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Breakfast News - Hydrominer GmbH, Block Energy, Global petroleum and more...

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What’s cooking in the IPO kitchen?

AIM

Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg.

Block Energy—a  NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC

Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected 24 Jan 2018

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 Specialist Fund Segment

Sure Ventures  –Raising  up to £50m at £1. Focus on FinTech, IoT and Augmented/Virtual Reality. Postponed to 22 Jan.

 

Main Market Premium Listing 

Press speculation that iconic luxury car builder of James Bond fame, Aston Martin is considering a London IPO with a valuation of up to £5bn

GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.

Vivo Energy—The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries  reported by City A.M. to be preparing for a London float next year

                               

Breakfast buffet

Prospex Oil & Gas (LON:PXOG) 0.84p £10.19m

Prospex has been advised by the operator Po Valley Energy Limited that strong flow rates from testing operations have confirmed a significant commercial gas discovery at the Podere Maiar-1d appraisal/ redevelopment well.  Prospex holds a 17% interest in Podere Maiar, which is located on the Podere Gallina Exploration Permit in the Po Valley region of Italy, a proven hydrocarbon province.  Peak flow rates achieved at both levels during testing are as follows:

·     C2 (net pay of 25.5 m): 148,136 scm/day (5.2mmscf/d) on a 3/8 inch choke and a pressure differential of 11 bar with no water production - pressure recovery to formation pressure occurred in two minutes

·     C1 (net pay of 15.5 m): 129,658 scm/day (4.6 mmscf/d) on a 3/8 inch choke with good pressure recovery of approximately 12 minutes

 

Base Resources (LON:BSE) 16p £175.6m

Base Resources “is pleased to announce successful close of the retail component (Retail Entitlement Offer) of the 1 for 3 accelerated renounceable pro rata entitlement offer announced on Tuesday, 19 December 2017.

The Retail Entitlement Offer closed on 17 January 2018, with eligible retail shareholders subscribing for approximately 30.2 million new Base Resources ordinary shares (New Shares) at A$0.255 per share, raising gross proceeds of approximately A$7.7m.” “We are very pleased with the support demonstrated by our existing retail shareholders, with participation in the Retail Entitlement Offer representing take-up of approximately 70%.  With the strong support previously received in the institutional entitlement offer and placement, the capital raising has been a notable success.  We now move to finalise the Toliara Sands Project acquisition”.

 

Global petroleum (LON:GBP) 2.7p £5.47m

Following its recent notification of the publication of the Competent Person's Report ("CPR") by AGR TRACS on its Namibian Blocks 1910B and 2010A (Licence PEL0029 - "the Licence"), the Company will shortly commence a structured farmout process, with the intention of future work on the block being financed by a farminee. Global holds an 85% working interest in the Licence, and is Operator.

Global is also pleased to announce that it has appointed Stellar Energy Advisors ('Stellar') to advise the Company in relation to the farmout. "Following the publication of the CPR, which has confirmed the high level of prospectivity on our Blocks, we feel that the time is now right to commence a structured farmout process. We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration.”

 

Gfinity (LON:GFIN) 24.5p £53.5m

The “leading international esports entertainment group, announces that Paris-based esports franchise, ARES, has acquired its place on the roster at the Gfinity Elite Series season three, which is due to commence in March 2018.

ARES is supported by a variety of World-renowned athletes, including a host of professional football players. Bayern Munich and Columbia midfielder James Rodriguez, Yannick Carrasco of Atletico Madrid and Belgium and Tottenham Hotspur's Moussa Sissoko are among the top names involved with the organisation. 

Headquartered in Paris, France, ARES hosts its own competitions to discover the very best talent from across the world, with the tournament winners offered a professional contract - much like making the Elite Draft based on player ranking in Gfinity's Challenger Series.  We could see no forecasts.

 

Bonmarch Hldgs (LON:BON) 91.5p £45.77m

“One of the UK's largest women's value retailers, presents its trading update for the 13 and 39 week periods ended Saturday 30 Dec 2017, and confirms that the Board's profit expectation for the year remains unchanged.

Sales for the 13 weeks ended 30 December 2017 decreased by 5.5% against the corresponding period in FY17. Store LFL sales decreased by 9.7% and online sales increased by 28.5%. Sales for the 39 weeks ended 30 December 2017 increased by 0.9%; store LFL sales decreased by 2.8% and online sales increased by 35.5%. The table below summarises the figures and for reference also includes the figures for the five week period ended 30 Dec 2017.

Anticipating the continuation of difficult market conditions during our third quarter, we adjusted our stock purchasing plans, and therefore the level of discounting was reduced compared to last year, resulting in a slight improvement in the gross margin percentage. Meanwhile, costs have been tightly controlled, and the Company's financial position remains sound.” FYMar18E rev £197m and PBT £8m. Yield c.5.7%.

 

Altus Strategies (LON:ALS) 7.75p £8.35m

“The Africa focused exploration project generator, announces that Legend Gold Corp.  (TSX.V: LGN) has received the requisite shareholder approval in connection with the proposed plan of arrangement pursuant to the arrangement agreement between Altus and Legend that was announced on 21 November 2017.”

"The approval of Legend's shareholders for the proposed plan of arrangement is a transformational and accretive milestone for both Legend and Altus. The enlarged project generator company will offer shareholders direct exposure to a robust and well managed portfolio of nineteen projects at different stages of advancement, diversified by six commodities, across five countries and with two active joint venture partnerships.”

 

Motif Bio (LON:MTFB) 37.5p £98.35m

The “clinical-stage biopharmaceutical company specialising in developing novel antibiotics, today announced that the Company has filed a "universal" shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (the "SEC"). The filing of a shelf registration statement, a common practice by NASDAQ-listed companies, is intended to provide the Company with more timely and efficient access to the U.S. capital markets.”

Once declared effective by the SEC, the shelf registration, which can remain effective for up to three years, will enable the Company to offer, issue and sell, in one or more offerings at any time (as long as the shelf registration statement remains effective), up to an aggregate of $80m of  securities.

 

Blancco Technology (LON:BLTG) 65.72p £42.1m

The global provider of mobile device diagnostics and secure data erasure solutions, today issued a trading update for the six months to 31 December 2017.

“During the six months to the end of December 2017 significant management time and effort was focused on the immediate priorities required to place Blancco on the best operational and financial footing following the resignation of the CEO and the review of the accounting for contracts and financial controls.

Revenue in the first half of the current financial year was marginally behind that of the same period last year, but we expect trading to grow during the second half leading to positive full year revenue growth. The impact of currency has been slightly adverse following the strengthening of Sterling.” “We now expect full year revenues to be towards the lower end of our guidance range while AOP and cashflow remain in line” FYJun18E rev £33.28m and £0.58m PBT

 

Character Group (LON:CCT) 454p £95.63m

AGM Update. “Trading for the first four months of the current financial year, which includes the all-important 2017 Christmas retail sales, were in line with expectations. Whilst international sales were adversely impacted by many factors, not least of which was the global refinancing of one of the world's largest toy retailers, domestic sales continued to perform well, showing growth when compared against the comparable period in the previous year.”

“As reported in the 2017 Annual Report and Accounts, whist the Group's performance for the half year to 28 February 2018 will reflect the overall lower trading compared to 2017, the Board remains confident that, absent any major external factors, the Group will return to its previous growth pattern during the second half of this calendar year and this will be fully reflected in the strength of the trading for the financial year to 31 August 2019.”

 

FYAug18E rev £107.7m and £10.47m PBT. Yield c.3.5%.

 

Weatherly  International (LON:WTI) 1.51p £16m

Quarterly Operations and Production Update from the  copper mining company operating in Namibia in southern Africa.

· Tschudi cathode production improved by 15% quarter on quarter to 4,739 tonnes, which is 11.5% above nameplate over the quarter

· Tschudi C1 costs reduced by 16% to $4,551 per tonne

This outcome was assisted by some short-term benefits from relatively-fast leaching of additional oxide ore mined from an interim pit pushback bringing forward some leaching output.  The grade of this additional oxide ore was lower, reducing the tonnage of contained copper metal stacked in the quarter. Some early seasonal rains were received on site but they have had minimal impact upon the operation thus far. Mining and stacking of slower-leaching mixed ore has resumed, and the main wet season is now approaching. The Company and its subsidiaries are unlikely to generate sufficient surplus cash to meet all loan repayments when due, particularly in the near term. The Company continues to positively engage with Orion on the subject. FY Jun18E rev $73.06m and PBT $1.97m. 

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