Breakfast News - AIM Breakfast : Cyan Holdings PLC, K3 Business Technology Group, OneView Group plc, Park Group plc, Plexus Holdings, RhythmOne, Silence Therapeutics plc, Travis Perkins


What’s cooking in the IPO kitchen?


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

OneView Group* (LON:ONEV) 4p £14.07m

The digital transformation software providers for in-store customer service announced that Travis Perkins (LON:TPK), is piloting its Point of Sale (POS) transformation at Wickes, the home improvement retail business. OneView's hosted, cloud-based Digital Store Platform went live at Wickes' Bristol store over the Easter weekend, initiating the retailer's busiest season.  The pilot demonstrated that OneView's Digital Store Platform reduces promotion set-up time from more than a day to minutes, driving sales volume and improving customer satisfaction. Equity fund raising discussions with shareholders continue. Debt holders have agreed that the entire $4m of convertible debt will convert into equity at the price at which new equity is to be raised.  This is contingent on the equity fund raise completing and  that post conversion no party holds a stake of more than 29.99%.

Silence Therapeutics (LON:SLN) 85p £59.49m

The specialist in the discovery, delivery, and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announces a significant expansion of its chemical modification patent estate.  Subsequent to the March award of patent award EP 2258847B “Silence has expanded and strengthened its patent estate by filing additional divisional and continuation patent applications in Europe and the US respectively.  We believe these applications are also relevant to the third-party medicines listed above.  [3rd party medicines in ongoing clinical trials for conditions including, but not limited to, Hypercholesterolemia, TTR-mediated Amyloidosis, Haemophilia and Acute Hepatic Porphyrias.  Chemical modification technology is vital to prevent the degradation of therapeutic short interfering RNA (siRNA) molecules and to enable potent RNA interference (RNAi).”

CyanConnode Holdings (LON:CYAN ) 0.18p £32.1m

FYDec16 results from the specialist in narrowband radio mesh network. Revenues of £1.8m versus £0.3m. Delivery well advanced against two contracts to Enzen Global Solutions  in India. Underlying operating loss increased 25% to £6.1m. Largest contract win to date worth £10m in Iran. New equity funding of £12.8m. Successful acquisition and integration of Connode Holding  AB. UK smart metering contract with expected revenues of £25m in place. There are no market forecasts.

Park Group (LON:PKG) 81.63p £150.49m

The multi-retailer gift voucher and prepaid gift card business focused on the corporate and consumer markets,  announced that its award-winning corporate incentives and rewards division, Love2Shop Business Services, is to start offering a portfolio of digital and physical rewards products to a worldwide audience. The initiative allows the strategic progression and expansion of Park's UK-based digital reward platform, 'Evolve'.  To date, 'Evolve' has  processed nearly £2m in digital reward value in the UK and attracted 150 blue-chip, household name businesses and organisations, who use the tailored platform to reward and incentivise their own employees and to drive customer acquisition 14.7x Mar17E PE and 3.5% yield.

Plexus Holding  (LON:POS) 63.88p £67.3m

Trading update  from the oil and gas engineering services business. Challenging conditions continue. Pursuing various opportunities but discussions taking longer than expected. This has resulted in a further material reduction of revenues for FY17.   However, as a result of the Company's successful cost cutting and efficiency drive programme, which has already reduced costs to align them with a reduced revenue profile, the impact on EBITDA and LBT is expected to be less significant.   The Directors are confident of improving results for Plexus during FY18. FYJun17E £6.2m rev and £6.85 PBT Loss.

K3 Business Technology (LON:KBT) 249.5p £89.8m

Trading update from the provider of mission critical software, cloud solutions and managed services to the retail, manufacturing and distribution sectors. Although the Company has seen some major deals close, certain large Enterprise contracts have not been secured as expected. As a result, despite the high seasonality inherent in Q4 trading, the Board now believes that FYJun17 results will be significantly below  mkt expectations.  Operations elsewhere are seeing encouraging progress and healthy cashflows. Furthermore, K3 has secured pilot customers for its new cloud-based modular technologies. Shifting focus to cash generating business units and the large installed customer base. FYJun17E rev £90.1m and £7.6m PBT.

RhythmOne  (LON:RTHM) 46.25p £229m

1st organisation to receive the Internet Advertising Bureau's Tech Lab Compliance Seal & OpenRTB Certification for  unified programmatic platform, RhythmMax. Part of RhythmOne's commitment to working internally & with external standard-setting partners to create transparency within the advertising ecosystem. Having met the criteria for certification, RhythmOne ’s customers can enjoy a common framework which is established, verified and validated - reducing supply chain friction, enabling easier onboarding.  FYMar18E rev £202m, £8m PBT.

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