Good morning! It's Paul & Jack here with the SCVR for Wednesday.

Timing - I need to be finished c. 1pm today. Update at 13:20 - I've got a bit more time available, so am carrying on. Update at 14:37 - today's report is now finished.

Agenda -


Wickes (WIX) - is demerging from Travis Perkins, to become a standalone, listed company. WIX will have 252.1m shares in issue. I'll take a look at it once the price is live, but probably won't be a small cap. No section on this below, it's just a quick note here.

French Connection (LON:FCCN) - review of FY 01/2021 results - awful, as expected due to impact of 3 lockdowns. But balance sheet is still robust, and current trading sounds encouraging. Everything still to play for here. Bid talks continue. It's a special situation, so won't appeal to everyone.

Mulberry (LON:MUL) - a positive trading update, it moved back into profit in H2. But the shareholding structure is poor, being dominated by 2 major shareholders. Could be an interesting punt on the brand coming back into fashion? Good Far Eastern performance, and margins improved.

Electra Private Equity (LON:ELTA) - just to flag up an interesting special situation I've been researching. Not related to news today, so I've put it into a separate article here. In summary, this looks a cheap way into TGI Fridays and Hotter Shoes, which are the 2 remaining larger investments in this investment trust which is in the process of being wound up. Valuation of TGIs in particular looks anomalous, compared with much higher ratings of listed peers like Restaurant (LON:RTN) and Fulham Shore (LON:FUL) .

Pebble Beach Systems (LON:PEB) - a micro cap with too much debt & a weak balance sheet. However, it remained profitable in a difficult 2020, and has seen a strong increase in order intake in Q1 2021. Might be of interest to risk-tolerant investors?


Tissue Regenix (LON:TRX) - Covid disruption but underlying operational progress from the Leeds University spin-off woundcare specialist. There is potential here, but also a track record of losses and equity dilution.

Warpaint London (LON:W7L) - branded cosmetics producer has made mistakes in the past, but could it be emerging from…

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