Tekcapital - Update on Investee Company Progress
Shares continue to trade at a discount to NAV and the wider UK IP sector despite a string of positive updates
AIM listed Tekcapital is an international provider of technology and intellectual property investment services. The company’s objective is to create value from investing in new, university-developed intellectual properties and to produce returns through capital appreciation.
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Belluscura further funds product development
On 17th May, 33% owned medical device business Belluscura raised an additional c.$603,000 via a private placement of new shares and converted c.$78,000 of loans to equity. The funds will be used for further product development, specifically the innovative CURV™ portable oxygen concentrator (POC) and Snap III™ level of consciousness monitor. Belluscura has also hired an experienced VP of Operations to work on the FDA clearance process and launch of new products.
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Salarius strengthens management team and looks to the snack market
Low sodium salt products business Salarius has appointed experienced executives Eduardo Souchon and Steve McCready to its board of directors. In addition, former Fortune 500 executive Victor H. Manzanilla has been appointed as CEO. Salarius has confirmed it is looking at the possible development & launch of low-sodium salt and healthy choice snacks.
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Lucyd adds to management, opens e-shop & files new patent application
Next gen eyeglasses developer Lucyd has hired Gina Avila as Global Marketing Manager and Dr. Ira A. Clement as a science advisor. Lucyd's eyewear e-shop was recently opened and provides cutting-edge spectacles, with a new patent application also filed to improve the utility of Augmented Reality glasses.
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Shares trade at a discount to NAV and the UK IP sector average
Tekcapital shares currently trade at a 35.6% discount to NAV as at 30th Nov 2017 and at a 44% discount to the wider UK IP sector average price-to-book value ratio. This, combined with additional value creation opportunities, leads us to retain our stance of Conviction Buy.
TekCapital is a holding management company. Through its subsidiaries, Co. provides universities and corporate clients with a range of technology transfer services. Co. has three segments: professional services, including the provision of recruitment services via Vortechs Group, and the provision of reports and services provided to locate and transfer technologies to customers; licensing activities, including acquiring licenses for technologies and their subsequent out licensing; and product sales.
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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