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.
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.
Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June.
Main Market Premium Listing
Flying Brands (LON:FBDU)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun.
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
Premier Veterinary Group (LON:PVG) 165p £25.3m
HYMar17 results. 38% increase in total number of pets on fee-generating pet care plans under PVG's preventative healthcare programme to 161k. 35% increase in PVG's total continuing revenues to £1.2m. Co-operation agreement signed in February 2017 with Midwest Veterinary Supply, Inc, a major veterinary distributor based out of Minnesota, US. Loss after tax from continuing operations to 31 March 2017 £2.1m (31 March 2016: £1.5m). Cash £0.7m. Post period disposal for net cash proceeds of £4.8m. Following the disposal of the PBG, the Board remains confident in the Group's prospects and in its ability to deliver the expansion strategy. FYSep17E £4.2m and £3.45m loss. Forecasted to reach profitability in 2018.
Integrated Diagnostic Holdings (LON:IDHC) 340p £525m
Q1 update from the largest fully integrated private-sector provider of medical diagnostics services in Egypt, Jordan and Sudan. Unaudited net profit of 89 million Egyptian pounds (EGP) on total unaudited revenues of EGP 346 million.1 Unaudited EBITDA stood at EGP 136 million in 1Q2017, representing period-on-period growth of 9%. "Strong fundamentals continue to support our growth outlook for diagnostic services in Egypt.” “Accordingly, we reaffirm our 2017 guidance that targets revenue growth in excess of 20% and EBITDA margins at or above 40% given our expectation that the negative currency translation impact on our costs will be less pronounced as the year progresses." FYDec16E $74m Rev and $37.38m PBT.
Andalas Energy and Power (LON:ADL) 0.08p £1.93m
The Indonesian focused energy company, has conditionally raised £600,000 via a placing at a price of 0.1 pence per share. Certain Directors are participating in the Placing by way of a subscription for a total of 168,000,000 Placing Shares. The Placing Price represents a premium of 29% to the mid-market price at the time of the suspension of trading in the Company’s ordinary shares on AIM. Following today’s announcement, the Company has requested a restoration of trading in the Company’s ordinary shares, which will recommence trading on AIM from 7.30 a.m. on 23 May 2017. The proceeds of the Placing will be used to provide additional working capital, as Andalas focuses on advancing its first Wellhead IPP project with Pertamina, Indonesia’s national energy company.
IP Group (LON:IPO) 143p £806.6m
IP Group announces that it recently made an approach to the Board of Touchstone regarding a possible combination with Touchstone. The Board of Touchstone rejected the proposed Combination. IP Group also intends to raise gross proceeds of up to £200m 140 pence. Nav/Share 125p. IP Group has received support for the Possible Offer from Touchstone shareholders representing, in aggregate, 51.8 per cent of Touchstone's issued share capital. The terms of the Possible Offer would comprise the issue of 2.1490 IP Group shares for each Touchstone share. The IP Group Directors consider that the Combination would create an international leader in IP commercialisation and an enlarged business with substantial capabilities that would be greater than the sum of the two parts.
Base Resources (LON:BSE) 17p £126.18m
Board approves Kwale Phase 2 mine optimisation project to deliver enhanced economics. Brings fwd revenue by maintaining current production levels for the remainder of the mine life, overcoming declining ore grades in the current Ore Reserve. Faster mining/processing of Ore Reserves over a 24 mth shorter period eliminates approximately US$60 million in fixed costs,. Increases leverage from, potential mine life extensions emerging from the exploration program that is underway. Incremental capital requirement to implement Kwale Phase is a modest US$13.1 million, which will be fully funded from operating cashflows. FYJun17E A$206.3m, PBT A$42.15m.
Medaphor Group (LON:MED) 15.5p £4.94m
AGM Statement from he global provider of advanced ultrasound training simulators for medical professionals. “There are welcome signs that the Group is regaining traction in North America and the Board is encouraged about prospects for the Group in the year ahead. As we announced in our Final Results statement, we are currently pursuing fund raising options to take the Group through the next stage of growth.” There are no market forecasts.
easyHotel (LON:EZH) 95.5p £95.98m
HY Mar 17 results. From the owner, developer, operator and franchisor of "super budget" branded hotels. Trading slightly ahead of the Board's expectations. Total system sales1 up 24.7% to £12.05m (31 March 2016: £9.66m) Total revenue up 21.2% to £3.14m (31 March 2016: £2.59m). Adjusted EBITDA2 up 13.2% to £0.65m (31 March 2016: £0.58m). Profit before tax down to £0.06m (31 March 2016: £0.14m), reflecting increased costs associated with the expanding development pipeline. Interim dividend of 0.11p per share (31 March 2016: 0.11p) on the enlarged share base. Three hotels opened during the period with occupancy of 85%. Two new hotels opened in the last four weeks. FYSep17E £7.9m rev and £0.9m of PBT.
Epwin Group (LON:EPWN) 113.5p £165.2m
AGM Statement from the vertically integrated manufacturer of low maintenance building products. "The Group continues to make progress with its strategy, focussed on operational improvement, broadening the product portfolio, selective acquisitions, cross selling and market share growth in key sectors. Trading for the first four months of the year has been in line with expectations. As highlighted in the final results announcement for the year ended 31 December 2016, input costs increased as a result of the weakening of sterling since June 2016 following the vote to leave the European Union and the Group is continuing its efforts to mitigate the increase in these costs." FYDec17E rev £304.8m and PBT of £25.1m. Sub 9x PE. 5.5% yield.
Tiziana Life Sciences (LON:TILS) 190p £187m
FYDec16 results from the clinical stage biotechnology company developing targeted drugs for cancer and autoimmune diseases. £7.21m loss. Cash of £4.7m. Leadership team strengthened over period. Formulab showed efficacy in pre-clinical studies with development plan for graft vs host disease and non-alcoholic steatohepatitis (NASH). Milciclib—Continuing to progress through phase II trials for thymic carcinoma (thymoma) in patients previously treated with chemotherapy. Research agreement with Cardiff University on TZLS-101. More in the pipeline including LonGevia studying longevity amongst the Sardinian population.
Venture Life Group (LON:VLG) 83p £30.57m
The international consumer self-care group focused on developing, manufacturing and commercialising products for the ageing population, has been granted patents in Japan, Indonesia, Australia and Mexico for its UltraDEX Sensitive range. These new recent patent grants add to the existing patents already granted in the USA, UK, South Africa and New Zealan. The UltraDEX Sensitive range contains a multicomponent composition and includes specific ingredients to reduce sensitivity and provide 12 hours of fresh breath. The UltraDEX range of products is manufactured at Venture Life's development facility in Italy. Ten products in “Boots” from eight. FYDec17E £16.6m rev and £0.48m PBT.