What’s cooking in the IPO kitchen?
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.
Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017
Andes Energia PLC—Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TBC but market cap to be £844m and admission date 10 August 2017
Verditek PLC—Sch1 update from holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors (industrial treatment of solids, air purification, water de-odourisation, zero emission, low cost energy), offer raising £2.75m at 9p with market cap of £16.9m. Admission 10 August 2017
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.
Altus Strategies—African focused natural resource Company. Offer raising £1.1m at 10p with market cap of £10.7m. Expected 10 August 2017
Main Market Premium Listing
Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Hague and London (LON:HNL) SUSPENDED
The Company’s NOMAD and Broker has resigned with immediate effect. Trading of the shares of the Company on AIM is already suspended, in connection with its proposed acquisition of Tullow 101 Netherlands B.V., which would constitute a reverse takeover under AIM Rule 14. Separately the Company has provided a corporate update. In the light of delays and increasing uncertainty around the French Guyana licence extension investors in the Company’s subsidiary Vermeer have advanced $375k since Q42016. Philippines licence exploration agreed with the authorities to remain suspended for a further 3 years due to local instability. No activity beyond care and maintenance is expected on the licence for the foreseeable future.
Jubilee Platinum (LON:JLP) 4.15p £46.4m
Jubilee has executed a US$50 million project funding agreement in support of its growth strategy for its metals recovery business. The project funding is structured at project level to minimise dilution and enhance Jubilee shareholder value
· Jubilee is now set to accelerate its expansion into the extraction of metals not recovered at the first processing path reaping significant benefit
· Jubilee targets to capitalise on its internally developed and proven process excellence
· Combination of secured funding and a proven track record secures Jubilee in pole position in the reprocessing arena
Empyrean Energy (LON:EME) 9.62p £38.4m
The oil and gas development company with interests in China, Indonesia and the United States, announced that it has been informed by Sacgasco Limited (ASX: SGC), the operator of the Dempsey 1-15 well in the Sacramento Basin, onshore California, that the drilling of the Dempsey well is proceeding to plan. The 13 ⅜" surface casing was set and cemented to a depth of 552 metres (1,812 feet). The rig is presently preparing tools to drill ahead in 12 ⅟4" hole. Dempsey is a large structure mapped with 3D seismic and interpreted by Sacgasco to have the potential to hold a prospective resource of over 1 Tcf of gas in up to seven stacked target reservoirs. Aside from compelling technical merit, the Dempsey 1-15 well location sits next to existing gas metering and surface infrastructure that is owned by the joint venture. This will allow for any gas discovery to be tested and connected into the local pipeline at relatively low cost and in an accelerated timeframe.
The oil and gas producer and explorer focused on South America, updated on drilling activities in the CPO-5 contract in Colombia. In May 2017, Amerisur and its partner ONGC Videsh Ltd successfully drilled the Mariposa-1 well to a total depth of 11,556ft. A 7" production liner was successfully run and cemented in the well and an interval of 12 feet at the top of the 120 feet of net pay logged in the L3 sandstone was perforated in order to perform a short-term test with a drill-stem-test temporary string. The natural controlled flow rate recorded was approximately 4,601 barrels of oil per day of 40.8 degree API oil with a water cut of 0.35% and 348psi flowing wellhead pressure over a 40/64" choke and indicated strong further production potential.
XL Media (LON:XLM) 141.5p £289.16m
The provider of digital performance marketing, is has entered into an agreement to acquire the remaining minority shareholding (46%) in Marmar Media Ltd. that the Company does not already own for a total consideration of approximately US$2
.4 million. The total consideration, payable in cash, is comprised of US$2.25 million, to be paid immediately, and an additional amount representing 46 per cent. of Marmar's distributable net profits for the period from 1 January 2017 to 31 July 2017 . In the year ended 31 December 2016 Marmar generated revenues and profit before tax of US$11.7 million and US$2.5 million respectively.
Parkmead Group (LON:PMG) 39p £38.58m
The UK and Netherlands focused independent oil and gas group has completed the previously announced acquisition of a 50% interest in the UK North Sea Licence P.2209. from Verus Petroleum (SNS) Limited, which contains the Farne Extension prospect and a further four prospective leads. Licence P.2209 comprises two adjacent blocks, Block 42/19 and Block 42/20b. Parkmead originally held a 50% interest in the licence and therefore this acquisition doubles Parkmead's equity to 100%. The collection of prospects and leads within the licence, which is operated by Parkmead, have the potential to contain 175 billion cubic feet of gas initially in place on a most likely, P50 basis.
Following the announcement made on 31 July 2017, Trading Emissions PLC confirms the completion of the sale of a further portion of the Italian solar portfolio, held through the Company's subsidiary, TEP (Solar Holdings) Limited to a member of the Sonnedix group. The aggregate net proceeds from the sale, after allowing for transaction and other costs, are estimated to be in the order of EUR3 million. Of the EUR3 million currently held in escrow, EUR1 million will be released on 14 December 2017 and the remaining EUR2 million will be released on 14 December 2018, subject to no claims having been received pursuant to indemnities provided by TEPS. To date, there have been no claims against the amounts held in escrow.
Tasty (LON:TAST) 38.5p £23m
HYJul17 trading update. The Company expects to report unaudited revenue for the 26 weeks ended 2 July 2017 of approximately £24,4m (27 weeks 2016: £21.8m) and adjusted profit after tax of approximately £200k (27 week 2016: £1,283k). Currently, the Group has 65 restaurants in operation, 7 Dim T and 58 Wildwood, with 4 Wildwood restaurants having opened during the interim period. Trading across the estate has been below management's revised expectations. The Group has undertaken a full review of its estate, operational structure and cost base however the expected improvements from these initiatives are now unlikely to be significant in the current year. The Directors expect the H1/H2 weighting to be similar to historic periods. FYDec17E rev £50m and PBT £2.4m.
Powerhouse Energy (LON:PHE) 1.08p £10.36m
The company focused on ultra high temperature gasification waste-to-hydrogen, waste-to-energy, and the creator of Distributed Modular Gasification© (DMG) systems, announced that after the recent successful re-commissioning and high-temperature operation of the Company’s G3-UHt DMG module (the “Unit”), the Company has commenced a programme of demonstrations of the technology, testing of various feed stocks and operational parameters, and in-depth analysis of the synthesis gas (syngas) constituents. It is anticipated that public demonstrations for interested parties, including investors, will be held in September and the Company will provide further details in due course.
Share (LON:SHRE) 27.5p £39.5m
HYJun17 results from the independent retail stockbroker, which operates The Share Centre. Results ahead of original management expectations - driven by buoyant trading volumes and new partnership agreements. Market share (excluding interest) at a new high of 12% (H1 2016: 9.77%). Total revenues up 23% to £8.9m (H1 2016: £7.2m), a record six month high. Excluding interest income, revenues up 27% to £8.5m underlying profit before tax increased to £310,000. Trading performance to date remains positive. FYDec17E rev £16.5m and £0.3m PBT.