Archive for December 2018

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By Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Richard Starr, Executive Director

Palace Capital plc is a property investment company. The Company invests in commercial real estate in the United Kingdom. The Company's property portfolio includes investment properties located throughout England, predominantly regional investments outside London and consists of a diverse portfolio of commercial buildings. The Company's properties include Hudson House, York; Fraser House, Staines, and Midsummer Boulevard, Milton Keynes. The Company invests in a range of sectors, such as leisure, auto, legal, hotels, retail, health, research and development, and car parking. The Company's subsidiaries include Palace Capital (Leeds) Limited, Palace Capital (Northampton) Limited, Palace Capital (Properties) Limited, Palace Capital (Developments) Limited, Palace Capital (Halifax) Limited and Property Investment Holdings Limited.

Introduction - 00:19
Investment case - 00:41
Regional UK commercial property market - 01:09
Track record of outperforming in UK Real Estate - 02:12
HY19 Sept 2018 highlights - 03:20
The financials - 04:24
The UK property market - 08:09
Permitted development impact on regional office stock - 08:59
Urbanisation & connectivity - 09:42
Portfolio overview - 10:29
Outlook - 16:00

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eServGlobal (ESG) presentation at Mello London 2018
by John Conoley, Executive Chairman

eServGlobal Limited is a provider of mobile financial technology, offering mobile money solutions. The Company covers a spectrum of mobile financial services, including mobile wallet, mobile commerce, analytics, advanced recharge, promotions and agent management. The Company is engaged in the provision of telecommunications software solutions to mobile and financial service providers on a global basis. The Company’s solutions include Mobile Money, Remittance and Recharge. The Company’s PayMobile platform is an end-to-end solution for mobile money and mobile financial services. PayMobile is a recharge solution, which includes a featured prepaid account recharge solution. The Company’s Remittance solution allows sending money. The PayMobile interfaces with the HomeSend global payments hub. The HomeSend is a solution, which enables cross-border transfer between mobile money accounts, payment cards, bank accounts or cash outlets.

Introduction – 00:17
The two businesses – 01:05
The core business – 02:13
HomeSend – 03:20
Recent fundraise – 07:50
Newflow – 13:45
Typical finTechs – 15:40
Q&A – 20:34

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John Rosier: reflections on 2018

John Rosier, a full time private investor with over 30 years’ investment experience and a regular contributor to the Investors Chronicle magazine.

John runs a website, which is a journal of two live portfolios. It reports on the progress, explains the rational behind each investment decision and comments on latest company news, portfolio strategy, topical issues and performance.

John’s background – 00:30
How’s the last year been? – 02:02
What have you learnt from the profit warnings? – 03:30
What are your views on the tricky market? – 09:13
What are your methods to remain balanced with a profit warning? – 14:08
What’s your cash position? – 16:37
The power of dividends – 18:00
What are you looking to buy? – 19:00
Where do you see the market going forward? – 25:00

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Zotefoams (ZTF) investor presentation at Mello London November 2018
By David Stirling, Group CEO

Zotefoams plc is a United Kingdom-based cellular material technology company. The Company is engaged in the manufacture and sale of cross-linked block foams. The Company’s segments include Polyolefins, High-Performance Products (HPP) and MuCell Extrusion LLC (MEL). Polyolefins foams are made from olefinic homopolymer and copolymer resin. HPP foams include ZOTEK F foams and T-Tubes insulation, made from polyvinylidene fluoride (PVDF) fluoropolymer. Other products include foams made from polyamide (nylon) and PEBA. MEL licenses microcellular foam technology and sells related machinery. The Company offers a range of categories of products, such as AZOTE, including PLASTAZOTE, EVAZOTE and SUPAZOTE; ZOTEK, including ZOTEK F, ZOTEK N and ZOTEK PEBA, and T-FIT. Its products are used in a range of markets, including sports and leisure, packaging, transport, medical, Industrial, building and medical other construction, and other.

Overview of Zotefoams – 00:43
Products overview – 04:44
Clients and end users – 06:34
Current locations – 07:39
H1 2018 Segmental Overview – 08:28
Strategy – 09:38
Demand influenced by global megatrends – 10:43
Major investment history – 13:13
Global investment strategy – 14:24
Unique technology – 15:36
Financial highlights – 19:20
KPIs – 20:46
Revenue & profit momentum – 22:15
The Zotefoams investment case – 24:43
Common questions – 24:55
Q&A – 29:30

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T Clarke (CTO) presentation at Mello November 2018 By Mark Lawrence, CEO and Trevor Mitchell, Group FD.

TClarke plc is a United Kingdom-based building services company, which delivers electrical, mechanical, and information and communications technology (ICT) services. The Company provides electrical and mechanical contracting and related services to the construction industry and end users. Its geographical segments include London and South East, Central and South West, the North and Scotland. The Company’s businesses include Intelligent Buildings Green Technologies, Facilities Management, Transport, Mission Critical, Manufacturing Services, Residential & Hotels, M&E Contracting and Design & Build. The Company within its M&E contracting business has capabilities in sectors, including commercial offices, retail, education, healthcare, financial services and media. Its Manufacturing Services business includes in-house precision prefabrication and engineering services. Its projects include Beckley Court, Chiswick Park, Kettering Hospital, Project Nova, Mitie Care Home and Rathbone Square.

Introductory video to T Clarke – 00:18
Mark Lawrence, Group CEO and Trevor Mitchell, Group FD – 02:15
What we do – 03:06
Target markets and customer relationships – 05:34
Financial highlights – 08:06
Investment case – 11:00
Risk management – 14:05
Market sectors – 19:28
Summary – 27:19
Q&A – 28:33

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SmartSpace Software Plc
By Frank Beechinor, CEO

Smartspace Software PLC, formerly RedstoneConnect PLC, is engaged in providing technology and services for smart buildings and commercial spaces through its core businesses, Redstone and Connect IB. The Company, through Redstone, provides a range of services, including design, build and installation; and software solutions. The managed services encompasses the provision of outsourcing services spanning network infrastructure management, smart buildings support services, desktop and data center support services and move, add and change services. Redstone offers OneSpace occupancy management product. The Company, through Connect IB, creates digital solutions. Connect IB develops and deploys applications, including those that address mapping and way finding of Smart Buildings and Smart Spaces, such as car parks or retail shopping centers. It serves customers of all sizes, including corporations, such as property developers, landlords and principal occupiers of commercial property.

Video overview – 00:22
SMRT history – 03:16
What SMRT do – 09:49
Clients – 13:34
Recent developments – 15:28
Financial highlights – 15:53
Growth by acquisition – 16:15
SwipedOn – 17:45
Summary – 23:07

Q&A – 26:04

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SigmaRoc (SRC) presentation at Mello November 2018
By Max Vermorken, CEO

SigmaRoc plc (SigmaRoc), formerly Messaging International plc, is a United Kingdom-based company that pursues a buy-and-build strategy in construction materials in the European market. The Company invests in and operates construction material assets. It seeks to create value by purchasing assets in fragmented construction materials markets and extracting efficiencies through active management and by forming the assets into larger groups. It targets both the up and down stream heavy construction materials sectors, such as operating assets, value added products and services, associated infrastructure and supply chain. Its subsidiaries include Ronez Limited, supplier of building materials and services in the Channel Islands; SigmaPPG, which has locations in London, the Midlands and the east of England, trading through its entities of Topcrete, and Poundfield Products Ltd.

Introduction – 00:17
Two business models for heavy construction materials – 01:02
SRC products, services and applications – 05:11
Operational highlights 2018 – 06:06
Financials H1 2018 – 07:26
What’s next? – 09:00
Investment summary – 12:40
Q&A – 13:18

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Shield Therapeutics (STX) presentation at Mello London 2018
By Tim Watts, CFO

Shield Therapeutics PLC is a specialty pharmaceutical company focused on the development and commercialisation of late-stage, hospital-focused pharmaceuticals. The Company’s product, Feraccru, is an oral treatment for iron deficiency anaemia (IDA) in patients for whom intravenous iron or blood transfusions is needed. It also has a pipeline of over three prescription pharmaceutical assets, including PT20, PT30 and PT40. PT20, which is in Phase II clinical trials, is used as a treatment for hypophosphatemia. PT30, which indicates advanced intravenous (IV) iron formulation, is in pre-clinical stage. Its PT40, which indicates generic IV iron formulation, is in pre-clinical trials. Feraccru, which indicates IDA in chronic kidney disease (CKD) and inflammatory bowel disease (IBD), is in Phase III clinical trials. Its other indications for Feraccru are in Phase II clinical trials.

Introduction – 00:17
Iron deficiency and Feraccru – 01:56
Norgine licence headlines – 11:28
USA – 14:00
Financial – 15:15
Management team – 15:47
Anticipated news flow – 17:00
Key messages and investment highlights – 18:12

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Minds + Machines (MMX) presentation at Mello London November 2018
By Toby Hall, CEO

Minds + Machines Group Limited and its subsidiaries own and operate a portfolio of generic top-level domain assets (gTLDs). The Company operates in the domain name industry and provides end-to-end domain services. Its segments include Registry ownership (Registry), including applicant of top level domain name from Internet Corporation for Assigned Names and Numbers (ICANN) and wholesaler of domain names of those top level domain names; Registry service provider (RSP) and consulting services (segment B), which includes back end service provider for a registry, and Registrar (Registrar), which includes retailer of domain names. Its portfolio is focused around geographic domains, such as .london, .boston, .miami and .bayern; professional occupations, such as .law, .abogado and .dds; consumer interests, including .fashion, .wedding and .vip; lifestyle, including .fit, .surf and .yoga; outdoor activities, such as .fishing, .garden and .horse, and generic names, such as .work and .casa.

MMX at a glance – 01:10
MMX portfolio – 04:53
The turnaround – 07:23
Global sales channel – 12:20
Growing registration & recurring revenue – 13:20
Ongoing strategy – 16:33
Organic growth – 19:57
Portfolio management – 27:27
Innovation: the digital identifier universe – 30:16
Blockchain: .luxe – 31:32
MMX investment case – 35:05
Summary – 37:11

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Downing Monthly Income Fund presentation at Mello London 2018

By James Lynch, Fund Manager


Covering the key points of the fund, and how they do it

  • Top quartile yield: the fund is committed to providing a market and sector beating yield.
  • High conviction portfolio: 30 – 40 holdings allow best ideas to drive performance.
  • Risk-adjusted portfolio construction: with our bottom-up approach, we believe we have a full understanding of our investments. Strong balance sheets, good cash generation and efficient operations reduce risk.
  • Value-led: we aim to buy businesses at attractive valuations, to improve returns and protect against downside risk.
  • Multi-cap approach: the fund applies Downing’s small-cap expertise across a range of UK market capitalisations.
  • Distributions: income is paid monthly.


Duke Royalty (DUKE) – 00:27

Downing Monthly Income Fund – 01:21

Market backdrop – 01:31

Philosophy – 05:16

The positions: Adept Technology (ADT) – 07:50

Photo-Me International (PHTM) – 11:19

Maintel Holdings (MAI) – 14:29

Lock ‘nStore Group (LOK) – 17:14

Summary about Downing Monthly Income – 19:02


Q&A – 21:07

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Frontier Developments (FDEV) presentation at Mello November 2018
By Alex Bevis, CFO

Frontier Developments plc (‘Frontier’), is a world-class video game developer and publisher with multiple revenue generating franchises.

Founded in 1994 by David Braben, co-author of the seminal Elite (1984), Frontier achieved success as a work-for-hire games developer over a twenty year period, with a proven track record over a variety of genres and many platforms.

The rise of digital distribution was the catalyst to transition to a more profitable self-published model, and in 2013 Frontier supported the development of a self-published title, Elite Dangerous, through a combination of kickstarter funding and an IPO on AIM (FDEV).  Elite Dangerous launched in December 2014, followed by Planet Coaster in November 2016 and Jurassic World Evolution in June 2018.

Frontier is therefore well positioned having successfully launched three revenue generating game franchises.  The most recent, Jurassic World Evolution, achieved the biggest launch to date – 1 million units in just 5 weeks.  Frontier has a proven track record of sustaining and nurturing existing franchises to deliver multi-year revenues, with each new franchise release providing a step-up in overall financial performance.  Franchise four is now in full development and targeted for release in FY20, and two more new franchises are in earlier stages of development.

Frontier employs over 400 people in Cambridge and utilises its proprietary ‘COBRA’ game development technology to create innovative games, currently focusing on video game consoles and personal computers.  Revenue in FY18 (year ended 31 May 2018) was £34 million and analysts expectations for FY19 are £75-88 million.


Agenda – 00:30

FDEV overview – 0-:51

Our industry – 01:49

FDEV history to date – 04:32

Launching and sustaining a game franchise – 07:47

Financial performance with scale up of franchises – 12:17

Financial performance FY12 to FY22 – 13:54

Income statement – 15:28

Players in Games – 20:40

Future opportunities – 22:11

Summary and outlook – 25:15

Q&A – 25:49

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Biome Technologies (BIOM) presentation at Mello London November 2018
By Paul Mines, CEO

Biome Technologies plc is a United Kingdom-based company engaged in the development of its business in bioplastics. The Company's operations are focused in two areas: Bioplastics and Radio Frequency (RF). The Company operates through three segments: Bioplastics, RF Technologies and Central costs. The Bioplastics division consists of Biome Bioplastics Limited and Aquasol Limited. The Bioplastics division supplies a range of bioplastic resins that replace existing oil based materials in a range of applications, such as flexible films, molded products, extruded sheets and food wraps. The RF Technologies division consists of Stanelco RF Technologies. RF Technologies division involves the design and manufacture of electrical/electronic systems based on advanced radio frequency technology. The Central costs division consists of senior management, corporate and administration functions, as well as facilities costs.

Introduction – 00:18
Overview - 01:05
Key data - 01:43
Biome Bioplastics - 02:22
The business – 09:24
Stanelco RF Technologies - 10:52
Growth potential - 14:05
Summary: investment proposition - 14:45
KPIs - 15:36
Q&A - 16:30

Further viewing explaining the plastic predicament: What’s wrong with plastic?

The presentation slides can be seen here.

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AdEPT Technology (ADT) presentation at Mello London, November 2018
By Ian Fishwick, CEO, Phil Race, Group Managing Director, John Swaite, FD

AdEPT Tehnology, formerly AdEPT Telecom plc, is engaged in providing managed services for information technology (IT), unified communications, connectivity and voice to over 100 Councils, NHS Trusts and other government bodies. The Company's segments are fixed line services (being calls and line rental services) and managed services (which are data connectivity, hardware services, IP telephony, support and maintenance services). It is engaged in the provision of voice and data communication services to both domestic and business customers. The Company offers technical and commercial options for onsite and cloud-based telephony. The Company serves approximately 20,000 commercial customers including worldwide and nationwide brand names.

Introduction, and opportunity to win a bottle of champagne! -00:22
ADT key fundamentals - 01:45
Strategy: Telecoms – unified comms – IT & hosting – 04:35
ADT by numbers - 10:13
KPIs: Product revenue - 12:33
KPIs: Customer sector – 14:14
Partners - 16:36
Accreditations & awards - 17:31
Interim results highlights (Sept 18) - 18:17
Latest update – acquisitions - 25:13
Q&A - 27:11


Presentation slides can be viewed here.

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