Proactiveinvestors United Kingdom Proactiveinvestors https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Proactiveinvestors RSS feed en Wed, 22 May 2019 14:19:19 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Investor Update: Bushveld reveals updated resource for Vametco mine ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13439/investor-update-bushveld-reveals-updated-resource-for-vametco-mine-13439.html Wed, 22 May 2019 08:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13439/investor-update-bushveld-reveals-updated-resource-for-vametco-mine-13439.html <![CDATA[Media files - Sirius Minerals reports strong support from shareholders in open offer ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13421/sirius-minerals-reports-strong-support-from-shareholders-in-open-offer-13421.html Tue, 21 May 2019 09:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13421/sirius-minerals-reports-strong-support-from-shareholders-in-open-offer-13421.html <![CDATA[Media files - Bacanora Lithium, Collagen Solutions bring in heavyweight backers ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13413/bacanora-lithium-collagen-solutions-bring-in-heavyweight-backers-13413.html Mon, 20 May 2019 08:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13413/bacanora-lithium-collagen-solutions-bring-in-heavyweight-backers-13413.html <![CDATA[Media files - Lookahead to Proactive Investors evening event Thursday May 23 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13403/lookahead-to-proactive-investors-evening-event-thursday-may-23-13403.html Fri, 17 May 2019 08:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13403/lookahead-to-proactive-investors-evening-event-thursday-may-23-13403.html <![CDATA[Media files - Mining sector urged to become less risk-averse ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13385/mining-sector-urged-to-become-less-risk-averse-13385.html Thu, 16 May 2019 14:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13385/mining-sector-urged-to-become-less-risk-averse-13385.html <![CDATA[News - Intelligent Ultrasound demonstrates AI software designed to help anaesthetists ]]> https://www.proactiveinvestors.co.uk/companies/news/220435/intelligent-ultrasound-demonstrates-ai-software-designed-to-help-anaesthetists-220435.html Intelligent Ultrasound Group PLC (LON:MED) is providing doctors with a live demonstration of AI software designed to help anaesthetists.

ScanNav AnatomyGuide identifies and highlights anatomical structures on a live ultrasound image and is being developed to help less experience medics administer peripheral nerve block procedures.

PNB is a form of regional anaesthesia that can be used for certain surgical procedures. It is also being developed as a form of pain relief.

The demonstration, at the Annual Scientific Meeting of Regional Anaesthesia, will focus on two of these nerve blocks: the adductor canal block, which is in the thigh area, and the fascia iliaca block (the pelvis and hip area).

"The benefits of regional anaesthesia to patients and to the health service generally are well known,” said chief executive Nicholas Sleep.

“We believe that ScanNav AnatomyGuide will provide additional confidence for practitioners with less experience in ultrasound guided regional anaesthesia, reduce their reliance on more senior colleagues, and allow a greater number of patients to benefit from PNB procedures."

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Thu, 16 May 2019 14:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220435/intelligent-ultrasound-demonstrates-ai-software-designed-to-help-anaesthetists-220435.html
<![CDATA[Media files - Anglo Asian Mining reports big increase in profits as production and sales jump ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13383/anglo-asian-mining-reports-big-increase-in-profits-as-production-and-sales-jump-13383.html Thu, 16 May 2019 08:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13383/anglo-asian-mining-reports-big-increase-in-profits-as-production-and-sales-jump-13383.html <![CDATA[Media files - Tlou Energy welcomes positive response to Botswana power tender ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13358/tlou-energy-welcomes-positive-response-to-botswana-power-tender-13358.html Wed, 15 May 2019 10:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13358/tlou-energy-welcomes-positive-response-to-botswana-power-tender-13358.html <![CDATA[Media files - Location Sciences inks deal with JCDecaux, SIMEC Atlantis enters partnership with GE ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13337/location-sciences-inks-deal-with-jcdecaux-simec-atlantis-enters-partnership-with-ge-13337.html Tue, 14 May 2019 08:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13337/location-sciences-inks-deal-with-jcdecaux-simec-atlantis-enters-partnership-with-ge-13337.html <![CDATA[Media files - Argo Blockchain unveils strategic co-operation deal with crypto miner ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13315/argo-blockchain-unveils-strategic-co-operation-deal-with-crypto-miner-13315.html Mon, 13 May 2019 08:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13315/argo-blockchain-unveils-strategic-co-operation-deal-with-crypto-miner-13315.html <![CDATA[Media files - Investors beginning to get some payoff for patience as Australian exploration hots up ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13293/investors-beginning-to-get-some-payoff-for-patience-as-australian-exploration-hots-up-13293.html Fri, 10 May 2019 09:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13293/investors-beginning-to-get-some-payoff-for-patience-as-australian-exploration-hots-up-13293.html <![CDATA[Media files - Hipgnosis acquires rights to Eurythmics catalogue of music ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13296/hipgnosis-acquires-rights-to-eurythmics-catalogue-of-music-13296.html Fri, 10 May 2019 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13296/hipgnosis-acquires-rights-to-eurythmics-catalogue-of-music-13296.html <![CDATA[Media files - Bluebird Merchant outlines Kochang drill plans, Jubilee Metals makes excellent start to 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13273/bluebird-merchant-outlines-kochang-drill-plans-jubilee-metals-makes-excellent-start-to-2019-13273.html Thu, 09 May 2019 08:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13273/bluebird-merchant-outlines-kochang-drill-plans-jubilee-metals-makes-excellent-start-to-2019-13273.html <![CDATA[News - Induction Healthcare PLC to become AIM's third float this year ]]> https://www.proactiveinvestors.co.uk/companies/news/219880/induction-healthcare-plc-to-become-aim-s-third-float-this-year-219880.html Induction Healthcare PLC is to be only the third company to IPO on AIM in 2019 when it joins the junior market later this month.

The business has developed an app that gives doctors and other healthcare professionals quick access to hospital records and medical information.

Already, the group has 71,500 registered users, which includes over 40% of NHS doctors and 13% of all NHS staff.

Ibraheem Mahmood, chief executive, said the aim of the float is for funds to expand into new geographies “eventually creating a unified app for healthcare for working efficiently in a hospital environment".

Mahmood has already had one business hit with DrugDev – a clinical trial process tool used now by nearly all of the world’s top pharmaceutical companies.

Shares will be issued at 115p with a total of £16.6mln gross being raised for Induction through a placing and subscription.

At the placing price, Induction will have a market value of £34.1mln with almost £8mln of the funds being raised earmarked to provide a war chest for potential acquisitions.

Numis is the broker to the float, with shares set to begin trading on 22 May.

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Wed, 08 May 2019 11:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219880/induction-healthcare-plc-to-become-aim-s-third-float-this-year-219880.html
<![CDATA[Media files - Junior miners 'the driving force' behind global gold production ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13196/junior-miners--the-driving-force--behind-global-gold-production-13196.html Thu, 02 May 2019 13:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13196/junior-miners--the-driving-force--behind-global-gold-production-13196.html <![CDATA[Media files - Sirius Minerals completes $425mln placing; Bushveld doubles processing capacity ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13174/sirius-minerals-completes-425mln-placing-bushveld-doubles-processing-capacity-13174.html Wed, 01 May 2019 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13174/sirius-minerals-completes-425mln-placing-bushveld-doubles-processing-capacity-13174.html <![CDATA[Media files - Look ahead to Mining Capital in London - May 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13156/look-ahead-to-mining-capital-in-london---may-2019-13156.html Tue, 30 Apr 2019 15:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13156/look-ahead-to-mining-capital-in-london---may-2019-13156.html <![CDATA[Media files - UK Investor Update - 25 April 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13105/uk-investor-update---25-april-2019-13105.html Thu, 25 Apr 2019 08:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13105/uk-investor-update---25-april-2019-13105.html <![CDATA[News - Medicinal cannabis: UK remains behind the curve despite new legislation ]]> https://www.proactiveinvestors.co.uk/companies/news/218773/medicinal-cannabis-uk-remains-behind-the-curve-despite-new-legislation-218773.html Medicinal cannabis was legalised in the UK for the first time in November 2018 but many NHS doctors still are reluctant to prescribe it to patients.

Campaign groups have claimed that the current system in place means patients who can afford private health have gained greater access to medicinal marijuana since the rules were changed but many of those relying on the NHS are being turned away.

What are the rules?

The revised rules mean specialist doctors can prescribe medicinal cannabis, including products containing low levels of tetrahydrocannabinol (THC) – the psychoactive cannabinoid that gets a user “high”.

The regulatory change followed an outcry over the cases of two children who were denied access to cannabis oil to control their severe epilepsy.

The parents of Alfie Dingley and Billy Caldwell said their seizures stopped after taking a THC-based medication.

That sparked a review by England's Chief Medical Officer, Prof Dame Sally Davies, who concluded there were some clinical benefits to medicinal cannabis.

However, the rules surrounding THC remain strict.

Specialist doctors can only prescribe cannabis products containing THC in extreme circumstances such as cases of children with severe forms of epilepsy, adults with vomiting caused by chemotherapy and adults with muscle stiffness caused by multiple sclerosis.

What is the difference between THC and CBD?

Cannabis is made up of 483 compounds, the most dominant of which are cannabinoids known as THC and cannabidiol (CBD).

The medicinal cannabis prescribed by specialist doctors will contain CBD and low levels of THC.

THC produces the high people feel when smoking or ingesting marijuana.

Most of the cannabis being sold illegally in the UK contains a higher percentage of THC than some other types of the drug.

Cannabis with high levels of THC has been linked to psychiatric issues, particularly among adolescents who take large amounts.

CBD, on the other hand, is nonpsychoactive and can be well tolerated.

For this reason, the substance is not restricted in the UK and is widely available at retailers as an oil, spray or food supplement.

CBD products can be sold without a licence so long as claims are not made about their medical benefits.

The products available at stores contain a low percentage of CBD and are mixed with other substances.

For instance, CBD oil is mixed with a carrier oil, often hemp seed or coconut.  

But it has been argued that increasing the amount of CBD used in products would be pointless.

The entourage effect

Geremy Thomas, chief executive of the UK’s first medicinal cannabis investment vehicle, Sativa Investments, said it’s the “entourage effect” of all the compounds in a cannabis plant working together that help treat medical conditions. 

Pointing to the cases of Alfie Dingley and Billy Caldwell, Thomas said if they were given a product containing pure CBD it has been doubted their seizures would stop.

“It’s the fact that there was a small amount of THC present, which really activated the medicinal effect,” he said.

Scientists are still researching CBD and THC but the combination of the two has been used to help treat seizures, inflammation, muscle spasticity and glaucoma.

Thomas said the ideal percentages of THC and CBD used in medicinal cannabis depends on ailment being treated and more research needs to be done into the effect of different combinations.

Since medicinal cannabis is mostly unlicensed, doctors will only prescribe it for needs that can't be met by licensed medicines.

Sativex spray, which is a 50-50 combination of THC and CBD, has been approved for use in the Britain by the Medicines and Healthcare products Regulatory Agency as a treatment for multiple sclerosis.

However, the National Institute for Health and Care Excellence (NICE), which issues guidance to NHS doctors, in 2014 recommended against prescribing Sativex because it was not cost-effective.

Sativex costs about £140 per 10ml bottle, which contains 90 doses.

Will the UK ease up the rules?

Health secretary, Matt Hancock, has admitted that the current system for prescribing medicinal cannabis is not working after Emma Appleby had a supply of medical cannabis for her severely epileptic nine-year-old daughter, Teagan, confiscated while trying to enter the UK in early April. 

The government has asked NICE to develop additional clinical guidelines on cannabis-based medicinal products, which are due to be released in October.

With attitudes changing on medicinal cannabis, Thomas expects the government will eventually relax the rules on the drug.

“Absolutely, I think the door is open, a very small distance, and it will inevitably open wider and wider,” he said.

“At the moment regulators are under top-down pressure from the politicians and are resisting that pressure, or struggling to cope with that pressure, but they are working hard to deliver for UK patients in accessing medical cannabis.”

“And I do think that the UK medicinal cannabis market will end up being the largest in Europe, which in turn will significantly compete with, if not dwarf, what we’ve seen in North America.”

Thomas said there is a big opportunity in the UK given that it has a large aging population, which he sees as a “positive indicator to medical cannabis uptake”.

Will the UK ever legalise recreational cannabis?

The UK remains well behind the curve compared to North America. Canada legalised recreational cannabis in October 2018 and has allowed the use of medicinal cannabis since 2011.

While cannabis remains illegal at a federal level in the US, recreational marijuana is now legal in 10 states and medical marijuana is legal in 33.

Thomas sees the UK following suit on recreational cannabis eventually but not any time soon.

“When I was first interviewed after setting up Sativa Investments in 2017 I was asked when I thought the regulations would change to approve medicinal cannabis in the UK and I said two to three years and it turned out to be four to five months,” he said.

“If you ask me now about recreational use in the UK, I would suggest it was a long way down the road but who knows it does make sense."

Thomas said there is a case for legalising recreational cannabis as it could mean people stop buying high strength cannabis illegally from the streets and start using regulated products with lower levels of THC.

“(Recreational use) is not a position Sativa Investments takes – it’s a medicinal cannabis company – but if I was to put money on it, I should think that we would follow the rest of the countries around the world.”

New research underway

Sativa Investments has teamed up with King's College London to research the impact of cannabinoids on inflammation and respiratory diseases.

READ: Sativa Investments teams up with King's College London to research cannabinoids for medicinal use

Under the agreement, Sativa Investments will supply the university with specific strains of cannabis plants that contain various combinations of the spectrum of at least 113 known cannabinoids.

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Mon, 22 Apr 2019 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218773/medicinal-cannabis-uk-remains-behind-the-curve-despite-new-legislation-218773.html
<![CDATA[Media files - Copper 'a clear investor favourite' in the run-up to Mines and Money New York ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13001/copper--a-clear-investor-favourite--in-the-run-up-to-mines-and-money-new-york-13001.html Mon, 15 Apr 2019 12:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13001/copper--a-clear-investor-favourite--in-the-run-up-to-mines-and-money-new-york-13001.html <![CDATA[News - Travelex owner Finablr considers London float after strong demand for Network International IPO ]]> https://www.proactiveinvestors.co.uk/companies/news/218231/travelex-owner-finablr-considers-london-float-after-strong-demand-for-network-international-ipo-218231.html Travelex owner Finablr is considering a stock market flotation in London that could raise at least US$200mln.

The United Arab Emirates-based payments company, which also owns UAE Exchange and Xpress Money, said it could sell a mix of new and existing shares totalling at least 25% of its equity.

However, Finablr chief executive Promoth Manghat said it was too early to talk about proceeds or the exact number of existing shares to be sold since the company had not made a final decision to proceed with the IPO.

The group has engaged  Barclays Bank, Goldman Sachs, JP Morgan Securities to act as joint global co-ordinators and joint bookrunners and EFG-Hermes, Merrill Lynch and Numis Securities to act as joint bookrunners if the initial public offering goes ahead.

Indian businessman Bavaguthu Shetty, who is co-chair of Finablr and owns a 51% stake in Travelex, said: “We have tremendous opportunities ahead of us and we are well placed to capture these, through the significant investments we have made in building capabilities and the strong management team we have put in place.

“I am very excited about what we have built and this is the right time to consider the future growth of Finablr and whether the business would benefit from becoming a listed company.”

Finablr is looking at a premium listing on the main market of the London Stock Exchange.

Rival finalises plans for biggest London IPO

The announcement comes as Finablr rival, Network International, is set to become London’s biggest IPO of the year on strong demand.

Morgan Stanley, the bookrunner for Network’s IPO, on Monday, narrowed the price range to 430p and 450p from 395p to 465p and said the books are "multiple times oversubscribed throughout this price range".

Mastercard has agreed to make a US$300mln cornerstone investment in the listing, buying up to 9.99% of Network’s shares. 

The float is set to take place on Wednesday. 

Network International was founded in 1994 and made an underlying profit of US$152mln last year on revenues of US$298mln.

Finablr float could help cut debt 

If Finablr pursues an IPO, the money raised could help cut the company’s net debt, which stood at US$564.2mln at the end of 2018, although Manghat said the company is comfortable with its borrowing level.

Adjusted earnings (EBITDA) in 2018 totalled US$210.4mln.

Finablr managed US$114.5bn in volumes for its clients as of December.

The company’s network spans more than 170 countries and its biggest markets are India, Pakistan, Bangladesh and the Philippines.

UAE Exchange bought Travelex, the world’s largest foreign exchange specialist, for £800mln in 2016.

The European IPO market has dried up recently with proceeds falling to US$292mln in the first three months of 2019 from $13.9bn a year ago, according to Refinitiv data.

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Tue, 09 Apr 2019 10:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218231/travelex-owner-finablr-considers-london-float-after-strong-demand-for-network-international-ipo-218231.html
<![CDATA[News - ContourGlobal shares power up as it lifts dividend more than planned for first full year since IPO ]]> https://www.proactiveinvestors.co.uk/companies/news/218044/contourglobal-shares-power-up-as-it-lifts-dividend-more-than-planned-for-first-full-year-since-ipo-218044.html Power generator ContourGlobal PLC (LON:GLO) hiked its dividend by more than previously planned as earnings rose 19% in its first full year since its London stock market debut.  

The company, a global platform of contracted wind, solar, hydro and thermal power generation, had a sluggish start to trading in November 2017 after its shares were priced at the bottom of a previously announced range.

Share price does not reflect progress made and intrinsic value of company

Shares are still trading below the initial public offering price of 250p despite a 6% increase on Wednesday morning to 193p.

Chairman Craig Huff said public equity markets have been challenging and the group is disappointed that its share price “does not reflect our view of the intrinsic value of the company and the progress we have made since our IPO”.

“We remain confident that if we continue to execute value-creating projects, the share price will begin to reflect ContourGlobal's intrinsic value,” he added.

Earnings and revenues rise in 2018

Adjusted earnings (EBITDA) rose to US$610mln last year, boosted by growth from acquisitions and a US$20mln cash gain on the sell-down of 49% of the Italian and Slovakian photovoltaic portfolio.

Consolidated revenue rose 23% to US$1.24bn.

However, income from operations dipped 3% to US$262mln due to poor wind resource from farms in Brazil and Austria, restructuring costs and spending on acquisitions of solar plants in Spain and combined heat and power plants in Mexico.

Funds from operations rose 18% to US$302mln and cash flow from operations jumped 37% to US$578.2mln.

Net debt stood at US$2.9bn, up from US$2.1bn.

Last year, the company refinanced its corporate level debt, extended its tenor to 2023 and 2025 and decreased yearly corporate bond interest by more than US$9.8mln.

The group also refinanced its credit facility to increase the loan to €75mln from €50mln at a lower interest rate.

Dividend rises more than expected 

ContourGlobal raised its full-year dividend to US$13.4 per share from US$11.9 per share, 12.5% higher than previously guided.

The company said it expects to increase the dividend by 10% each year and will move to quarterly payments.

“We continue to make progress on our target to double run-rate 2017 adjusted EBITDA by 2022 through profitable, selective growth and high-performance operations,” said chief executive Joseph Brandt.

Separately, the group announced the appointment of Stefan Schellinger as chief financial officer.

Schellinger was finance director of plastic and fibre products firm Essentra PLC (LON:ESNT) from 2015 until 2018.

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Fri, 05 Apr 2019 08:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218044/contourglobal-shares-power-up-as-it-lifts-dividend-more-than-planned-for-first-full-year-since-ipo-218044.html
<![CDATA[Media files - Proactive Investors take a closer look at the Lithium market and where it's going ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12812/proactive-investors-take-a-closer-look-at-the-lithium-market-and-where-it-s-going-12812.html Mon, 01 Apr 2019 16:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12812/proactive-investors-take-a-closer-look-at-the-lithium-market-and-where-it-s-going-12812.html <![CDATA[News - Wow Air collapse highlights competitive pressures facing budget airlines ]]> https://www.proactiveinvestors.co.uk/companies/news/217432/wow-air-collapse-highlights-competitive-pressures-facing-budget-airlines-217432.html The collapse of Iceland’s Wow Air underlines the struggles budget airlines are facing from fierce competition.

The airline, which employs 1,100 people, has stopped operating and cancelled all flights after failing to secure emergency funding.

READ: Flybe shares fall as weekend collapse of rival Flybmi focuses investor attention on low-ball takeover bid

"The failure of Wow Air is symptomatic of the intense competition that the European budget airlines operate under,” said Fiona Cincotta, senior market analyst at City Index.

“While Wow was based out of Iceland, as a regional carrier it had to compete on price against many other commercial airlines.”

Other airlines that have collapsed under the pressure of a price war include British regional airline Flymbi, Air Berlin and Monarch Airlines.

In another sign of trouble for the sector, Flybe was in January taken over in a cut-price deal by Connect Airways, a joint venture including Virgin Atlantic, Stobart Group Ltd (LON:STOB) and Cyrus Capital.

Low-cost carrier Norwegian launched an emergency £270mln fundraising in January after a possible takeover by British Airways owner International Airlines Group (LON:IAG) fell through.

Wow Air’s failure comes after its main rival, Icelandair, and US private equity firm, Indigo Partners, walked away from buying the airline.

Indigo and Icelandair both backed away in recent days, leaving Wow Air to seek a financial restructuring with bondholders and other creditors.

“Wow had been fighting to recover from the damage done to its profits from higher oil prices last year and had returned four Airbuses it was leasing in November,” said Cincotta.

Cincotta said key threats to budget airlines include strikes, changes in regulations, higher oil prices, intense competition and the expense of landing slots to busier destinations.

She added: “Wow Air should not be compared with more established carriers, either multi national airlines that control multiple aviation brands like AAA, or the bigger discount operations like easyJet.

“But while it is easier these days to get an airline off the ground, it is tougher to keep it flying.”
 

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Thu, 28 Mar 2019 13:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217432/wow-air-collapse-highlights-competitive-pressures-facing-budget-airlines-217432.html
<![CDATA[Media files - Tightening supply bodes well for new Vanadium projects ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12749/tightening-supply-bodes-well-for-new-vanadium-projects-12749.html Wed, 27 Mar 2019 13:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12749/tightening-supply-bodes-well-for-new-vanadium-projects-12749.html <![CDATA[Media files - Copper prices to move higher as China demand accelerates ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12728/copper-prices-to-move-higher-as-china-demand-accelerates-12728.html Tue, 26 Mar 2019 12:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12728/copper-prices-to-move-higher-as-china-demand-accelerates-12728.html <![CDATA[News - Mastercard pumps US$300mln into Network International ahead of IPO ]]> https://www.proactiveinvestors.co.uk/companies/news/217218/mastercard-pumps-us300mln-into-network-international-ahead-of-ipo-217218.html Mastercard is to invest US$300mln in Network International ahead of its float as the land grab among payments suppliers gathers pace.

The credit card giant will invest the funds at the same price as investors in the IPO, but its holding will be capped at 9.99%, which implies a value of US$3bn on the Middle East and Africa-focused Network.

Founded 25 years ago, Network posted earnings of US$152mln on revenue of US$298mln in 2018.

Payment companies have been splurging money to build market share as the switch to cards and phones from cash reaches a tipping point.

Mastercard was recently outbid by arch rival Visa for AIM-listed Earthport, which finally agreed a 37p per share /£247mln cash offer hat was more than 400% higher than the price before the two giants started bidding.

WorldPay, meanwhile. is changing hands again with FIS buying the payments group for an enterprise value of US$43bn. That comes just a year after the former RBS division merged with Vantiv.

As well as the cornerstone investment, Mastercard and Network will form a strategic partnership to increase the use of electronic payments in Africa and the Middle East.

Mastercard will pay Network an annual fee to boost adoption of digital payments in the region.

Simon Haslam, Network’s chief executive, added Mastercard had been an important partner for Network for many years and both companies were in agreement about how to expand the card payment ecosystem. 

Network International is set to be London's largest IPO so far this year when it floats next month.

 

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Tue, 26 Mar 2019 09:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217218/mastercard-pumps-us300mln-into-network-international-ahead-of-ipo-217218.html
<![CDATA[Media files - Heavy Metals gets stoned on diamonds ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12716/heavy-metals-gets-stoned-on-diamonds-12716.html Mon, 25 Mar 2019 12:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12716/heavy-metals-gets-stoned-on-diamonds-12716.html <![CDATA[Media files - Nickel projects attracting increased investor confidence and interest ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12714/nickel-projects-attracting-increased-investor-confidence-and-interest-12714.html Mon, 25 Mar 2019 12:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12714/nickel-projects-attracting-increased-investor-confidence-and-interest-12714.html <![CDATA[Media files - 'It's a brilliant time to have a tungsten project' - Roskill's Jessica Roberts ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12711/-it-s-a-brilliant-time-to-have-a-tungsten-project----roskill-s-jessica-roberts-12711.html Mon, 25 Mar 2019 10:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12711/-it-s-a-brilliant-time-to-have-a-tungsten-project----roskill-s-jessica-roberts-12711.html <![CDATA[Media files - UK Investor Update - March 25 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12709/uk-investor-update---march-25-2019-12709.html Mon, 25 Mar 2019 08:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12709/uk-investor-update---march-25-2019-12709.html <![CDATA[Media files - Salt prices remain healthy despite record levels of trading ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12701/salt-prices-remain-healthy-despite-record-levels-of-trading-12701.html Fri, 22 Mar 2019 13:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12701/salt-prices-remain-healthy-despite-record-levels-of-trading-12701.html <![CDATA[Media files - UK Investor Update - March 22 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12697/uk-investor-update---march-22-2019-12697.html Fri, 22 Mar 2019 10:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12697/uk-investor-update---march-22-2019-12697.html <![CDATA[Media files - UK Investor Update - March 21st 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12674/uk-investor-update---march-21st-2019-12674.html Thu, 21 Mar 2019 10:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12674/uk-investor-update---march-21st-2019-12674.html <![CDATA[News - Lyft gets first Wall Street Buy recommendation ahead of listing next week ]]> https://www.proactiveinvestors.co.uk/companies/news/216863/lyft-gets-first-wall-street-buy-recommendation-ahead-of-listing-next-week-216863.html Ride-share company Lyft Inc, which is Uber’s closest rival, won't list on the tech-laden Nasdaq until next week, but one Montana-based investment firm is already rating it a "buy."

The San Francisco company has only been on the road marketing its IPO for two days, but investors have already been informed that the listing is oversubscribed at the current price range. Reuters reported that it is likely that the ride-hailing startup will “fetch or even exceed” the $23 billion valuation it is seeking.

READ: Lyft takes IPO fast lane, zipping ahead of rival Uber

Meanwhile, DA Davidson isn’t holding its horses. According to CNBC, the Montana-based investment firm isn't waiting until the shares, which will trade under the symbol "LYFT," are ticking away, to recommend getting in. 

DA Davidson senior research analyst Tom White initiated coverage with a "buy" rating and a $75 price target on Lyft. The tech unicorn is expected to be priced at between $62 and $68 per share.

White is excited about the total addressable market for personal transportation, which he writes US consumers are spending $1.2 trillion on annually.

"On-demand services have already disrupted traditional ownership models in sectors like entertainment/computing," White wrote in a note to clients Tuesday. "The continued population migration to cities and the rising costs of personal car ownership will further drive adoption of Transportation as a Service (TaaS) models over the coming years."

Lyft started its IPO road show on Monday and has spent the last two days meeting with investors in New York. Books close next week as it is set to price the IPO on March 28.

Company's financials

The San Francisco-based ride-hailing company’s filing lifted the hood on its financials. Lyft's revenues doubled in 2018 to reach $2.2 billion, according to the contents of its S-1 registration with the SEC. That is up from $343.3 million in 2016 and $1.1 billion in 2017.

But like Uber, Lyft is hemorrhaging money. Its net loss climbed to $911.3 million in 2018 from two years of steady losses of $682.8 million in 2016 and $688.3 million in 2017.

Lyft claims its ridesharing market share grew to 39% in 2018, up from 22% in 2016. In the fourth quarter of 2018, it had 18.6 million active riders and 1.1 million drivers.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 20 Mar 2019 10:13:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216863/lyft-gets-first-wall-street-buy-recommendation-ahead-of-listing-next-week-216863.html
<![CDATA[Media files - Heavy Metals takes a look at an emerging gold market: Japan ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12650/heavy-metals-takes-a-look-at-an-emerging-gold-market-japan-12650.html Tue, 19 Mar 2019 16:27:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12650/heavy-metals-takes-a-look-at-an-emerging-gold-market-japan-12650.html <![CDATA[News - Brexit process remains unclear as Parliament votes against a no-deal exit ]]> https://www.proactiveinvestors.co.uk/companies/news/216418/brexit-process-remains-unclear-as-parliament-votes-against-a-no-deal-exit-216418.html How Britain will exit the European remained unclear Wednesday as Parliament voted to reject a no-deal Brexit.

Members of Parliament voted 321 in favour to 278 against on a government motion that they do not want to leave without a deal - a move that has been dubbed a "cliff-edge" departure.

Before that, they voted 312 to 308 on an amendment to reject leaving the bloc without an agreement under any circumstances.

It was one of a series of votes on Brexit and means lawmakers can now get a vote (planned for Thursday) on extending the process, meaning the March 29 date touted for the past two years is no more.

In addition, MPs voted 374 in favor to 164 against to reject a plan to delay the exit until May 22, so there could be a "managed no deal"

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Wed, 13 Mar 2019 15:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216418/brexit-process-remains-unclear-as-parliament-votes-against-a-no-deal-exit-216418.html
<![CDATA[News - Airbnb to buy last-minute hotel booking site HotelTonight ahead of potential IPO ]]> https://www.proactiveinvestors.co.uk/companies/news/216075/airbnb-to-buy-last-minute-hotel-booking-site-hoteltonight-ahead-of-potential-ipo-216075.html Airbnb is to buy hotel booking site HotelTonight as it seeks to further expand the business beyond short-term home rentals ahead of a potential initial public offering.

HotelTonight partners with hotels to provide last-minute deals on accommodation.

The acquisition of the business will bring Airbnb, which is an online platform for people to rent out their homes or rooms to holidaymakers, into the traditional hotel industry.

The terms of the deal were not disclosed. HotelTonight was valued at US$463mln in its last fundraising round in 2017.

The two sites will continue to operate separately but Aibnb said some HotelTonight listings will become part its platform in future.  Airbnb users will be directed to HotelTonight if no accommodation is available in areas they are looking to stay.

Airbnb, which was valued at US$31bn in a 2017 fundraising, is considering an IPO in the next two years.

Revenue Source

The deal will give Airbnb another source of revenue and customer growth, making it potentially more attractive to investors. It will also help the group tackle competition from other travel sites like Expedia and Priceline.

“Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests with the authentic, local experience they have come to expect on every trip,” said Airbnb co-founder and chief executive, Brian Chesky.

Airbnb has in recent years added premium and luxury home rentals to its platform and allowed boutique hotels to list their rooms on its site.  The group has more than 6mln listings for accommodation but most are privately owned homes or rooms.

Airbnb said it more than doubled the number of listings on its site for boutique hotel rooms, bed and breakfasts, hostels and resorts in 2018. 

The company expects to reach 500mln guest arrivals since it was founded in 2008 by the end of the first quarter.  It is aiming for 1bn guests a year by 2028.
HotelTonight’s co-founder and chief executive, Sam Shank, will run Airbnb’s boutique hotel division following the completion of the deal.

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Fri, 08 Mar 2019 08:27:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216075/airbnb-to-buy-last-minute-hotel-booking-site-hoteltonight-ahead-of-potential-ipo-216075.html
<![CDATA[News - Quadriga cryptocurrency goes missing after founder's death, investigators reveal ]]> https://www.proactiveinvestors.co.uk/companies/news/215837/quadriga-cryptocurrency-goes-missing-after-founder-s-death-investigators-reveal-215837.html The cryptocurrency wallets of a man who died without giving anyone else the password, have been found empty by the firm appointed to secure access and recover clients' holdings. 

Gerald Cotten, the founder of the Canadian cryptocurrency exchange, passed away in India in December last year and was the only person who knew the password to unlock the digital wallets held on his laptop.

READ: Crypto exchange left skint after only password holder dies

Auditor Ernst & Young - appointed to wind up QuadrigaCX - had expected to find the wallets full of C$180mln in crypto-cash deposited by 115,000 customers.

But once E&Y investigators gained access, they discovered the wallets had been cleaned out months before Cotton died, according to the BBC. 

Most of the cryptocurrency that customers deposited with the exchange was meant to be kept in ‘cold storage’, an offline environment designed to protect stored cryptocurrencies from internet hackers.

E&Y said it did not know what happened to the digital cash they had expected to find in the storage.

However, the auditor found evidence Cotten had 14 other user accounts "created outside the normal process" that may have been used to trade on the QuadrigaCX exchange.

E&Y is now looking into the trading that was carried out through these other accounts to find out if it can trace the crypto-cash that passed through them.

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Tue, 05 Mar 2019 14:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215837/quadriga-cryptocurrency-goes-missing-after-founder-s-death-investigators-reveal-215837.html
<![CDATA[Media files - Proactive Investors Heavy Metals shines bright with a look at Copper ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12432/proactive-investors-heavy-metals-shines-bright-with-a-look-at-copper-12432.html Mon, 04 Mar 2019 11:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12432/proactive-investors-heavy-metals-shines-bright-with-a-look-at-copper-12432.html <![CDATA[News - UK financial watchdog says motor dealers overcharging buyers £1,000 a year for loans ]]> https://www.proactiveinvestors.co.uk/companies/news/215706/uk-financial-watchdog-says-motor-dealers-overcharging-buyers-1000-a-year-for-loans-215706.html Some motor dealers have been overcharging customers more than £1,000 in interest charges on loans taken out to buy a car, the UK financial watchdog has said.

The Financial Conduct Authority (FCA) said an investigation into the motor credit sector found these dealers were overcharging to boost their own commission.

The practice of allowing dealers to set their own interest rates on loans is costing car buyers £300mln a year, the regulator added.

“This is unacceptable and we will act to address harm caused by this business model,” the FCA said.

The FCA launched an investigation into the motor finance market in April 2017 following concerns about the rapid growth in car loans.

It found motor dealers were not giving customers complete or clear information about their loans.

The FCA said a number of motor finance lenders were not complying with the rules on assessing creditworthiness, including affordability.

The regulator is now “assessing the options for intervening in the market, which would address the harm it has identified”. This includes considering changes to the way motor dealers earn a commission. 

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Mon, 04 Mar 2019 10:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215706/uk-financial-watchdog-says-motor-dealers-overcharging-buyers-1000-a-year-for-loans-215706.html
<![CDATA[News - Wonga borrowers awaiting compensation from collapsed pay-day lender 'cast aside', say MPs ]]> https://www.proactiveinvestors.co.uk/companies/news/215413/wonga-borrowers-awaiting-compensation-from-collapsed-pay-day-lender--cast-aside--say-mps-215413.html Borrowers who are still awaiting compensation over mis-sold loans by collapsed payday lender Wonga have been “cast aside”,  according to a committee of MPs.

The Treasury Committee said many of the 10,500 Wonga customers still waiting for the results of ombudsman rulings on whether they were mis-sold loans, have given up hope of redress.

READ: Wonga appoints administrators as payday loans firm collapses, having stopped accepting new loans

Treasury Committee chair, Nicky Morgan, said: “If Wonga continues to damage people's finances from beyond the grave, it may be time for the government to intervene."

She added: "It cannot be right that over 10,000 people who may have been mis-sold loans are just cast aside, especially as many will be vulnerable consumers.

"These people have been left to fend for themselves by Wonga, the Financial Conduct Authority (FCA) and the Financial Ombudsman Service. They have been allowed to fall through the cracks with nobody taking responsibility for their mistreatment."

Wonga went into administration in August last year, blaming a surge in compensation claims.

Following the collapse of Wonga, the Financial Ombudsman stopped investigating cases for mis-sold loans due to the weakened prospect of recovering compensation.

The Financial Services Compensation Scheme (FSCS) provides a safety net for savings when a lender goes bust but it does not cover compensation or other money owed by collapsed short-term credit firms.

More details sought​

Financial Conduct Authority head Andrew Bailey said in a letter to Morgan that it would not be “proportionate” or affordable for the FSCS to cover the collapse of short-term lenders since they did not hold clients’ money or assets.

Wonga borrowers with compensation claims will have to wait behind creditors who may get a small piece of the value of any company assets that can be sold by the administrators.

Many of the borrowers who have lodged complaints have claimed they were mis-sold loans due to their vulnerability and inability to repay.

One of the borrowers, Ashely from Bristol, used Wonga to help fund a gambling addiction. 

The Treasury Committee has asked Wonga's administrators for more details on how outstanding complaints could be taken forward. They have requested an answer by early March.

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Wed, 27 Feb 2019 12:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215413/wonga-borrowers-awaiting-compensation-from-collapsed-pay-day-lender--cast-aside--say-mps-215413.html
<![CDATA[News - Britain's richest man to spend £1bn on North Sea infrastructure and new plants ]]> https://www.proactiveinvestors.co.uk/companies/news/215397/britain-s-richest-man-to-spend-1bn-on-north-sea-infrastructure-and-new-plants-215397.html Ineos, the vehicle of Jim Ratcliffe, the UK’s richest man, is to invest £1bn overhauling the North Sea’s oil and gas infrastructure.

The Forties pipeline system, through which 40% of the UK's North Sea oil and gas is transported, will get a £500mln upgrade while the Grangemouth oil refinery will get a £350mln energy plant.

Ineos will also build a new chemical plant in Hull to produce a key ingredient of safety glass and laminated windscreens.

The company acquired the 310 miles of Forties pipeline from BP in October 2017. It has a maximum capacity of 600,000 barrels per day.

Earlier this year it was reported that Ratcliffe, a keen Brexit supporter, is working on plans to switch residence to Monaco to reduce his tax bill.

“Ineos is a supporter of British manufacturing and this £1bn investment underlines our confidence in our business in the UK,” he said today.

“These investments will ensure that our UK assets continue to be world-class for many years to come.”

Ratcliffe owns 60% of Ineos, with Andy Currie and John Reece owning 20% each.

Ineos made an underlying profit of €2.29bn in 2018.

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Wed, 27 Feb 2019 08:54:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215397/britain-s-richest-man-to-spend-1bn-on-north-sea-infrastructure-and-new-plants-215397.html
<![CDATA[Media files - Proactive's Heavy Metals takes a deep dive on zeolite ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12331/proactive-s-heavy-metals-takes-a-deep-dive-on-zeolite-12331.html Mon, 25 Feb 2019 07:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12331/proactive-s-heavy-metals-takes-a-deep-dive-on-zeolite-12331.html <![CDATA[Media files - Cobalt has had a stormy year, does the blue metal have blue skies ahead? ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12315/cobalt-has-had-a-stormy-year-does-the-blue-metal-have-blue-skies-ahead-12315.html Thu, 21 Feb 2019 11:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12315/cobalt-has-had-a-stormy-year-does-the-blue-metal-have-blue-skies-ahead-12315.html <![CDATA[News - DP World reunites with P&O Ferries in £322mln deal ]]> https://www.proactiveinvestors.co.uk/companies/news/214954/dp-world-reunites-with-po-ferries-in-322mln-deal-214954.html Two parts of the old P&O empire are being reunited again with the acquisition of the Ferries and Ferrymasters business by DP World for £322mln.

Sultan Ahmed Bin Sulayem, DP World’s group chairman and CEO, said: "We are pleased to announce the return of P&O Ferries back into the DP World family.

“P&O Ferries is a strong, recognisable brand and adds a best-in-class integrated logistics provider into our global portfolio.

Dubai-based DP World bought P&O’s ports operation in 2006, though subsequently, it had to sell the US assets due to national security concerns. The group makes more than 30,000 voyages a year across the Channel and the Irish Sea, while Ferrymasters provides logistics in 19 European locations.

P&O Ferries reported full-year 2017 revenue of US$1.4bn and earnings before interest, tax, depreciation and amortisation of US$131mln.

The deal will be earnings accretive from the first year of consolidation said Bin Sulayem.

“Importantly, P&O Ferries provides efficient European freight connectivity building on last year's acquisition of Unifeeder.”

The cruise arm of P&O was spilt out in 2000 and merged with Carnival in 2003.

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Wed, 20 Feb 2019 09:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214954/dp-world-reunites-with-po-ferries-in-322mln-deal-214954.html
<![CDATA[News - Why the train trumps the plane in China ]]> https://www.proactiveinvestors.co.uk/companies/news/214716/why-the-train-trumps-the-plane-in-china-214716.html China has more high-speed railroad than anywhere else in the world, but why? And how did it achieve this status in less than a decade?

[Remember, the planning around HS2, the 250mph, London to Birmingham route, began in 2009 with the line expected to go into service seven years from now.]

This video reveals the huge strides in transportation being made in the People's Republic and why low-cost air travel just isn't taking off. 

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Fri, 15 Feb 2019 11:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214716/why-the-train-trumps-the-plane-in-china-214716.html
<![CDATA[News - React Group sales climb but restructuring take its toll ]]> https://www.proactiveinvestors.co.uk/companies/news/214711/react-group-sales-climb-but-restructuring-take-its-toll-214711.html More work cleaning up cells, crime scenes, hospitals and houses trashed by tenants, boosted React Group PLC’s (LON:REAT) turnover over the past 12 months.

The extreme cleaner's sales rose 48% to £3.3mln in the year to September, with half of that work coming from the emergency services.

Can start to return to profit​

React has also been tidying up its own structure with three businesses merged into one and a management overhaul.

Costs associated with the restructuring, plus bad debt and redundancy costs meant £1.34mln of one-off costs, which pushed losses up to £1.93mln from £458,000.

Gill Eates, executive chairman, said React now had a solid business from which it can grow and begin to return to profit.

Shares were unchanged at 0.21p.

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Fri, 15 Feb 2019 09:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214711/react-group-sales-climb-but-restructuring-take-its-toll-214711.html
<![CDATA[Media files - Proactive Investors Buds & Duds ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12239/proactive-investors-buds--duds-12239.html Thu, 14 Feb 2019 15:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12239/proactive-investors-buds--duds-12239.html <![CDATA[Media files - Proactive's Heavy Metals takes a closer look at graphite ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12169/proactive-s-heavy-metals-takes-a-closer-look-at-graphite-12169.html Mon, 11 Feb 2019 13:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12169/proactive-s-heavy-metals-takes-a-closer-look-at-graphite-12169.html