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Breakfast News - AIM Breakfast : Altitude Group, ATTRAQT Group plc, Corero Network Security PLC, INLAND, Landore Resources Ltd., Nasstar Plc, PureCircle Limited, Sound Energy PLC, W Resources PLC

Published: 09:55 17 May 2017 BST

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What’s cooking in the IPO kitchen?

AIM

I3 Energy –Schedule 1. Independent oil and gas Company with assets and operations in the UK.  Offer TBC, 26 May admission.

Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May.

Eve Sleep —  Schedule 1 from the e-commerce focused, direct to consumer European sleep brand. Raising £35m at £1.01. Expected mkt cap £140m. Expected 18 May 2017.

Velocity Composites — Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft.  18 May 2017 admission expected. Raising £14.4m at 85p. Expected mkt cap £30.4m.

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 late May.

Main Market Premium Listing

AEW UK Long Lease REIT — Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property

Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m.

Kuwait Energy — $150m raise plus vendor offer. Admission due June.  2p reserves 810.0 mmboe

Main Market Standard Listing

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.

Main Market Specialist Funds

Tufton Oceanic Assets – Extended to 9 May on specialist funds segment of  Main Market to enable further due diligence.

PRS REIT— Private rental sector REIT raising up to £250m.  Admission due 31 May.

  
 
Breakfast buffet

Landore Resources(LON:LND) 3.05p £23.96m

Update on  extension and infill drilling of the BAM East Gold Project on its Junior Lake Property, Ontario. Drilling on the inferred section of the BAM East Gold deposit has intersected widespread gold mineralisation within a similar lithological package to the Central Zone with multiple instances of visible gold (VG) in the drill-core. The BAM East Gold deposit has now been confirmed over 700 metres of strike length and remains open down dip, to the east and to the west along strike. Includes 27.6m at 1.39 g/t and 0.72m at 12.45 g/t.

Nasstar (LON:NASA) 8.75p £50.71m

The provider of hosted managed and cloud computing services announced that following the testing of its senior debt covenants as at 31 March 2017, at which point leverage targets were surpassed, the interest margin payable by the Company on its senior debt has reduced today to 2.5% from 2.75%.  "This represents a further step-down in our debt costs following the reduction we achieved last year and once again demonstrates our continued capability to deliver against our business plan."  FY Dec 2017E  £25m revenue and PBT £3.5m. Yield 1.1%.

ATTRAQT Group (LON:ATQT) 44.5p £47.33m

Update on Fredhopper integration from the provider of onsite search, online merchandising and eCommerce personalisation technolog­y. The Acquisition has been transformational both in terms of the scale and scope of the enlarged Group and following the successful completion of the comprehensive reorganisation, the Company is now fully aligned under the single ATTRAQT Group plc brand, offering its customers two products, namely Fredhopper and Freestyle Merchandising. The Group has formed one integrated sales and account management team. The single on-boarding and software development team have already been working collaboratively. Potential for significant cost savings. New VP of Sales in North America, Bruce Gilburne, reinforcing the Group's commitment to international growth. FYDec17E £14.95m, PBT £1.06m.

Corero Network Security (LON:CNS) 22.75p £28.4m

The network security Company announced an additional order of $0.5m for its SmartWall® Threat Defense System (SmartWall) from the US-based international hosting provider that initially placed an order of $0.7m in March 2016. With this latest order, the top 10-ranked provider becomes Corero's second $1m+ SmartWall customer. The order provides additional DDoS mitigation capacity for this growing customer with over one Terabit of SmartWall DDoS mitigation capacity. In addition to the one time purchase amount of $0.5m, the recurring revenue from this contract now exceeds $0.5m per annum.  FYDec17E rev £9.5 and £5.5m pre-tax loss.

Inland Homes (LON:INL) 61.25p £123.71m

The leading brownfield regeneration specialist and housebuilder with a focus on the South and South East of England, has received a resolution to grant planning consent to develop 148 residential units at Sherborne Wharf, Birmingham, in the Company's first scheme in the Midlands.  The site comprises three connected areas of land and Inland has secured planning permission for the development of 148 residential units, comprising 45 one bedroom and 103 two bedroom apartments. The site has an expected GDV of approximately £30m. Consent for a further 58 units  at Beaumont Works in St. Albans also announced. FYJun17E EPS of 7.15p and div of 1.35p.

Sound Energy (LON:SOU) 67.31p £486.8m

The SAIPEM rig has now arrived at the Company's Sidi Moktar asset, onshore Morocco ahead of the re-entry and testing of the Lower and Middle Jurassic in two existing wells on the Kechoula discovery. The two wells to be re-entered and tested by the Company, Koba-1 and Kamar-1, have already been drilled at Kechoula by previous operators and have been estimated to have an unrisked mid case original gas in place (GOIP) in the Lower Liassic reservoir of 293 Bscf (gross).  Exploration potential up to 9 Tcf. Sound  plans to complete a 2 stage workover of the two wells. Should they deliver a commercial flow rate, the Company will complete an Extended Well Test and assuming a successful test, target first commercial gas to the domestic market, around the end of 2017.

Altitude Group (LON:ALT) 67p £31.07m

The operator of a  marketplace for personalised products intends to raise up to £2.5m at 60p in a placing. Peter Hallett, Sanjay Lobo and Gellan Watt, directors of the Company, intend to participate in the Placing. In addition, Keith Willis, a substantial shareholder, has agreed to sell down 1,816,668 ordinary shares  taking the total placing to £3.6m.  Use of proceeds include the acquisition of certain assets of AdProducts.com Limited (AdProducts), a small UK based supplier of promotional products, for a cash consideration of £0.8m (subject to a stock valuation adjustment). The asset purchase agreement is conditional on, amongst other things, the receipt of relevant vendor bank consents. AdProducts 2016 revenue was £3.5m with a profit before tax of £0.3m.

PureCircle (LON:PURE) 317p £550.59m

As a result of its cutting-edge work with stevia, PureCircle has been granted more stevia-related patents than any other company globally in each of the last five years. In the year ended April 30, 2017, the Company was granted 15 new patents globally. In addition, during that one-year period, it applied for 70 additional patents. Those new patents and patent applications are in addition to the Company's already significant patent protection and activity.  As of April 30, 2017, PureCircle held a total of 72 granted patents, and had 205 applied-for patents pending worldwide.  These patents -- and applied-for patents -- cover stevia-related products and processes. FY Jun17E rev £107.8m and PBT of £6.8m.

W Resources (LON:WRES) 0.32p £14.4m

Final Grant Application submitted to the Junta de Extremadura Government for the La Parrilla tungsten and tin project in Spain. The Grant Application is for a percentage of the €19.5m plant and facilities package for the La Parrilla Fast Track Mine development, which includes the Crusher, Jig / Mill Plant and the Concentrator. Over the next 3 to 6 months, the Government will evaluate the full application and (if approved) determine the percentage of the €19.5m package that they will fund, up to 30% of that amount. La Parrilla, once fully developed, will be the largest tungsten mine in Europe.

Redstone Connect (LON:REDS) 1.48p £30.66m

The leading provider of technology and services for smart buildings and commercial spaces, is pleased to announce it has secured a five year software licence agreement to deploy its proprietary Connect Digital Platform retail solution at thecentre:mk in Milton Keynes. The contract will generate approximately £500,000 in both annuity and volume driven licence income for the Company over the term of the licence agreement. FYJan18E rev £47.5m and PBT £2.2m.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

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