What’s cooking in the IPO kitchen?
Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017.
GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business with over 110 full time employees, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m.
Work Group Plc—Sch1 from the Company that proposes to acquire the entire issued share capital of Gordon Dadds Group Limited (GDG). GDG is an acquisitive law firm and a group of other complimentary businesses, including Prolegal, an acquisition vehicle model focused on smaller law firm. Capital to be raised is £20m with anticipated market cap of £40m.
Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m .
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday, 25th July.
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.
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.
I3 Energy –Schedule 1 Update. Independent oil and gas Company with assets and operations in the UK. Issue price of 55p with anticipated market cap of £14.3m, 25 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 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.
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.
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.
Horizon Discovery Group (LON:HZD) 223.5p £206.8m
The Company focused on the application of gene editing technologies announced it has entered into an agreement to acquire Dharmacon from General Electric Company for a total consideration of $85m (£65m). Upon completion, conditional upon certain approvals, General Electric Company will receive $50m in cash and a subsidiary of General Electric Company will be issued with $35m in new Ordinary Shares in Horizon to be valued at the Placing Price of 205p. The Company also announced that it will raise £76.4m at the Placing Price of 205p. Dharmacon delivered revenues of $36.7m in the year ended 31 December 2016 and EBITDA of $5.4m.
Hotel Chocolat (LON:HOTC) 336p £379.14m
The premium British chocolatier and omni-channel retailer, provided a trading update for the 53 weeks ended 02 July 2017. Revs for FY17 was £105m, an increase of 12% compared to the prior year, slightly ahead of market expectations. Two new stores opened in HY17 bringing the total to 12 stores opening in FY17, which contributed to 5% of revs. Trading since FY17 continues to be in line with management's expectations. "Hotel Chocolat has had another good year, with encouraging growth. We are excited about the progress made with our new shop+cafe format stores and our seasonal ranges continue to perform well."
The clinical stage biotechnology Company developing targeted drugs for cancer and inflammatory diseases announced the enrolment of the first patient in its phase IIa clinical trial with milciclib, a novel inhibitor of cyclin-dependent kinases (CDKs), in patients with refractory hepatocellular carcinoma (HCC). Top line data from this trial is expected in Q4 2018. "HCC is a real unmet medical need due to its growing incidence and lack of effective therapy. It is the fifth most common cancer worldwide and the second most common cause of death from cancer worldwide."
DP Poland (LON:DPP) 45.25p £61.06m
The Company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland provided an update on store performance in H1 2017. Total system sales were up 50% to PLN27m compared to the same period last year. This is the 19th consecutive quarter of double digit system sales growth. 10 new stores opened to date in 2017, totalling 45 stores in 18 towns and cities to date in 2017. "We continued to see strong growth in system sales in the first half of 2017, thanks to robust double digit like-for-likes and 10 store openings, year to date. 8 additional towns and cities have been added to the Domino's map in Poland so far this year…”
PCF Group (LON:PCF) 23.75p £48.28m
The parent of the specialist bank, PCF Bank Limited, reported that the Bank received notification from its dual regulators, the PRA and the FCA, that the regulatory restrictions of the bank mobilisation period have been lifted and it can now commence deposit taking activities as a fully-operational bank. The Group is now adopting the trading style of PCF Bank. New business originations in FY17 Q3 were up 20% on the corresponding quarter last year, with the quality of the loan book further improved with the introduction of prime business trials. Given the Group's positive trading in FY17 Q3, the Board now expects the Group's performance for the year ending 30 Sept 2017 to be slightly ahead of its previous expectations for profitability and portfolio quality.
Amadale Capital (LON:ACP) 1.4p £3.10m
The investment Company focused on a natural resource project in Africa provided an update on exploration activities at it Mahenge Liandu Graphite Project in Tanzania. Stage One to focus on processing higher grade mineralisation before a later expansion to take advantage of the large size of the deposit for Stage Two. 2,500m Reverse Circulation (RC) drill programme underway. Drilling follows completion of road access and construction of 25 drill pads. Road access has exposed wide zones up to 110m of graphite mineralisation near surface. Identified and met with a number of potential offtake partners in China.
The People’s Operator (LON:TPOP) 3.12p £3.90m
The cause-based commercial mobile virtual network operator, announced the following Board changes. Michael Butler appointed as NED on 25 Jan 2017 and is offering himself for election as NED at the Company’s AGM. Mark Epstein, CEO, has informed the Board he will be stepping down with immediate effect. Mark will remain with the Company on part-time basis. Sam Tilloston, COO, has been appointed Acting CEO reporting to the Board. Christian Hernandez Gallardo is stepping down as NED at the AGM.
ReNeuron Group (LON:RENE) 1.75p £55.38m
The Company focused on the development of cell-based therapeutics announced that Dr Paul Harper, NED, of the Business will step down from the Board at the Company’s next AGM in September 2017. The Company intends to appoint a further non-executive to the Board and will make an announcement in this regard in due course.
Tlou Energy (LON:TLOU) 8.12p £23.94m
The Company focused on delivering power in Botswana and southern Africa through the development of coal bed methane provided an operational report on its Project in Botswana. Contract for 250km seismic survey signed to commence in Q3 with aim to increase Gas Reserves and Resources. Mining Licence application lodged. First power generated from CBM following the installation of a Gas Generator - providing reduced spend on diesel and a proof of concept of 'first gas monetisation'. Board bolstered with appointment of Non-Executive Director Hugh Swire and post quarter end the appointment of Ms. Linah Mohohlo.
The international consumer self-care group focused on developing, manufacturing and commercialising products for the ageing population announced the signing of a new long term distribution agreement for its UltraDEX range across four new markets. The Company has entered into a partnership with Karo Pharma AB (Sweden), a publicly listed Company for its UltraDEX range of products. This long term distribution agreement covers Norway, Sweden, Denmark and Finland. "Karo Pharma AB becomes our latest international partner for the UltraDEX brand and we are delighted to partner with such a well- established public company in four new markets. The extension of our patent portfolio into Europe also strengthens the brand's value and opportunity for further international partner opportunities."