Breakfast News - AIM Breakfast : 21st Century, Caspian Sunrise, Kin Group Plc, Keras Resources, Oakley Capital Investments Limited, Redx Pharma Plc, Staffline


What’s cooking in the IPO kitchen?


I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK.  Offer TBC, 26 May admission.

Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May.

Eve Sleep —  Schedule 1 from the e-commerce focused, direct to consumer European sleep brand. Raising £35m at £1.01. Expected mkt cap £140m. Expected 18 May 2017

Velocity Composites — Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft.  18 May 2017 admission expected. Raising £14.4m at 85p. Expected mkt cap £30.4m

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 late May.

Main Market Premium Listing

AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property

Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m.

Kuwait Energy — $150m raise plus vendor offer. Admission due June.  2p reserves 810.0 mmboe

Main Market Standard Listing

Spinnaker Opportunities — Seeking RTO. Targeting a single, material acquisition in the energy or industrial sector. Due 17 May.

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.

Main Market Specialist Funds

Tufton Oceanic Assets – Extended to 9 May on specialist funds segment of  Main Market to enable further due diligence.

PRS REIT—Private rental sector REIT raising up to £250m.  Admission due 31 May



Breakfast buffet

Kin Group* (LON:KIN) 0.15p £2.6m

The  digital wellness provider for corporate organisations trading as Kin Wellness, is pleased to announce that it has secured up to £1.125 million (before expenses) of additional funding. The Company has agreed to issue convertible unsecured loan notes with a term of three years to raise up to £1.125 million, to Belastock Capital L.P., an overseas based institutional investor. The Notes have an aggregate nominal value of up to £1.25 million and will be issued at a 10% discount to nominal value in up to four tranches. If the Notes are converted into new ordinary shares in the Company  the Company will also issue the Investor with one warrant for each Conversion Share, details of which are set out below. The proceeds of this fundraising will be used by the Company for general working capital purposes.

Sagicor (LON:SFI) 90p £274m

Q1 results from the financial services group of companies operating in the Caribbean, USA, UK and Latin America.  Solid financial performance. Group net income was US $23.4 million for the period, compared to the prior year result of US $22.3 million. Total revenue amounted to US $282.5 million, compared to US $264.4 million for the corresponding period in 2016, an increase of US $18.1 million. The Group’s debt, which is included in other liabilities, was US $405.3 million. The debt to capital ratio was 33.1%. There are no market forecasts.

Redx Pharma (LON:REDX) 30.25p £38.26m

The research and development Company focused on cancer, immunology and infection, announces that preclinical efficacy data in mouse-models for its development candidate, RXC005, a reversible BTK inhibitor, has been presented in a poster session at the 17th International Workshop of Chronic Lymphocytic Leukemia (iwCLL) biennial meeting in New York City, U.S. on 14 May, 2017.  The poster demonstrated that RXC005 successfully inhibits wild-type BTK and C481S mutant BTK, as well as B-Cell Receptor signalling in ABC-DLBCL cell lines and importantly primary CLL cells. RXC005 was also shown to be highly selective and exhibits improved target specificity against other Tec and Src kinase family members. RXC005 demonstrated significant efficacy in ABC-DLBCL xenograft mouse models such as TMD8 and OCI-Ly10 cell lines.

Staffline Group  (LON:STAF) 1202p £334.75m

The Staffing and Employability organisation, has acquired Brightwork Limited ("Brightwork"), a recruitment business based in Scotland specialising in temporary and permanent jobs in the drinks, warehousing, manufacturing and distribution sectors. Brightwork has a long and successful history as a multi-sector recruiter for clients across Scotland from offices based in Edinburgh and Glasgow. The acquisition therefore represents an attractive strategic opportunity to increase footprint in Scotland, strengthening the Group's geographic reach across the UK, as well as bringing a blue-chip client base. The acquisition is expected to be earnings neutral in the current year and is being funded out of Staffline's existing resources. FYDec17E rev £950m, PBT £37.36m, PE <11x 2.3% yield.

Mortice (LON;MORT) 92p £50.8m

FYMar17 trading update from the security and facilities management company. Revenue increased by approximately 35% to US$180m (2016: US$133.5m) and EBITDA is expected to be materially above forecasts of US$6.7m (2016: US$5.6m), driven by the increase in revenue as well as greater cost optimisation throughout Mortice. Net debt at the year 31 March 2017, was $13.6m (2016:$14.5m). The Company sees tremendous scope for organic and acquisitive growth, both within existing markets and new territories.  Strong pipeline across all divisions. FYMar17 rev £137.6m and £3.48m PBT.

Oakley Capital Investments (LON:OCL) 163.5p £334.85m

Oakley Capital Private Equity III to acquire a majority stake in TechInsights for US$49.9 million and will invest alongside Henry Elkington, the CEO of the current parent company (AXIO), who brings extensive experience in the industry and will become Chairman of TechInsights at completion. TechInsights is a global leader in the intellectual property and technology services market. Following the merger with its main competitor (ChipWorks) in June 2016 TechInsights generated revenues of c. US$45 million and EBITDA of US$12.6 million in 2016, on a pro-forma basis.

21st Century Technology (LON:C21) 3.38pp £3.15m

The specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off vehicle, announced a 2-year contract from Transport for West Midlands, the transport arm of West Midlands Combined Authority. This strategically important contract award includes a customer option of an additional 1-year extension through to March 2020 increasing the total contract value to approximately £0.4m. No market forecasts.

Caspian Sunrise (LON:CASP) 9.62p £90.23m

FYDec16 results from the oil and gas company with a focus on Kazakhstan. 1 deep well spudded. Deeps Wells A5 & 801 produce intermittently at rates of 2,000+ bopd. On shallow wells Gaffney Cline reserve estimates (based on South Yelemes wells and Well 143 only as at 31 December 2015) 18.3 mmbls (P1) & P2 29.3 mmbls (P2).   Shallow wells 141 & 142 were spudded and drilled to depth of 2,500 meters and are producing with well 143 at the aggregate rate of 1,100 bopd. Further exploration and  development work continues. Baverstock Merger approved by Roxi shareholders and Kazakh authorities with completion due by end Q2 2017.


Keras Resources (LON:KRS) 0.4p £7.5m

Award of five exploration licences, covering 854.3 square kilometres of ground in Togo that cover previously discovered cobalt and nickel mineralisation.  The grant of these licences follows applications made to Ministry of Mines and Energy of Togo as announced on 30 March. Average rock chips from mineralised zone grade at 0.82% nickel and 0.19% cobalt , with highs of 1.4% Ni and 0.25% Co: Equates to a 4.5g/t equivalent gold grade based on current metal prices. Initial mapping, sampling and trenching alongside historical data compilation is due to commence immediately in order to better prove up the exploration potential.

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