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Breakfast News - N4 Pharma, Mecia Technologies & Warpaint London.

Breakfast News - N4 Pharma, Mecia Technologies & Warpaint London.

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N4 Pharma (LON:N4P) 4.9p £4.46m


The specialist pharmaceutical company developing a novel delivery system for vaccines and cancer treatments, today announces an update on the latest key research findings for the Company's Nuvec® delivery system.


“The results demonstrate that the Nuvec® particles themselves have a clear adjuvant effect to help deliver a level of immune response for both the mRNA and pDNA OVA antigens comparable to that of existing delivery systems. The fact that Nuvec® provides such an adjuvant response directly means an additional adjuvant would not be required when formulating a vaccine using Nuvec® as the delivery system.  This would simplify and reduce the production cost of the final vaccine and mean less antigen would be required. Furthermore, the level of immune response is generated using a dose of Nuvec® particles that is within acceptable levels showing no adverse toxicity.”


Additional studies to optimise the loading properties of Nuvec® and to characterise the immune response are in progress. 


Horizonte Minerals (LON:HZM) 3.71p £53.18m


Araguaia Nickel Project Feasibility Study.


Initial 28-year mine life generates cash flows after taxation of $1.6bn with sufficient Mineral Resources to extend beyond 28 years;


Estimated post-tax NPV of $401m and IRR of 20.1%;


Base case FS economics assume a flat nickel price of $14,000 per tonne ('/t')


Cash cost of $3.72 per pound ('/lb') of nickel ($8,193/t), 


Using the consensus mid-term nickel price of $16,800/t, the post-tax NPV increases to $740 million with an IRR of 28.1%, 


Capital cost estimate of $443m (AACE class 3), including $65.3 million of contingencies


Set to deliver significant socio-economic benefits for communities in the Pará state, including over 1,000 direct jobs. 


The outlook for the nickel market is robust, with demand growing at around 5% over the next three to five years .


The Company has successfully obtained the Preliminary Environmental Licence and water permit for full-scale operation at Araguaia and is on track to obtain its Construction Licence in Q1 2019.


Mecia Technologies (LON:MERC) 31.65p £96.45m


The national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high-growth potential from the UK regions, announced a new direct investment into W2 Global Data Solutions Limited. Mercia's £2m investment is part of a £3m funding round alongside the Development Bank of Wales. Mercia now has a direct equity holding of 17.4% in W2 and this direct investment follows on from initial funding rounds by Mercia's third-party managed funds.


W2's SaaS tools provide real-time identity verification services to help organisations prevent fraud and money laundering, a market estimated to grow from $14.4bn in 2016 to $33.2bn in 2021. The company targets firms in the regulated, government and business communities across the globe and is primarily focused on the gaming, payments and foreign exchange markets with multi-year revenue contracts. Mercia's investment will support the business in further expanding its global sales and marketing plans as well as broadening and accelerating product development.


Warpaint London (LON:W7L) 205p £157m


FYDec18 update from the specialist supplier of colour cosmetics and owner of the W7 and Technic brand. “Sales in our international territories, in particular the USA and the EU (excluding the UK) have remained strong and we continue to see significant growth in these areas. As at 30 Sept 2018 Group sales to the USA were up 60% compared to the same period in 2017 (up 74% in US$ terms) and sales in the EU (excluding the UK) were up 13% year on year.”


“However, the UK market, as highlighted in our interim results, remains challenging. The UK market, which accounted for 44% of Group sales in the first half of the year, has seen further softening recently, with retailers reducing stock levels and Christmas orders. “


Rev guidance £48m to £52m, adjusted PBT £8.5m to £10m.


FYDec18E was previously £55.2m rev, PBT £12.53m. 


Gordon Dadds (LON:GOR) 181.5p £52m


“The fast growing legal and professional services business, announced today that it has agreed terms for the acquisition of the international network of law firms, Ince & Co International LLP and its affiliated entities ('Ince'), subject to final documentation.


The merged entity will become a new global legal business and the largest listed law firm in the UK by revenue.  It will be a top 40 UK legal firm and will trade as Ince Gordon Dadds LLP.


The new firm will be led by Gordon Dadds' Managing Partner & CEO, Adrian Biles, supported by Peter Rogan, Chairman of the Board of Ince, the heads of the merged firms' offices and business units and the Gordon Dadds management team. It will be headquartered in Aldgate Tower in London and will have aggregated revenues (including affiliated entities) of over £110m, with 100 partners and offices in nine countries.”


FY Mar19E rev £43,9m, PBT £5m.


Gama Aviation (LON:GMAA) 152p £96.73m


One of the world's largest business aviation service providers, today announces a trading update for the full year to 31st Dec 2018.


At the time of the H1/18 interim results substantial growth was anticipated in the 2nd half of the year. However, with Q3 delivered and with better visibility for the full year, trading in certain divisions has not improved sufficiently to deliver the full year expectations.


As a result, whilst no individual division is significantly weaker, in aggregate there is a material impact, and accordingly the board now expects the full year underlying operating profit to be $3m below its original expectations. Nevertheless, the investments made into the capacity and capability of the business during 2018 have progressed well and provide a robust operational baseline for continuing the execution of the strategy into 2019.


FYDec18E rev £184m and PBT £14.9m. 


Angling Direct (LON:ANG) 96.5p £41.5m


“The largest specialist fishing tackle and equipment retailer in the UK, announced that its new Peterborough store opened on Sat 27 Oct 2018. Angling Direct now has 24 stores across the country.


The Peterborough store occupies a 3,500 sq ft. display area and is located on the east side of the city, in Boongate, easily accessed via the A47 and other arterial roads.


It is the first "destination store" of its kind in the Peterborough area and caters to all disciplines of angling, whilst also providing excellent service from the Company's local and knowledgeable staff. The new store, which will create five full and three part-time positions, is in a popular fishing area, with strong angling communities, and strengthens Angling Direct's presence across the UK.”


FYJan19E rev £42.65m, PBT loss £1.3m.


EVR Holdings (LON:EVR) 5.25p £68.8m


“The creator of virtual reality music content and operator of the MelodyVR platform, is pleased to announce that Ibiza Rocks Group ("IRG"), which is a leading event promoter and hotel operator, has entered into a sponsorship and immersive content production agreement. IRG is the first client to participate in a new commercial initiative for MelodyVR, with a key focus on revenue generation via branded immersive content and strategic partnerships.”


“Under the terms of the agreement, IRG has received an entitlement to subscribe for 6,000,000 new ordinary shares in EVR over the course of the next five years at an exercise price of 5.5p per share. This material contract will make a contribution to 2018 revenues and, following a positive start to H2, the Directors are pleased to report that the Company is on-track to meet the Board's revenue expectations for the current financial year.” We could see no forecasts,

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