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.

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