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Breakfast News - AIM Breakfast : Chaarat Gold Holdings Ltd, Collagen Solutions PLC, i3 Energy Plc, International Greetings plc, Ironridge Resources Limited, MedaPhor, Marshall Motor Holdings, President Energy PLC

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What’s cooking in the IPO kitchen?

AIM

City of London Group (COLG) - Sch 1—RTO of  Milton Homes Limited,  an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017.  Offer TBA. Due 5 Oct

Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”

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

People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014.  Part vendor sale and £20m primary raise.

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London 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 Sep.

 

 

Breakfast buffet

Collagen Solutions (LON:COS) 5p £16.23m

The developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, announces that the final patient has been assessed in the eight-year extension clinical study of 15 patients who received a ChondroMimetic® implant as an osteochondral scaffold for the repair of cartilage defects in the knee. ·      Clinical trial enrolled 17 patients in 2009-2010; six-month results demonstrated safety and improved clinical outcomes

·      Original six-month MRI data analysed retrospectively in 2017 using quantitative MRI techniques indicated early improved structural defect repair. -­      15 patients enrolled between June and September 2017 for prospective eight-year extension study

·      Full clinical and quantitative MRI data analysis ongoing. “To our knowledge, ChondroMimetic will be the only arthroscopically applied cartilage scaffold backed by long-term evidence, significantly differentiating it from competing therapies.” Potential US $0.5B-$1B mkt opportunity.

ImmuPharma (IMM.L) 49p £64.94m

“The specialist drug discovery and development company, is pleased to provide an update of its pivotal 52-week, randomised, double-blinded, Phase III clinical trial of Lupuzor™, its lead programme for the potential breakthrough compound for Lupus, the life threatening auto-immune disease.

 

·   200 patients successfully recruited and randomised (dosed)

o  all patients in the study have passed the 6 months stage

o  52 patients (26%) have completed the full 12 months of the study

 

·      Continued robust safety record which remains consistent with Lupuzor™'s product profile as shown in its previous Phase IIb study

 

·      Top line results remain on track to be reported in Q1 2018”

Ironridge resources (LON:IRR) 37.25p £101.49m

Encouraging trenching and soil sampling results have been received for the Dorothe gold project in Chad, Central Africa. The results demonstrate that multiple high-grade gold intersections returned across fresh rock trenches.  Intersects include: 

o  8m @ 4.73g/t gold

o  12m @ 2.87g/t gold

o  10m @ 2.98g/t gold

o  10m @ 2.05g/t gold

o  4m @ 4.67g/t gold

o  4m @ 4.61g/t gold

o  2m @ 8.9g/t gold

Ø Mineralisation open along strike within the Dorothe Main Vein zone ('DMV') and open in all directions within the broader Dorothy Artisanal Pitting zone ('DAP').

Ø Large untested areas of potential mineralisation concealed below thin cover within the DAP.

Ø Potential scope for both high-grade, narrow mineralisation and broad, large scale bulk mineable mineralisation.

Ø Three (3) significant gold anomalous zones defined in soil sampling in the northern half of the license, highlighting additional exploration upside.

 

Chaarat Gold Holdings (LON:CGH) 16.75p £58.92m

The exploration and development company with assets in the Kyrgyz Republic, provided an update on the in-country approval process for the Chaarat Gold Project.

·     Licence agreement signed with Kyrgyz Government confirms approval for the plan to take stage one and two of the Chaarat Gold Project to production following successful submission of the Technical Project (TP) and positive public hearing

·     Tulkubash Heap Leach Project approved for construction

·     Stage two refractory deposit can be developed when appropriate

·     Local environmental impact assessments and mitigation strategies approved

·     Land allocations for the main operational and infrastructure facilities secured

 

IG Design Group (LON:IGR) 361p £227.9m

The specialist in celebration, gifting, stationery and creative play products is acquiring the trade and certain assets of Biscay Greetings Pty Limited, a leading greetings card and paper products business based in Australia.  Completion will take place on 8 January 2018.  Cash consideration of AUD9m (£5.5m) using local debt facilities. Stock and fixed assets acquired are estimated at a market value of AUD5.0m (£3.1m) with the balance of the consideration to be treated as intangible assets and goodwill.  The consideration represents 2.7x EBITDA for the year ended 30 June 2017 although an injection of working capital of up to AUD3m (£1.8m) will also be required.

FYMar18 rev £325m amd £19.1m PBT.

 

President Energy  (LON:PPC) 7.63p £72.7m

The upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, has acquired 100% of Chevron's operated interest in oil producing assets at Puesto Flores/Estancia Vieja in the prolific Neuquén Basin situated in the Rio Negro Province, Argentina.

Adds in excess of 1,200 bopd net current production, currently selling at $55/barrel with a US$27 netback/barrel, taking the Company's current production in Argentina alone to over 2,000 bopd.     Adds 5.46 MMboe of net independently assessed 2P Reserves of which 3.6 MMboe is 1P proven, taking independently assessed Reserves in Argentina to 16 MMboe of 1P and 25 MMboe of 2P.   US$400k purchase price paid to Chevron for remainder of Concession period to mid November 2017.     US$15m to be paid to the Rio Negro Province following ratification by the Provincial Legislature of the already signed Extension Agreement for a 10-year extension of the Concession. FYDec17E rev £17.9m and £2.6m loss.

MedaPhor Group (LON:MED) 16p £5.48m

The global provider of advanced ultrasound training simulators for medical professionals, has won a multi-system ScanTrainer and HeartWorks contract at Mohawk College in Canada. The college, which runs the largest sonography programme in Canada and which had already purchased two ScanTrainer systems in 2014, is installing a further two ScanTrainers and two HeartWorks systems into its new simulation facility.

"This is one of the most significant contract wins for MedaPhor. Customers are recognising the value of our ScanTrainer and HeartWorks multi-disciplinary product offering that can enhance educational outcomes for their students. Mohawk is truly innovative in its approach to education and boasts the largest sonography cohort in Canada, making this a truly exciting institution to be working with." We could see no forecasts.

I3 Energy (LON:I3E) 33p £8.48m

The independent oil and gas company with assets and operations in the UK, announced that detailed engineering studies to enable i3's 100% operated and owned Liberator field to be tied into the existing Blake field 'host' infrastructure and produced through the Bleo Holm Floating Production Storage and Offloading vessel ('FPSO') have commenced. These studies will confirm the final technical requirements and installation schedule for the tie-in. The results of the engineering studies, in combination with the completed site survey information, announced 25th August 2017, will be used to support the Liberator Field Development Plan presently under consultation with the UK Oil & Gas Authority. The Company continues to advance discussions with the supply chain and multiple sources of potential financing to fully fund the Liberator development.

Marshall Motor Holdings (LON:MMH) 166.5p £128.9m

The automotive retail Group announced the proposed strategic disposal of its wholly-owned leasing segment, Marshall Leasing Limited to N.I.I.B Group Limited (which trades as 'Northridge Finance'), a wholly owned subsidiary of Bank of Ireland (UK) plc for a gross cash consideration of £42.5m.  The Disposal is conditional upon Bank of Ireland receiving regulatory approval from the Financial Conduct Authority ("FCA") to acquire MLL.     The Disposal will allow MMH to focus on its core motor retail business and to continue the Group's successful strategy of driving both organic growth and targeted acquisitions with existing brand partners. Pro-forma net cash as at  30 Jun 17 assuming disposal had occurred £4.6m vs £101m net debt. FYDec17E rev £2.2bn. PBT £28.1m, PE c.6x, yield c.4%

Kryptonite 1 (AQSE:KR1.) 4.25p £4.4m

The Company has invested GBP200,000 for 99,010 ordinary shares in Vo1t Ltd ("Vo1t").

Vo1t is a digital custodian that stores blockchain-based digital assets including Bitcoin, Ethereum, Ripple, Zcash, Litecoin, Ethereum Classic and Bitcoin Cash. Vo1t offers its clients a unique features including the abilityto redeem assets within 120 minutes and a robust insurance offering. The high-security solution is currently running version 2.0 and is fully operational with their existing clients.

 

Kryptonite 1's investment represents a fully diluted position of 5% in Vo1t and represents the first major round of external funding Vo1t has completed.

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