What’s cooking in the IPO kitchen?
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.
Wilmcote Holdings plc —Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017
Andes Energia PLC —Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TBC but market cap to be £844m and admission date 10 August 2017
Verditek PLC —Sch1 update from holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors (industrial treatment of solids, air purification, water de-odourisation, zero emission, low cost energy), offer raising £2.75m at 9p with market cap of £16.9m. Admission 10 August 2017
Strix Group PLC —Sch1 from the Company involved with the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. Offer raising £190m at 100p with market cap of £190m admission date 8 August 2017.
Xpediator Plc —Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017.
Altus Strategies —African focused natural resource Company. Offer raising £1.1m at 10p with market cap of £10.7m. Expected 10 August 2017
Main Market Premium 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 September 2017
Dukemount Capital (LON:DKE) 0.5p £1.69m
Real Estate Development Company in the property sector, announced on 25 May 2017 that a binding letter of intent (LOI) had been signed for a period of two years whereby Dukemount and Larch Housing Association Limited (Larch) will identify properties, with a minimum total portfolio value of £5 million and which are suitable for leasing to Supported Living tenants. The first property has been identified and due diligence has been undertaken. This first acquisition will be developed into several apartments for the supported living sector. Dukemount expects to be able to announce completion of this acquisition in the coming weeks, which is subject to satisfactory completion of the due diligence.
Premier Technical Services Group (LON:PTSG) 147.5p £153.4m
HY Jun 17 update from the niche specialist services provider. “The Group has previously announced that it was performing well in the first half. This performance has continued, PTSG has noticed an increase in compliance awareness among our 17,000 customers and we have experienced continuing sales growth and strong levels of orders in the year to date. The Group has secured new contract wins across all its disciplines, including a number of multi-discipline framework agreements with new and existing customers and our contract renewal rates remain high, which underpin our organic growth plans. “In the first few weeks of the second half, the Group is trading in line with expectations for the full year as recently upgraded for the BEST acquisition.” We could see no forecasts.
The specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off vehicle, announced a 3-year bus systems and services contract with Abellio. With immediate effect 21st Century will supply and install CCTV and associated communication technology on all new Abellio buses and provide technical support services to Abellio's existing fleet of approximately 900 buses operating in and around London. The first order for 23 new vehicles has been received and, depending upon the actual number of buses manufactured over the period, the value of the contract is expected to be approximately £2.5 million.
Imaginatik (LON:IMTK) 2p £4.48m
FYMar17 results from the innovation Company. · Reduced adjusted loss after tax of £0.55m* (FY16: adjusted net loss of £0.80m)
· Recognised revenue of £3.9m (FY16: £3.9m)
· Deferred revenue of £3.0m at 31 March 2017 (31 March 2016: £2.9m)
· Annualised renewal base at 31 March 2017: £3.2m (31 March 2016: £2.8m)
· Gross bookings of £3.6m (FY16: £4.7m)
· Successfully completed a placing and open offer in June 2016, raising £1.67m gross proceeds
“We are encouraged by the development of the sales pipeline arising as a result of the newly developed partnership channels. Whilst we are mindful of the task ahead, we remain optimistic about the Group's growth prospects.”
Transense Technology (LON:TRT) 75p £7.15m
The Company focused on patent-protected sensor systems and supporting technology, announced that Translogik, its trading division providing tyre management solutions, has won a further contract through its Australian distributor, Brownfield Engineering and Maintenance PTY LTD to supply 26 iTrack II mining tyre monitoring systems for large haul trucks at the BHP Billiton Mitsui Coal South Walker Creek Mine. We could see no forecasts.
IronRidge Resources (LON:IRR) 33.75p £81.61m
Infill soil sampling results have been received and that significant gold in soil anomalies are confirmed, further enhancing the prospectivity of the Bodite Project in Ivory Coast, West Africa. Multiple >50ppb and up to 3.9g/t gold soil anomalies confirmed within 200m x 50m programme. Most significant Central anomalous target zone covers 3km strike length. Seven higher tenor >50ppb up to 3.9g/t gold anomalies over 400m to 1km strike occur within Central Zone Target. Anomalies occur within favourable structural settings providing additional confidence. Further soil anomalies defined along strike from the Central Zone warrant follow-up. Trenching and detailed infill auger follow-up planning underway to test highest-priority soil anomalies.
Richland Resources (LON:RLD) 0.8p £3.28m
The gemstones producer and developer, announced a maiden independent JORC resource estimate for the group's wholly owned EPM 25973 exploration licence, located in Queensland, Australia. Maiden independent inferred JORC resource estimate of 5 million loose cubic metres ("lcm") of sapphire bearing gravel at an estimated average grade of 3.5 grammes per lcm (17.5 carats per lcm) for Capricorn Sapphire Pty Ltd's ("Capricorn") exploration licence EPM 25973.
Resource estimation equates to approximately 87.5 million carats in the ground.
Netcall (LON:NET) 66.75p £92.92m
Acquisition of MatsSoft, a leading cloud-based low-code software provider. The initial consideration is £11.1 million in cash and the issue of 3,499,864 new ordinary shares. Potential further consideration of up to £2.3 million cash and 9.5 million Netcall Shares. MatsSoft recorded revenue for the year ended 31 December 2016 up 22% to £5.5 million (2015: £4.5 million) of which recurring revenue was up 38% to £3.3 million. MatsSoft reported adjusted EBITDA for the year ended 31 December 2016 of £0.1 million with reported net assets as at 30 April 2017 of approximately £1.4 million. FYJune18E rev £19.1m and £3.9m PBT.
Defenx (LON:DFX) 169.5p £20.1m
“The cyber-security software group, announced a proposed Fundraising to raise up to approximately £3.37 million (before expenses) comprising approximately £1.12 million under a Placing and £0.25 million under a Subscription by BV Tech at a price of 160 pence per share, and up to £2 million through the issue of Secured Convertible Bonds.” 13.75% discount to Friday’s close. The Company intends to use the net proceeds from the Fundraising to invest in its product portfolio, and its delivery and sales capability over the next 12 months to accelerate growth in existing and corporate markets. FYDec17E rev £11.6m and PBT of £3m.
The gene and cell therapy group, has been granted a Manufacturer/Importer License from the UK MHRA, to manufacture and distribute lentiviral vector material for commercial supply. This is in addition to the existing MIA licence for Investigational Medicinal Products manufacture, which the Group has held for over 10 years. Oxford BioMedica recently signed an agreement with Novartis for the commercial and clinical supply of lentiviral vectors used to generate CTL019 and other undisclosed CAR-T products, for which Oxford BioMedica could potentially receive in excess of $100m from Novartis over the next three years.