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Breakfast News - AIM Breakfast : Access Intelligence Group, Ace Liberty & Stone plc, Ascent Resources Plc, EU Supply, GLI Finance Ltd, PureCircle Limited, Scisys Plc, Summit Therapeutics PLC

Published: 09:10 02 May 2017 BST

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What’s cooking in the IPO kitchen?

Shearwater Group—Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules.

ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017.

Global Ports Holding—Intention to float on Standard List of the Main Market.  International cruise ports operator. Seeking $250m raise including $75m primary offer.

Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p.

Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p.  Admission in May.

Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of  Main Market to enable investors to complete further due diligence.

  

Breakfast buffet

Ace Liberty & Stone* (AQSE:ALSP) 122.5p £48.12m

The active property investment company, capitalising on commercial property investment opportunities across the UK, has completed the purchase of Grosvenor Casino, 35a - 39a George Street, Manchester for £4,000,000. The property is let to Grosvenor Casinos Limited, a subsidiary of the Rank Organisation, at an annual rental of £300,000. The Company has also purchased the entire share capital of Lantana Properties Limited, a company registered in the British Virgin Islands and a single purpose vehicle which is the owner of Willow House, 23 Grosvenor Road, Aldershot for £1,050,000. These purchases continue Ace's policy of expansion of the portfolio by purchase of quality commercial properties.

Summit Therapeutics (LON:SUMM) 176p £109.9m

The drug discovery and development company advancing therapies for Duchenne muscular dystrophy and C. difficile infection ('CDI'), announced the online publication of results from the Company's Phase 2 clinical trial, called CoDIFy, in The Lancet Infectious Diseases. CoDIFy evaluated the Company's novel antibiotic for the treatment of CDI, ridinilazole, against standard of care, vancomycin. The results showed ridinilazole demonstrated substantial clinical benefit over vancomycin. This included ridinilazole achieving statistical superiority over vancomycin in sustained clinical response, a composite endpoint of cure at the end of treatment and no recurrence 30 days after treatment, a result which was driven by a large numerical reduction in infection recurrence. 

EU Supply (LON:EUSP) 12.75p £8.63m

The e-procurement software provider, has entered into a contract with Sogn & Fjordane County Council and participating municipalities (the "Customer") in Norway for up to 28 local and regional authorities and other public sector bodies to use EU Supply's CTMTM platform. The Customer represents a regional collaboration which involves a number of local and regional authorities using the CTMTM platform on a similar basis to that set out in the Company's contract win for another regional collaboration in Norway announced on 19 January 2017. The contract is expected to generate total revenues of up to £250k over 8 years, including licences and support, implementations and integrations. FYDec17E rev £4.3m. Pre-tax loss £0.15m.

 

GLI Finance (LON:GLIF) 19.88p £62.02m

Sancus BMS Group Limited, a wholly owned subsidiary of GLI, has subscribed for £3m of redeemable preference shares in a newly established special purpose vehicle  which was satisfied by the transfer of cash to the SPV. The SPV has simultaneously raised a further £11.45m  through the issue of senior notes to external investors. The senior notes were admitted to the Official List of The International Stock Exchange (formerly the Channel Islands Securities Exchange). The funds in the SPV will be used to make loans which will be arranged by Sancus and its subsidiaries. Over the two year life of the SPV, Sancus's return is expected to be materially comparable to that which it currently earns on its lending business. The SPV's loan portfolio will be managed by Amberton Asset Management Limited.

SCISYS (LON:SSY) 106.5p £30.96m

The supplier of bespoke software systems, IT-based solutions and support services to the Media & Broadcast, Space, Government, Defence and Commercial sectors, announced that it is to commence a £250,000 buyback programme. Its sole purpose is to mitigate the dilutory effect of expected share option exercises by employees of SCISYS. The Programme commences on 2 May 2017 and will continue, subject to the renewal of the Company's buy-back authority resolution at the AGM to be held on 8 June 2017, until no later than 20 July 2017. FYDec17E £53.4m rev and £3,99m PBT.

Range Resources (LON:RRL) 0.33p £25.1m

Following the  announcement on 13 March, Range has signed a Sale and Purchase Agreement with LandOcean for the acquisition of 100% of Range Resources Drilling Services LTD, an established oilfield services business based in Trinidad with a large modern fleet of 12 rigs, including 4 drilling rigs purchased during 2014.  An independent valuation report has been received by Range which confirms a fair market value of RRDSL of US$5.5 million. The transaction will constitute a reverse takeover Anticipates GM will take place during Q3 2017. The Company's shares will remain suspended from trading on AIM and ASX pending the publication of an admission document.

Access Intelligence (LON:ACC) 4.13p £11.86m

FYNov16 results from the specialist in corporate communications and reputation management software. Recurring revenues from continuing operations increased 39% to £8,834,000 including the full year contribution from the business acquired in June 2015, with recurring revenues constituting 92% of revenues. Gross margin reduced to 69% excluding one-time expenses, again reflecting the full year impact of the acquisition. Underlying EBITDA loss £498k.  Net debt of £2.1m from £2.6m.  ‘Following this hard work of integration, our 2017 strategy is largely one of consolidation providing a foundation for incremental growth from 2018 onwards.’ There are no market forecasts. 

Ascent Resources (LON:AST) 1.92p £35.2m

The European focused oil & gas exploration and production company announced that work has commenced to allow gas to be sold from well Pg-11A in addition to Pg-10, at the Petišovci field in Slovenia. Well Pg-11A was initially drilled in 2011 to a total depth of 3,500 metres, the well was side-tracked from 1,778 metres for operational reasons.  Three sand intervals in Pg‑11A, the L, M and N sands, were stimulated in stages and the combination tested at 2.5 MMscfd.

 

PPHE Hotel Group (LON:PPHE) 767.5p £323.9m

The Group which owns, leases, develops, operates and franchises full service upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe, announced its trading update for the three months ended 31 March 2017. LfL revenue increased by 17.0% to £53.3m  driven by a marked recovery in the leisure segment in London, the opening of the extension of Park Plaza London Riverbank, improved trading in Germany and a currency exchange rate benefit. LfL average room rate +11% to £111 and occupancy  up 560 pips to 71.6%. LfL RevPAR  up 20.7% to £79.5. ‘Trading since 31 March 2017 has remained encouraging and our overall results are in line with the Board's expectations in all markets. ‘FYDec17E rev £309.6m and PBT £35.96m.

PureCircle (LON:PURE) 329.5p £572.2m

Trading update from the producer and innovator of great-tasting stevia sweeteners for the global beverage and food industry. ‘On 30 January 2017, the Withhold Release Order placed on the Company's shipments to the US was removed following a comprehensive investigation by the US Customs and Border Protection ('CBP').  While we were pleased to report that shipments to the USA had resumed, the rebuilding of trade to previous levels has been slower than we had anticipated and cautioned to investors. This is primarily due to the eight month absence in the US market of unique PureCircle ingredients which deliver superior taste and calorie reduction and which were therefore central to delays in customer new product launches.’   FYJun17 rev to be materially below market expectations but pipeline remains strong. FY17E £107.9m rev PBT £6.9m.

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