Breakfast News - AIM Breakfast : Coinsilium, Orosur Mining Inc, PHSC, Range Resources, Asiamet Resources, City of London Group plc, Horizonte Minerals Plc, ROTALA, VinaCapital Vietnam Opportunity Fund Limited


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

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

Breakfast buffet

PHSC (LON:PHSC) 11.5p £1.69m

FYMar17 results from the provider of a comprehensive range of health, safety and environmental management service to the public and private sectors. Underlying EBITDA loss of £0.1m, down from a profit of £0.368m last year. Group revenue rose to £7.16m compared with £7.04m last year. Cash reserves of £0.207m at year end compared to £0.256m last year. No final dividend proposed but interim dividend may be considered if progress continues. Based on the latest management accounts (unaudited), the Group had total revenues of £1.82m for the first quarter of 2017-18. This is an increase of around 5% on the first three months of last year. Based on those revenues, EBITDA for the first quarter is showing as around £120k. This compares very favourably to the loss of £40k that was reflected over the corresponding period last year.  We could see no forecasts.

Orosur Mining (LON:OMI) 16.12p £16.26m

South America-focused gold producer, developer and explorer, has conditionally raised gross proceeds of approximately C$4.0 million (US$3.2 million) through a placing and subscription  at a price of C$0.241 (14.7p per share). The net proceeds of this Subscription are intended to be deployed for drilling and associated activities at the Company’s highly prospective Anzá gold project in Colombia.  The Company produced 35,371 ounces of gold in the year ending 31 May 2017, with operating cash costs expected within its guidance of US$800-US$900 per ounce. The Company will commence a 15,000 - 30,000 metre drilling campaign in 2017 in Colombia, culminating in the preparation and publishing of a maiden N.I. 43-101 compliant resource report for the highly prospective Anzá gold Project in Colombia. FYMay17E rev £34.89m and PBT £4.49m.  PE c.3x.

Range Resources (LON:RRL) 0.33p £25m

Range has entered into a binding sale and purchase agreement to acquire certain producing assets from a wholly owned subsidiary of Trinity Exploration and Production Plc (TRIN.L) for a cash consideration of US$4.55 million. Range will fund the acquisition from the existing cash resources.  

Pursuant to the acquisition, the Company will acquire a significant interest in two offshore producing licences, Brighton Marine ("BM") and Point Ligoure-Guapo Bay-Brighton Marine ("PGB") (collectively the "West Coast Assets"). Both licences are located offshore West Coast of Trinidad, with a combined current production of approximately 200 bopd. Range will be the operator of both blocks.

Touchstone Exploration (LON:TXP) 9.5p £9.8m

HYJun17 results from  the Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. IPO in June raising $2.4m.   Successfully drilled three wells and recompleted five wells in the second quarter of 2017. Achieved second quarter average crude oil sales of 1,334 barrels per day ("bbls/ d"), representing an increase of 4% from the first quarter of 2017. Realized operating netback before realized derivatives of $21.72 per barrel during the six months ended June 30, 2017, representing an increase of 134% from $9.27 per barrel recorded in the equivalent period of 2016.  Generated Q2 funds flow from operations of $438,000 ($0.01 per basic share) compared to $393,000 ($0.01 per basic share) recorded in the first quarter of 2017.

City of London Group (LON:CIN) 4.37p £1.61m

Proposed RTO of Miton Homes and £11m fundraising at 90p. Milton Homes, a provider of equity release products for residential property. Consideration of £20.2 million, approximately equal to net tangible assets, from DV4, a fund advised by specialist real estate investment advisory company Delancey. The consideration for the Acquisition will comprise £13.2 million in New Ordinary Shares in COLG and £7 million in cash.

VinaCapital Vietnam (LON:VOF) 297.75p £595m

Its flagship fund has become a significant investor in FPT Digital Retail JSC (FPTR), a leading mobile phone distributor in Vietnam.  As part of its divestment strategy, FPT Group (HSX: FPT) is spinning-off its retail distribution unit, and is selling 35% of the shares in FPTR to a few institutional investors of which VOF is one of the largest. VOF has invested USD11 million in this offering. As part of the conditions of the sale, FPT Group has committed to listing FPTR on the stock market in the near future, which will increase liquidity and the investor base. FPTR  grew revenue and profit over 50% and 150% PA, respectively, in the last three years as a result of nearly tripling its number of stores during that period. FPTR’s compounded annual growth rate of revenue and profit before tax is expected to be over 25% and 35% , respectively, during the 2016 – 2019 period, more than double market growth of 8-10%.

Coinsilium Group (AQSE:COIN ) 3.5p £3.9m

The accelerator that finances and manages the development of early-stage blockchain technology companies, has updated regarding Indorse Pte. Ltd. ("Indorse") and has been granted an option to subscribe for an additional 7% of the fully diluted share capital of Indorse. Indorse successfully closes its blockchain token pre-sale with proceeds   reaching 18,396.21 ETH (equivalent to circa USD$5.37million) in 3 days . Team doubled from 4 to 8 between May 2017 and July 2017 and now includes 4 technology developers. Indorse's token sale will remain open to the public until 7 September 2017.

Asiamet Resources (LON:ARS) 4.65p £33.26m

£6m raise at 4.3p.  The net proceeds from the Placing will be used to fund completion of the definitive feasibility study for the Company's 100% owned flagship Beruang Kanan Main ("BKM") project, drilling of high priority targets nearby BKM, and expansionary drilling at the Beutong Porphyry Project ("Beutong") . Previous scout drilling  at BKM has reported intersections, such as 10m at 2.52% Cu incl. 2m at 7.45% Cu (see RNS dated 23 February 2017), and rock samples have reported up to 26.1% Cu, 57g/t Ag (see RNS dated 19 July 2017) and 35.6% Z, 26.2% Lead, 2.94% Cu, 1.0g/t Au and 3440g/t Ag (see RNS dated 9 June 2017). 

Rotala (LON:ROL) 60p £27.32m

HYMay17 results from the provider of a range of transport solutions for businesses, local authorities, the public and private individuals. Revenue up 4.5 % vs. H1 2016 to £28.6 million. Improvement in gross profit margin to 19%.  Profit from operations up 12.1% to £1.96 million. Profit before taxation up 18.1% to £1.34 million. Basic adjusted earnings per share up 8.9% to 2.58p.  Interim dividend increased by 6.3% to 0.85p per share (2016: 0.80p). The contract wins announced in the accounting period  are expected to produce additional estimated revenues of £4.7 million in a full year .  Current trading in line with market expectations . FYOct17E rev £58m and PBT £3.4m.

Horizonte Minerals (LON:HZM) 2.6p £30.47m

HYJun17 results“ The first half of 2017 has been focussed on the commencement of the Feasibility Study for our Araguaia Nickel Project which we are developing as Brazil's next ferro-nickel mine.  This follows the transaction with Glencore to acquire the adjacent Serra do Tapa project, creating one of the largest and highest-grade nickel saprolite projects globally, in a good mining jurisdiction and a region with good infrastructure.  Following significant progress made to date this year, the Araguaia Feasibility Study is now at an advanced stage with a number of the principal work streams over 50% complete for a 14,500tpa ferro-nickel operation with a 28-year life of mine.”  £935k net loss. “The Company held cash balances of £5.6m as at the end of period, meaning we are fully funded to complete the Feasibility Study and beyond.”

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