Leni Gas Cuba - Further progress at the operational & corporate level
​Since we initiated coverage of Leni Gas Cuba (LGC) on 8th April the company has seen a number of positive developments across its portfolio of investee companies and at the corporate level. In addition, the Cuban government has demonstrated further liberalisation of its borders and another London listed company, Rose Petroleum, has made moves to invest in the Cuban economy.
Significant risks remain to the investment case including the sole focus on Cuba, Cuban political risk, successfully implementing the investment policy, exposure to US government policy, the oil industry and exchange rate risks. Given the early stage nature of the business, and the speed at which deals are being done, we are not introducing forecasts at this stage but will do so in due course when the various strands of LGC's business interests achieve a base from which projections can be made. However, we continue to see significant potential upside from current levels given the opportunities discussed, with the 2.74p - 4.67p implied reverse takeover price acting as a potential short-term indicator of value.Our stance remains at Conviction Buy.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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