What’s cooking in the IPO kitchen?
Whetstone Capital No raise. Due 5 January 2018. Mkt Cap £1.6m. Investment Vehicle for small and mid sized private and public companies.
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 £20.25m. Expected 10 Jan 2018
Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT.
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
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
Plus500 (LON:PLUS) 1,030p £1,017m
Plus500, an online service provider for retail customers to trade CFDs internationally, announced that the strong momentum in both trading and attracting new customers continued through to the year end. Record quarterly revenues were achieved in the final quarter of 2017 and approximately 246,000 new customers joined during the year (FY 2016: 104,432), which is another record for Plus500.
Accordingly, the Board anticipates revenues and profits for the year ended 31 Dec 2017 will be ahead of market expectations.
Plus500 has experienced strong volumes in crypto currency CFDs and has seen increased interest throughout the year in a category which we introduced in 2013. The Company’s broad offering enables customers to participate in the volatility of multiple crypto currencies, without owning the underlying asset. Plus500 remains focused on risk management which includes setting appropriate risk and leverage for all the instruments traded on its platform
The Company expects to report its preliminary results for the financial year ended 31 Dec 2017 before the end of Feb 2018.
WANdisco, the live data company, announced a record contract win with one of the world’s leading financial institutions to deploy the Company’s patented live data platform, WANdisco Fusion, rebranded as IBM Big Replicate, directly to the Client. The agreement, which is the second multi-million dollar contract in the financial services sector secured by WANdisco during 2017, will be delivered through the Company’s IBM OEM partnership and is valued at $4.32m in royalties to be paid to WANdisco.
WANdisco Fusion was selected after an extensive period of testing by the Client and was deemed to be the only enterprise-grade solution able to support critical Cloud and Big Data applications. Fusion will be used to enable the Client to move critical live data seamlessly between both primary and disaster recovery sites and the Cloud whilst ensuring the data is always available.
The Company continues to demonstrate that WANdisco Fusion is the only solution that can enable organisations to seamlessly move large volumes of live data with consistent and continuous availability whilst meeting regulatory requirements. WANdisco’s patented technology ensures our customers are able to multiply the impact of their IT investment to support exponential data growth without growing the IT budget.
Big Sofa, a fast-growing international video analytics provider to consumer brands and market research agencies, announced two significant contract wins with Target Corporation, a US retailer, and Zurich North America, the US company of the global insurance group.
Both customers have retained Big Sofa on a monthly subscription model, with initial terms of six and twelve months respectively (beginning 1 Jan 2018). The board anticipates that these subscriptions will lead to material revenue contributions during 2018.
Importantly, an element of Big Sofa’s strategy is to convert key client relationships into long-term, recurring revenue generating customers. As such, the board believes these subscription-based contract wins are further evidence of the validation of this strategy.
Target will leverage Big Sofa’s technology and expertise on a continuous basis to analyse existing and new video content to generate detailed insight into in-store consumer behaviour and preference. Zurich will build on its Big Sofa subscription to data-mine and analyse both existing and new customer video content to facilitate Zurich’s drive to put customers at the heart of its business strategy.
Pantheon Resources (LON:PANR) 52.5p £123m
Pantheon Resources, the oil and gas exploration company with a working interest in several conventional project areas in Tyler and Polk Counties, onshore East Texas, provides the following operational update:
Pantheon announced that the Unit Petroleum Rig #319 rig has spudded the VOBM#5 well, onshore Polk County, in which Pantheon has a 75% working interest. The VOBM#5 well is a step out development well from the VOBM#1 well and will be drilled vertically to a depth of circa 14,500 feet, targeting the Eagle Ford/ Woodbine sandstone formation.
Gas production volumes from the Polk County gas processing facility are currently averaging circa 3,000 mcf/d. In line with initial testing, the VOBM#3 well has experienced variability in production volumes which is believed to result from the well being located towards the edge of the reservoir as previously announced. Analysis is currently underway and it is probable that the operator will perform an intervention, such as acidization, in order to increase flow rates further.
Three separate hydrocarbon bearing Wilcox zones were encountered during drilling, analogous to key wells in the Tyler and Hardin Counties' Jazz field. It is intended that each of these zones will be isolated and, if warranted, tested individually.
Corero Network Security (LON:CNS) 6.75p £21.3m
Corero Network Security, the network security company, announced that its SmartWall® Threat Defense System 100Gbps technology has been selected by two North American customers, a service provider and a hosting provider, to deliver real-time DDoS protection to their respective end-customers.
The combined customer orders are worth in excess of $0.4m for SmartWall products and related one-year support services.
Earlier this year, Corero launched its Intel®-based 100Gbps appliance, following a two year development investment led by its Edinburgh software development team. The 100Gbps product (the SmartWall NTD1100) extends Corero's real-time DDoS mitigation leadership position by delivering line-rate protection at 100Gbps. The SmartWall NTD1100 complements Corero's 10Gbps product (the SmartWall NTD120). All SmartWall products share a common management and data analytics platform ensuring efficient management and consistent protection across a customer's network.
Applied Graphene (LON:AGM) 47.5p £23.5m
Applied Graphene Materials, the producer of specialty graphene materials, will make the following statement at the AGM:
"The Board remains pleased with the progress that the Group is making towards the commercialisation of its products and proprietary technologies; funding customer collaborations and joint development activity as well as continuing to target further production orders. Following on from our initial production orders the business secured additional production orders in 2017. Whilst the magnitude of these orders is not large, they represent important milestones in the development of the Company.
The number of active engagements increased significantly in the year and currently stands at around 100. Targeting further additional production orders remains the greatest ongoing priority for the Group, as we focus on converting these additional opportunities into production orders. Following the equity raise in October 2017, the Group is well funded as it seeks to capitalise on these opportunities"
BNN Technology (LON:BNN) SUSPENDED
BNN Technology , a technology, content and services company announced that it is continuing its discussions with Mr Darren Mercer relating to the repayment of the outstanding loan of circa £0.45m due to the Company by him. £0.27m of the Loan has now been offset by a bonus owed to Mr Mercer which was agreed by the Company in June 2016 and which had not been paid to date.
The board of directors of the Company became aware of the agreement to pay Mr Mercer the Bonus in Q2 2017 and it is acknowledged that the Company failed to account for this sum in its annual report for the year ended 31 Dec 2016, or any subsequent disclosure and the Board is undertaking to investigate this error.
The Company has recently been presented with information which Mr Mercer believes could reduce the amount of the remainder of the Loan. This is now under review and a revised balance of the Loan, together with a revised repayment schedule is expected to be agreed with Mr Mercer shortly.
Additionally, further amounts which were not included in the Loan are also being investigated by the Board, in light of the findings of the PwC Report.