Please find our initiation on United Group here.
Like its peers, United has been acquisitive, has issued a lot of debt and is facing inflation. The corresponding rise in yields has cheapened the debt stack and we have decided to go long the short-dated bonds. Although higher yields will feed into higher interest costs
Read MoreOrpea’s held their Q2 conference call last night after the release of H1 numbers. We await full publication of their accounts, but our initial thoughts is
Read MoreCapricorn has announced this morning they are not going to pursue the merger with Tullow and instead will merge with NewMed Energy. This is no doubt
Read MoreThe recent Dallas Fed Energy Survey points to more difficulties for OIL & Gas drillers in the US, as inflationary pressure, shortage of equipment and lack of
Read MoreThe company has not waited long after completing its rights issue to launch its bond tender. Aston Martin is prioritising cash in its pocket rather than fretting about
Read MoreThe equity issued by the company in its 4:1 rights issue began trading today, the price is 131p. The Saudis have bought another
Read MoreAmigo’s agenda for today’s AGM revealed the lender is aiming to raise only £40m in this round, just over half of what we had expected. Clearly,
Read MoreConsus results yesterday revealed the extent of the write-down. This measure had
Read MoreQ2 results to July showed better turnover and despite a lower margin also better GP than we had modelled. Otherwise, largely accurate cost and
Read MoreThe issue with quarterly reports is they tend to be backwards-looking and Debentures is no different. All metrics have continued to improve; Occupancy rates,
Read MoreFollowing progress with Vivion involving a successful sale of two QH units, Aggregate has received consent from its VIC lenders to push the
Read MoreFollowing Friday’s Mini-Budget, Sterling has fallen against any basket of currencies, extending its sharp fall since the beginning of the month. This should further
Read MoreWe’ve only recently listed reasons why the book is unlikely to be written down in the short term, but that of course is a different matter for JVs, where the
Read MoreThe company this morning released a cleansing statement on a restructuring roadmap that reflects the all-around reluctance of restructuring Matalan, both, naturally from
Read MoreVW have warned that global auto production will be at risk in FY23 if Russia fails to resume deliveries of natural gas through Nord Stream 1. This is
Read MoreThe timing of the announcement from the company regarding the management team is potentially troubling. The loss of your CEO is not good when you are fundraising... It is plausible tha
Read MoreAhead of its month-end deadline to repay the VIC bonds, Aggregate are engaging in a notable PR effort aimed at raising the value of their QH and Fürst assets. The signings of high-profile tenants certainly suggest
Read MoreThe Company announced a new contract for two rigs in Germany. These contracts are due to commence in Q2 2023, but what is exciting about this contract is
Read More