What’s cooking in the IPO kitchen?
AIM
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.
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
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
Stilo International (LON:STL) 5.75p £6.54m
AGM Statement from the provider of software tools and cloud services that help organisations create and process content in XML format, so that it can be more easily stored, managed, re-used, translated and published to multiple print and digital channels. Encouraging feedback following launch of AuthorBridge v2.0 in February 2017. Further development required and not expecting meaningful revenue contribution in 2017 but aim is to implement this year at key customer sites. Cash at 20 April £1.56m. Recommending final div for 2016 of 0.05p. There are no market forecasts.
HaloSource* (LON:HALO) 1.12p/ £17.5m (HAL.L) 7.5p / £17.5m
Update on £1.9m fundraising. Has obtained the requisite numbers of waivers of existing shareholders to (a) amend the articles of incorporation to increase the authorised share capital of the Company; and (b) issue the New Common Shares without having to make a pre-emptive offer to existing shareholders. The Fundraise remains conditional on one of the key cornerstone investors to the Fundraise receiving a certain Chinese governmental approval to enable the investor to complete its participation in the Fundraise. At this stage, the process for receipt of such governmental approval remains ongoing.
Staffline Group (LON:STAF) 1250p £348m
AGM Statement from the Staffing and Employability organisation. "Following the record year of 2016 which saw significant growth in the number of our Staffing divisions OnSites and good progress as a fully integrated business from our PeoplePlus division, Staffline has continued to make excellent progress in the new financial year.”
“We are pleased to confirm that current trading is in line with market expectations and the Board remains confident of the Group's growth prospects with the "Burst the Billion" £1 billion revenue target still very much on track." FYDec17E rev £950m and PBT of £37.36m. PE<11x and 2.3% yield.
Churchill China (LON:CHH) 1162p £116m
AGM Statement from the manufacturer and distributor of performance ceramic and related products to hospitality and retail markets worldwide. "I am pleased to report that we have made further progress against our objectives in the first four months of the year. We have continued to benefit from strong export demand and our new product launches have been well received. As a result we continue to anticipate that we will meet our target performance levels for the year." FY Dec17E rev £52.5m, PBT £7.1m yield 2.1%.
ReNeuron (LON:RENE) 2.03p £64.1m
A UK-based global leader in the development of cell-based therapeutics, is pleased to announce that it will be presenting new positive pre-clinical data relating to its ExoPr0 CTX cell-derived exosome therapy candidate at the International Society for Extracellular Vesicles (ISEV) 2017 Annual Meeting in Toronto. Data show that ExoPr0 can cross the blood brain barrier and can potentially target multiple diseases via local or systemic administration. ReNeuron has previously identified the potential of ExoPr0 as both a novel therapeutic candidate and as a drug delivery vehicle, based on earlier research to demonstrate the ability of ExoPr0 to modulate fibroblasts, immune cells and cancer cell lines in vitro
Safestyle (LON:SFE) 325p £269.7m
AGM Statement from UK focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market. "2017 started positively with robust order intake in the first quarter, however recent trading has been weaker than expected reflecting the latest FENSA statistics which have shown a significant contraction in the overall market in the first quarter of 2017. As a result, compared with an exceptionally strong equivalent trading period last year, the Group has seen more modest overall growth of 2% in order intake for the first four months of 2017.” The Board is confident of delivering Full Year results broadly in line with market expectations." FYDec17E rev £174.4m and PBT£21.87m. 3.8% yield.
Itaconix (LON:ITX) 23p £18.1m
The designer and manufacturer of specialty polymers, announced that following the acquisition and integration of Itaconix Corporation in the USA, it is implementing operational changes to the Group. Resources will be more focused on successfully executing the Group's strategy to launch and grow the sales of its products, primarily in the global personal care and homecare markets, including the development of application data that provides clear evidence of the material benefits of using Itaconix's products and how they can be best formulated into end consumer products. Resizing R&D Team. Broadly cash neutral 2017 with positive net impact of c. £1m from 2018. FYDec17E rev £1.4m and £4.6m loss.
Feedback plc (LON:FDBK) 3.62p £8.92m
Update on obtaining the CE Mark for TexRAD from medical imaging software company. enhancements have been identified which will improve the performance of this version of TexRAD and which will assist in the progression of future versions to wider clinical usage. The introduction of these modifications will result in a delay of several weeks before the CE Mark for TexRAD Lung is obtained. This is not expected to have any effect on the commercial negotiations which are underway or on future sales of TexRAD. Still expects to go live on global partners’ diagnostic imaging solutions platform. No mkt forecasts.
Elektron Technology (LON:EKT) 4.87p £8.92m
Final results to Jan 2017. A year of streamlining with three disposals generating £2.9m, with a further disposal generating £0.3m shortly after the year end. Net cash at year end of £1.0m (2016: net debt of £1.6m). Torquay factory to close with ops moving to an existing factory. Revenues from continuing ops of £32.7m (2016: £34.1m). Encouraging start to the new year. Increased orders at Bulgin, currently the main profit and cash generator. Checkit continues discussions with several users of its services, although the build-up of substantial revenue from this multi-year project is likely to take some time due to subscription model and the phasing of the customer adoption process. No mkt forecasts.