Dish of the day
TI Fluid Systems— (TIFS.L) Global manufacturer of automotive fluid storage, carrying and delivery systems seeking to raise €407m to €468m at 255p to reduce financial leverage (to approximately 2.0x net debt to Adjusted EBITDA by the end of FY 2017). Possible partial sale by Bain. Revenue for FY 2016 was €3.3bn and Adjusted EBIT was €362.1m. Mkt cap c.£1.3bn.
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world .
Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov.
Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017.
Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec.
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.
Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017
OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October .
Main Market Premium Listing
Arqiva Group— UK's pre-eminent national provider of television and radio broadcast infrastructure and a leading independent provider of communications infrastructure services. Revenue was £943.8 million for the year ended 30 June 2017 . Adj EBITDA £467m. V Raising c. £1.5bn primarily to deleverage. Due in November.
Cabot Credit Management -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2 billion. Raising c.£195m. Offer TBA. Due November.
ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2 million of combined revenue and $440.4 million of Adjusted EBITDA. Raising c.$400m. Expected November.
M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 13 Nov.
Bakkavor Group - Provider of fresh prepared food intends to float in November. FY 16 Revenue: £1,763.6 million FY 16 Adjusted EBITDA: £146.4 million (13.7% CAGR FY 14-FY 16). Part vendor sale and primary raise of c. £100m. Price TBA.
Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower. reported to be seeking dual London and Moscow listing raising $1.5bn
TMF Group, which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.
Rhythm One (LON:RTHM) 296p £146.7m
The advertising technology company that provides streamlined, transparent connections between advertisers and audiences through a combination of differentiated supply, innovative technology and data-driven insights, today announced details of its platform-level integration with Grapeshot, an industry leading software company using advanced probability algorithms to provide data to improve brand safety and to better target advertising campaigns. Grapeshot's data - which is integrated directly into RhythmOne's programmatic platform as part of their RhythmGuard technology - gives RhythmOne the ability to effectively filter content that brands would consider to be objectionable. "In a programmatic environment, being able to control for brand safety is as important as being able to eliminate fraud or target to specific viewability standards," said Bhaskar Ballapragada, Head of Product at RhythmOne. FYMar18 rev £206.4m and PBT of £6.7m.
Bacanora Minerals (LON:BCN) 81.5p £108m
FYJun17 results from the lithium exploration and development company. Delivering on objective to transform Bacanora into a global lithium producer. Strategic partnership and offtake agreement for flagship Sonora lithium project in Mexico. Feasibility Study ('FS') on course to be completed in Q4 2017 and expected to confirm Sonora occupies a favourable position on the industry cost curve. The Company has cash balances of approximately $25m report and is therefore fully funded through to the initial project development and the start of the construction stages at Sonora. Loss of 18.8m CAD including 8m impairment of the Magdalena Borate property.
Seeing Machines (LON:SEE) 4.37p £65.03m
The specialist in computer vision technologies which enable machines to see, understand and assist people is announced that it has worked with Emirates using its advanced gaze tracking technology to better understand how pilots interact and monitor instruments during certain identified real-time procedures that could pose potential safety risks. The findings from the study will be presented at the 70th annual International Safety Summit (IASS) in Dublin this week, and will enable Emirates to enhance training for flight deck crew to prepare for a wide range of scenarios in the air. For Seeing Machines, working with Emirates has meant access to insights from Emirates' pilots and their extensive knowledge operating a modern 263- strong fleet of Airbus A380 and Boeing 777 aircraft across a global network of over 155 destinations in six continents. The partnership with Emirates will also help the Company leverage findings in applications across the other industries. FYJun18E rev £27.75m and £14m pre-tax loss.
Petro Matad (LON:MATD) 6.62p £22.08m
Mr. Michael Buck has today been appointed as Chief Executive Officer of Petro Matad Limited. He will be appointed to the Board as soon as AIM regulatory processes have been completed. He has 38 years of experience in the international oil and gas industry. He joined Salamander Energy PLC in August 2006, was appointed to the Board as an Executive Director in October 2006 and was Salamander's Chief Operating Officer until March 2015 when Salamander was acquired by Ophir Energy Plc. He was retained by Ophir to help with the integration of the two businesses. Following his departure from Ophir, he established a new upstream E&P entity focused on S E Asia.
The TV and multimedia content producer, announced the acquisition of Tern Television Productions Limited, for a total consideration of up to £5.45m and an oversubscribed placing of 389,603,280 new Ordinary Shares in the Company at a price of 0.9 pence per share (17% discount to yesterdays close) to raise £3.5m gross. Tern is a profitable independent TV production company. In the financial year ended 31 March 2017, Tern's turnover was approximately £5.3m with profit before tax of approximately £0.3m. "By augmenting our business through acquisitions such as that of Tern, the enlarged group will have greater abilities to reach new markets, to establish strategic relationships with broadcasters and international commissioners and to produce innovative content. FYJun18E rev £27.45m and £0.69m PBT.
Victoria Oil & Gas (LON:VOG) 58.5p £64.68m
‘’The integrated natural gas producing utility in Cameroon, has been made aware of very recent market speculation regarding the Company undertaking a potential fundraise’. The Company is seeking to raise between $20m to $26m by way of the Placing and Subscription through the issue of new Ordinary Shares at a minimum price of 57p by accelerated bookbuild, plus $3m open offer. The Directors intend to participate in the Fundraise by way of the Subscription. Use of proceeds includes: • Target the c1,700MW power deficiency in Douala with gas to power solutions
• Deliver 100mmscf/d by the end of 2021
• Increase Logbaba gas processing plant capacity to 70mmscf/d
• Extend pipeline reach around port city of Douala to Bomono, the Eastern Corridor and other specific customers.
Proposed placing to raise £10m for the Company and £5m for selling shareholders at 8p. Following the sale Anthony Matchett and Steven Hancock will still retain over 80 per cent. of their original shareholdings, equating to 184,107,796 and 146,509,136 Ordinary shares in the Company respectively and are subject to a six month lock-up in respect of 50% of those shares and a 12 month lock-up in relation to the remaining 50%, with certain customary exemptions. The Placing is intended to enable MelodyVR to make further investments in its original content library as well as to extend the capacity of its live music capture and digital content creation capabilities both in the UK and overseas. We could see no forecasts.
Hummingbird Resources (LON:HUM) 37.25p £128.14m
Aggreko PLC has fully commissioned the 7.4 MW diesel power facility on site to provide power to the process plant at the Company's Yanfolila Gold Mine in Mali. "Working with Aggreko to deliver our power remains in line with our strategy of working with world class partners as we progress Yanfolila towards imminent gold production. Aggreko offers the best quality power solution in the market at competitive pricing with a full team on site to run and maintain its operations. Furthermore , we continue to evaluate potential renewable solutions such as solar PV, as we strive to be a responsible miner operating for the benefit of all our stakeholders. We expect the next upcoming milestone to be the commissioning of the water supply and testing the now fully installed mill."
Redde (LON:REDD) 162.5p £493.9m
AGM statement from the provider of a range of accident management, incident management and legal services.
“The positive start to the new financial year, which I described in my statement of 6 September 2017, has continued since that date. Sales show an increase over the corresponding period last year reflecting continued growth in trading volumes and, as a consequence, trading profits are ahead of the corresponding period last year. Early indications are that this trend has continued during October and the Board remains confident about the Group’s prospects for the financial year as a whole. “ FYJun18E rev £492m and PBT £42.8m. PE c.15x and yield c.6.8%.
Nexus Infrastructure (LON:NEXS) 191.5p £73m
Trading update for FYSep17 from the provider of essential infrastructure services to the UK housebuilding and commercial sectors.
“The Board expects the results for the Group for the year ended 30 September 2017 to be in line with its expectations. The Board is encouraged by the level of growth in the Group's order book, which ended the year at £202.7m, a 25% year-on-year increase. This provides Nexus with good visibility for the year ahead.”
FYSep17E rev £134.7m and PBT £8.9m. PE c.11x and yield c.3%
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