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
Crossword CyberSecurity* (AQSE:CCS) 195p £6.1m
FYDec16 results out yesterday from the technology commercialisation Company focusing exclusively on the cyber security sector. Generated £345k of revenue in 2016 vs £21k in 2015 reflecting transition from pure R&D to commercial activity. “We have established a range of commercial partnerships for our first product, Rizikon, and our new consultancy team is rapidly building up momentum. Our second product, Nixer is in live trials with our key design partner and we are looking forward to marketing Nixer actively in 2017." Cash of £1.55m at period end.
Amryt Pharma (LON:AMYT) 24.25p £50.52m
The pharmaceutical Company focused on best-in-class treatments for rare and orphan diseases, yesterday announced the publication of study results which evaluated the benefits of Lojuxta (lomitapide) (in-licenced by Amryt in early December 2016) in the treatment of Homozygous Familial Hypercholesterolaemia (HoFH), a rare, life-threatening disease, which impairs the body's ability to remove LDL cholesterol. Most notably, the study showed that Lojuxta delivered higher reductions in LDL cholesterol (LDL-C) than can currently be achieved with any other therapeutic options.
Sandal (AQSE:SAND) 29.5p £4.9m
The designer, developer and manufacturer of electronic products has announced the signing of a Design and Supply agreement with Momit, a Spanish Company engaged in the smart home sector. Momit is redesigning its successful smart thermostat to enable its compatibility with the Energenie MiHome platform. Based on the current Sandal price positioning, the directors estimate that this product and the anticipated additional radiator valve sales it will bring, will add in excess of £500,000 of sales in the 12 months following its planned launch in September 2017.
Capital For Colleagues(LON:CFCP) 45p £4.3m
The investment vehicle focused on opportunities in the Employee Owned Business (EOB) has completed a £2.43m fundraising at 42p with £1.44m in an open offer and subscription of £0.98m in a subscription. The net proceeds are to be used to make further investments in line with the Company's investment strategy and to provide working capital for the Company's ongoing operations. ‘As "patient capital" becomes increasingly important to EOBs, we remain well placed to capitalise from the many investment opportunities that are available to us.’
Photonstar LED Group (LON:PSL) 0.58p £1.08m
The British designer and manufacturer of intelligent lighting and building control solutions has received a letter of intent regarding the proposed roll out of the halcyonPRO2 and its halcyon CloudBMS platform. The LoI has been received from a leading manager/developer of student accommodation in the UK following a 9 month trial period that commenced in July 2016. It is proposed that approximately 50,000 of the Company's Halcyon devices will be installed over 18 months. The Customer has multiple sites in 24 UK cities which will now be surveyed to assess the individual requirements for each site. It is envisaged that the installations will begin during the summer months when the student accommodation is vacant. Trades at < 0.2x sales.
Harvest Minerals (LON:HMI) 13.88p £16.17m
Positive update on the 100% owned Arapuá Fertilizer Project in Minas Gerais State, Brazil. Final Exploration Report submitted; Trial mining permit extended whilst the full mining license application process is underway; and Agronomic test work ongoing with initial results due shortly. Once the report is approved Harvest has up to a year to submit a feasibility study and make an application for a FML (Full Mining Licence) and thus approval of the FML is not expected until late 2018 at the earliest.
Trakm8 (LON:TRAK) 77.5p £27.66m
FYMar17 trading from the telematics and data insight provider. Revenues: up 6% year on year; up 7% like for like; recurring revenue up 18% to £9.8m. New orders booked up 37% year on year, benefitting FY18 and beyond. Financial performance in line with February 2017 revised expectations. Year end net debt of £3.9m. Substantially completed an overhead reduction exercise that is expected to generate £1.5m of annualised savings at a one off cost of £0.13m. FYFeb17E revenue of £27m and £1m PBT.
Kromek Group (LON:KMK) 28p £72.52m
FYApr17 trading update from the radiation detection technology Company focusing on the medical, security and nuclear markets. The Group is making good progress on the delivery of new orders won over the past two years and, as a result, the Company is trading in line with market expectations. The Group's products continue to gain traction in all its business segments from the increasing adoption of CZT-based technology and other products. The Group expects to continue to win new customers and, together with the momentum of contract wins, it expects a step change in revenue growth in the new financial calendar year. FyApr17E £8.9m rev, £3.7m PBT loss. FYApr18E £12.48m rev, £2.1m loss.
Action Hotels (LON:AHCG) 37p £54.63m
The owner, developer and asset manager of branded three and four-star hotels in the Middle East and Australia, announced that H.E. Sheikh Mubarak Al-Abdullah Al-Mubarak Al-Sabah, Founder and Chairman of Action Hotels has been awarded the prestigious Industry Pioneer Award at the Arabian Hotel Investment Conference 2017. The award recognises the achievements of individuals who have made a significant contribution to the Middle East hospitality industry. The award was nominated and voted for by the AHIC Advisory Board, a panel of more than 40 hotel owners, investors, operators and consultants with extensive knowledge and experience of the Middle East hotel industry.