Proactive Investors - Run By Investors For Investors

Breakfast News - AIM Breakfast : Accesso Technology Group PLC, Allied Minds, Alphameric, Amino Technologies, Corero Network Security PLC, Nautilus Marine Services, Pantheon Resources Plc, Reabold Resources, Shield Therapeutics PLC, Touchstone Exploration

Breakfast News - AIM Breakfast : Accesso Technology Group PLC, Allied Minds, Alphameric, Amino Technologies, Corero Network Security PLC, Nautilus Marine Services, Pantheon Resources Plc, Reabold Resources, Shield Therapeutics PLC, Touchstone Exploration

What’s cooking in the IPO kitchen?


Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”

Warehouse REIT  -  The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas.  The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep

OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Main Market Premium Listing

People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014.  Part vendor sale and £20m primary raise.

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London 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

Breakfast buffet

Allied Minds (LON:ALM) 156p £353.4m

The  innovation company that forms, funds, manages and builds startups based on early-stage technology announced that its subsidiary has completed a Series B funding round raising $42.0m. Federated Wireless also announced today the industry's first commercially available Spectrum Controller for use in extensive pilot field trials and commercial deployments with lead customers, in advance of FCC certification expected in Q1 2018. Allied Minds contributed $9.0 million for the purchase of 5,821,520 Series B Preferred shares. The transaction was completed at a pre-money valuation of $79.5m, (or $121.5m post-money). Allied Minds' outstanding equity interest in Federated Wireless following completion of the transaction is 52.26%. Allie Minds’  Group Subsidiary Ownership Adjusted Value (''GSOAV'') was estimated at $415.8m as at 30 June 2017.


Corero Network Security (LON:CNS) 9.5p £29.98m

HYJun17 results from the network security company. 

·      Strong growth in SmartWall revenue - up 51% over H1 2016 to $4.4m

  Reduction in legacy products revenue as expected to $0.4m (H1 2016: $1.9m)

  Overall revenue of $4.8m (H1 2016: $4.8m).

· EBITDA loss $3.4m (H1 2016: loss $2.5m

Includes an unrealized foreign exchange loss of $0.3m on an intercompany loan (H1 2016: gain $0.8m)

Net Cash $5.1m. Based on progress in the first half of the year and strong pipeline of opportunities, the Board is positive about the future prospects for the Company and that the results for the year ending 31 December 2017 are expected to be in-line with market expectations. SmartWall order announced separately for a leading Pharma company.  “The $0.2m initial order is part of an expected $1.5m global deployment over the next few quarters, one of our largest contract wins to date.” FYDec17E rev £9.17m, £5.59m loss.


Shield Therapeutics (LON:STX) 157.5p £183.4m

The “specialty pharmaceutical company focused on secondary care, announces that Joanne Estell, has resigned her Board position and as Chief Financial Officer ("CFO") and Company Secretary to pursue other business interests outside the healthcare sector.

A search process for a new CFO has commenced and the Board has appointed Dr Karl Keegan as interim Chief Financial Officer with immediate effect.  Dr Keegan has a background of senior financial positions in the specialty pharmaceutical sector and in his previous capacity as Director of Corporate Development, has worked closely with Joanne, Shield's Leadership Team and the Board on all aspects of the Group's operations and strategy development.  They will work together through to the end of October to deliver a smooth and effective transition.”

FYDec17E rev £0.93m and £18.8m loss.


Accesso Technology (LON:ACSO) 1770p £466m

The premier technology solutions provider to leisure, entertainment and cultural markets, today announces a five-year agreement with Village Roadshow Theme Parks ("Village Roadshow"), Australia's largest theme park operator, to install the accesso Passport ticketing suite in key attractions across the country.


The accesso Passport eCommerce solution will be go-live from spring next year at Warner Bros. Movie World; Wet'n'Wild Sydney; Wet'n'Wild Gold Coast; Paradise Country; and Sea World (Australia). Each of these venues will deploy accesso Passport's comprehensive, secure and fully-hosted online shopping experience to improve the guest-purchasing experience and drive incremental revenue from its eCommerce and front gate ticketing operations. FYDec17E rev £99.8m and £12m PBT.


Amino Technologies (LON:AMO) 209.5p £151.8m

The global provider of digital TV entertainment and cloud solutions to network operators, is now providing Finland-based operator DNA with both mobile and set-top box service delivery for its multiscreen TV.

DNA has further expanded its TV service with Amino's MOVE cloud TV platform to support its recent launch of TV-hubi - its new Android TV 4K UHD device - in the home. This provides customers with access to a range of services including all Finnish channels and a wide range of PayTV content, VoD and Network PVR. Other third-party apps like YouTubeTM, Deezer and Netflix are available from the Google PlayTM app store.

FYNov17E rev £80.5m and PBT £10.96m. PE c.15x. Yield c.3%


Pantheon Resources (LON:PANR) 50p £118.67m

The oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, provides the following update following the recent extreme weather in Texas,  caused by tropical storm Harvey. Tyler County locations and roads appear to have come through Harvey without material enduring damage. The operator, Vision Operating  has been informed that the drilling rig contracted for the planned sidetrack of the VOBM#4 well is estimated to be on location in mid October. Drilling operations are estimated to take about 30 days on a trouble-free basis, with testing to follow if warranted.  Polk County more affected. Workers back on site. Well locations relatively unscathed but essential road repairs required. Gas production into the main pipeline in November still  possible. ‘On a personal level, we extend our sympathies to Vision employees and third party personnel we rely on who were not so fortunate. The industry will be dealing with the humanitarian crisis for some time.’


Touchstone Exploration (LON:TXP) 8.75p £9.02m

Operational update.

Achieved July 2017 and August 2017 crude oil sales of 1,349 and 1,591 barrels per day ("bbls/ d"), respectively.

·      The first two wells of the 2017 drilling program drilled on the Coora 1 block have been on production for the last 90 days at an average combined rate of 202 bbls/d; current field estimated production from the two wells is 246 bbls/d.

The final two wells of the 2017 drilling program drilled on the Grand Ravine WD-4 block have been on production for the last 49 days at an average combined rate of 97 bbls/d; current field estimated production from the two wells is 139 bbls/d.


Nautilus Marine Services (LON:NAUT) 10.75p £3.88m

HYJun17 results from the  Group that is focused on building an innovative global offshore inspection and repair group.  Limited trading in the period. “Pursuant to the Transaction, the Group raised and received cash proceeds of $10.5 million and acquired twelve offshore service vessels, dive equipment, and related inventory through the purchase of five asset-holding companies valued at $13.6m in exchange for the issuance of deeply-discounted convertible loan notes with a fair value of $16.1m and debt forgiveness of $8m.” Nautilus' near-term goal is to build a service group through investment or acquisition in vessels, equipment, commercialised offshore technologies and other niche offshore service providers.


Oncimmune Holdings (LON:ONC.L) 135p £68.92m

The early cancer detection company developing and commercialising its proprietary EarlyCDT® pla­tform technology, today provided an update on the business ahead of the announcement of full year results expected in November, 2017. “Receipt of CE Mark for our EarlyCDT®-Lung kit and signing of our first distribution agreements in Asia highlights our ability to expand and create revenue in world markets. With progress recently also made in the US, including establishing a preliminary distribution partnership with a major US pulmonology sales force for the use of EarlyCDT®-Lung in assessing indeterminate lung nodules, we look forward, with confidence, to delivering value in the medium and long term."  FYMay18E rev £2.6m and £4.2m loss.

Reabold Resources (LON:RBD) 0.58p £2.27m

“The Board of Reabold Resources plc notes the movement in the Company's share price yesterday.

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