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Date Reports available Download
Dec 16
2008
Platmin
Premium financing
The announcement last week of Platmin’s equity financing, whereby it raised a total of US$175m at C$0.85 from Brian Gilbertson’s (of Gencor, Billiton and Xstrata fame) Pallinghurst vehicle is impressive both for its timing and for the premium price achieved. The deal effectively removes funding risk from the company, leaving it ostensibly ungeared and fully funded. It also tidies up its relationship with Black Economic Empowerment (BEE) partner Moepi.
Research type: Company Comment - Fund raising
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4 page note available
Dec 16
2008
Senior
Weathering the storm
The striking points from today’s trading statement and recent management meetings are how management has secured financing in the current climate, the speed and depth of Senior’s restructuring, its focus on defending and enhancing cash generation and that it has managed to balance significant challenges with growth. While the market appears to be pricing in significant declines in the autos and aerospace sectors, Senior remains better placed than many.
Research type: Quick view - Trading update & meeting
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2 page note available
Dec 16
2008
SkyePharma
Breathing more easily
SkyePharma equity offers an investment that is highly geared to the success of its combination anti-asthma product, giving sophisticated investors more exposure to this blockbuster market than competing big pharma stocks. A financial restructuring has seen the causes of earlier concern either allayed or clarified, as well as providing funding that could see the company to sustainable profitability.
Research type: Outlook - Initiation of coverage
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20 page note available
Dec 15
2008
Consort Medical
Respiratory resilience
First-half financials at Consort Medical have shown the company to be relatively resilient to the economic downturn, having successfully restructured after the loss of a major contract to manufacture the device used in Pfizer/Nektar Therapeutics’ inhaled insulin product, Exubera. Near-term news flow includes the start of a clinical trial of a novel MDI device with a dose counter as well as possible M&A activity.
Research type: Company comment - Interim results
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5 page note available
Dec 15
2008
Maxima Holdings
Steady first half
Maxima’s interim trading update confirms a steady performance from a business with a wide spread of IT service operations and emphasis on recurring managed service revenues. Trading looks to have held up well to date, however management continues to prepare for the worst in 2009.
Research type: Update - Trading update
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3 page note available

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