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Northland Capital Partners View on the City W Resources, 3Legs Resources and IXICO

Northland Capital Partners View on the City W Resources, 3Legs Resources and IXICO

3Legs Resources (LON:3LEG) – CORP: FY14 results
Market Cap: £1.9m; Current Price: 0.3p
To invest in life sciences

  • LBT for FY14 increased to £35m from £4.3m in FY13, largely due to a £33.6m impairment associated with the exiting of its principal exploration project in Poland's Baltic Basin and termination of its other exploration activities.
  • Net cash for FY14 totalled £1.3m down from £26.8m in FY13, with £15.7m returned to shareholders and £8.2m invested in its joint venture. A further £1.1m was returned post period end.

NORTHLAND CAPITAL PARTNERS VIEW: Post period end 3LEGS announced (09/06/15) a £0.5m subscription from Jim Mellon and Gregory Bailey (29.9%) and their appointment Non-Executive Directors. Following the subscription and board appointments, the Company will change its investing policy to focus on life sciences sector, subject to approval at AGM. Initially the geographic focus will be North America, Asia and Europe but investments may be considered in other regions.

IXICO Plc (LON:IXI): Award of two new contracts
Market Cap: £3.4m; Current Price: 22.5p
Contracts with two top 15 pharmaceutical companies

  • IXICO announced that together with its alliance partner, VirtualScopics, it has been awarded contracts with two top 15 pharmaceutical companies, one in metastatic solid tumours and one in a rare neurodegenerative disease. 
  • IXICO's TrialTracker™ digital platform will be deployed in both studies to collect and manage imaging data and in the neurodegeneration study, IXICO's Assessa® digital technology will be used to analyse MRI data collected from patients.

NORTHLAND CAPITAL PARTNERS VIEW: IXICO continues to broaden its therapeutic expertise, with these two new contracts validating the use of IXICO's technology across a range of brain diseases.

W Resources (LON:WRES) – BUY*: Placing and appointment of Joint Broker
Market Cap: £9.4; Current Price: 0.295p
From Friday: Raised £1.2m to advance the La Parrilla Fast Track Mine

  • Northland Capital Partners has completed a £1.2m placing for W Resources. W Resources will issue 399,999,996 shares at 0.3p per share.
  • The placees include Symmall Pty Limited as trustee of the Masterman Superannuation Fund that Michael Masterman (Chairman) is both a beneficiary and trustee. This subscribed for 46,666,666 shares amounting to £140,000. Beronia Investments Pty Ltd ATF Duke Trust that Byron Pirola (Non-Executive Director) is both a beneficiary and trustee, subscribed for 53,333,333 shares amounting to £160,000.
  • Following this Michael Masterman, and related parties, will have an interest of 917,215,836 shares (25.66%) and Byron Pirola, and related parties, will be interested in 250,209,748 shares (7.00%).
  • Northland has been appointed Joint Broker
  • Forecasts, rating and price target remain under review.

NORTHLAND CAPITAL PARTNERS VIEW: W Resources plans to use these funds to advance development at the 100% owned La Parrilla Fast Track Mine, including the environmental approval and general working capital. The Company is targeting initial production from the mine in late 2016.

1. Northland Capital Partners Limited (“Northland”) acts as Nominated Advisor and/or Broker to the company.

2. Northland) and/or its affiliates companies do beneficially own 1% or more of any class of the issuer’s equity securities, as of the end of the month immediately preceding the date of issuance of the research report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month. 

3. The authoring analyst or any associate of the authoring analyst does maintain a long or short position in any of the issuer’s securities directly or through derivatives, including options or futures positions.

4. Northland, its affiliated companies, partners, officers, directors or any authoring analyst of Northland has provided services to the issuer for remuneration during the preceding 12 months other than investment advisory or trading services.

5. Northland or any of its affiliated companies has performed investment banking services for the issuer during the 12 months preceding the date of issuance of the report.  

6. A partner, director, officer, employee or agent of Northland or any of its affiliated companies is an officer, director, employee or advisor of the issuer.  Disclosures are applicable for all companies

7. The authoring analyst, or any associate of the authoring analyst, has viewed the material operations of the issuer. 

8. The authoring analyst, or any associate of the authoring analyst, received reimbursement for travel expenses.

9. Northland makes a market in the securities of this company.




This document is provided solely to enable clients to make their own investment decisions. It may therefore not be suitable for all recipients and does not constitute a personal recommendation to invest. It does not constitute an offer or solicitation to buy or sell securities or instruments of any kind. If you have any doubts about the suitability of this service, you should seek advice from your investment adviser. This document is produced in accordance with UK laws and regulations. It is not intended for any person whose nationality or residential circumstances may render its receipt unlawful.

The past is not necessarily a guide to future performance. The value of shares and the income arising from them can fall as well as rise and investors may get back less than they originally invested. The information contained in this document has been obtained from sources which Northland Capital Partners Limited believes to be re¬li¬able. The Com¬pany does not warrant that such information is accurate or complete. All estimates and prospective figures quoted in this report are forecasts and not guaranteed. Opinions included in this report reflect the Company’s judgement at the date of publication and are subject to change without notice. If the investment(s) mentioned in this report are denominated in a currency different from the currency of the country in which the recipient is a resident, the recipient should be aware that fluctuations in exchange rates may have an adverse effect on the value of the investment(s). The listing requirements for securities listed on AIM or PLUS markets are less demanding, also trading in them may be less liquid than main markets.

Northland Capital Partners Limited and/or its officers, as¬sociated entities or clients may have a position, or other material interest, in any securities men¬tioned in this report. Northland Capital Partners Limited does not provide recommendations on securities of firms with which it has a corporate relationship. More information about our management of Conflicts of Interest, Investment Research Methodology & Definition of Recommendations can be found at 

Northland Capital Partners Limited is authorised and regulated by the Financial Conduct Authority and a Member of the London Stock Exchange.

Published by/copyright: Northland Capital Partners Limited, 2013. All rights reserved

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