What’s cooking in the IPO kitchen?
Whetstone Capital No raise. Due 5 January 2018. Mkt Cap £1.6m. Investment Vehicle for small and mid sized private and public companies.
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 late Dec.
Volex (LON:VLX)L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m 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 POSTPONED–Raising up to £50m at £1. Focus on FinTech, IoT and Augmented/Virtual Reality. Due 22 Dec.
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.
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
Legendary Investments (LON:LEG) 0.16p £5.1m
‘Agreement to acquire an interest in Circle Oil Tunisia Limited ("COTL"), which owns the, El Mediouni East and Central oil asset ("ELM") in the Mahdia Permit located in the Gulf of Hammamet off the Tunisian coast, in exchange for its interests in Manas Resources LLC ("Manas"). The Permit duration and work programme are in the process of being finalised.
As a result of this agreement, Legendary will receive an interest of up to 2 per cent in CTOL. Legendary's interest in Manas is valued in its books at £100,000.’
M.P Evans Group (LON:MPE) 783.8p £430m
Completion its acquisition of Sunrich Plantations Pte Ltd ("Sunrich"), which owns 95% of an Indonesian company, PT Bumi Mas Agro ("BMA"), which in turn owns an oil-palm plantation in Indonesia. Comprises 8,240 hectares. Of this area, 7,800 hectares are young oil palms, planted mainly in 2012-17. In addition to the land acquired by the Group, as required by law in Indonesia, a smallholders' scheme is in operation. Some 1,300 hectares have already been planted and allocated to the scheme which, ultimately, should comprise 20% of the total planted area. $40m upfront and $49.2m deferred,.
FYDec17E rev £78.5m and EPS 23.98p, div 21.17p.
SDX Energy (LON:SDX) 53p £108.4m
“The North Africa focused oil and gas company, has commenced well operations on its ELQ-1 well on the Gharb Centre permit in Morocco. The ELQ-1 well is the fourth well in the Company's nine well campaign and the first of two commitment wells planned on the Gharb Centre permit, which was acquired in June 2017 after the acquisition of Circle Oil's assets in Egypt and Morocco in January 2017. The Gharb Centre permit is adjacent to the Company's Sebou permit with the ELQ-1 location being approximately 400 meters from the existing Sebou infrastructure. The well is anticipated to take 15-20 days to drill and if successful will be completed, flow tested and connected to existing infrastructure.” FYDec17E rec C$58.8m and PBT C$14.47m.
Westminster Group (LON:WSG) 13.5p £11.32m
Update on previously announced major long-term project opportunity in the Middle East. Further extensive discussions have been taking place regarding priorities, order of roll-out and the client's growing requirements. All but a few more minor commercial & contractual issues have now been agreed. Due to the complexity and increasing potential scope of this project, it has been agreed to undertake the project in phases, with the initial phase expected to be worth c. €24m per annum. Plans are in place to raise the required funds to support investment in this project and other potential new Managed Services contracts, details of which will be announced in due course.
LXB Retail Props (LXB.L) 21.75p £35.77m
The closed-ended real estate investment company focused on edge of town and out of town retail assets, is pleased to report that it has exchanged contracts for the disposal of its two remaining investments at Stafford and to update on further lettings at Rushden Lakes and Sutton.
Riverside being sold for a headline price of £36.8m and Bridge Street for an initial £8.9m.
At Rushden lakes phase 1 lettings now complete. On Phase 3 at Rushden, contracts have also been exchanged with Decathlon to take a 14,000 sq ft store (7,000 sq ft at ground and 7,000 sq ft at mezzanine level). The letting means a single unit of 6,000 sq ft (which could be split) remains to be let on Phase 3. Practical Completion of Phase 3 is due for June 2018. At, Sutton Gym Group agreed to take a 12206 sq ft unit.
“One Media Enterprises Limited ("OME"), a company in which Angelfish initially invested in 2013, has been acquired by OneLife Technologies Corp. ("OneLife") a public company listed on the OTC:US with a ticker symbol "OLMM". To facilitate the Acquisition, OME has agreed to repay in full the investment and loans made to date by Angelfish together with payment of management fees charged and an uplift on amounts due ("the Agreement"). The Agreement provides for an amount payable to Angelfish of US$1m in cash in instalments plus the issue to Angelfish of 200,000 shares of Common Stock in OneLife and warrants to subscribe for 200,000 shares of Common Stock in OneLife, exercisable at US$1 per share”.
N4 Pharma (LON:N4P) 10.69p £8.06m
The specialist pharmaceutical company which reformulates existing drugs and vaccines to improve their performance, is pleased to announce the filing of its Patent Cooperation Treaty ("PCT") patent application for the oral reformulation of Aprepitant (marketed by Merck & Co under the brand name Emend). Aprepitant is an anti-emetic drug used to suppress nausea resulting from surgery and chemotherapy with global sales of over $500m last year and whose patent for the oral products expired in 2015.
“Sildenafil remains our lead project for generics and in line with our stated strategy, we will continue to progress our intellectual property for other possible generic reformulation opportunities that we can then develop at a later stage.”
YOLO Leisure and Technology (LON:YOLO) 0.6p £1.99m
FY Sep17 results. “A year of progress for the investment company which now has five companies within its portfolio.”
· Total comprehensive income for the year £726,153 (2016: Loss £621,530)
· Unrealised gains on investments of £657,935 (2016: losses £372,758)
· Realised gains on disposal of investments of £270,559 (2016: £Nil)
· Total Net Assets of £4,514,025 (2016: £1,206,871), representing 1.02p per share (2016: 0.68p).
Cash £620k. "Yolo is well positioned as an investment company to actively grow its portfolio in 2018. Our purpose is to identify innovative businesses that meet our investment criteria and have significant potential to deliver value for our shareholders”
Amphion Innovations (LON:AMP) 1.38p £2.85m
The developer of medical, life science, and technology businesses, announces a further update regarding its partner company Polarean Imaging Limited , in which Amphion currently has an interest of circa 26%. Further to recent announcement of 22 November 2017, Polarean has successfully closed on £647,127 in interim funding in the form of a Convertible Promissory Note (CPN). The CPN will automatically convert into fully paid Ordinary Shares of Polarean at a conversion price equal to 90% of the Issue Price of Ordinary Shares upon Admission to trading of the Ordinary Shares to the AIM market of the London Stock Exchange. The proceeds will be used to ensure there are adequate financial resources to complete the proposed IPO which is expected in Q1 2018, market conditions permitting.