Breakfast News - AIM Breakfast : Alba Mineral Resources, Escher Group Holdings, EasyHotel, Galantas Gold Corp, James Halstead PLC, Sound Energy PLC, TMT Investments, Ubisense


What’s cooking in the IPO kitchen?


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.

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

Block Energy (NEX:BLOK) 0.85p £3.6m

The exploration and production company focused on the Republic of Georgia, has secured a 90% working interest in the Satskhenisi Production Sharing Agreement. This neighbours the Company's Norio field in Georgia and lies 50km from Tbilisi, currently produces light, sweet crude oil and has significant conventional and unconventional appraisal and development upside. To be funded by the issue of 70m shares. 26.3sq km field holds multiple wells that have produced more than 310,000 barrels ("bbls") oil to date from the lower Miocene (Maikop) geological  
horizon - currently producing approximately 10bbls/d of 35-40deg API sweet  oil from three wells.

TMT Investments* (LON:TMT) $1.96 £54.25m

The venture capital company which invests in high-growth, technology companies across a number of core specialist sectors, announced that its portfolio company Taxify OÜ ("Taxify") has completed a new equity financing round as part of a strategic partnership with Didi Chuxing, the world's leading mobile transportation platform. The transaction represents a revaluation uplift of approximately US$1.8 million (or 547%) in the fair value of TMT's investment in Taxify, compared to the previous reported amount as of 31 December 2016, and is equivalent to approximately 6.5 cents in additional net asset value per TMT share.

James Halstead (LON:JHD) 445p £925m

The commercial flooring manufacturer and distributor, provided the following trading update ahead of its final results for the year to 30 June 2017. “In the Chairman's statement announced on 29 March 2017, it was noted that for the first six month's trading a slow-down in the UK market and adverse price pressure on raw material and overseas sourced goods were holding back the benefits of export currency gains. This continued in the second half year and was exacerbated by a number of major distributors in the UK reducing stock levels. Notwithstanding this backdrop we are confident of once again reporting record turnover and profits for the year to 30 June 2017.” FYJun17E rev £236m and PBT £48m. Yield 2.8%.

easyHotel (LON:EZH) 101p £101.5m

The owner, developer and operator of "super budget" hotels, today announced the conclusion of a comprehensive review of options, including the sale or partial sale of the building, for its Old Street hotel. The Group will be retaining a smaller 92-bedroom hotel and applying for planning permission to add additional floors to the building, for use as office accommodation. The Group will close the third and fourth floors of the hotel, removing those rooms from inventory from 3 October 2017. The Group further intends to refurbish the 92-bedroom hotel, to complement the 'new look' format hotels it has recently opened in Birmingham and Manchester.  This is anticipated to improve Revpar in the hotel.

Escher Group (LON:ESCH) 217.5p £40.86m

The provider of outsourced point-of-service software for use in the worldwide postal, retail and financial industries, published a H1 Jun 17 trading update for and maintains its financial expectations for the full year. Group revenues will total approximately US$9.4m for (H1 2016: US$12.3m). Adjusted EBITDA is expected to be approximately US$1.4m (H1 2016: US$3.4m). Recurring revenues now represent 64% of the Group's turnover (H1 2016: 52%). "As anticipated, our licence sales in the first half were modest as compared to those of H1 2016. Nevertheless, the strength of our recurring and repeating revenue streams enabled us to deliver US$1.4m in adjusted EBITDA. Overall, our pipeline of business for H2 2017 gives the Board confidence that expectations for the full year are deliverable." FYDec17E rev £17.8m, PBT £2.2m.

Galantas Gold Corp (LON:GAL) 5.5p £10.04m

Announcement of sampling results of a vein intersected during tunnelling works at its underground gold mine near Omagh, County Tyrone, Northern Ireland, currently in development. The results of grab samples of the vein have now been received and have returned values of between 1.1 - 11.0  g/t gold and 1.4 - 7.0 g/t silver. Arrangements are being put in place to develop vein drivages to exploit the stringer vein. This is expected to provide feed to the processing plant within 10 weeks, whilst the tunnel development continues to progress towards accessing the principal target, which are the main Kearney veins below.

AFH Financial Group (LON:AFH) 242.5p £73.46m

The financial planning led wealth management firm has acquired the assets of Arden Financial Consultants LLP and the share capital of Martin Cooper Wealth Management Ltd, both based in the West Midlands. Under the terms of the Acquisitions, the combined maximum purchase price is £1.4m. The Acquisitions are expected to contribute an aggregate of approximately £430,000 of recurring revenue to the Company whilst adding £50m of Funds under Management. The initial consideration for the Acquisitions is £0.7m in cash, funded from the Company's existing cash resources. Further deferred consideration of up to £0.7m in cash will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets and business acquired. 12 acquisition so far this year. FY Oct 17E rev £31.55m, PBT £5.22m.

Sound Energy (LON:SOU) 39.75p £290.78m

“The European and African focused upstream gas company, announced that it has received written confirmation, from the Wilaya of the L'Oriental Region in Morocco (a local authority in Eastern Morocco), that preliminary approval has been provided for the proposed route of the gas export pipeline that will be necessary to transit gas from Sound Energy's Eastern Moroccan interests to the Gazoduc Maghreb Europe (GME) pipeline. This preliminary approval, which will now be followed up by engineering and commercial activities necessary to support final authorisation, is another step in the development of the infrastructure required to support the early monetization of gas from the TE-5 Horst discovery at Tendrara.”

Ubisense Group (LON:UBI) 42.5p £23.75m

The specialist in enterprise location intelligence solutions, announced an update on current trading following the close of the Company's first half ended 30 June 2017. Financial performance in the first half is expected to deliver revenue in excess of £12 million (2016: £10.6 million) and the order backlog remained at a similar level to the prior year. Cash balances in the company were £6.4 million (2016: £5.0 million) and net funds £3.2 million (2016: £1.0 million net funds). This performance was primarily driven by growth in the Company's Real-Time Location System division. The Company continues to trade in line with Board expectations.

Alba Mineral Resources (LON:ALBA) 0.68p £9.98m

Alba has been granted an exclusive mineral exploration licence over a significant proportion of the coastline in the Thule black sand province in north-west Greenland.  The licence area is prospective for heavy mineral sands, especially ilmenite. 384 km² of prospective coastline . The grade of the active beaches in the region is high - up to 60% - with a historic average of about 43% TiO2.  Raised beaches have a larger tonnage potential but lower titanium values - up to 23% TiO2 with an average around 12%.   Alba is in the process of settling an exploration programme for this year with a view to confirming grade and extent of mineralization within the Alba licence area.

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