What’s cooking in the IPO kitchen?
AIM
Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June.
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission.
Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late June
Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June.
Main Market Standard Listing
Vordere—RTO targeting German Property. Raising £9m at 17p. Readmission c. 15 June.
Main Market Premium Listing
Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July.
ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets
DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale.
Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’.
AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Valuation range €10.6-€13.3bn. Admission end June.
Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus.
NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June.
Flying Brands (LON:FBDU)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun.
Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Breakfast buffet
IronRidge Resources (LON:IRR) 38p £90.79m
IronRidge has discovered multiple, significant outcropping lithium pegmatites and inspected the historic Egyasimanku Hill Lithium resource (1.48Mt at 1.66% Li2O, non JORC compliant) within the Cape Coast Lithium Project area, Ghana, West Africa.
Through an unconditional farm-in agreement with Obotan Minerals Ltd ('Obotan'), the Company secured exclusive rights to apply for exploration permits to an highly prospective reported historic (non JORC) lithium (spodumene) pegmatite resource of 1.48Mt at 1.66% Li2O. The agreement was first announced on 6th September 2016 and became unconditional on 23rd May 2017.
Metminco (LON:MNC) 3.25p £4.13m
Metminco has executed a binding agreement to sell its 49% interest in Los Calatos Holding Limited or approximately US$5 million (A$6.7 million) cash consideration net of costs .The LCH Sale is the culmination of a re-positioning of Metminco toward becoming a gold producer in the near term. Monetisation of the Company's interest in the Los Calatos Project will provide funding for the ongoing development of its Miraflores Gold Project, part of the Quinchia Gold Portfolio in Colombia. As previously announced, the Company is currently completing a feasibility study on the Miraflores Gold Project with expected completion during 3Q17. An Environmental Impact Study (EIA) on the Project is expected to be submitted to the Colombian authorities by the end of 2017.
K3 Capital Group (LON:K3C) 115p £48.54m
The business and company sales specialist in the UK, today announced its pre-close trading update ahead of final results for the year ended 31 May 2017. K3's strong performance has continued across the Group resulting in significant revenue growth and strengthening underlying Normalised* EBITDA when compared to the prior year. As a result, the Board anticipates reporting revenue and Normalised* EBITDA for the Period comfortably in line with market expectations. We could see no market forecasts,
Igas Energy (LON:IGAS) 3.99p £96.84m
AGM Statement.
Successful completion of balance sheet restructuring and fundraising in April 2017
Experienced industry investor, Kerogen Capital, now a 28% shareholder following its $35 million equity investment.
Further $22 million raised in placing and open offer. Cash flow generative at current oil prices. Net production averaged 2,320 boepd for the first five months of the year. Production was marginally below budget for the period due to necessary maintenance on a number of wells for which we are taking remedial action. Shale appraisal and development plan covered by up to $230 million carried work programme.
Futura Medical (LON:FUM) 85p £64.55m
AGM Statement from the innovative healthcare company focused on advanced transdermal technology. "As announced at the end of last month, we have received constructive feedback from US and UK regulatory authorities on the clinical and regulatory pathway for MED2002, our topical gel for erectile dysfunction. As a result of this feedback we expect our Phase III programme of MED2002 to proceed as planned, with the first patient dosed in Q4 this year. We continue to receive significant commercial interest in MED2002 from potential licensing partners and negotiations are ongoing. "On CSD500, our novel erectogenic condom, we are currently assisting all our EU licensing partners wherever required with their launch plans in a number of countries.”
Elegant Hotels (LON:EHG) 89p £79m
HYMar17 results from the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados . Continues to trade comfortably in line with market expectations . Management agreement signed in October for Hodges Bay Resort in Antigua, the Company's first property outside Barbados. Room count at 31 March 2017 up 15% to 553. Implied Net Asset Value (NAV) of 175 pence. Revenue for the first half of the year was $35.8 million, slightly lower than H1 2016 at $36.5 million due to restaurant temporary closure and lower occupancy partly attributed to Easter timing. After adjusting for one-off items, EBITDA was $15.3 million, 8% lower than the prior period. FYSep17E rev £46.95m, PBT £8.9m, yield c. 6.9%.
entu (LON:ENTU) 26.75p £26.75m
Trading update from the home improvement group providing energy efficiency products and services to homeowners and businesses in the UK . Action plan to reduce costs, improve operational efficiency, leverage its supply chain, improve cash collection and strengthen controls. The strengthened Executive Team is progressing with the implementation of this plan but it has become clear that the operational issues outlined in the last full-year results statement are more complex and extend further into the supply chain than expected. As a result, it will take longer to resolve these issues. HY adjusted EBITDA loss expected at £2.2m to £2.4m. Full year £1.2m to £2.2m suggesting improved prospective H2 performance vs H1. Fit capacity to be held at current levels through H2 and sales brought into line. Current forecasts seem to be out of date.
Porta Communications (LON:PTCM) 3.88p £12.64m
The international marketing and communications group, has completed the acquisition of an additional 15% interest in Redleaf Polhill Limited ("Redleaf") for total consideration of £850,037, taking the Company's interest in Redleaf to 81%. This follows the exercise of the vendors second put option. The remaining 19% of the issued share capital of Redleaf remains subject to further put and call options which are exercisable by the vendors of Redleaf and the Company respectively after the publication of the Company's audited results for the financial year to 31 December 2017. No market forecasts.
WANdisco (LON:WAND) 460p £164.2m
The specialist in Active Data Replication™, has secured a new contract with a major American multinational retail corporation (the "Client"). The contract was secured directly by WANdisco and is valued at approximately $2 million, which will be paid in full, up-front in 30 days. It will see the Client deploy the Company's patented Big Data and Cloud product, WANdisco Fusion ("Fusion"), on a three and a half year subscription licence agreement. FYDec17E rev £12.3m and £7.7m loss.
Redhall Group (LON:RHL) 9p £18m
The high integrity manufacturing and services group, intends to raise c. £9.5m at 10p by accelerated bookbuild. It also intends to convert £3.75m of debt at the issue price. The Transaction will give the Group sufficient working capital to deliver its growing order book and pipeline - allowing for investment, increased margins and an ability to better position the Group to participate in its enlarged core markets. In addition, this restructuring of the Company's balance sheet and additional funding will position the Group to address significant, long term market opportunities. We could see no market forecasts,