What’s cooking in the IPO kitchen?
AIM
Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct.
Cora Gold— West African focused gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Raising £3.45m at 16.5p. Mkt Cao £9.07m.
Springfield Properties—Scottish housebuilder. “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.” Expected Mid October. Offer TBA.
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 Standard Listing
Glenveagh Properties— Dual Dublin and London IPO. Irish homebuilder with a principal focus on the Greater Dublin Area. The Group will combine an attractive land bank with a Gross Development Value of c.€1.1 billion. Seeking to raise gross proceeds of up to €550 million. Due 10 Oct
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.
ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.
Breakfast buffet
Beximco Pharma (LON:BXP) 59p £53.66m
The fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces that it has entered into a non-binding Memorandum of Understanding ("MoU") under which Beximco Pharma may acquire a majority shareholding (85.22%) in Nuvista Pharma, a leading pharma company in Bangladesh specialising in hormones and steroid drugs. Scheduled to complete by end of December. In the six months to 30 June 2016 (the last audited accounts prepared by Nuvista Pharma), the company generated Revenue of BDT 0.75 billion, profit before taxation of BDT 36 million and had Net Assets of BDT 0.43 billion. The consideration for the Proposed Acquisition would be satisfied in cash. The Directors believe that the Proposed Acquisition will, if completed, accelerate revenue growth and improve the earning potential for Beximco Pharma. Further due dil and negotiation required. We could see no forecasts.
RWS Holdings (LON:RWS) 395p £905.98m
FYSep17 trading update from the provider of intellectual property support services. “RWS has enjoyed its best year ever and the Board expects Group revenues to be not less than £163 million compared to £122 million in 2016, an increase of at least 33.6%. This excellent performance has been driven by significant growth in the core translation activities, an additional month's contribution from Corporate Translations Inc. ("CTi"), our initial US life sciences acquisition in November 2015, and a strong contribution from LUZ, our second life sciences acquisition in mid-February 2017. The Group has also benefitted from currency tailwinds.
Adjusted profit before tax (before amortisation of intangibles, share option costs and exceptional acquisition costs) is also expected to have performed strongly and ahead of market expectations, reflecting improved gross margins, the two acquisitions and currency benefits.” FYSep18E £161m rev, PBT £32.8m, div 6.93p.
GlobalData (LON:DATA) 570p £582.4m
“GlobalData announces that it has been advised by Mike Danson (the "Selling Shareholder"), the Company's Chief Executive, that in response to demand from investors he intends to sell approximately 1.4 million ordinary shares in the Company (the "Placing Shares") via an accelerated bookbuild placing to institutional investors at a price of 540 pence per share (the "Placing"). The Placing Shares represent approximately 1.4 per cent. of the issued share capital of GlobalData.
Assuming that all of the Placing Shares are sold, the Selling Shareholder would continue to have an interest in 69,904,325 ordinary shares in the Company, representing approximately 68.3% of the Company's issued share capital.”
FYDec17E rev £118.2m, PBT £19.93m, Div 7.7p.
Finsbury Food (LON:FIF) 108.5p £141.4m
The UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, announces that further to its announcement dated 23 August 2017, a decision has been made to close the Grain D'Or factory. The closure, which is anticipated to be completed by 2 December 2017, means that the Company will benefit from not supporting the losses associated with the factory. The Company's lower cost base and greater focus on profitable markets means that it is well positioned for future growth, despite current market conditions, and to benefit from any future upturn in the market. The Board's expectations in relation to its financial performance for the year ended 30 June 2018 remain consistent with the guidance previously delivered to the market, albeit that the adjusted profit performance will be achieved from a lower revenue base. FYJun18E rev £324.2m and PBT £17.48m. PE c.10x, yield c.3%.
Totally (LON:TLY) 48p £25.19m
The provider of a range of out-of-hospital services to the UK healthcare sector, announces it has conditionally agreed to acquire the entire issued and to be issued share capital of Vocare Limited, one of the leading providers of urgent care services in the UK, for a consideration of up to £11.0 million (the "Acquisition") on a cash free and debt free basis, with a normalised level of working capital. Vocare has experienced substantial revenue growth with revenue growing from approximately £32.4 million in the financial year ended 31 March 2015 to approximately £76.8 million in the year ended 31 March 2017. This revenue growth has been driven by Vocare securing substantial new contracts covering both NHS 111 services and urgent care. Anticipates expediting the turnaround in Vocare's quality of service following recent inspections and reports published by the Care Quality Commission concerning inadequacies in certain of Vocare services.
Mirada (LON:MIRA) 1.08p £1.49m
New contract win for its Iris multiscreen solution from the provider of integrated software solutions for digital TV operators and broadcasters. The five year contract is with Digital TV Cable Edmund S.R.L a Bolivian pay TV operator and broadband services provider based in Santa Cruz, Bolivia. Under this significant contract, Mirada will deploy its entire suite of Iris multiscreen products, including its over-the-top ("OTT") platform and back-end application, Iris SDP, across Digital TV Cable's network. A gradual roll-out is planned over five years, with a target of up to nearly one million devices. ‘With Bolivia's pay TV household penetration rate predicted to grow from 10.9% in 2014 to 27.1% by 2019, this project will see Mirada entering into a new and highly promising market. ‘ We could see no forecasts.
Vast Resources (LON:VAST) 1.37p £1.91m
The ‘mining company with operations in Romania and Zimbabwe, is pleased to advise shareholders that as a result of the consistently positive results delivered from the drilling and development programme at the Carlibaba Deposit located adjacent to the Company's producing Manaila Polymetallic Mine in Romania, coupled with the 2018 off-take bidding process for the concentrate production, Vast has been presented with a number of potential non-dilutionary financing options to advance its Romanian interests. As such, the Company is in discussions with metal traders and debt providers to finance the new metallurgical complex planned for Manaila and in particular to cater for the extended mine life that the scheduled new open pit at Carlibaba provides.’ ‘The possible introduction of a debt facility will reduce the Company's requirement from the potential strategic investors referred to in the Company's announcements of 24 July 2017 and 25 September 2017 or of any other potential incoming partner at the subsidiary level by almost 50% of the US$10 million.’
Macau Property Opportunities Fund (LON:MPO) 164p £125.35m
Q3 update: Occupancy at The Waterside reached 64%. Six new leases were secured during the quarter.
· Another unit at The Fountainside sold. The 1,620-square-foot apartment was disposed of for US$1.2 million, or US$736 per square foot.
· Marketing of Estrada da Penha continues. Our marketing team is working closely with the appointed agency to promote the property.
· Macau's gross gaming revenue continues to grow. Analysts have raised their growth estimates for 2017 to 18%.
· Residential property market continues to recover. A verage home prices grew 14.5% year-on-year despite the imposition of lower loan limits.
Duke Royalty (LON:DUKE) 36.25p £16.45m
Duke has entered into its second royalty financing agreement with Lynx Equity (U.K.) Limited, the UK-based subsidiary of Lynx Equity Limited.
Duke has committed £7.0 million, with an initial tranche of £4.5 million to be drawn down immediately, with the additional £2.5 million being drawn down at the completion by Lynx UK of an imminent acquisition, which is expected to be completed in the coming weeks. The Financing represents the beginning of the relationship with Lynx as a Royalty Partner, as Duke has become Lynx's preferred European capital provider, with the potential to provide a further £8 million of funding equating to £15 million over time. Lynx is a Toronto-based private firm that seeks to acquire, own and operate mature, old-economy businesses in a diverse range of industries. Over its 10-year history, Lynx has made over 40 acquisitions and grown revenue to over C$300 million per annum for its financial year ended 31 July 2017. FYMar18E rev £1.4m, PBT £0.86m, div 2p.
SolGold (LON:SOLG) 39.5p £598.92m
Update on the drilling results of Holes 23R-D1, and 24-D1R and the progress of drilling at Cascabel, the Company's 85% owned copper-gold porphyry project in Ecuador.
Ø Hole 23R-D1 (Alpala Central) assay results return 695.1m grading 1.37% copper equivalent (0.72% copper, 1.02 g/t gold) from 694.9m, including 458.0m grading 1.68% copper equivalent (0.88% copper, 1.26 g/t gold) from 838.0m.
Ø Hole 24-D1R (Alpala Southeast) final assay results return 512.9m grading 0.53% copper equivalent (0.34% copper, 0.30 g/t gold), including 262.8m grading 0.86% copper equivalent (0.52% copper, 0.53 g/t gold) from 755.2m.
"Hole 23R-D1 and 24-D1R assay results demonstrate strong potential for significant extensions to the Alpala Deposit into the Alpala East and Alpala Southeast sectors.”