings between 2010 and 2017.

Ofwat said a two-year investigation into Southern Water’s conduct found the company failed to make necessary investments, which led to equipment failures and spills of wastewater into the environment.

The regulator said Southern Water also manipulated its wastewater sampling process, which meant it misreported information about the performance of a number of sewage treatment sites.

“What we found in this case is shocking. In all, it shows the company was being run with scant regard for its responsibilities to society and the environment,” said Rachel Fletcher, chief executive of Ofwat.

“It was not just the poor operational performance, but the co-ordinated efforts to hide and deceive customers of the fact that are so troubling.”

Ofwat reduced its initial fine from £37.3mln on the basis that Southern Water would pay its customers.

Southern Water wastewater customers will receive a £61 rebate on their bills, with £17 in 2020/21 and £11 in each of the following four years.

The Environment Agency has launched a criminal investigation into the case and has the power to take court action if the companies' actions are found to have hurt the natural environment.

The investigation is understood to be at an early stage.

Southern Water was fined £2mln three years ago for flooding the Kent coast with raw sewage, which left beaches closed to the public for nine days.  It received a £200,000 fine in 2013 for similar offences.

Tue, 25 Jun 2019 08:36:00 +0100
<![CDATA[News - Medicinal marijuana firms vent frustration over UK laws at Cannabis Europa Conference ]]> Investors and businesses have been betting on a cannabis boom since the UK legalised medicinal marijuana late last year but there still are too many regulatory hurdles.

That was the general message from those who attended the Cannabis Europa Conference in London on Monday.

The conference attracted hundreds of people from across the globe, particularly Canada-listed cannabis companies looking at setting up in the UK in the hopes that the rules will be further laxed.

Under the current rules, only specialist doctors can prescribe medical cannabis in extreme circumstances, such as severe epilepsy, and only if other drugs have not worked.

Doctors have therefore been reluctant to prescribe the drug, with not one NHS prescription for full-extract cannabis oil been reported since it was legalised.

Campaign groups have claimed that only patients who can afford private health have been able to gain access to medicinal marijuana.

“There are dozens of patients in the system that can’t gain access,” Aurora Cannabis Inc (TSX:ACB) chief commercial officer Cameron Battley said at the Cannabis Europa Conference.

“The system is not working.”

Aurora is the second largest cannabis company in the world by market capitalisation after Canopy Growth Corp.

The company is based and listed in Canada but has operations across Europe and hopes to expand in the UK once the rules are changed to make it easier to do business.  

Another person to express their frustration about the UK laws at the event was Hannah Deacon. She has been leading a high-profile for access to medical cannabis on behalf of her son Alfie Dingley, who has severe epilepsy.  

Alfie was the first person in the UK to receive a permanent medical cannabis license in the UK.

His mum was appointed patient advocacy specialist of European Cannabis Holdings (ECH) in April.

Supreme Cannabis Company Inc was also among the attendees at the conference.

The company announced on Monday that it has launched an investment platform in London called Supreme Heights. Supreme said the platform would allow investors to explore opportunities in cannabidiol (CBD) health and wellness market in Europe and the UK. 

The firm also confirmed that it was looking to list in London eventually but the time is not quite right yet since the market was too "choppy". 

Cannabis Europa runs until Tuesday. 

Mon, 24 Jun 2019 16:00:00 +0100
<![CDATA[Media files - Investor Update: CentralNic to beat forecasts, raises €50mln through bond issue ]]> Mon, 24 Jun 2019 08:41:00 +0100 <![CDATA[Media files - Investor Update: Endorsement for Angle's liquid biopsy system Parsortix ]]> Fri, 21 Jun 2019 08:47:00 +0100 <![CDATA[Media files - Investor Update: Green light for ValiRx to increase dose of VAL201 ]]> Thu, 20 Jun 2019 08:00:00 +0100 <![CDATA[Media files - Investor Update: Anglo Asian identifies multiple targets around Gedabek mine ]]> Wed, 19 Jun 2019 07:51:00 +0100 <![CDATA[Media files - Investor Update: Westminster Group chosen as partner for Ghana port contract ]]> Tue, 18 Jun 2019 08:24:00 +0100 <![CDATA[Media files - Success at West Newton for Union Jack, European Metals doubles Cinovec NPV ]]> Mon, 17 Jun 2019 09:42:00 +0100 <![CDATA[Media files - Lookahead to Proactive's One2One Forum - 20 June 2019 ]]> Fri, 14 Jun 2019 13:25:00 +0100 <![CDATA[News - Swiss Re's UK arm ReAssure Group aims to float in London in July ]]> ReAssure Group PLC has confirmed the go-ahead for a float in London as the UK-focused life insurance consolidator is spun out of its parent Swiss Re.

Having said last week that it was considering an initial public offer, ReAssure said on Friday that it plans to float some of Swiss Re’s existing shares but would not raise any funds by issuing new equity.

READ: ReAssure to float in London as part of spin-out from parent Swiss Re

ReAssure, which buys up and manages life insurance policies that other insurers no longer want to own, has 4.3mln policies and £68.7bn of assets under administration, making it the sixth largest life insurance group in the UK by total assets. This includes a pending deal to buy Legal & General’s £650mln mature savings business, expected to complete later this year.

The indicative price range of the offer and the maximum number of shares to be sold have not yet been decided, with a prospectus confirming these details to be published in the coming weeks, with admission expected to occur in July.

At least 25% of the company’s shares will be floated, with Swiss Re also providing extra shares for a potential over-allotment.

As well as providing a partial exit for its parent and widen its access to capital in future, ReAssure said it was pursuing the IPO to increase its "flexibility and appetite for growth as it will no longer be subject to Swiss Re specific constraints".

MS&AD Holdings, the Japanese financial group, invested in ReAssure in 2017 and raised this up to 25% in December, when the valuation of the UK business was given as £3.5bn.

With the shares expected to be eligible for inclusion in the FTSE UK indices, this valuation would put ReAssure in the FTSE 250.

Fri, 14 Jun 2019 09:17:00 +0100
<![CDATA[Media files - Investor Update: Faron Pharma's YODA study confirms Traumakine suspicions ]]> Fri, 14 Jun 2019 07:49:00 +0100 <![CDATA[Media files - Investor Update: accesso Technology announces deal with The New York Botanical Garden ]]> Thu, 13 Jun 2019 09:16:00 +0100 <![CDATA[Media files - Investor Update: New 11-year supply deal for Sirius Minerals ]]> Wed, 12 Jun 2019 08:29:00 +0100 <![CDATA[Media files - Investor Update: Venn Life Sciences unveils plans to raise £4.5mln ]]> Tue, 11 Jun 2019 09:28:00 +0100 <![CDATA[Media files - 'A sea of green' as stocks rebound on US-Mexico agreement ]]> Mon, 10 Jun 2019 12:43:00 +0100 <![CDATA[Media files - Investor Update: Eco Atlantic's Jethro Lobe drill ship mobilised ]]> Mon, 10 Jun 2019 09:01:00 +0100 <![CDATA[News - ReAssure to float in London as part of spin-out from parent Swiss Re ]]> ReAssure Group PLC, Swiss Re’s UK-focused closed-book life insurance consolidator, is to be spun out from its giant parent and floated on the London Stock Exchange for a valuation that could make it large enough for the FTSE 250. 

The company said it was “considering proceeding with an initial public offer” where Swiss Re will keep a large stake, but it will need to have a free float of at least 25% of the shares if it aims to list on the LSE’s main market.

Valuation and assets

Japanese financial conglomerate MS&AD Holdings also owns a 20% stake in ReAssure as of December, when the valuation of the UK business was given as £3.5bn. 

ReAssure, which buys up and manages life insurance policies from other insurers, has 4.3mln policies and £68.7bn of assets under administration, making it the sixth largest life insurance group in the UK by total assets.

If it floats it will join fellow listed closed-book life insurance consolidators Phoenix Group Holdings (LON:PHNX), valued at around £5bn, and £0.5bn valued Chesnara PLC (LON:CSN).

In a statement on Friday, ReAssure said it was well positioned to benefit from “significant closed book market opportunities” and has a five-year target to generate a cumulative surplus of £2.1bn, and from 2024 onwards of £4.1bn.

This includes an agreed but still pending deal to buy Legal & General’s £650mln mature savings business via a risk transfer structure.

Board experience

ReAssure chairman Archie Kane, former chairman of the Bank of Ireland and the Association of British Insurers, said the announcement was “a milestone in the our corporate development”.

“We have developed a valuable franchise with the potential for significant future growth in the UK closed book markets. Our focused business model and highly-experienced management team put us in a powerful position to deliver attractive returns.”

The board also includes non-executive representatives from Swiss Re and MS&AD, together with chief executive Mark Hodges, previously CEO of Aviva UK and of Centrica's consumer division, and finance chief Ian Patrick, ex CFO of Swiss Re’s Life Capital arm.

Fri, 07 Jun 2019 08:37:00 +0100
<![CDATA[News - Renalytix AI technology able to accurately predict acute kidney rejection in transplant patients ]]> Renalytix AI PLC (LON:RENX) said a study showed its artificial intelligence-enabled diagnostic was able to accurately predict acute kidney rejection in transplant patients.

The results of the research carried out using the company’s FractalDx technology have been published in the peer-reviewed Journal of Clinical Investigation Insight.

"This study offers the possibility to bring an individualised approach to the therapy selection for kidney transplant recipients, particularly in relation to selection of immunosuppression regimen,” said Dr Christian Larsen, a professor of surgery at Emory University School, Atlanta, who sits on one Renalytix’s advisory boards.

“Current standard of care provides limited opportunity to identify patients most at risk of early acute rejection, and therefore the availability of a non-invasive blood test prior to transplant as presented in this publication, would represent a significant advance for the field."

Fri, 07 Jun 2019 07:45:00 +0100
<![CDATA[Media files - Investor Update: Oriole reports good incidences of gold in soil samples at Wapouzé ]]> Thu, 06 Jun 2019 09:13:00 +0100 <![CDATA[Media files - Concepta PLC - Proactive One2One Investor Forum June 2019 ]]> Thu, 06 Jun 2019 08:25:00 +0100 <![CDATA[Media files - Tech start-up surge driving record demand for EIS schemes ]]> Wed, 05 Jun 2019 13:32:00 +0100 <![CDATA[Media files - Feasibility study puts NPV on Bacanora's Zinnwald project at €428mln ]]> Wed, 05 Jun 2019 09:08:00 +0100 <![CDATA[Media files - Investor Update: Chaarat Gold updates BFS for Tulkubash gold prospect ]]> Tue, 04 Jun 2019 08:41:00 +0100 <![CDATA[Media files - Investor Update: Sareum reports positive early-stage data for cancer drug ]]> Mon, 03 Jun 2019 08:12:00 +0100 <![CDATA[Media files - Nickel sulphate market 'booming' as new projects come online ]]> Fri, 31 May 2019 09:50:00 +0100