Breakfast News - AIM Breakfast : Circle Holdings, Empyrean Energy Plc., Fitbug Holdings, Flowtech Fluidpower, Hydrogen Group, Shield Therapeutics PLC, Tlou Energy, TP Group PLC, Trakm8 Holdings PLC


What’s cooking in the IPO kitchen?

ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale.  Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa.

Integumen— Intention to Float from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.25m at 5p. Expected market cap £8.25m. Admission expected 5 April.

Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April.

Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally.  Fundraise TBC. Admission expected 7 April.

K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC.

Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.


Breakfast buffet

Fitbug Holdings* (LON:FITB) 0.12p £2.12m

The digital wellness provider for corporate organisations, announces that it is changing its trading name to Kin Wellness, following its  repositioning of the business from the consumer retail space, mainly focused on sales of activity trackers, to a SaaS corporate digital wellness solutions provider. This change of trading name takes effect as of today. The Plc name is also subject to change to Kin Group Plc contingent on shareholder approval. The Directors believe that the word Kin signifies interconnectivity of people and their communities and colleagues; conveying brand values of trust, empathy, personal, human, friendliness and inclusivity, which better reflects the new corporate wellness business model.  The rebranding to Kin Wellness is an opportunity for the Company to expand and strengthen its brand value, and say farewell to its consumer brand legacy.

Shield Therapeutics (LON:STX) 167.5p £181.3m

FYDec16 results from the specialty pharmaceutical Company focused on secondary care. IPO completed in February 2016 raising £32.5m with potential £17.5m from warrants.  First commercial revenues of £304,000 recorded.  Net loss for FY2016 of £15.0 million. Marketing authorisation achieved across the EU for Feraccru with first sales recorded in the UK and Germany. AEGIS-H2H and AEGIS-CKD Phase 3 studies progressing well with data anticipated towards the end of 2017 and positive data expected to facilitate broader commercialisation in Europe and NDA filing in the USA.  Targeting sales by 2020 of £20-25m for Feraccru, less than previously guided/ £100k in Q1 2017. Joanne Estell joins as CFO (Most recently CFO of Stadium Group). FYDec17E rev of £2.95m and £19.55m pre-tax loss.

TP Group (LON:TPG) 8.25p £34.85m

FY Dec 16 results from the specialist services and engineering group. Revenue up 4% to £21.2m (2015: £20.4m).  Growth in defence equipment sales and strong second half performance across the Group. Operating losses reduced by £2.0m to £0.3m (2015: £2.3m). Ongoing improvements in manufacturing efficiency and better control of legacy contracts. Adjusted EBITDA* up to £1.1m (2015: £0.0m). Net cash up 31% to £9.2m (2015: £7.0m). “During the year, we explored several M&A opportunities and completed the acquisition of ALS Technologies and Flexible Software Solutions in February 2017, which provide us with significant additional services capability and immediate additional revenue and profit contribution. “The Board looks forward with confidence to the years ahead, and to generating significant value for our shareholders.” FYDec17E rev £28.8m, PBT of £1.1m.

Circle Holdings (LON:CIRC) 29.5p £69.69m

The Group has entered into agreements with affiliates of Medical Properties Trust Inc., a listed US-based real estate investment trust (NYSE: MPW), for the financing and development of Circle's next state-of-the-art hospital in Birmingham. Circle will sell its long-term lease on the Birmingham plot to an affiliate of MPT for £2.7 million and MPT will develop a 39-bed, 6,500 sqm2 acute care facility to be operated by Circle, with scope to expand to a six-theatre hospital. Construction of "Circle Birmingham" is expected to commence within four weeks, with practical completion scheduled for Q4 2018.  Circle expects to commence treating patients at Circle Birmingham towards the end of 2018 / early 2019. The total development costs for the facility are anticipated to be approx. £32.3m (inc. VAT).

Hydrogen Group (LON:HYDG) 35p £8.38m

FYDec16 results from  the global specialist recruitment group. Full year Net Fee Income+ was 8.8% lower, at £17.7m (2015: £19.4m) with Energy declining by £1.6m (EMEA decline of £1.5m and APAC decline of £0.1m). Nonetheless profitability improved with adjusted PBT of  £0.8m vs £0.2m. Cash of £2m. "2016 was a solid performance given the challenges faced from the continued decline in the Energy market and the UK's decision to leave the EU holding back activity in the UK. The business now has a firm foundation, the Energy market is showing early signs of stabilisation and we remain focused on building a growing, profitable business."  There are no market forecasts.

Empyrean Energy (LON:EME ) 3.88p £9.29m

The oil and gas company, has entered into a sale and purchase agreement  to conditionally acquire up to a 20% stake in West Natuna Exploration Ltd ("WNEL") from Conrad Petroleum Pte Ltd. This represents a Participating Interest in the highly prospective Duyung Production Sharing Contract in Indonesia. Following completion of the Acquisition, Conrad Petroleum will retain an 80 per cent. shareholding in WNEL and will remain the operator of the Duyung PSC.  The Duyung PSC includes the Mako shallow gas discovery which, according to the ‘LEAP CPR’ is estimated to contain 400 Bcf to 1.3 Tcf of gas in place.

Trakm8 Holdings (LON:TRAK) 79p £28.2m

The telematics and data insight provider, has been awarded a contract extension by Young Marmalade, the UK vehicle insurance company. The contract extension covers the provision of T10 Micro hardware and data services supplied to Young Marmalade for their Young Drivers Insurance product, first announced by Trakm8 in February 2015. The contract extension is valued at £1.7m. FYMar17E rev of £27m  and 31m PBT.

Flowtech Fluidpower (LON:FLO) 128.13p £65.87m

Q1 Mar17 Trading update from the UK distributor of technical fluid power products with an international presence. ‘Group revenue for the first quarter increased by approximately 31.8%. This performance was driven by positive momentum in all business divisions, enhanced by the contribution from our new subsidiaries.’ Group gross margin achieved remains in line with market expectations.  Final results also published today to Dec 16. Revenue up 20% to £53.8m. EPS 10.17p from 9.85p. FYDec17E rev of £8.14m and EPS of 14.01p, Div 5.8p.

Satellite Solutions (LON:SSW) 8.5p £45.57m

The global communications company specialising in rural and last-mile broadband, has won a c.£0.5m (NOK5.6m) Norwegian Government contract to build a new fixed wireless network in the county of Sør-Trøndelag over the next 15 months. "Norway has significant Government funding available for investment in broadband infrastructure each year and we hope to deliver uber-fast fixed wireless broadband to many more Norwegian customers. In addition, we intend to utilise these fixed wireless networks, as a complement to our satellite technologies, across many other European territories in the future."  FYNov17E £38.1m rev and £3.4m PBT.

Tlou Energy (LON:TLOU) 6.25p £14.82m

The Company focused on delivering power in Botswana and southern Africa through the development of coal bed methane has updated following the earthquake in Botswana. Measuring 6.5 on the Richter Scale the epicentre was in a region close to Tlou's Lesedi project area. Tlou's operations team have reported no damage to the field camp, production testing and monitoring operations at this stage.  Tlou will continue to monitor the situation as it unfolds and provide further updates if required.

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