Communisis Plc – Initiation of Coverage
Like its peers, Communisis is managing a structural transition from the analogue to digital world. This process has not been without its challenges. However, the proof is in the pudding and the performance over the last four years has been impressive.
Next Fifteen Communications Group – Trading Update
NFC has provided a full year trading update with FY18E expected to be in line with expectations. Beneath the surface this breaks down into a better than expected UK performance; a return to healthy 5% plus organic growth in the US; but softened by the recent strength of Sterling relative to the dollar.
Next Fifteen Communications Group – Acquisition of Brandwidth Group – Desk Note
NFC has announced the acquisition of Brandwidth Group, a UK based digital agency. The terms of the acquisition; £6.2m of initial consideration (£4.9m cash) and £4.1m of deferred consideration (ending in 2020) are in-line with previous acquisitions.
Radnor Capital Partners – Investors in Small Cap Software
With small caps; limited stock liquidity, valuation, the same old investor faces and sellers impacting the share price are perennial issues. Therefore, many companies ask themselves how they can more effectively allocate time to meeting investors in order to solve the issues they face.
2% Liquidity in Circle Property Plc
Radnor Capital Partners is pleased to announce that it recently advised Circle Property plc (CRC.L) on the successful placing out of a 2% stake (c£1 million) with a new institutional investor.
Circle is a specialist property company, focused on well-located offices, predominantly in key regional cities such as Milton Keynes, Birmingham and Bristol.
UK Quoted Property – Equity Fundraising activity since 2015
Given the negative headlines around UK property, why is investor demand for UK quoted property equity the highest level it has been for three years? So far in 2017, £4.7 billion of equity has been raised by the UK property sector, more than the two previous years combined.
Radnor Capital Partners working with Circle Property Plc
Radnor Capital Partners is pleased to announce that it will be working with Circle Property Plc to advise on its investor marketing activity. Circle Property (CRC.L) is a specialist property company, focused on well-located regional offices, predominantly in key cities such as Milton Keynes, Birmingham and Bristol.
"We believe Circle represents a unique opportunity in the listed property sector. The combination of a highly experienced team, a highly differentiated strategy and steadfast emphasis on value creation is exciting. Radnor Capital’s sector expertise is well-suited to help achieve the company’s ambitions.”
Joshua Cryer, Radnor Capital Partners
+44 (0)20 3897 1833
Radnor advises PILR on successful £53m fundraising
Radnor Capital Partners is pleased to announce the successful conclusion of the £53m placing by Pacific Industrial & Logistics REIT plc (PILR.L). Radnor acted as Capital Advisor and Placing Agent, raising £28m of capital.
Across two fundraisings, Radnor has now delivered in excess of £36m of fresh equity capital from a broad range of investors. This has resulted in a well-diversified and liquid shareholder register capable of supporting PILR's future growth.
This fundraising is the next step in PILR's strategy to create an institutional quality portfolio delivering superior total returns from the last-mile, small box distribution and logistics sector. Previously, this sub-sector has been ignored by institutional investors creating an opportunity to secure assets at attractive initial yields with significant asset management potential to grow returns. The proceeds of this placing will be used to fund the off-market purchases of regional distribution and logistics assets within the next three months. PILR's portfolio is expected to be in excess of £110m following these acquisitions.
“I would like to thank the team at Radnor for their significant contribution to this fundraise. This is the second transaction we have worked on with Radnor. Throughout the process they were wholly focused on helping us achieve our goals.”
Richard Moffitt - CEO, Pacific Industrial & Logistics REIT
"This transaction is further evidence that Radnor’s broad investor relationships can be a significant source of equity capital. Since IPO, PILR has raised £76m of new equity to which Radnor has contributed significantly."
Joshua Cryer – Radnor Capital Partners
Pacific Industrial & Logistics REIT plc is an AIM listed real estate investment trust (PILR.L, market cap £84m). The investment strategy is focused on smaller single-let industrial and logistics properties in key geographical locations. Income and capital returns will be generated by identifying and acquiring good quality and attractively priced assets. PILR's managers will focus on active asset management opportunities against the backdrop of an under-invested sector with excellent fundamentals. PILR is externally managed. PILR's website can be found at www.pacificil.com.
Radnor Capital Partners is a Capital Advisory firm bridging the gap between companies and untapped capital. We identify and deliver relevant and new investor demand to our clients in a time effective way. We are authorised and regulated by the FCA. Our website can be found at www.radnorcp.com.
+44 (0)203 897 1833
Next Fifteen Communications Group Plc – Interim Results
Given poor news-flow from elsewhere in the peer group (a WPP online advertising wobble is never helpful for sentiment, despite very little direct read across for NFC); these interim results were reassuringly solid. The key North American business continues to deliver healthy organic growth whilst the UK is experiencing both organic growth and M&A contribution.
Next Fifteen Communications Plc – M&A Strategy – Accretive, Value Focus, Lowe Risk
Next Fifteen (NFC) has announced the acquisitions of Velocity Partners and Circle Research for a combined net initial consideration of £9m (£7.9m in cash). Both acquisitions are in line with the NFC M&A strategy; single digit acquisition multiple; entrepreneurial continuing management, digital focus with North American ambitions.