What’s cooking in the IPO kitchen?
Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July.
Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m.
AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July.
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July
NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m.
Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July.
QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA
I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission.
Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June
Main Market Standard Listing
Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July.
Main Market Premium Listing
Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published.
Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00
Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July.
Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus.
NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June.
Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options.
Main Market Specialist Funds
Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Future (LON:FUTR) 265p £96.9m
The global platform for specialist media, announced the proposed acquisition of the Home Interest division of Centaur Media (CAU.L), a portfolio of market leading and differentiated brands in the home building segment, for cash, at an enterprise value of £32.0m. Raising £22m at 250p. The sale of the Home Interest division by Centaur Media plc is conditional upon the approval of its shareholders. The Acquisition and Placing are interconditional. ‘ Further diversifies Future's revenue streams, adding significant scale in events - a business with good revenue visibility and attractive working capital dynamics’
Trading for the full year is expected to be in-line with the Board's expectations. FYSep17E rev £76.5m, PBT £6.77m.
UK Oil & Gas (LON:UKOG) 3.22p £110.4m
UKOG announced that the Environment Agency has formally granted the necessary permit to flow test the Broadford Bridge-1 ("BB-1") oil exploration well.
The BB-1 well is located in the 300 km(2) PEDL234 licence, in which the Company has a 100% interest via its ownership of the licence's operator, Kimmeridge Oil & Gas Limited.
Stephen Sanderson, UKOG's Executive Chairman, Commented:
"This enables us to move onto the next phase of operation at Broadford Bridge. Our drilling and comprehensive coring programme has been very successful and we look forward to equally positive results from our flow testing operation."
THOR Mining (LON:THR) 1.05p £3.92m
Strategic Outlook Update: H1 highlights include: Pilot Mountain tungsten drilling - a successful drilling program completed in early March delivered a 55% increase in the resources; Dundas gold drilling - drilling program has been completed, with assays due shortly; Spring Hill gold sale completion - A$1.5million received in February, significantly strengthening the Company's balance sheet, and a royalty stream is expected from the Spring Hill project in the medium term. New Projects - June announcement of entry in a Lithium exploration company with projects in Arizona and New Mexico, USA. Calendar H2 is expected to be equally eventful with an exciting new drill program scheduled for Pilot Mountain, and the potential acquisition of the residual 75% of US Lithium.
NetScientific (LON:NSCI) 48.5p £33.48m
The transatlantic healthcare IP commercialisation Group, announced that a European patent exclusively licensed to one of its portfolio companies, Glycotest, has been granted. In addition, United States and Australian patents have been allowed. These patents will significantly extend protection for Glycotest's core technology for early detection of life threatening liver disease. As announced on 26 June 2017, the Company is aiming to close a Series A round within the second half of 2017.
Collagen (LON:COS) 5p £16.2m
The developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, announces the commencement of patient enrolment into an open label extension study as part of the clinical development programme for ChondroMimetic®, an osteochondral scaffold for the repair of cartilage defects in the knee. CE-marking was previously achieved prior to the Company's acquisition of the product and related IP, and this follow-up clinical study is a step towards re-establishing that CE-mark certification. Targets study completion before year end. FY Mar17E rev £3.95m and £1.8m loss.
DX Group (LON:DX) 9.5p £19.05m
Further to DX's announcement on 9 June, the Board of DX announces that it has been notified by the City of London Police Economic Crime Directorate ("City of London Police") that, after careful consideration of allegations made, the City of London Police will not be proceeding to a full investigation.
The Company co-operated with the City of London Police's preliminary investigation, which centred on the DX Exchange operations, and in addition has reviewed and made changes to internal business processes in this unit, which will be kept under review. FYJun17E PE c. 12x/ Div 1.25p.
Blur Group (LON:BLUR) 3.13p £1.47m
BLUR (automated Enterprise procurement) intends to raise a minimum of £1.5 million (before expenses) by way of a conditional placing of Ordinary Shares at a price of 1.75 pence per Ordinary Share, a 44% discount to mid. The net proceeds of the Placing are intended to provide blur with sufficient working capital to effect the restructured board's base plan for the business focused on generating new Enterprise customers from the current pipeline during the next 12 months or so. A significant Board reshuffle accompanies the deal. FY Dec 17E rev £1.4m and £3.18m loss.
PROACTIS Hldgs (LON:PHD) 177.5p £89.17m
The specialist spend management solution provider, has conditionally agreed to acquire all of the outstanding membership interest in Perfect Commerce (PC) a global provider of spend management solutions with operations in the US, UK and Europe, for an aggregate consideration of up to $132.5 million, together with an oversubscribed conditional placing to raise £70.0 million at 165 pence per Placing Share. Expected to be earnings enhancing in first full financial year of ownership. PC 2016 rev $39.7m, $6.4m EBITDA. FYJul17E rev £25.4m and PBT £5.17m.
MYCELX (LON:MYX) 97.5p £18.17m
H1Jun17 trading update from the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide. H1 2017 revenues were in line with the Board's expectations. This follows an active first half of the year which, as previously announced, included the first contract award in the Nigerian Oil and Gas market, as well as a contract with a new SABIC affiliate customer. The Company remains on track to meet current guidance of being operationally cash neutral for the full year.
LightwaveRF (LON:LWRF) 27.25p £10.56m
The smart home solutions provider, is delighted to announce that its next generation Lightwave Link Plus has been certified under Apple's licensing scheme as a "Works with Apple HomeKit" product. The new Lightwave Link Plus connects to a standard WiFi router and controls the integrated LightwaveRF smart home system for lighting, heating, power and security. This manages Lightwave end-point devices through both Apple Home and LightwaveRF apps and via voice control. The Lightwave Link Plus supports the current Lightwave product range as well the new range of devices to be launched later this year.