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Breakfast News - James Cropper, Immupharma, Faron Pharma 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

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

IntegraFin provides platform services to UK clients and their financial advisers through its award-winning platform, Transact. Due Mar 18. FYSep2017 PBT up 44% to £29.9m.

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

SolGold (LON:SOLG) 24.3p £412m

Update on exploration at its 100% owned Timbara Project, in Southern Ecuador. 

* Two new outcrops of porphyry style copper mineralisation discovered at the Timbara Project.

* The Timbara Project is of Jurassic age similar to the nearby Fruta del Norte, Mirador and Santa Barbara deposits.

* Results from rock chip samples collected during stream reconnaissance at the Timbara Project include:

* 28.89% Cu, >100g/t Ag  in sample R03000252 (Timbara 4)

* 4.00% Cu,   >100g/t Ag  in sample R03000260 (Timbara 4)

The location and orientation of mineralised veins may represent a continuation of the highly prospective porphyry corridor identified on SolGold's La Hueca Project.

 

Randall & Quilter Investment Holdings (LON:RQIH) 149p £187.5m

“Randall & Quilter Investment Holdings Ltd. ("R&Q") announced the assumption of auto liabilities from a Connecticut domiciled risk retention group ("RRG") to R&Q's wholly owned A- admitted carrier, Accredited Surety and Casualty Company, Inc.

The Connecticut risk retention group, with estimated reserves of circa $1.6m, wrote auto liability policies in California during 2015. This transaction, through Accredited, provided full finality to the RRG for the auto liabilities assumed, which now enables the entity to wind up.    

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained: "We are very pleased to announce our first assumption with a risk retention group was completed prior to year end. This transaction is evidence of our unique ability to provide finality solutions to U.S. self-insurers through the use of Accredited and is an area which we are looking to expand in 2018." FYDec18E rev £188.65m and £20.05m PBT. Yield c.6%.

 

cloudBuy (LON:CBUY) 3.9p £5.1m

cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, expects to announce full results for the year ended 31 December 2017 on 16 March 2018. The Directors expect the EBITDA loss to be around half that of the previous year. Revenue for the year is expected to be below market expectations, whilst EBITDA is expected to be broadly in line with market expectations with the shortfall in revenue being almost offset by cost reduction measures. Year end cash is expected to be £2.5m after the receipt of £1.7m funding from Roberto Sella in December 2017.

Ronald Duncan Executive Chairman and CIO commented "Whilst 2017 was another difficult year for the Company, we have continued to execute our strategy of focus and simplification to half our EBITDA loss whilst dedicating the major resource required to deliver the PHBChoices contract with our customer NHS Shared Business Services." We could see no forecasts.

 

James Cropper (LON:CRPR) 1,797.5p £170.4m

Trading update from the advanced materials and paper products group. At the half year results, announced on 14 November 2017, it was stated that the full year's results for the Group were expected to be in line with the Board's expectations, notwithstanding a £2m adverse headwind due to a significant increase in pulp price impacting the Paper division. The initial impact of this headwind was offset by interim cost savings and the trading strength of the Technical Fibre Products Division ("TFP"). Since the half year results announcement, however, the price of pulp has continued to rise beyond levels forecast by the Group's external specialists. The full year impact of the higher pulp price on the Group's pre-tax profits is now expected to be approximately £3.5m, with a net impact, allowing for the strength of TFP's trading and the interim cost savings, of £1.5m.” PBT for FYMar18 now    expected at c.£5.7 m.

 

Immupharma (LON:IMM) 160.5p £212.7m

The specialist drug discovery and development company, is pleased to announce that, in response to institutional demand, it has completed a fundraise totalling £10 million (before expenses) via a placing of 6,944,445 new ordinary shares of 10p each in the Company at a price of 144p per share with new and existing investors.

ImmuPharma will apply these additional funds to support future investment in ImmuPharma's P140 peptide platform. The proceeds of the Placing will also provide the Company with additional working capital.

 

Faron Pharma (LON:FARN) 840p £245m

“Faron Pharmaceuticals Ltd ("Faron") (AIM: FARN), the clinical stage biopharmaceutical company, announces that the US Food and Drug Administration (FDA) has approved the Investigational New Drug (IND) Application for Traumakine, the Company's wholly-owned product for the treatment of Acute Respiratory Distress Syndrome (ARDS), which is part of the regulatory process towards BLA submission.  The FDA has already proposed that Faron can proceed directly to Biologics License Application (BLA) pending positive results from the two on-going Phase III trials (INTEREST in Europe and MR11A8-2 in Japan) and the IND forms part of this process towards BLA submission.” Top-line data from the INTERST study is due in the first half of 2018.

 

Tristel (LON:TSTL) 270p £116.05m

The manufacturer of infection prevention products, announces that a study conducted at the Khoo Tech Puat Hospital, Singapore, has concluded that the Tristel Wipe has comparable efficacy to a world leading peracetic acid high-level disinfectant (Rapicide; Cantel Medical, New Jersey, USA), and provides significant other advantages to a hospital.  The study has been published in the International Journal of Otorhinolaryngology and Head and Neck Surgery (Gan YJ et al. Int J. Otorhinolaryngol Head Neck Surg. 2018 Jan; 4(1):18-23). Cantel is one of the world's largest dedicated infection prevention companies quoted on the NYSE. “The results affirm the key advantages of our Wipes over alternative chemistries and disinfection methods. These advantages are the level and speed of kill and the capability of our Wipe System to be deployed anywhere within a healthcare setting without the need for power, water and space.” FYJun18E rev £22.4m and PBT £4.4m.

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