Breakfast News - AIM Breakfast : InnovaDerma, Osirium Technologies, Rex Bionics PLC, Ariana Resources plc, Inspiration Healthcare, REDT Energy, Action Hotels PLC, Pennant International, Silence Therapeutics plc, UK Oil & Gas Investments PLC


What’s cooking in the IPO kitchen?

Velocity Composites—Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft.  Mid May admission expected. Offer details TBC.

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 $200m+ raise including $75m primary offer. Expected price range 735p to 875p. Mkt cap up to £539m.

Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p.  Admission in May.

Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of  Main Market to enable investors to complete further due diligence.


Breakfast buffet

InnovaDerma* (LON:IDP) 226p £23m

The UK developer of life sciences, beauty and personal care products  has announced a new e-tailer distribution deal with ASOS plc, one of the largest global online fashion and beauty stores attracting hundreds of millions of visitors in the UK and internationally on its website. Skinny Tan will be available on ASOS from June and will be marketed and distributed globally by ASOS. Trading continues to be very robust and revenue growth has continued on its positive momentum with April achieving the highest-ever monthly revenue. The Company is also a finalist for the IPO of the Year award at the Small Cap Awards to be held on 22 June 2017. NED Clifford Giles has resigned for personal reasons and an independent NED is being sought.

Rex Bionics (LON:RXB) 5.5p £1.4m

The pioneer of the REX™ Robot technology that enhances the mobility of wheelchair users, announced that Rex Bionics Group companies have entered into various agreements, the combination of which will result in a major restructuring of the Rex Group as indicated in the outline plan described in the Company's announcement of 13th March 2017. Subject to GM. On completion of the proposed transaction, the Company would have a 36% shareholding in an Australian company  (Rex Pty) that will own all the technology and assets that support the REX robotic mobility aid and can access funding to promote technological innovation in Australia.  ‘BML’ a fund management company based in Melbourne to invest £4.4m in Rex Pty and a further £1.5m subject to milestones. RXB has right to follow investment on a pro-rata basis.

Osirium Technologies (LON:OSI) 124.5p £12.94m

14 month results to December 2016. Total Revenue of £477,577 (2015: £290,150), comprising: SaaS Revenue of £440,582 (2015: £252,430). Operating loss of £1,822,497 (2015: £847,138), primarily reflecting increased investment in sales and marketing and additional headcount in the R&D and Customer Support teams. Cash of £3.6m. Revenue growth slower than expected at IPO but “2016 has provided a strong foundation for the year ahead. As evidenced by our recent new customer wins, we are now seeing the signs of significant progress.” Three new customers won in the first few months of 2017: one of the world's largest insurance companies, a critical national infrastructure business and a retail mobile technology provider. There are no market forecasts.

Inspiration Healthcare Group (LON:IHC) 55p £16.87m

FYJan17 results from the global medical device company. Revenue increased by 9.4% to £14.3 million. Underlying operating profit £1.2m. Major restructuring includes Inditherm product manufacturing outsourced, Rotherham factory closed, New corporate head office opened in Crawley.  Adapting to more stringent regulatory requirements which will but a brake on growth short term. ‘The impact of Brexit and the value of sterling still presents some challenges to a company of our size that both imports and exports goods. Our cash reserves and cash collection remain strong and we believe that we are well positioned for the year ahead. Our expectations for underlying full year growth remain robust and unchanged albeit new product growth will inevitably be slowed’.   No market forecasts.

Ariana Resources (LON:AAU) 1.75p £15.7m

Increase & update of  JORC compliant Mineral Resource estimate for  Kiziltepe Project following  recent drilling programme in Turkey. Increase in global Mineral Resource estimate to a total of c. 257,500 oz Au and 4.87Moz Ag contained metal on 4 main veins & several subsidiary veins (c. 338,500 oz Au equivalent). Substantial increase in tonnage to c. 3.8Mt following inclusion of all subsidiary veins drill tested to date, which do not currently form part of the mine plan.   JORC Exploration Target of up to a further c. 1.25Mt @ 1.8 g/t Au and 31 g/t Ag established for vein extensions across Kiziltepe that have not yet been drill tested. Total resource within the Red Rabbit Project Area and surrounding projects now stands at 605,000 oz gold equivalent.

redT Energy (LON:RED) 10p £65.4m

The energy storage technology company, has signed an agreement with the Royal National Lifeboat Institution ("RNLI") for a 180 kWh unit for  installation at the RNLI's Inshore Lifeboat Centre in East Cowes on the Isle of Wight. The site is used to manufacture and maintain the RNLI's fleet of inshore lifeboats. redT's energy storage machine will be used to capture excess electricity and time-shift it for use for the manufacture and maintenance of RNLI craft.  In the future, the RNLI will be able to build portions of boats using 100% solar energy, for example the hull curing ovens can be completely powered by solar power. FYDec17E £10.6m revenue, Pre-tax loss £7.5m.

Pennant International (LON:PEN) 91.5p £30.14m

The supplier of integrated logistic support solutions, products and services, principally to the defence, rail, aerospace and naval sectors and to Government Departments, confirmed that its wholly owned subsidiary, Pennant Training Systems Limited, has been notified that Lockheed Martin UK) Limited, the UK subsidiary of the Lockheed Martin Corporation, one of the world's leading aerospace and defence contractors, has exercised its option to increase the value of the contract announced on 16 June 2016, from its initial value of £0.2m to in excess of £2.2m.  This extension is scheduled for delivery across 2017 and 2018 and is supportive of current expectations.  FYDec17E £18m rev, PBT £2.4m.

Silence Therapeutics (LON:SLN) 78p £54.59m

The specialist in the discovery, delivery and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announces that it has presented new pre-clinical data generated using its GalNAc-siRNA platform technology, including the translation of effective liver target knockdown into higher species, at the TIDES: Oligonucleotides and Peptide Therapeutics meeting in San Diego. The presentation is available on the Company's website, www.silence-therapeutics.com.

Action Hotels (LON:AHCG) 37.5p £55.36m

The owner, developer and asset manager of branded three and four-star hotels in the Middle East and Australia, has chosen Novotel as the brand partner for its new hotel, Novotel Melbourne South Wharf, located at the Melbourne Convention and Exhibition Centre. The hotel, which is due to be completed in Q1 2018, will comprise 347 rooms, 30 more rooms than originally announced, making it the second largest hotel in Action's portfolio. This brings Action's total operating rooms and development pipeline to 3,214 rooms and once opened, will be Action's fourth property in Australia and third in Melbourne.

UK Oil & Gas Investments (LON:UKOG) 1.27p £33.12m

In order to progress the acquisition of new site-specific hydrogeological data over and around the Markwells Wood drilling pad, the Company has temporarily withdrawn its planning application to the South Downs National Park Authority. The application is now planned for resubmission later in 2017 after the completion of the planned data acquisition and upon the conclusions of ongoing technical conversations with the Environment Agency.  The Company now also intends to take this opportunity to apply for a full EA permit covering phase 1 of the proposed development, with a view to including this as part of the resubmission of the planning documents.

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