What’s cooking in the IPO kitchen?
AIM
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.
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.
Main Market Official List
Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Main Market Standard List
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.
Main Market Specialist Funds
Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Breakfast buffet
Physiomics* (LON:PYC) 1.4p £0.8m
Physiomics will attend BioTrinity 2017. BioTrinity is one of Europe's leading Biopartnering and Investment Conferences, to be held on 8-10 May at the Novotel London West. In addition to participating in a number of partnering meetings, Physiomics will present an update on its technology at the conference on Tuesday 9th May. Dr Jim Millen, CEO, will speak at 2.30pm during the Early Stage Showcase 4 session. Founded and produced by OBN, BioTrinity is now in its 11th year. BioTrinity continues to grow with more than 1000 senior executives and decision makers from emerging and established companies across the life sciences sector and investment firms are expected to attend.
Redcentric (LON:RCN) 93.5p £129.88m
FYMar17 trading update from the UK IT managed services provider. The Company's trading results for the year were in line with the Board's expectations. Redcentric experienced good sales momentum in the year with a number of key contract wins and renewals in both the public and private sectors. Net debt as at 31 March 2017 was £39.5m, an improvement over the previously reported average net debt position to 30 November 2016 of £42.0m. This improvement was despite the significant exceptional items related to the forensic review. Amended debt facilities are now in place. Waivers in relation to historic covenant breaches have been secured such that the Company is fully compliant with its facilities. Remedial programme proceeding well. FYMar17E rev £105.6m, PBT £9.05m.
DP Poland (LON:DPP) 49.75p £68.26m
AGM Statement from the operator of sub-franchise Domino's Pizza stores in Poland. Trading in line with management expectations. 21% like-for-like growth in System Sales Q1 2017. 8 new stores opened to-date in 2017. 43 stores in 16 towns and cities. Pipeline of more store openings for 2017 and 2018. New commissary under construction FYDec17E revenue £10.9m, pre-tax loss £1.94m.
Frontier Smart Tech (LON:FST) 94.5p £38.2m
Trading update from the pioneer in technologies for Digital Radio and Smart Audio devices. The Board is pleased to report that the Group has continued to build on the momentum achieved in the second half of 2016, with H1 revenues significantly ahead of last year. Taking a prudent view of H2 trading across the Group, the Board expects full year EBITDA profit to be materially ahead of expectations. Current market expectations for the year ending 31 December 2017 for the Group's EBITDA was approx. £1.0 million prior to this statement. Digital Radio is benefiting from strong underlying growth in continental Europe, boosted by the switching-off of analogue radio in Norway. Smart Radio is ahead of expectations due to better than expected growth in Germany.
Telit Communications (LON:TCM) 360.25p £418.33m
The global enabler of the Internet of Things (IoT), today announced that further to the announcement on 4 May 2017 regarding the proposed placing of ordinary shares, it has successfully raised approximately £39m at a price of 340 pence per share raising approximately. The proceeds from the Placing will be used to fund several identified acquisition opportunities, mainly in the IoT Services sector, which the Company will look to execute in the near to medium term. FYDec17E £361.8m, PBT £27.3m, 17.7x PE, 1.7%9% yield.
SDX Energy (LON:SDX) 61.87p £115.64m
The North Africa focused oil and gas company, announced that drilling on the SD-1X well at its South Disouq concession in the Nile Delta area of Egypt has now reached its second target depth. Following the significant natural gas discovery in the upper Abu-Madi section, where the well encountered 65 ft. of net pay section with an average porosity of 25%, drilling continued with the SD-1X well which was subsequently targeting oil from the deeper Cretaceous horizons. Hydrocarbons present. However, not sufficient to justify completing this interval. Disappointing not to have 2nd discovery but bodes well for prospectivity of concession.
ReNeuron Group (LON:RENE) 2.15p £68m
The UK-based specialist in the development of cell-based therapeutics, is pleased to announce that it will today be presenting new data relating to the characterisation and scale-up of its CTX cell-derived exosome therapy candidates at leading scientific conference in London. Addresses upstream cell culture processes needed to generate the exosomes and the downstream purification methods that can be applied to remove protein and DNA-based impurities from the exosomes at commercially relevant scale. These new methods yielded a three-fold increase in particle protein purity and a more than five-fold increase in particle DNA purity compared with previous purification processes.
PME African Infrastructure Opportunities (LON:PMEA) $0.09 $6.91m
FY Dec 16 results from the investment company established to invest in sub-Saharan African infrastructure and related industries. NAV per share of US$0.23 (2015: US$0.22). Profit attributable to shareholders for the year ended 31 December 2016 was US$0.4m (2015: US$2.1m loss). Expecting to complete sale of a number of its assets. ‘The Directors continue to anticipate that another tender offer will be proposed to shareholders immediately following the receipt of the proceeds from the Option for the three remaining C30 locomotives. A further and final tender will be proposed thereafter once the building has been sold.’
Strategic Minerals (LON:SML) 2.35p £28.83m
Buying out remaining shares in Central Australia Rare Earths (CARE) from JV Partner for £522.5k in shares. JV Partner deemed potentially unable to contribute to funding. ‘the profitability of operations at our Cobre plant in New Mexico, USA has provided SML the capacity to provide such funding’ and the Board decided to take complete control. Andrew Spinks, the geologist associated with Rarus (the partner), has agreed to continued involvement in CARE's various projects through the provision of strategic professional advice, at market rates.
Amur Minerals Corp (LON:AMC) 5.97p £36.54m
The nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, has initiated its 2017 drill programme at its wholly owned Kun-Manie nickel copper sulphide project, located in the Russian Far East. For the second year in a row drilling has been initiated well ahead of the planned 1 June 2017 start date, with this year's drill season commencing on 5 May 2017. Assuming minimal downtime of drill rigs and weather permitting, the 2017 drill programme is fully stocked to allow for the completion of 20,000 metres. Presently, drill holes containing a total of 2,500 metres each at both deposits have been specifically identified for drilling.