What’s cooking in the IPO kitchen?
Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.
Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Admission due 7 March
Breakfast buffet
InnovaDerma* (LON:IDP) 123.5p £14.63m
Further to the announcement of 27 February, the UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, has now completed the acquisition of the Stevie K and Charles + Lee Acquisitions for AU$50k and confirms that no debt or liabilities were assumed by the Company. The Vendors have a 14 day option to convert the consideration to shares. FYJun17E Revenue of £6.95m and PBT of £0.7m.
BlueRock Diamonds (LON:BRD) 4.25p £2.37m
BlueRock has announced that its primary crushing and screening circuit has been commissioned and that the plant upgrade is now complete. The Company has been able to operate full processing for a longest continuous period of seven hours, with the plant demonstrating hourly capacity in line with expectations. Processing continues, but the move to extended continuous processing and then to 24 hour processing has been hampered by the continued unusually high rainfall being experienced in the Northern Cape with rainfall in January and February alone representing almost double the full year average experienced over recent years. Wet weather has hampered the move to 24hr processing but this remains the next step for the diamond producer.
SDX Energy (LON:SDX) 50p £91.58m
The North Africa focused oil and gas company, has updated the market on its indicative drilling timetable on South Disouq. SDX can confirm that well location construction has been completed and that the Sino-Tharwa 6 drilling rig is currently being mobilised to the location. The Company anticipates drilling to commence at the SD-1X location within the next fortnight.
Conygar Investment Co(LON:CIC) 170p £122.7m
Conygar Stena Line Limited, the JV between the Company and Stena Line, announced that Pembrokeshire County Council's planning committee has unanimously approved the application for first phase of the Fishguard Harbour Marina project. Planning consent for the first phase consists of: An 8.28 hectare development platform; Two breakwaters; 345 floating marina berths; and a dredged marina basin. This is the first of five phases of the development and it focuses on infrastructure. The completed Fishguard Harbour Marina project will consist of a commercial area, residential apartments and retail facilities. FY Sep17E revenue of £8.78m, PBT £2.02m, Divi 1.4p.
Croma Security Solutions Group (LON:CSSG) 40p £6.76m
HYDec16 results from the total security services provider. Revenue +29% to £11.2m. EBITDA of £0.44m from £0.27m. Interim divi of 0.5p from 0.4p. The Group has gained new clients across all of its subsidiary divisions. ’The idea of a highly specialised total security group is forming up well, our brand is becoming recognised and clients are seeing the benefits of coming to a single service partner for all their needs. It has been a good six months for the Group.’ There are no forecasts in the market.
Starvest (LON:SVE) 2.5p £1.09m
FY Sep 16 results from the natural resources focussed investment Company. Notes an encouraging recovery in the sector throughout 2016 but believes there remained many undervalued opportunities as at the end of the year. NAV up to £1.27m from £1.14m. “During the year the Company acquired interests in Salt Lake Potash, and Diamond Corp. and raised cash from modest sales of Alba Mineral Resources plc, Ariana Resources plc, BMR Group plc, Red Rock Resources Plc and Regency Mines Plc. As is to be expected, we suffered failures during the year the largest being our interest in Nordic Energy plc which was de-listed. During the year, we received modest interest on short-term loans advanced during the previous year to Goldcrest Resources plc; Goldcrest also made a partial repayment of the capital.”
Vertu Motors (LON:VTU) 47.75p £189.7m
FYFeb17 trading update from the automotive retailer with a network of 125 sales and aftersales outlets across the UK. The Board expects trading performance for the year ended 28 February 2017 to be in line with current market expectations, anticipating continued growth in revenues and profits. In 5mths to Jan 2017 saw revenues up 16.6% with like for likes up 4.8%. High quality, recurring, high margin aftersales business continues to grow on a like-for-like basis with revenues, margins and profits increasing in the core vehicle servicing activity (38.2% of gross profit earned from aftersales in the Period). FYFeb17E £2.7bn sales and £31.2m PBT. Yield 3%
MySale Group (LON:MYSL) 120.25p £185.6m
HYDec16 results form the international online retailer. Underlying EBITDA significantly increased to A$3m. Online revenue increased 19% to A$127.1m. Strong balance sheet with net cash balance increased to A$29.1m from A$27.5m at 30 June 2016. Active customer base increased 19% to 870,000. The group carries good momentum into H2 and has a number of initiatives which will support the future growth plans. The board remains confident in the current year's prospects and that trading will be in line with the current range of analysts' projections of underlying EBITDA of A$8.5 to A$8.7 million.