What’s cooking in the IPO kitchen?
Shearwater Group—Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules.
ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017.
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer.
Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p.
Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May.
Tufton Oceanic Assets– Offer extended to 9 May on
Breakfast buffet
Petards Group* (LON:PEG) 34.75p £12.35m
AGM Statement yesterday from the software developer of advanced security and surveillance systems. Highlights since the last Chairman’s statement include a £4.3million order from Stadler Bussnang AG for the provision of Petards eyeTrain CCTV and Automatic Selective Door Opening Systems. “"Investment in UK rolling stock is at record levels giving rise to significant opportunities for Petards.” Order intake for defence business has been slow but indications are that there is further business in the pipeline. The QRO acquisition, completed April 2016, has integrated well into the Group bolstering the Emergency Services offering. "We entered 2017 with an order book of £20 million. At the 31 March this year, it stood at £21 million of which £13 million is scheduled for delivery by the end of the year.” FYDec17E £16.2m rev and £1.05m PBT.
Mariana Resources (LON:MARL) 93.5p £118m
Recommended offer yesterday by 7% holder Sandstorm. If successful, the Combination will result in Mariana Shareholders, together, owning approximately 19.0 per cent. of the ordinary share capital of the enlarged Sandstorm group. Based on the closing price of US$4.04 per Sandstorm Share on NYSE MKT and a currency exchange rate of £0.7788 per US$, on 25 April 2017. The terms of the Combination represent: value of approximately 109.71 pence per Mariana Share; a premium of approximately 84.38%. The Combined Group will have: A diversified portfolio of 155 streams and royalties including 20 producing, 23 development-stage, 26 advanced exploration-stage and 86 exploration-stage assets and a 30% incorporated JV interest in the high-grade, gold-copper, development-stage Hot Maden project in northeast Turkey.
Synectics (LON:SNX) 215p £38.26m
AGM statement from the specialist in the design, integration, control and management of advanced surveillance technology and networked security systems. "Synectics' results for the first four months of the current financial year have been in line with the Board's expectations. Particularly pleasing have been the number and scope of important new orders recently won across different sectors.” Includes multi-million dollar contract for 5 properties in gaming mega resort in the Philippines; large and strategically important extension of Synergy 3 surveillance system at Jakarta Airport; 3 year multi-million pound extension to long-term contract with the UK's largest bus operator, Stagecoach; further contract c. US$1m to extend existing Synergy 3 system for gaming customer. “Based on the Group's current healthy order book and pipeline of anticipated new business, the Board's expectations for results for the full year remain in line with market forecasts." 15.7x FYNov17 PE.
Nu-Oil and Gas (LON:NUOG) 0.37p £3.83m
The independent Oil and Gas Company, is pleased to announce that Marginal Field Development Company Ltd. (MFDevCo), in which the Company has a 50 per cent. interest, has executed a Memorandum of Understanding with Calm Oceans Pte Ltd for the supply of production facilities under a lease arrangement to be entered into at a later stage. The MoU anticipates that the arrangement will last for at least the first four projects secured by MFDevCo. COPL has designed and patented, amongst other things, a Mono-Column Platform (MCP), which is a self-installing, self-removal and relocatable platform with the characteristics identified by MFDevCo as key for the cost-effective development of marginal and stranded fields.
Zoltav Resources (LON:ZOL) 26p £36.91m
The Russia-focused oil and gas exploration and production Company, announced FYDec16 results showing a 17% increase in revenues (RUB 1.99bn) and the Company's first annual net profit (RUB 97m.) Significant reduction in G&A costs of 38% to RUB 299m. The Group has sufficient liquidity to fund its investment programme on the Western Fields at Bortovoy and its development plans at Koltogor at least through to the end of 2018. There are no market forecasts.
Trading update from the provider of a wide range of specialist recruitment and outsourcing services to clients in both the public and private sectors. “We are pleased to report that following a positive start to the year, results for the first six months are ahead of internal expectations and significantly ahead of the corresponding period last year. The Group's diversified business mix has delivered a resilient performance and this gives the Board confidence as we enter the second half. Servoca will announce its interim results to 31 March 2017 on 12 June 2017.” FY Sep 17E rev of £79m and £3.7m PBT, 0.4p div and 2.4p EPS.
Croma Security Solutions Group (LON:CSSG) 54p £9.12m
The total security services provider, announced three new contract wins for its unique Fastvein technology. Two of the orders relate to the education sector and the third to a consortium of highways contractors. All have chosen Fastvein as their technology of choice for identity management and access control. The orders total £300,000 over the next year. “Fastvein is expanding its reach and clients are beginning to realise its full potential in identity management. Introducing disruptive technology is a long process but Fastvein is gaining vigorous momentum.” There are no market forecasts.
Georgian Mining (LON:GEO) 13.38p £10.76m
Georgian Mining has intersected exceptionally high grade mineralisation, including 16m at 15.4% copper from 47m, during its ongoing drilling programme at 'Gold Zone 2' situated within the Kvemo Bolnisi East Project (KB). These results fit with the new epithermal ore geology model identified by the Company and provide further evidence that the three zones currently being explored may sit together as part of a much larger deposit. The Company is confident that work in the short term will unify the three zones in line with the Company's objective of delineating a 50Mt+ deposit at KB.
Camellia (LON:CAM) 11,011p £311m
FYDec16 results from the international Group whose activities include Agriculture, Banking and Financial Services, Engineering, Food Service and Investments. 2016 saw improved performance from all three trading divisions It also saw the withdrawal from the investment in Duncan Lawrie. Full financial impact to be recorded over 2 financial years. Anticipated profit on disposal of £19.2m to be reflected in 2017 results. Climatic conditions & low oil price paint uncertain picture for 2017. Rev £257.9m from £244.7m. Headline PBT of £26.5m from £26.4m.
Blenheim Natural Resources (LON:BNR) p £m
Conditional placing of £1m at 0.45p. Proceeds to make further investments in accordance with its investing policy, including to fund the cash consideration to acquire a 30 per cent interest in Nashwan Holdings Ltd. The Company has received notice from Nashwan that its application for a prospecting permit for Menianbala in Southern Mali has been successful. Menianbala is the second prospecting permit in the Bouguoni lithium pegmatite province of Mali to be granted to Nashwan.