What’s cooking in the IPO kitchen?
Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 per cent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m.
Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September.
Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017
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.
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
Sareum Holdings* (LON:SAR) 0.85p £22.5m
“Sareum Holdings plc, the specialist cancer drug discovery and development business, provides the following trading update ahead of its full year results for the year ending 30 June 2017.
The Company is pleased to report that subject to audit, it now expects that the profit for the year after tax and cash at bank, for its results for the year ended 30 June 2017, to be ahead of market expectations.
An update on progress with its cancer and autoimmune disease research and development programmes will be given in mid-late October 2017 when the Company expects to report its full year results.” Our forecasts were suggesting net profit of £0.2m and cash balances of £2.1m and we therefore expect those to be exceeded.
Boston International Holdings (LON:BIH.L) SUSPENDED
“The Board of BIH is pleased to confirm that it intends to enter into a non-binding letter of intent with Cornhill FX Holdings Limited ("the Target"), a private limited company incorporated in England and Wales, in connection with the potential purchase of the entire issued share capital of that company. The proposed transaction is in accordance with the Company's stated strategy to acquire companies in the FX sector and is, inter alia, conditional on the completion of legal and financial due diligence on the Target. If completed, the transaction would constitute a reverse takeover under the Listing Rules. As the Company is currently unable to provide full disclosure under Listing Rule 5.6 in relation to the Target, it has requested from the UKLA a suspension of its listing with immediate effect. Listing of the Company's ordinary shares will remain suspended until such time as a prospectus is published in relation to the proposed acquisition or the Company announces that the discussions have been terminated.”
OptiBiotix Health (LON:OPTI) 66.5p £52.23m
The life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care announces that, further to the European manufacturing and supply agreement with Sacco S.r.l., ("Sacco") announced on 8 March 2017, the Company has entered into a new agreement to cover the USA and the Rest Of the World ("ROW"). exclusive licence to manufacture and supply OptiBiotix's cholesterol and blood pressure reducing LPLDL® strain in the US and ROW, in return for 50% of the profit, with a guaranteed cost of manufacture and minimum sales price per kilogramme to secure against discounting. Access to the US, the worlds largest probiotic market, with an estimated retail value of $7.1 billion per annum. Extension of LPLDL® into dairy applications utilising Sacco's network in the dairy industry to develop commercial opportunities identified by them in the global $35.5 billion probiotic dairy market. We could see no forecasts.
BOS Global (LON:BOS) 7.63p £5.79m
The software developer focused on improving productivity and creating operational efficiencies in the workplace by collecting and reporting workforce analytics, confirms that the following commercial-in-confidence purchase orders in August 2017 have been received for its recently launched BOS Time enterprise product.
1. 200 licences for a Santa Clara, California software services company
2. 50 licences for an India based software development company.
In parallel the Company has entered into a two-year agreement with Gartner (www.gartner.com), the world's leading research and advisory company for the purposes of paid analysis and research for its BOS Productivity Suite (comprising BOS Time, BOS Meet for Enterprise, and BOS PACT products).
Empresaria (LON:EMR) 145p £71.08m
HYJun17 results from the international specialist staffing group, announces its unaudited interim results for the six month period ended 30 June 2017. Empresaria continues to deliver on its strategy with a record first half performance, showing strong growth in profit over the prior first half of the year with adjusted earnings per share up 33% on 2016. to 5.7p. Adjusted PBT £4.6m (£3.7m) off net fee income growth of 17% to £34.4m. Sixteen consecutive quarters of net fee income growth . “We see growth opportunities across the Group and from further potential investments, giving us confidence in our continued profitable growth and prospects.” FYDEC17E PE of circa 10x (EPS 14.3p) and yield of c 1%.
Filta Group Holdings (LON:FLTA) 135p £36.39m
The provider of fryer management and other services to commercial kitchens, announced the acquisition of Grease Management Ltd ("GMG") for a total consideration of up to £1.11 million in cash, being £1.0 million of initial consideration plus an amount of up to £110,000 in cash, representing the value of the net assets on the date of close, 21 August 2017. GMG is a long-established, UK-wide provider of drain-related services including live bacteria drain dosing and the installation and servicing of Grease Recovery Units. Over 75% of GMG's revenue is recurring in nature, with work typically being carried out quarterly under scheduled maintenance programmes. In its most recent unaudited annual accounts, for the year ended 31 May 2017, GMG reported a profit before tax of £135,000 from revenue of £1.28 million. FYDec17E rev £12.1m and £2.3m PBT, yield c.1.5%.
Ortac Resources (LON:OTC) 3.25p £4.84m
CASA has commenced exploration drilling operations at the 1.5 Moz Akyanga deposit in the Democratic Republic of the Congo ("DRC").
CASA Mining Ltd ("CASA"), is a private company focused on developing the Akyanga deposit, a highly prospective section of the Misisi gold project, in the DRC. Ortac currently owns 22.2% of CASA and also has a convertible loan note, which, if exercised, will increase Ortac's shareholding to approximately 45%. The current program involves circa 5,000m of diamond drilling, with the first phase of approximately 2,200m. The first phase of the programme is aimed for completion in October 2017, whereupon Ortac will update the market on progress.
Haydale Graphene (LON:HAYD) 172.5p £33.8m
The global advanced materials group, has agreed heads of terms for a technical and commercial collaboration with Rogers Advanced Composites Ltd ("RAC"). RAC is developing a composites centre located close to the Solent on the UK's South Coast. This collaboration will enable RAC to access Haydale's extensive technical know-how in composites, polymers and resins and to incorporate the range of advanced graphene enhanced composites, developed by Haydale, into its existing and future projects. RAC which has roots in the marine and yachting world, through its sister company Rogers Yacht Design, has built a strong reputation in the design and manufacture of advanced composite products. FYJun18E rev £5.85m and £2.3m PBT loss.
Bushveld Minerals BMN (LON:BMN) 9.5p £76.57m
The diversified mineral development company with a portfolio of vanadium, titanium, iron ore, tin and coal assets in Southern Africa announced that following the announcement on 20 March 2017 regarding a definitive Sales and Marketing Agreement with Wogen Resources Limited Bushveld Vametco Limited has agreed with Wogen to retire in full the US$3 million prepayment facility and to simultaneously increase the Vametco Alloys Limited working capital facility by same amount from US$6 million to US$9 million. Whereas the Agreement provided for full repayment of the prepayment facility by the end of 2018, the Company has taken the decision to retire the facility much sooner and expand the working capital facility to ensure greater flexibility in the financing of product sold. Wogen will continue to market Vametco's NitrovanTM product globally on an exclusive basis, with the exception of Japan and Taiwan which are covered exclusively by Sojitz Noble Alloys Corporation.
Rose Petroleum (LON:ROSE) 0.1p £3.95m
Rose has now received all necessary final approvals for its 3D seismic survey on its oil and gas exploration acreage in the Paradox Basin, Utah (the "Paradox Acreage") and the permitting process for the proposed survey is now complete. he team has now been mobilised to finalise the optimisation and design of the survey within the permitted area.
The Paradox Basin is a natural fracture driven basin, meaning that the drilling process targets "fracture swarms" to enable the natural fracturing to provide the commercial flow rates so "hydraulic fracking" is not usually required. The Company is in dialogue with a number of third parties about potential funding options for both the 3D seismic survey and the subsequent drilling programme.