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LONDON BRIEFING: Sustainability investor i(x) Net Zero plans AIM IPO

Fri, 03rd Dec 2021 08:09

(Alliance News) - i(x) Net Zero, an investing company focused on the energy sustainability and chaired by a former UK government minister, on Friday unveiled plans to list on AIM.

i(x) Net Zero is eyeing a raise of GBP20.0 million gross, with admission expected in late December. The initial public offering is being led by H&P Advisory Ltd as financial adviser and joint broker and Shore Capital as nominated adviser and joint broker.

i(x) aims to provide investors capital growth with a "positive, scalable, measurable and sustainable impact" on the environment. It has two main focus areas, the first being energy transition, and the second sustainability in the built environment.

So far, i(x) said it has invested in areas such as biofuels, renewable energy and direct air capture. Following admission to AIM, the company plans to use the proceeds of its fundraising to provide development and expansion capital to its investee firms, as well as making new investments.

It counts investors such as Airbnb co-founder Joe Gebbia and Red Hot Chili Peppers lead singer Anthony Kiedis, as well as philanthropist Aileen Getty.

"i(x) Net Zero is seeking admission to AIM to access global growth capital to scale the business further. Admission also offers the ability for individual and institutional investors to deploy capital into a company whose sole mission is to create top-tier returns while addressing humanity's greatest challenges, like climate change, through the companies we are building," said Chief Executive Steve Oyer, a former Lazard Asset Management executive.

i(x) Net Zero is chaired by Nick Hurd, a member of Parliament for 14 years until the end of 2019. Hurd was a UK government minister for 8 of those years, including as minister for Climate Change & Industry, where he was involved in the ratification of the Paris Agreement.

Prior to government, Hurd was an analyst and pension fund manager at Morgan Grenfell Asset Management and the managing director of the Brazilian subsidiary of Flemings Investment Bank.

"Steve Oyer and his team have a proven track record and a strategy to provide investors with the opportunity for long-term capital growth with positive, scalable, measurable and sustainable impact on the environment and on communities," Hurd said. "It is an opportunity to put capital to work to make a real difference."

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: up 0.8% at 7,184.71

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Hang Seng: down 0.3% at 23,716.30

Nikkei 225: closed up 1.0% at 28,029.57

S&P/ASX 200: closed up 0.2% at 7,241.20

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DJIA: closed up 617.75 points, or 1.8%, at 34,639.79

S&P 500: closed up 64.06 points, or 1.4%, at 4,577.10

Nasdaq Composite: closed up 127.27 points, or 0.8%, at 15,381.32

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EUR: down at USD1.1289 (USD1.1315)

GBP: down at USD1.3274 (USD1.3317)

USD: up at JPY113.33 (JPY113.03)

Gold: up at USD1,771.23 per ounce (USD1,761.10)

Oil (Brent): up at USD71.12 a barrel (USD69.67)

(changes since previous London equities close)

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ECONOMICS AND GENERAL

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Friday's key economic events still to come

0955 CET Germany services purchasing managers' index

1000 CET EU eurozone services PMI

1100 CET EU retail trade

0930 GMT UK services PMI

1100 GMT Ireland live register

0830 EST US monthly jobs report

0945 EST US services PMI

1000 EST US ISM report on services

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Growth in the service sector of the Chinese economy slowed in November, as a sharp rise in input costs forced service providers to raise their own prices to customers, according to the results of a survey by IHS Markit. The Caixin China general services purchasing managers' index read 52.1 points last month, down from 53.8 in October. The score remained above the neutral 50-point mark for the third month in a row but was the weakest reading of the three, IHS Markit noted. Total new business rose at the slowest rate in three months, with service providers saying that measures imposed by the government in Beijing to control the spread of Covid-19 hurt new order inflow, while foreign demand increased only slightly. As a result, the China general composite PMI slipped to 51.2 points in November from 51.5 in October.

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Japan's service sector surged in November, data from IHS Markit showed, advancing at its sharpest rate in over two years. The au Jibun Bank Japan services PMI increased to 53.0 points in November from 50.7 in October - marking the fastest upturn in 27 months. The services growth follows Wednesday's manufacturing PMI rising to 54.5 points from 53.2 in October. As a result, the au Jibun Bank Japan composite PMI rose to 53.3 in November from 50.7 in October.

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The service sector in Ireland continued to see strong growth in November, but the pace slowed from October amid the highest input price inflation in more than 20 years, according to the results of a survey conducted by IHS Markit. The AIB Ireland services PMI read 59.3 points in November, down from the remarkably high score of 63.4 in October. The reading indicated the slowest increase in output in the service sector since April, and the more than 4-point month-on-month drop in the PMI score was the largest in survey history, IHS Markit said. The AIB Ireland composite PMI similarly fell to 59.3 points in November from 62.5 in October, reflecting both the services reading and the manufacturing one that had been released back on Wednesday. This declined to 59.9 points in November, down from 62.1 in October.

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BROKER RATING CHANGES

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DEUTSCHE BANK RAISES BP TO 'BUY' (HOLD) - PRICE TARGET 404 (320) PENCE

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JEFFERIES RAISES SSE TO 'BUY' (HOLD) - PRICE TARGET 1810 (1710) PENCE

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JEFFERIES RAISES AJ BELL TO 'HOLD' (UNDERPERFORM) - PRICE TARGET 400 (370) PENCE

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JPMORGAN RAISES ROTORK TO 'OVERWEIGHT' (NEUTRAL) - PRICE TARGET 395 (335) PENCE

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COMPANIES - FTSE 100

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Investment platform Hargreaves Lansdown has hired Amy Stirling as its next chief financial officer, succeeding Philip Johnson. She is currently CFO of the Virgin Group. She also is a non-executive director at Virgin Money UK, where she is also the representative director of Virgin Enterprises, but will step down come summer. She was previously CFO of TalkTalk Telecom. Stirling will join Hargreaves Lansdown on February 21 and Johnson, while stepping down from the board at the end of January, will remain available to assist with the handover until May 31. Her appointment comes in time for Hargreaves Lansdown's investor day on February 22, when it plans to set out the next phase of its strategy.

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COMPANIES - MAIN MARKET AND AIM

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Wickes lifted its full-year adjusted pretax profit guidance to no less than GBP83 million. The building supplies retailer noted that current analyst profit consensus lies around GBP74 million to GBP75 million. Friday's upgrade comes after a strong performance in the fourth quarter to date. Core sales are lower year-on-year against tough comparatives, but remain materially ahead on a two-year basis, the company noted. Wickes boasted that its business model and strong supplier relationships have led to a better-than-expected margin performance, as it has been able to mitigate inflationary pressures. "Our forward planning and early strategic decisions have resulted in an improved profit performance, and we continue to navigate inflationary pressures and raw material constraints well. Clearly, this remains a time of uncertainty, however our differentiated business model leaves us well-placed to continue to outperform within a large and growing home improvement market," said Chief Executive David Wood.

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COMPANIES - GLOBAL

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Chinese ride-hailing giant Didi Chuxing said it will start the process of delisting its shares from the New York stock exchange and prepare a Hong Kong listing, shortly after US regulators adopted a rule that would allow them to remove foreign firms. Didi's move comes in the wake of a sweeping Chinese regulatory crackdown in the past year that has clipped the wings of major internet firms wielding huge influence on consumers' lives – including Alibaba and Tencent – and just months after its mammoth New York debut. "After careful consideration, [Didi] will start the process of delisting from the New York Stock Exchange from today, and start preparations for listing in Hong Kong," the company said in a statement on social media. The ride-hailing firm's IPO in June was quickly overshadowed by an investigation by China's internet watchdog on the grounds of cybersecurity – just days after the listing and sending the shares plunging.

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Embattled Chinese developer Kaisa is facing a default after saying it had failed in a bid for a debt swap that would buy it crucial time, warning there was "no guarantee" it would be able to meet its payment obligations. The company is one of several real estate firms that have plunged into crisis over the past year after China embarked on a regulatory drive to curb speculation and leverage, cutting off a crucial avenue for accessing cash. The highest profile of them is China Evergrande, which is drowning in a sea of debt worth USD300 billion, and is struggling to meet its own obligations.

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Friday's shareholder meetings

Bluefield Solar Income Fund Ltd - AGM

Ferro-Alloy Resources Ltd - AGM

Fidelity Asian Values PLC - AGM

Ruffer Investment Co Ltd - AGM

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By Tom Waite; thomaslwaite@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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UK dividends calendar - next 7 days

Monday 5 February 
Henderson European Focus Trust PLCdividend payment date
JPMorgan European Discovery Trust PLCdividend payment date
JPMorgan Japanese Investment Trust PLCdividend payment date
XPS Pensions Group PLCdividend payment date
Tuesday 6 February 
Ferguson PLCdividend payment date
Wednesday 7 February 
Barings Emerging EMEA Opportunities PLCdividend payment date
Britvic PLCdividend payment date
Thursday 8 February 
AB Dynamics PLCex-dividend payment date
Aberforth Smaller Cos Trust PLCex-dividend payment date
Aberforth Split Level Income Trust PLCex-dividend payment date
Ashtead Group PLCdividend payment date
Atrato Onsite Energy PLCex-dividend payment date
Avon Protection PLCex-dividend payment date
Baronsmead Second Venture Trust PLCex-dividend payment date
Baronsmead Venture Trust PLCex-dividend payment date
BlackRock Income & Growth Investment Trust PLCex-dividend payment date
Bluefield Solar Income Fund Ltdex-dividend payment date
Cerillion PLCdividend payment date
Chenavari Toro Income Fund Ltdex-dividend payment date
CVC Income & Growth Ltd - EURex-dividend payment date
CVC Income & Growth Ltd - GBPex-dividend payment date
EJF Investments Ltdex-dividend payment date
GCP Infrastructure Investments Ltdex-dividend payment date
Henderson Smaller Cos Investment Trust PLCex-dividend payment date
Impact Healthcare REIT PLCex-dividend payment date
Impax Asset Management Group PLCex-dividend payment date
Keystone Positive Change Investment Trust PLCdividend payment date
LXi REIT PLCex-dividend payment date
Octopus Renewables Infrastructure Trust PLCex-dividend payment date
Picton Property Income Ltdex-dividend payment date
Renew Holdings PLCex-dividend payment date
Residential Secure Income PLCex-dividend payment date
Smiths News PLCdividend payment date
Taylor Maritime Investments Ltdex-dividend payment date
Victorian Plumbing Group PLCex-dividend payment date
Friday 9 February 
AJ Bell PLCdividend payment date
B&M European Value Retail SAspecial dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
Braemar PLCdividend payment date
i3 Energy PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Netcall PLCdividend payment date
Origin Enterprises PLCdividend payment date
Sage Group PLCdividend payment date
Schroder AsiaPacific Fund PLCdividend payment date
Tracsis PLCdividend payment date
Tufton Oceanic Assets Ltddividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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UK shareholder meetings calendar - next 7 days

Wednesday 24 January 
Botswana Diamonds PLCAGM
Henderson Far East Income LtdAGM
Lowland Investment Co PLCAGM
Pantheon Resources PLCAGM
Tracsis PLCAGM
Thursday 25 January 
Alteration Earth PLCAGM
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Greencore Group PLCAGM
Henderson European Focus Trust PLCAGM
Ixico PLCAGM
Treatt PLCAGM
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On The Beach Group PLCAGM
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WH Smith PLCAGM
Monday 29 January 
Hollywood Bowl Group PLCAGM
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AJ Bell PLCAGM
Auction Technology Group PLCAGM
Mineral & Financial Investments LtdAGM
Ora Technology PLCAGM
Renew Holdings PLCAGM
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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London close: Stocks manage gains after deluge of updates

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AJ Bell posts "record" assets under administration as inflows jump

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AJ Bell assets under administration hit record level in Q1

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CORRECT: UK earnings, trading statements calendar - next 7 days

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UK earnings, trading statements calendar - next 7 days

Friday 12 January 
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Monday 15 January 
Ashmore Group PLCTrading Statement
Assura PLCTrading Statement
Hercules Site Services PLCFull Year Results
PageGroup PLCTrading Statement
Ramsdens Holdings PLCFull Year Results
RS Group PLCTrading Statement
TwentyFour Select Monthly Income Fund LtdFull Year Results
Tuesday 16 January 
Alliance Pharma PLCTrading Statement
CAB Payments Holdings PLCTrading Statement
Card Factory PLCTrading Statement
Catalyst Media Group PLCFull Year Results
DFS Furniture PLCTrading Statement
Experian PLCTrading Statement
Genel Energy PLCTrading Statement
IntegraFin Holdings PLCTrading Statement
McBride PLCTrading Statement
Naked Wines PLCTrading Statement
Ninety One PLC and LtdTrading Statement
Ocado Group PLCTrading Statement
Petra Diamonds LtdTrading Statement
Revolution Bars Group PLCTrading Statement
Rio Tinto PLCTrading Statement
THG PLCTrading Statement
Wise PLCTrading Statement
Wednesday 17 January 
888 Holdings PLCTrading Statement
Alpha Group International PLCTrading Statement
Antofagasta PLCTrading Statement
Bankers Investment Trust PLCFull Year Results
Brooks Macdonald Group PLCTrading Statement
Diploma PLCTrading Statement
Galliford Try Holdings PLCTrading Statement
Gateley Holdings PLCHalf Year Results
Ibstock PLCTrading Statement
Liontrust Asset Management PLCTrading Statement
Midwich Group PLCTrading Statement
Oxford BioDynamics PLCFull Year Results
Pearson PLCTrading Statement
Rathbones Group PLCTrading Statement
S4 Capital PLCTrading Statement
Safestore Holdings PLCFull Year Results
Smiths Group PLCTrading Statement
Team17 Group PLCTrading Statement
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Bakkavor Group PLCTrading Statement
boohoo Group PLCTrading Statement
Centamin PLCFull Year Results
Centaur Media PLCTrading Statement
Costain Group PLCTrading Statement
Craneware PLCTrading Statement
Currys PLCTrading Statement
Dr Martens PLCTrading Statement
Dunelm Group PLCTrading Statement
Energean PLCTrading Statement
Flutter Entertainment PLCTrading Statement
Frontier Developments PLCHalf Year Results
Hays PLCTrading Statement
Headlam Group PLCTrading Statement
Hotel Chocolat Group PLCTrading Statement
Judges Scientific PLCTrading Statement
Kier Group PLCTrading Statement
Marshalls PLCTrading Statement
N Brown Group PLCTrading Statement
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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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UK shareholder meetings calendar

DateCompanyEvent
10Jan24Hummingbird Resources PLCGM re share placement
10Jan24Ironveld PLCAGM
10Jan24Reabold Resources PLCGM re appointment of new directors
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10Jan24Scirocco Energy PLCGM re proposed disposal of interests in Energy Acquisitions Group Ltd
10Jan24Versarien PLCGM re capital reorganisation
11Jan24Pennpetro Energy PLCAGM
11Jan24R&Q Insurance Holdings LtdGM re sale of Accredited to Onex Corp
11Jan24Ten Entertainment Group PLCGM re takeover by Trive funds
12Jan24Ashington Innovation PLCAGM
12Jan24Dukemount Capital PLCAGM
15Jan2488 Energy LtdGM re fundraising
15Jan24Mondi PLCGM re special dividend
15Jan24Strip Tinning Holdings PLCGM re fundraising
15Jan24SRT Marine Systems PLCGM re fundraising
16Jan24ACG Acquisition Co LtdEGM re extension of acquisition deadline
16Jan24Catalyst Media Group PLCAGM
16Jan24Gelion PLCGM re accounts and reappointment of auditors
16Jan24Hotel Chocolat Group PLCGM re acquisition by Mars Inc
16Jan24Troy Income & Growth Trust PLCAGM
17Jan24City Pub Group PLCGM re recommended cash acquisition by Young & Co's Brewery PLC
17Jan24Diploma PLCAGM
17Jan24Forward Partners Group PLCGM re takeover offer from Molten Ventures PLC
17Jan24Impellam Group PLCGM re acquisition by Headfirst Global
17Jan24Kazera Global PLCAGM
17Jan24Majedie Investments PLCAGM
17Jan24Orcadian Energy PLCAGM
18Jan24Baillie Gifford European Growth Trust PLCAGM
18Jan24J Smart & Co (Contractors) PLCAGM
18Jan24tinyBuild IncGM re fundraise
18Jan24Topps Tiles PLCAGM
19Jan24Cardiff Property PLCAGM
19Jan24Focusrite PLCAGM
19Jan24Substrate Artificial Inteligence SAGM re investment agreement and issue of equity
22Jan24Highcroft Investments PLCGM re de-listing from LSE and relisting on TISE
22Jan24Smart Metering Systems PLCGM & Court Meeting re takeover by funds advised by KKR
23Jan24C4X Discovery Holdings PLCAGM
23Jan24Marston's PLCAGM
23Jan24Mitchells & Butlers PLCAGM
24Jan24Henderson Far East Income LtdAGM
24Jan24Lowland Investment Co PLCAGM
24Jan24Tracsis PLCAGM
25Jan24Alteration Earth PLCAGM
25Jan24Britvic PLCAGM
25Jan24Greencore Group PLCAGM
25Jan24Henderson European Focus Trust PLCAGM
25Jan24Ixico PLCAGM
26Jan24Avon Protection PLCAGM
26Jan24JPMorgan China Growth & Income PLCAGM
26Jan24On The Beach Group PLCAGM
26Jan24WH Smith PLCAGM
29Jan24Hollywood Bowl Group PLCAGM
30Jan24AJ Bell PLCAGM
30Jan24Auction Technology Group PLCAGM
30Jan24Mineral & Financial Investments LtdAGM
30Jan24Ora Technology PLCAGM
30Jan24Renew Holdings PLCAGM
30Jan24SSP Group PLCAGM
30Jan24Webis Holdings PLCAGM
   
Copyright 2024 Alliance News Ltd. All Rights Reserved. 

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