Good morning, it's Paul & Jack here with the SCVR for Friday. This week seems to have whizzed by in a flash!

Timing - I'm having lunch with a SCVR reader today, so need to be finished here by noon. Today's report is now finished.

Agenda -

Paul's Section:

Sigma Capital (LON:SGM) - well done to shareholders here, it's time to dust off your bunting! Cash takeover bid at 36% premium, 202.1p - an excellent result. Could there be more similar deals, with UK equities clearly looking attractive to USA buyers.

Nwf (LON:NWF) - this business makes most of its profit from distributing fuel, but also sells food & animal feed. Ahead of expectations update today, for FY 05/2021, but no figures given - not even telling us what market expectations were. This is a steady, resilient business, paying a reliable 3.5% divi yield. However, I'm worried about ESG, so can't see much upside from here, despite the low PER.

Robert Walters (LON:RWA) - materially ahead trading update, has only had a modest upward impact on the share price. Maybe that's because it's so obvious that current forecasts are too low? The share price is back to pre-pandemic levels, so maybe the recovery upside is in the price? Looks that way to me.

Van Elle Holdings (LON:VANL) - good signs of recovery in a positive update today. Nicely asset backed. Worth a closer look, as a potential recovery share I think. Although its track record is very mixed.

Jack's Section:

Warpaint London (LON:W7L) - positive momentum continues at this founder-led cosmetics operation, which looks to be emerging from 2020 in good condition.

Mind Gym (LON:MIND) - recovering revenue and renewed investment into digital. The company was generating good growth pre-Covid, but does not expect to return to profitability until FY23.


Paul’s Section

Sigma Capital (LON:SGM)

149p - mkt cap £134m (£182m at takeover bid price of 202.1p)

Takeover Bid

A recommended (by the Directors) takeover bid has been announced for this property developer.

The price is 202.1p in cash - a healthy premium of 35.6% to last night’s close of 149p.

This is obviously a really good outcome for shareholders. People often belly-ache that a bid undervalues the company, but that’s just posturing in my view. In…

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