logo-loader

Breakfast News - AIM Breakfast : Bango plc, Eastern European Property Fund Limited, Elektron PLC, Eagle Eye Solutions, Intelligent Energy Holdings, Judges Scientific, Palace Capital Plc, Rainbow Rare Earths Limited, Surface Transforms, Swallowfield plc

Published: 18:10 19 Sep 2017 AEST

no_picture_pai

What’s cooking in the IPO kitchen?

AIM

City of London Group (COLG) - Sch 1—RTO of  Milton Homes Limited,  an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017.  Offer TBA. Due 5 Oct

Springfield Properties — Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”

Warehouse REIT  -  The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas.  The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer raising £150m at £1 with market cap of £166m. Due 20 Sep

OnTheMarket — Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Main Market Premium Listing

People’s Investment Trust —Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014.  Part vendor sale and £20m primary raise.

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.

Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017.  The Company may bring forward this closing date at any time. Admission 15 Sep.

  
  
  
Breakfast buffet

Eastern European Property Fund (LON:EEP) 44.5p £6.92m

HY Jun 17 results. Net asset value at 30 June 2017 of £12.4 million, equivalent to 79.68p per Ordinary Share (30 June 2016: £15.7 million, 100.79p per Ordinary Share; 31 December 2016 of £14.9 million, 95.76p per Ordinary Share).

·        Loss for the six months ended 30 June 2017 of £2.6 million (six months ended 30 June 2016: income of £0.3 million; year ended 31 December 2016, loss of £1.2 million), equivalent to a loss per share of 16.79p (30 June 2016: earnings of 2.24p; 31 December 2016: loss of 7.80p) per Ordinary Share.

EEP's two remaining properties continue to be marketed for sale. The enquiries and offers for the Markiz Passage building unfortunately did not progress to serious proposals, but, encouragingly, after the traditional quiet period during Ramadan and the summer months, EEP has received further enquiries. These enquiries are being actively pursued.

The Property Manager and Investment Adviser continue to explore other options to improve the potential liquidity of the property in Sofia.

Surface Transforms (LON:SCE) 16.12p £18.39m

FY May 17 results.   Trading and cash in line with June 2017 trading update

·     Revenues decreased by £660k to £702k (2016: £1,362k) due to a deferral to the 2017-18 financial year as a result of a conscious decision to switch capacity from revenue generating product to test parts during the factory move.   Knowsley factory move now fully completed

·   Successful equity placing and open offer raised gross proceeds of £3.677m to further the Company's expansion plans post the financial year-end. Except for the ceramic furnaces, all new capital equipment has been ordered and is being progressively commissioned for increased production capacity.

    Nominated as the tier 2 brake disc supplier on the Aston Martin Valkyrie.     Continuing progress with other automotive Original Equipment Manufacturers (OEMs) albeit with certain programme delays, outside the Company's control

·     Continuing delay on the formal sign off in the aerospace contract despite completion of testing

FYMay15E rev £1.5m, and £1.9m loss.

Judges Scientific (LON:JDG) 1980p £121.2m

HY Jun 17 results from the United Kingdom-based company, which is engaged in the acquisition and development of a portfolio of scientific instrument businesses.  Revenues up 20% to a record £32.7 million (H1 2016: £27.3 million) including 14% organic growth;

·        Adjusted pre-tax profit up 48% to £4.4 million (H1 2016: £3.0 million);

·        Adjusted basic earnings per share up 65.1% to 54.8p (H1 2016: 33.2p);

·        Interim dividend of 10.0p (H1 2016: 9.0p), an increase of 11%; covered 5.5 times by adjusted earnings.

Organic order intake up 28% compared with H1 2016. Cash balances of £8.9 million .

The Group experienced robust order intake performance in the first half.  Since the period end Organic order intake has been broadly in line with the second quarter.  Cumulative Organic order intake for the first 36 weeks still shows solid progress and the Board is therefore confident of the Group's ability to fulfil market expectations for the year as a whole. 

FYDec17E £62m rev PBT £8.9m. Div 30.25p.

 

Elektron Technology (LON:EKT) 14.37p £26.75m

“The global technology group, announces a significant customer contract win for Checkit Limited ('Checkit'), its subsidiary business focused on providing real time task management and monitoring technology.

Following the successful launch of Checkit's next generation edition in 2016, and initial customer success including the creation of a relationship with Compass, the company has now secured a two year rolling contract with one of the UK's leading retail organisations.  As a result Checkit will be deployed across more than 70 locations to automate, guide and enforce compliance and management processes. This contract is initially worth over £225,000 annually in recurring revenue. Once fully installed Checkit's recurring annualised revenues will be in excess of £600,000 per annum.” We could see no forecasts.

Bango (LON:BGO) 238.5p £157.8m

HYJun2017 results from the mobile payments  company.

1h2017 End User Spend (EUS) increased 100% YoY to £92.31m (1h2016: £46.17m)

Annualized EUS exiting August 2017 was over £400m, at least 140% more than the rate entering September 2016 (£167m).

Revenue from EUS increased 114% YoY to £1.65m (1h2016: £0.77m).

Improved Adjusted LBITDA -£1.01m (1h2016: -£1.64m) .

“Cash of £5.6m on 30 June 2017 (30 June 2016: £7.2m; 31 Dec 2016: £5.7m), sufficient to fund the Group through to profitability.“

“Bango expects EUS growth to increase in the second half and with further substantial growth in the years to come.

 

Considerable increases in revenue and a stable cost base have led to a healthy cash balance that management continues to expect will see Bango through to profitability.” FYDec17E rev £4.4m and £2.6m loss.

 

Swallowfield  (LON:SWL) 307.5p £51.86m

“A market leader in the development, formulation, and supply of personal care and beauty products, including its own portfolio of brands, is pleased to announce a strong set of final results for the 52 weeks ended 24 June 2017.“ Strong revenue growth of +36% (+8% excluding The Brand Architekts acquisition) to £74.3m (2016: £54.5m). Sterling weakness benefited the top-line with revenue growth on a constant currency basis of +31% and +2% respectively. Underlying operating profit increased by 180% year on year to £5.6m. Net Debt decreased to £3.6m (2016: £4.3m), inclusive of £2.0m additional term-loan funding to support The Brand Architekts acquisition. Proposed final dividend of 3.5p per share (2016: 2.3p). Input prices increasing.  “Over the course of the year we have strengthened both sides of our business with an improved ability to deliver the innovation, quality and service demanded by our customers. This combined with the progress made on our owned brands, gives us confidence that we are well positioned for the future.” FYJun18E rev £77.06m and £5.1m PBT.

Eagle Eye Solutions Group (LON:EYE) 252.5p £64.18m

FYJun17 results from the  technology company that allows businesses to create a real-time connection with their customers

.Group revenue increased by 71% to £11.1m (FY16: £6.5m)

·Revenue from subscription fees and transactions over the network represented 68% of total revenue (FY16: 80%). Cash position of £3.7m (FY16: £1.3m) at 30 June 2017

Adjusted EBITDA loss was held at £1.8m.

·Successful placing in June 2017 raising net proceeds of £5.8m

Q1 FY18 revenue expected to be at least £3m, 32% growth on prior year, with growth anticipated to accelerate in future periods as our significant clients begin to transact through the platform at scale and from the impact of new strategic partnerships that drive increased transactions .

FYJun18E rev £15.9m and £4.1m loss.

 

Palace Capital (LON:PCA) 367.5p £92.43m

The property investment company that focuses on commercial property outside London, has conditionally agreed to acquire the entire issued share capital of R.T. Warren (Investments) Limited for a total cash consideration of £53.3 million, subject to adjustment In addition, a bank loan of £14.5 million is being retained by RT Warren. To finance the Acquisition, the Company is proposing to undertake a placing to raise £70 million, (Via accelerated bookbuild) of which £4.3 million is subject to clawback under an open offer to Qualifying Shareholders.   RT Warren owns a portfolio of 21 commercial properties, comprised of 15 office buildings, 4 predominantly retail properties and 2 industrial holdings. Over 90 per cent of the commercial properties are located in the Home Counties of England.

FYMar18E rev £13.7m and PBT of £6.14m. Yield circa £4.9%.

 

Intelligent Energy (LON:IEH) 8.56p £17.89m

“Intelligent Energy has today announced it has partnered with UK based construction plant hire and sales company, Taylor Construction Plant Ltd (TCP) to supply its air- cooled fuel cell modules for integration, testing and evaluation into power products for the construction industry.

The two companies will work together on these initial stages of integration and evaluation with a view to collaborating further to produce higher volumes of product. The fuel cell powered products will initially be targeted at the UK construction industry, with the intention to expand into other TCP markets. Applications include off grid site power, power tools and equipment, welfare cabins and general construction loads.

With 30 years of experience in the fuel cell business, Intelligent Energy is well placed to commercialise its technology and partnerships like this one are a positive move towards the increased manufacture and adoption of fuel cell stacks.”

Rainbow Rare Earths (LON:RBW) 11.5p £16.82m

Update on its Gakara Rare Earth Project  in Burundi, where first production and sales of rare earth concentrate are being targeted for Q4 2017.  Gakara is one of the highest grade rare earth element mining projects globally, with an estimated in situ grade of 47-67% Total Rare Earth Oxide ('TREO').

·    Mining and plant construction timetable remains on track to deliver first rare earth concentrate for sale in Q4 2017

·    Mining of ore has commenced at the Gasagwe site

·    Plant construction progressing well

o Civils and earthworks well advanced, expected to be complete by end September

o Approximately half of plant containers already in Bujumbura, with remainder expected by mid-October

·    Rare earth prices continue to strengthen - Rainbow basket price up 80% YTD

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

8 hours, 30 minutes ago