Good morning, it’s Paul & Jack here with the SCVR for Tuesday.

Agenda -

Paul's section:

N Brown (LON:BWNG) - Substantial Director buying.

Nexus Infrastructure (LON:NEXS) - very vague trading update, looks like a veiled profit warning to me.

Blancco Technology (LON:BLTG) - interim results, not up to scratch in my view. Lots of costs capitalised into intangibles, as usual.

Supply@me Capital (LON:SYME) - vague statement about delayed relisting. I cast my eye over the admission document (it's not pretty!)

Virgin Wines - intention to float.

Jack's section:

Calnex Solutions (LON:CLX) - recent IPO continues to exceed expectations. Shares are expensive but there's good growth here.


N Brown (LON:BWNG)

71.3p - mkt cap £328m

Jack flagged some Director buying here last week, so I’ve had a quick recap.

Here are my notes on 15 Jan 2021, from the Q3 trading update. This showed an improving, albeit still negative revenue trend. My conclusion was “potentially interesting”. It’s been on my watchlist, so the Director buying RNSs got automatically emailed to me recently, with Jack also jogging my memory to look at them.

Lord David Alliance is the major shareholder here, with 40% (he’s a billionaire, according to Wikipedia), and cornerstoned the recent fundraising (and move to AIM).

15-Feb-2021 - Joshua Alliance (a NED) increases from 3.88% to 4.61% on 12 Feb 2021 (21,213,800 shares now held). That’s a purchase of 3.365m shares at 64.65p, costing £2.175m

This change was announced twice, in a Director shareholding, and a Holding in Company announcements.

12-Feb-2021 - Joshua Alliance (a NED) increases from n/a to 3.88%, and now has 17,848,800 shares. This is an increase of 7,848,800 shares, bought at 65.0p, for £5.1m. The original 10.0m shares were bought in the placing in Dec 2020, at 57p, costing £5.7m.

The internet says that Joshua is the 31-year old son of 88-year old Lord Alliance.

Doing a bit more googling suggests that they got a whitewash as part of the last fundraising, which ensured going over 30% did not trigger a requirement for the family to launch a takeover bid, under Takeover Panel rules.

My opinion - with the Alliance family now owning 52%, and Joshua having just spent £7.3m buying shares in the open market, it’s probably safe to assume that the…

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