Dish of the day
Pelatro AIM (LON:PTRO)— The precision marketing software specialist. Raising £3.8m new money plus £0.6m vendor sale. 62.5p. Mkt cap £15.2m. HYJun17 revenues increased to US$1.55m from US$0.2m and profit before tax increased to £1.0m from a small loss in the comparable period.
Miriad Advertising AIM (LON:MIRI) —Global video advertising company engaged in the development of native in-video advertising. 2016 rev £0.7m and £7.3m operating loss. Offer raising £26.2m with market cap of £63.2m.
Off the menu No Leavers Today
What’s cooking in the IPO kitchen?
Erris Resources plc—a mineral exploration and development company currently focused on two geographic areas. Offer TBC, expected 21 December 2017
CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Raising £55m. Due 21 Dec
Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. No raise. Expected 21 Dec
Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and co-development solutions, including initial concept and pre-production. Raising £38.45m and vendor sale of £39,7m. Mkt cap £145m.
Bushveld Minerals —RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine.
Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec.
Volex (LON:VLX) —The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT
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.
Main Market Specialist Fund Segment
Sure Ventures –Raising up to £50m at £1. Focus on FinTech, IoT and Augmented/Virtual Reality. Due 22 Dec.
Tufton Oceanic Assets - intends to invest in a diversified portfolio of secondhand commercial sea-going vessels . Aiming to raise over $100m. Due 20 Dec
Main Market Standard Listing
Pennpetro Energy Independent oil and gas co with an initial focus on Texas. Due 21 December. No funds being raised at this point.
Main Market Premium Listing
GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.
Greensphere Capital POSTPONED -$500m raise. Aims to provide Shareholders with an attractive yield from a portfolio of sustainable infrastructure assets diversified by geographies and sectors and to realise long-term growth capital value. Due 20 Dec
Vivo Energy—The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries reported by City A.M. to be preparing for a London float next year
ECO Animal Health (LON:EAH) 592.5p £389.6m
Subsidiary ECO Animal Health Limited (ECO) has received a marketing authorisation from the Animal Feeds, Veterinary Drugs and Biologics Control Division of the Bureau of Animal Industry of the Department of Agriculture in the Republic of the Philippines for the use of Aivlosin® 625 mg/g water soluble granules in chickens laying eggs for human consumption.
This approval allows ECO to start selling Aivlosin® in the Philippines for the medication of drinking water for the treatment of infections caused by Mycoplasma in poultry laying eggs for human consumption, with a zero day drug withdrawal period for eggs. ECO has begun the process of submitting the EU approved Aivlosin® regulatory files for the treatment of layers in numerous other key egg producing markets. FYMar18E rev £69.74m, PBT £16.49m, div 8.66p.
European Metals Holdings (LON:EMH) 36.9p £51.04m
European Metals Holdings Limited announced that the Cinovec South Resource had been added to the Czech State resource register, the first step in the process for the granting of a mining permit.
The Company is now pleased to announce that the Cinovec NorthWest Resource has also been added to the Czech State resource register.
Additionally, recent optimisation test work has demonstrated the ability to reduce roast temperatures and duration which can result in significant cost savings both in CAPEX and OPEX.”
Sareum Holdings* (LON:SAR.) 0.87p £23.88m
“The specialist cancer drug discovery and development business, is pleased to announce that the Japanese Patent Office has granted a patent for inventions associated with Sareum's TYK2 Kinase Inhibitor Programme, and that the Chinese Patent Office has issued notification that such a patent will be granted subject to certain formalities being completed.
This patent describes compounds that inhibit JAK kinase enzyme function, in particular TYK2 kinase. It also describes the use of these compounds in the treatment of disease mediated by these kinase enzymes, including autoimmune diseases such as multiple sclerosis, psoriasis and inflammatory bowel disease.”
"Enhances the value of this programme as we progress discussions with potential licensing partners."
Nichols (LON:NICL.L) 1,425p £525m
FYDec17 update. “We anticipate Group sales for the year ending 31 December 2017 to continue the strong trend reported at the half year. This sales performance is again being delivered from both our UK and international business. UK sales of the Vimto brand are 9.0% ahead of the prior year (as at November 2017). This performance is significantly ahead of the UK market growth of 2.3% (Nielsen year to date 2 December 2017). As previously reported, this strong sales performance helps mitigate the margin impact from the increased input costs affecting the industry.”
Supply route to Yemen blockaded. Sales expected to be ahead of current year and profit in line Vs 7% EPS growth as per current consensus forecasts.
Epwin (LON:EPWN) 81p £115.8m
The low maintenance building products manufacturer, supplying businesses in the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors, announces that it has disposed of one of its subsidiaries, Indigo Products Limited to Indigo Acquisitions Limited. Total consideration of £1 to Indigo Acquisitions Limited, follows the insolvency of Entu (UK) Plc earlier this year. Indigo was primarily engaged in fabricating window frames for Entu (UK) plc. During the 10 month period to 31 October 2017, Indigo had revenues of £12.6m and a loss before tax of £2.7m. New three year exclusive supply agreement for extruded plastic products has been agreed with the purchaser. Trading in line with expectations for FYDec17. Consensus rev £295.9m, PBT £21m, div 6.7p
Shearwater Group (LON:SWG) 3.13p £30.14m
“The digital resilience group, is pleased to announce its unaudited interim results for the six months ended 30 September 2017. The unaudited interim results of the Group reflect approximately 4.7 months of trading from SecurEnvoy (acquired in May 2017) and 2.2 months of trading from Newable Consulting (acquired in July 2017 and rebranded Xcina Consulting). Trading in both businesses continues to be in line with the Board's expectations and since acquisition have generated in aggregate £2.1m of revenue and contributed £0.9m of underlying EBITDA to the Group in the period.” Cash of £2.1m. “Since 30 September 2017, trading has continued in line with the Board's expectations, and we are encouraged by the progress both businesses are making as part of the Group.” Could see no forecasts.
Rambler Metals & Mining (LON:RMM) 8.5p £43.98m
“Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer, and developer is pleased to announced that for the month of November 2017 it processed 33,870 tonnes of ore from the Ming Mine through the Nugget Pond mill, averaging 1,221 metric tonnes per day ("mtpd") during operational hours. November's performance represents record monthly throughput for the operation. “
“This marks just the beginning of the next phase of growth for Rambler. This deposit has the ability to sustain a high throughput over a long mine life, currently 20 years. “ FYDec17eE rev £20.94m and £3.45m loss.
The Jordan Manufacturing business has secured a key role in support of Cavendish Nuclear, a subsidiary of Babcock International Group PLC, for the delivery of specialist handling and containment systems to process nuclear material for Sellafield Ltd. Babcock been awarded a 10-year contract with Sellafield. Worth up to £95m over the first three years, Cavendish Nuclear will provide Sellafield with design, manufacture and supply of complex bespoke equipment for the treatment and management of nuclear materials. Jordan Manufacturing has secured, through a Teaming Agreement with Cavendish Nuclear, a key role in the delivery of this contract and will manufacture containment systems and associated process equipment. It is anticipated that this will be worth up to £18 million over the first three years. FYSep18E rev £51.3m, PBT £3.4m.
NWF Group (LON:NWF) 162.5p £79.1,m
HYNov17 update from the specialist agricultural and distribution business delivering feed, food and fuel across the UK.
The Group reports that trading for the half year ended 30 November 2017 was ahead of the prior year and the Board remains confident of delivering its full year expectations. Net debt was also lower than at 30 November 2016.
FYMay18E rev £575.5m and £8.55m PBT, yield c.3.9%, PE c. 12x.