reports
Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc 25-May-2022 / 13:42 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc 24-May-2022 / 12:51 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc 23-May-2022 / 11:36 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Re: Ideagen Plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re: Ideagen Plc 19-May-2022 / 12:37 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc 17-May-2022 / 12:41 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc 16-May-2022 / 13:46 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Ideagen plc 13-May-2022 / 12:44 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: Ideagen Plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Ideagen Plc 20-Apr-2022 / 15:49 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b...
Ideagen: 1 director sold
A director at Ideagen sold 200,000 shares at 285p and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Clo...
- Paul Hill
Strong demand pushes pipeline up 18% in 6 months
Rosslyn is making good progress after its £6.8m (net) oversubscribed placing in May’20 and has cultivated a bumper crop of ‘ready-to-pick’ prospects. Indeed Rosslyn’s qualified ‘sales hopper’ climbed by 18% in H1’21 – or 39% annualised. Back to the present, the company reports no orders were cancelled in H1’21, and H2 has “begun well ”, after “a number of new customer wins as well as good levels of upsell ”. Including a host of bookings for the group’s leading 100% cloud-powered Customs softw...
- Paul Hill
In the right place at the right time
We think this ‘battle-hardened’, cash-rich (Est. April ’21 net funds of £6.1m) & now profitable SaaS firm is ideally placed to benefit from strong secular demand for its cutting-edge & fully integrated Big Data, AI, spend analytics, SMDM (Supplier Master Data Management) & customs/duty handling applications. Today the company posted record revenues (FY20 £7.1m +2.1% LY) & profits, aided by the £49k acquisition of Langdon (+£0.9m) in Sept’19, partly offset by the elimination of low margin pass-...
- Paul Hill
Recovering faster than anticipated
Price can often be a poor indicator of value, especially during uncertain times & for smallcap stocks. So it is for specialist US background screening & medical testing firm ClearStar. Indeed despite the shares dropping on low volume, the company has actually traded much better than we had previously thought possible. Not only “experiencing a significant uptick in sales from the end of May, which has continued into Julyâ€. But also generating positive EBITDA (pre SBPs) between May & June, a...
- Paul Hill
You cant keep a good business down
Elecosoft reported that, although H1’20 turnover dipped slightly to £12.2m (-4% vs £12.7m LY, -3% constant currency) due largely to COVID-19, adjusted PBT climbed 14% to £2.23m (£1.96m LY, or +23% reported £1.93m vs £1.57m LY). Boosted by favourable operating leverage, lower costs and higher EBIT margins - as tradeshows were postponed and less money was spent on travel & other discretionary items. Encouragingly, net funds closed June at a robust £4.4m (worth 5.3p/share) vs £1.1m Decâ...
- Paul Hill
3 contract renewals worth £0.9m in ARR
A key takeaway from COVID-19 is that the pandemic has accelerated ‘cloud’ adoption, and focused executive’s attention on cost savings, productivity & supply chain optimisation: all of these secular trends are right in the sweet spot of Rosslyn’s Big Data & Spend Analytics SaaS platform, RAPid. The company today announcing that it had extended 3 contracts, worth a combined £0.9m of ARR (annualised recurring revenues) and £1.5m in total value. The extensions are with top quality clie...
- Paul Hill
Bouncing back quicker than anticipated
Ahead of ClearStar’s AGM, Chairman Barney Quinn today reported : “While it remains too early to estimate the impact of COVID-19 on full year 2020, we are increasingly optimistic that it will not be as bad as we once feared.’’ Although America lost 20.7m jobs in April, equivalent to 15.5% of the workforce, the good news is that green shoots are already starting to appear. Not least with May’s non-farm payrolls figure coming in at +2.5m gain (13.3% unemployment rate) vs a forecast decli...
- Paul Hill
Profits jump 25% April YTD
Elecosoft said this morning that although revenues declined 3% April YTD (2% constant currency: ED estomated split -14% month vs +2% Q1’20) PBT had jumped an impressive 25% YoY – as tradeshows were postponed and less money was spent on travel, hotels, marketing & other discretionary items. Altogether, lifting year-to-date EBIT margins to circa 21% (ED estimate) vs 16.8% H1’19, and closing April with net cash of £3.1m, vs £1.1m in Dec’19. Customers are also accelerating their own ad...
- Paul Hill
Turbo-charging growth prospects
In recent years Rosslyn has meticulously built a leading Big Data & spend analytics SaaS platform (RAPid), supporting an illustrious roster of 100+ clients (many global multi-nationals). Topped off with the synergistic acquisition of Langdon in Sept’19, & becoming EBITDA positive in FY’20 for the 1st time ever - thanks to increasing ARR (+12% to >£6m) & favourable operational leverage (81% gross margins). Today shareholders approved the heavily oversubscribed £7.3m placing at 5p. How many...
- Paul Hill
Beneficiary of the new digitalised world
Today the Board reported in line 2019 results. Delivering revenues up 14% (est. 3% LFL) to £25.4m (£22.2m LY), despite adverse forex (ED -2%, weaker SEK vs £) & other macro headwinds (Brexit, General Election & subdued Eurozone). Growth was split evenly across the UK +15% (£9.4m) & abroad +14% (£16.0m), with sales/head nudging up 3.8% to £101.2k (£97.5k). Both 89.5% gross profit margins and positive operating leverage (32.9% EBITDA drop through rates) allowed R&D (£3.1m vs £2.8m LY) to...
- Paul Hill
H2 demand surge anticipated as US reopens
Today’s 2019 results were in line with our revised expectations - reporting adjusted EBITDA (post SBPs) of $370k (-$108k LY) on turnover up 14% LFL to £23.0m ($20.1m). Driven by strong top line growth from Medical (+21%, MIS) & Direct (+32%), together climbing 26% to $16.5m (72% of group). ClearStar also traded well up to February, although from mid-March onwards lockdowns began and corporate America shed millions of staff: leading to a loss of >30m jobs nationally. Equally the big 3 diagnos...
- Paul Hill
Deeply undervalued, high growth stock
Occasionally even professionals lament about ‘the one that got away’. However investing is a bit like surfing, ‘you don't need to catch all the big waves to still have a great time’. Luckily for investors, the ClearStar ship has not sailed yet, despite the shares (at 49p) trading at a 56% discount to our 115p/share valuation. This unjustified gap between price (ie what you pay) and value (what it is worth) is likely to close at some point. Especially as the firm continues to deliver new...
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