Breakfast News - AIM Breakfast : Amerisur Resources, Aggregated Micro Power Holdings plc, Asiamet Resources, Falanx Group, Johnson Service Group plc, Morses Club Plc, PowerHouse Energy, Sanderson Group, Sound Energy PLC, Sunrise Resources Plc


What’s cooking in the IPO kitchen?

Eve Sleep—  Schedule 1 from the e-commerce focused, direct to consumer European sleep brand. Offer details TBC. Expected Mid May

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

Falanx Group (LON:FLX) 7.5p £9.43m

The global intelligence, security and cyber defence provider, intends to raise up to £2 million, before expenses via a placing  at a price of 6.875 pence per Ordinary Share, a 13% discount to yesterday’s close. There are no market forecasts.

Asiamet Resources (LON:ARS) 5.2p £36.9m

Resource definition drilling as part of feasibility studies on the Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia has intersected thick depth extensions of copper mineralisation in the BK044 Zone. Drilling on section line BKM32400 intersected thick intervals of moderate to high-grade copper mineralisation extending more than 100 metres below the base of the conceptual open pit design, as proposed in the Preliminary Economic Assessment. 11 holes drilled including BKM32400-10  37.1 Metres at 1.10% Cu (from 3.4 Metres). ‘The primary objective of this drilling campaign is the upgrading of Inferred Resources to higher confidence Measured and Indicated Resources by completing this closely spaced grid-drilling program, and we are very pleased with the results to date."  

Johnson Service Group  (LON:JSG) 131p £480.06m

AGM statement from the UK textile rental provider. "Following strong results in 2016, trading in the first quarter of 2017 is progressing well and the Group remains on track to deliver management expectations for the year. Our £4.5m investment at London Linen's Southall plant, which started in August 2016, has recently been completed, and we have also finished a £3.5m refit at our Chester plant. These investments provide us with additional capacity in two strategically important locations and will also improve productivity at both sites. With the disposal of the retail dry-cleaning operations in early January, the Group is now wholly focused on the further expansion of its textile rental activities and the Board views prospects for the Group's ongoing development very positively." FYDec17E £279m rev, £36.05m PBT. 

PowerHouse Energy Group (LON:PHE) 0.83p £7.89m

The Company focused on ultra high temperature gasification waste to energy systems and the creator of Distributed Modular Gasification© (DMG), has now moved its G3-UHt unit to Unit 99 at the Thornton Science Park, operated by the University of Chester. “The relocation of the G3-UHt unit to Thornton Science Park Unit 99 will serve the Company well as we continue the development of its automation processes at this new facility. We look forward to demonstrating the technology of the G3-UHt unit to interested parties and the public over the coming months, as we begin our journey to commercial success.“

Sunrise Resources (LON:SRES) 0.12p £1.7m

Details of further testwork results and the completion of a positive concept study for development of the CS Pozzolan-Perlite Project in Nevada. Preliminary modelling shows attractive financial returns based on low capital and operating cost estimates. Permitting study suggests an expeditious Environmental Assessment process rather than full Environmental Impact Statement process. Strategic Review: Board to focus current management and financial resources on development of CS Project into production and other natural pozzolan opportunities. Board will seek progressive valorisation of the Company's existing precious metal and other industrial minerals projects through joint venture, sale or other arrangements.

Sound Energy (LON:SOU) 72.25p £499.5m

The African and European focused upstream gas company, announced that the Badile exploration well, onshore Italy, has now been drilled to the fourth casing point and that the 9 5/8" casing has been set and cemented at a measured depth of 3,379 metres in the Eocene Scaglia formation marls and mudstones. The Company will now proceed to drill the last section towards the reservoir with a target total depth of approximately 4,450 metres.   

Sanderson Group (LON:SND) 83.5p £45.93m

Pre-close trading statement from the software and IT services business specialising in digital retail technology and enterprise software for businesses operating in the manufacturing, wholesale distribution and logistics sectors. "Strong organic revenue growth driven by continuing high levels of sales order intake". HYMar17 in line with management's expectations with revenue growing by 10.5% to £10.90 million and underlying operating profit increasing to £1.55 million. Pre-contracted recurring revenues increased to £5.40 million (H1 2016: £5.19 million) . Margins lower reflecting investment in delivery capacity. ,The Board has a good level of confidence that the Group will continue to make further progress during the current financial year. FYSep17E £22.1m revenue  and £3.7m PBT. 15.4x PE. 

Morses Club (LON:MCL) 130.5p £173.5m

The UK's second largest home collected credit lender, has received full FCA authorisation following a period of operating under interim permission. "We are delighted to have received full FCA authorisation, marking a significant step in the development of the business.  We will continue to focus on delivering good customer outcomes, using technology to maximise the customer experience. We strongly believe that listening to our customers and developing products to match their needs will help to continue to consolidate our strong position within the home collected credit market." FYFeb18E Rev £107.3m, EPS 11.6p, DPS 7p

Aggregated Micro Power Holdings (LON:AMPH) 81p £30.63m

FYMar17 trading update from the  specialist in the sale of wood fuels and the development of distributed energy projects. AMP has been transformed into one of the leading UK suppliers of wood fuels under the Forest Fuels brand. Also grown  project development business producing development fee revenues for this year and the prospect of deferred development fees in due course. AMPIL funds under management have grown to £36m and comprises 66 operational boilers, one heat pump and the construction of 24MWs of peaking plant assets on long terms contracts. Revenues > £15m target. EBITDA to cover the interest on £10m convertibles.

Amerisur Resources (LON:AMER) 24p £291.2m

The oil and gas producer and explorer focused on South America, has provided an update on operations in the Platanillo Field.  Platanillo-22 producing over 700 barrels of oil per day. Platanillo-21 at 7,573ft ahead of time and budget. Platanillo-25 in planning stage.   Platanillo-8 - successful chemical treatment. Following treatment the well is producing approximately 350 bopd in a stable manner. Amerisur is currently considering other candidates for similar treatments, including Platanillo-9, Platanillo-14, Platanillo-12 and Platanillo-5. FYDec17Erev £21.94m PBT.

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