Proactive Investors - Run By Investors For Investors

Breakfast News - AIM Breakfast : Cyan Holdings PLC, K3 Business Technology Group, OneView Group plc, Park Group plc, Plexus Holdings, RhythmOne, Silence Therapeutics plc, Travis Perkins

Breakfast News - AIM Breakfast : Cyan Holdings PLC, K3 Business Technology Group, OneView Group plc, Park Group plc, Plexus Holdings, RhythmOne, Silence Therapeutics plc, Travis Perkins

What’s cooking in the IPO kitchen?

AIM

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

Spinnaker Opportunities—Seeking RTO. Targeting a single, material acquisition in the energy or industrial sector. Due 17 May.

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

OneView Group* (LON:ONEV) 4p £14.07m

The digital transformation software providers for in-store customer service announced that Travis Perkins (LON:TPK), is piloting its Point of Sale (POS) transformation at Wickes, the home improvement retail business. OneView's hosted, cloud-based Digital Store Platform went live at Wickes' Bristol store over the Easter weekend, initiating the retailer's busiest season.  The pilot demonstrated that OneView's Digital Store Platform reduces promotion set-up time from more than a day to minutes, driving sales volume and improving customer satisfaction. Equity fund raising discussions with shareholders continue. Debt holders have agreed that the entire $4m of convertible debt will convert into equity at the price at which new equity is to be raised.  This is contingent on the equity fund raise completing and  that post conversion no party holds a stake of more than 29.99%.

Silence Therapeutics (LON:SLN) 85p £59.49m

The specialist in the discovery, delivery, and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announces a significant expansion of its chemical modification patent estate.  Subsequent to the March award of patent award EP 2258847B “Silence has expanded and strengthened its patent estate by filing additional divisional and continuation patent applications in Europe and the US respectively.  We believe these applications are also relevant to the third-party medicines listed above.  [3rd party medicines in ongoing clinical trials for conditions including, but not limited to, Hypercholesterolemia, TTR-mediated Amyloidosis, Haemophilia and Acute Hepatic Porphyrias.  Chemical modification technology is vital to prevent the degradation of therapeutic short interfering RNA (siRNA) molecules and to enable potent RNA interference (RNAi).”

CyanConnode Holdings (LON:CYAN ) 0.18p £32.1m

FYDec16 results from the specialist in narrowband radio mesh network. Revenues of £1.8m versus £0.3m. Delivery well advanced against two contracts to Enzen Global Solutions  in India. Underlying operating loss increased 25% to £6.1m. Largest contract win to date worth £10m in Iran. New equity funding of £12.8m. Successful acquisition and integration of Connode Holding  AB. UK smart metering contract with expected revenues of £25m in place. There are no market forecasts.

Park Group (LON:PKG) 81.63p £150.49m

The multi-retailer gift voucher and prepaid gift card business focused on the corporate and consumer markets,  announced that its award-winning corporate incentives and rewards division, Love2Shop Business Services, is to start offering a portfolio of digital and physical rewards products to a worldwide audience. The initiative allows the strategic progression and expansion of Park's UK-based digital reward platform, 'Evolve'.  To date, 'Evolve' has  processed nearly £2m in digital reward value in the UK and attracted 150 blue-chip, household name businesses and organisations, who use the tailored platform to reward and incentivise their own employees and to drive customer acquisition 14.7x Mar17E PE and 3.5% yield.

Plexus Holding  (LON:POS) 63.88p £67.3m

Trading update  from the oil and gas engineering services business. Challenging conditions continue. Pursuing various opportunities but discussions taking longer than expected. This has resulted in a further material reduction of revenues for FY17.   However, as a result of the Company's successful cost cutting and efficiency drive programme, which has already reduced costs to align them with a reduced revenue profile, the impact on EBITDA and LBT is expected to be less significant.   The Directors are confident of improving results for Plexus during FY18. FYJun17E £6.2m rev and £6.85 PBT Loss.

K3 Business Technology (LON:KBT) 249.5p £89.8m

Trading update from the provider of mission critical software, cloud solutions and managed services to the retail, manufacturing and distribution sectors. Although the Company has seen some major deals close, certain large Enterprise contracts have not been secured as expected. As a result, despite the high seasonality inherent in Q4 trading, the Board now believes that FYJun17 results will be significantly below  mkt expectations.  Operations elsewhere are seeing encouraging progress and healthy cashflows. Furthermore, K3 has secured pilot customers for its new cloud-based modular technologies. Shifting focus to cash generating business units and the large installed customer base. FYJun17E rev £90.1m and £7.6m PBT.

RhythmOne  (LON:RTHM) 46.25p £229m

1st organisation to receive the Internet Advertising Bureau's Tech Lab Compliance Seal & OpenRTB Certification for  unified programmatic platform, RhythmMax. Part of RhythmOne's commitment to working internally & with external standard-setting partners to create transparency within the advertising ecosystem. Having met the criteria for certification, RhythmOne ’s customers can enjoy a common framework which is established, verified and validated - reducing supply chain friction, enabling easier onboarding.  FYMar18E rev £202m, £8m PBT.

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, directors, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the UK, this document is directed at and is for distribution only to persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use