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  • A look at the LSE stats for new issues and IPO’s shows a new trend over the last 4 years in terms on money raised

  • But the number of new issues and IPO’s has gone the other way

  • Meaning the average size has undergone a step change

  • Conclusion Something has to change if the smaller end is to remain relevant


Gresham House  – AGM

Share Price 587p

Mkt Cap £176m

Conflict Disclosure: I Hold

  •  Update An “in line” update seems unusual nowadays. Net inflows over the 4 months were 6.9% of AUM while markets took 3.9% away. AUM is up 13% including acquisitions to £3.2bn. The group also confirms it appointment to manage (through the Aberdeen Standard JV) the SEC mandate. 
  • Estimates £9.4m PBT is expected for Dec 20. EPS 31.2p. 
  • Valuation PE 18.8X. 0.9% yield. EV/AUM 4.9% 
  • Conclusion Historically the shares may have been expensive but with Impax trading on 30X they look comparatively cheap. This unique offering with long term closed ended mandates and perhaps an ESG angle may well get more expensive.

Trufin – FY Results

Share Price 16p

Mkt Cap £15m

Conflict Disclosure: No Holding

  • Results Revenues were up 68% to £7.3m. Having demerged DFC capital and sold its stake in Zopa during the year the company has acquired majority stakes in Playstack and Vertus Capital. Oxygen and Satago continue to grow. The group reports a £11.9m loss.
  • Valuation The NAV is £50m and the intangibles £20m leaving £30m NTAV.
  • Conclusion The future is uncertain with the company owned 77% by Arrowgrass, but there are some good lending businesses that are performing well. One for further investigation