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.
Q3 AUM update. On 30 June AUM totalled £6.7bn representing an increase of 17% over the quarter and a 48% increase since the start of the Company's financial year on 1 October 2016. "I am pleased to report Impax's tenth consecutive quarter of net inflows and another new record AUM for the company. We continue to see strong flows from Continental European investors into all our major strategies and significant allocations from North America. Investor interest in the markets in which Impax invests looks set to continue its upward trajectory over the longer-term. Even President's Trump's announcement to withdraw the US from the Paris Climate Agreement has done little to dent investor enthusiasm for investments in companies that provide solutions to environmental challenges”.
Columbus Energy Resources (LON:CERP) 2.8p £15.1m
Operational/Business update. Objective to be cashflow positive by Q4. The Mayaro sand infill programme is now on hold; well decline data indicates that without pressure support any new well will decline rapidly and not deliver on earlier expectation. he fast-tracked implementation of a simultaneous multi-pilot and multi interval approach to Goudron Field water-injection, commencing Q3 2017, as opposed to the previously announced single pilot water-flood strategy which targeted just one reservoir interval. Well interventions in the existing Bonasse field wells to re-activate continuous oil production aimed at increased production in Q4 2017. Ave production from Trinidad in Q2 2017 was 327 BOPD, significantly affected by Tropical Storm Bret. Back at 380-420 BOPD.
Savannah Resources (LON:SAV) 4.87p £26m
Raised c.£1.3m at 5.25p. Funds to be used predominately to support:
o Development of the newly acquired lithium projects in Portugal - drilling due to commence in the coming weeks at Mina do Barroso
o Continued progression of the world-class Mutamba Heavy Mineral Sands Project in Mozambique - tender process underway to commission a group to undertake Pre-Feasibility Study
o Advancement of Block 4 and 5 copper projects in Oman into production - mining expected to commence in H1 2018
o General working capital purposes
Sigma Capital (LON:SGM) 77.5p £68.75m
The private rented sector ("PRS") and urban regeneration specialist highlights the PRS REIT’s (SGM is Adviser) maiden update post IPO. Following launch , the Company acquired 50 completed and fully let PRS homes comprising two and three bedroom family homes at Mackets Lane in Halewood, from Sigma for £7.3m. The site is well situated for commuting into Liverpool City Centre and is also adjacent to a local primary school and nursery. The 50 units generate an annualised rent of approximately £0.45 million. In addition, the Company entered into its first design and build contract with Countryside Properties plc for a development of PRS homes in Middleton, Rochdale with an estimated gross development cost of approximately £16.0 million.
TP Group (LON:TPG) 6.88p £29.04m
Conditional Fundraising by the services and engineering group, comprising a £20m Firm Placing and an up to approximately £3.9 million Open Offer to raise up to approximately £23.9m, in aggregate at the Issue Price of 6.5 pence. The net proceeds will be used primarily to fund acquisitions which the Directors believe have the potential to grow the business from its current position to achieve targeted annual revenues in the range of £90 million to £100 million in 2020 with an EBITDA margin of greater than 10 per cent. and to fund investment opportunities in the existing business Anticipates first acquisition to happen in H2. First ‘war chest’ deal we’ve seen in a while.
Premier African (LON:PREM) 0.43p £18.6m
FYDec16 results ($4.9m op loss) from the multi-commodity mining/development company focused on Southern & Western Africa. Announcement gave little on operations. ‘I can assure you that as your chairman, and someone who has a significant shareholding in PREM, I am completely motivated to make sure all the funding arrangements we secure are designed to lead to the creation of value, rather than depress value. I take the opportunity of this year's annual report to make this point to both our existing shareholders and also to any new potential shareholders and that as we progress and develop value in our assets, finance through debt will become the preferred option.’
Patagonia Gold (LON:PGD) 1.58p £25m
The mining and development company with gold and silver projects in Argentina, Chile and Uruguay, announced that construction of the agglomeration circuit at its Cap-Oeste project has now been completed and that the circuit is currently undergoing final commissioning and testing. Commissioning is on schedule, as per the announcement of 5 May 2017, despite delays to the arrival of some key elements including the agglomeration drum, due to adverse weather conditions in June.
Milestone Group* (LON:MSG) 0.14p £1.75m
The provider of digital media, technology and social impact solutions announced that, conditional on shareholder approval the Company has conditionally raised (by way of a subscription and convertible loan notes) £1,500,000 by the issue of 522,626,906 new ordinary shares at a price of approximately 0.29p per share ("the Subscription Price").
The subscriber of the shares is Para & Co (UK) Ltd, a private limited company wholly owned by Dr. Ramesh Para.
Dr. Ramesh Para is a British businessman whose business interests include technology, fin-tech, healthcare, insurance and education.
Silence Therapeutics (LON:SLN) 96.38p £67.45m
The specialist in the discovery, delivery, and development of novel RNA therapeutics notes Alnylam Pharmaceutical's press release of July 7, 2017 which stated that "Alnylam and Sanofi Genzyme Initiate ATLAS Phase 3 Program with Investigational RNAi Therapeutic Fitusiran in Patients with Hemophilia A and B with or without Inhibitors ". Previously, Silence referenced Fitusiran within a list of Alnylam products that are being included within a claim issued in the UK courts relating to Silence's entitlement to supplementary protection certificates that extend European patent protection on those products.
Trading update: It is very pleasing to report that Group revenue during the first half of the current year increased by 24.7%. Our strong performance is being driven by the continued momentum across all the business divisions and further enhanced by the contribution from new subsidiaries. Acquisition of Orange County (2016 sales £4.1m/EBIT £1m) an exclusive UK supplier and distributor of high-quality products for the storage and movement of fuels, liquids and gases. The Acquisition is being funded from Flowtech's own resources and comprises £1.5m on completion with additional payments expected to be c£2.1m subject to an earn-out.