What’s cooking in the IPO kitchen?
AIM
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 TBC 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.
GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m, Admission 4 August.
Altus Strategies—African focused natural resource Company. Offer TBC. Expected early August.
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 4 August 2017
Breakfast buffet
Capital for Colleagues (AQSE:CFCP) 45p £6.9m
The investment vehicle focused on opportunities in the Employee Owned Business has invested a further £150,000 (after £150k in Jan 2016) in its existing portfolio company, Computer Application Services Limited ('CAS'). The Directors of the Company believe that CAS has made good progress since that initial investment. CAS has an option to acquire the initial 'A' Ordinary Shares from the Company on a future specified date, at a price to be determined by reference to the then prevailing value of CAS, subject to an agreed minimum holding period return to the Company.
Powerhouse Energy Group (LON:PHE) 1.13p £10.84m
The company focused on ultra high temperature gasification waste-to-hydrogen, waste-to-energy, and the creator of Distributed Modular Gasification© (DMG) systems, has recorded a maximum peak flow rate of over 50 m3 per hour of synthesis gas (“syngas”) having successfully completed the rebuilding and enhancement of the Company’s G3-UHt gasification reactor at the Thornton Science Park. This is the second successful phase in the operation of the G3-UHt unit in the UK and the first at the Thornton Science Park. Pursuant to the announcement of 5 June 2017 the successful re-commissioning and operation of the G3-UHt at Thornton has released the first £100,000 tranche of a potential £500,000 from a UK partner dedicated to the planning and permitting of the Company’s first commercial sites.
Tribal Group (LON:TRB) 73.75p £141.65m
HY June 17 trading update from the provider of software and services to the international education markets. H1 has been a period of good progress, with the Group benefiting from the strategic, operational and management changes introduced last year. During the course of this year the Group has enjoyed a healthy level of new UK domestic and international contract wins across all business units. The Group is successfully realising the further efficiencies and cost savings anticipated in the current year. The Group has delivered an improved operating margin and maintained its strong balance sheet, in line with its plan. Tribal is well positioned to make further progress in the second half, with a good pipeline of new opportunities, and the Board's expectations for the full year remain unchanged. We could however see no market forecasts.
Sprue Aegis (LON:SPRP) 230p £105.47m
HY June 17 update from one of Europe's leading developers and suppliers of home safety products. ‘Sprue has made a positive start to the year and for H1 2017 expects to report sales of approximately £26.0m (H1 2016: £25.9m) and operating profit* of approximately £1.5m (H1 2016: operating loss of £0.9m before share based payments charge). The strong return to profitability has been achieved through a significant improvement in gross margin and a net reduction in overheads. The Group remains well positioned to deliver full year adjusted operating profit in line with market expectations.’ FYDec17E rev £60.6m and PBT £4.6m. Yield c.4%.
Physiomics* (LON:PYC) 1.22p £0.7m
“The Oxford, UK based systems biology company, is pleased to announce that it has today signed two new contracts with a global pharma company for Virtual Tumour pre-clinical predictions relating to a new oncology target. This marks the sixth year of collaboration with this company since a first pre-clinical project was announced in March 2012. The two contracts will be executed in parallel between now and the end of the calendar year. Jim Millen, CEO said: "We are delighted by these new contracts which we believe are a sign of the client's long-term commitment to Physiomics and its Virtual Tumour technology. We look forward to continuing to work closely with them going forwards".
Strategic Minerals (LON:SML) 1.75p £21.8m
The diversified mineral production and development company, announces that it has, in conjunction with its joint venture partner New Age Exploration Limited agreed to the addition of two new holes to Phase 1 of the drilling programme at Redmoor, Kelly Bray, Cornwall by its joint venture vehicle Cornwall Resources Limited ("CRL"). These holes are designed to more clearly define the existing resource and provide further insight to the appropriate design and positioning of Phase 2 holes. The additional cost of these holes, which is less than £60,000 is to be provided by both SML and NAE each subscribing for an additional £30,000 of equity in CRL. Additional holes unlikely to alter previously stated reporting timeframes.
Premier African Minerals (LON:PREM) 0.63p £28.63m
The multi-commodity mining and natural resource development company focused in Southern and Western Africa, is pleased to announce a new US$2.9 million loan agreement, direct subscription for new ordinary shares to raise £4,800,000 before costs and £3,300,000 equity sharing agreement. The Company has also today agreed to purchase an additional interest in Circum of approximately 1% for a cash consideration of approximately US$1,294,998. The proceeds of the Funding will be used towards the acquisition of a further 1% in Circum and to provide general working capital. Also highlights acceleration of exploration effort and value accretion at Zulu Lithium before finalising any other development agreement and commencement of a PEA study at Zulu.
SRT Marine Systems (LON:SRT) 34p £43.42m
SRT has been advised by its customer that the contract to supply an MDM system in SE Asia contracted in March 2016 has been postponed and is expected to recommence during the end customer's new fiscal year which begins on 1st March 2018. SRT's European based customer who is the prime contractor to the Asian government entity has been formally advised by the end customer that, the postponement is due to internal project review and budget issues in their current fiscal year. The net effect of this will be an exceptional profit and loss account impairment charge of £1.5m in the current financial year. “I note the clear and formal commitment from the end customer to this project and to move forward with it during 2018. Thus this remains a very significant pending project for SRT." FYMar18E rev £15m, PBT £1.5m.
Ariana Resources (LON:AAU) 1.27p £13.4m
Quarterly operational update. Results for the ramp-up period ended 30 June 2017 and operational update for July 2017 from the Kiziltepe Mine. Production of c.1,370 oz gold and c.6,780 oz silver during July 2017 has exceeded forecast, with total production since start-up of c.3,300 oz gold and c.21,300 oz silver. Operation has successfully transitioned in to commercial production during July, as expected. Processing plant operating to design specifications, with mill availability increasing to c.97% and utilisation increasing to c.96% by June. Process recoveries of gold and silver remain significantly higher than expected; average recoveries were 94% for gold and 79% for silver, while feasibility expectations were 86% and 64% respectively.
Utilitywise (LON:UTW) 37.5p £29.44m
The independent utility cost management consultancy, announced FY Jul 17 update. “Based upon trading in July 2017 to date and under the Group's existing revenue recognition policy, IAS 18 (Revenue) the Group now anticipates that its revenue for the year ended 31 July 2017 will be £4.0 million to £4.5 million below previous management expectations. The revenue shortfall primarily comprises revenue from same supplier renewals contracts ("Renewals Contracts") which form a substantial proportion of the revenue secured by the Group in the final months of the financial year.” Expects gross order book additions in the year ended 31 July 2017 which are c. 18% higher than in the year to 31 July 2016. FYJul17 rev £94.55m. PBT £16.6m.