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
Curzon Energy —Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus.
NLB Group —financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June.
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
PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Breakfast buffet
Sareum Holdings* (LON:SAR) 0.88p £23.15m
The specialist cancer drug discovery and development company, noted an announcement made by Sierra Oncology, Inc. yesterday stating that it will be presenting two Trials in Progress posters describing the innovative Phase 1 clinical designs for its Chk1 inhibitor, SRA737, at the 2017 American Society of Clinical Oncology (ASCO) Annual Meeting, being held in Chicago on June 5th. These ongoing trials were recently amended to include cohort expansions of prospectively selected patients with tumours identified to have genetic abnormalities that are thought to confer sensitivity to Chk1 therapy. This announcement does not trigger any milestone payments under the terms of the agreement. “We can expect a further update from Sierra in early 2018."
Arix Bioscience (LON:ARIX) 205p £197m
The global healthcare and life science company supporting medical innovation, today announced that Harpoon Therapeutics, a new Arix Group Business, has closed a Series B investment round raising $45 million. Harpoon created its novel, proprietary trispecific antibody platform (TriTAC™) to harness T cells to kill tumour and other cell types by recruiting T cells and other immune cells. Proceeds from the financing will be used to advance Harpoon's immuno-oncology antibody platform programmes, including moving two lead programmes into clinical trials and expanding the product pipeline through discovery and partnering initiatives. First clinical candidate to enter Phase 1 in 2018.
Arian Silver Corp (LON:AGQ) 0.8p £1.47m
£600k placing at £0.5p with 2 year warrants attached at 0.6p. The Company intends to use the net proceeds of the Placing to advance exploration of its mining concessions in Zacatecas, Mexico, and specifically to seek and assess the feasibility of additional lithium acquisitions, some of which are currently being negotiated as previously announced.
One Media IP Group(LON:OMIP) 2.88p £2.04m
The digital and technical media content provider, which consolidates, exploits and monetises intellectual property rights around music and video, has signed its first major music distributor to utilise the services of its Technical Copyright Analysis Tool (“TCAT”). The global music distributor will be using the TCAT services from June 2017 to monitor its weekly release schedules, monitor music conflicts and potential copyright infringements. “Whilst the revenues generated from this initial contract are modest, it is a significant development for the Company”. FYOct17E £2.3m rev, £0.32m PBT, Div 0.14p.
Ferrum Crescent (LON:FCR) 0.11p £2.36m
The European lead-zinc explorer, announced the start of drilling operations at its wholly-owned Toral project, located in the Leon Province of northwest Spain. Drilling will target mineralisation within 150m of the surface, located above the historic lead-zinc resource, that was originally assessed by a third party in 2011 and 2012. This Phase 1 diamond drilling programme is specifically designed to test shallow mineralisation. The planned holes are located along a two-kilometre geochemical anomaly, in zones determined by FCR's exploration team to host the most prospective mineralising characteristics. Programme expected to complete in under ten weeks.
European Metals (LON:EMH) 55.5p £71.83m
Commencement of infill drilling at Cinovec South. Six core drillholes for a total of 2,800m planned.
· Infill drilling in two areas where data density low and 'gaps' in the resource model occur.
· Expected to add high grade resource at Cinovec South in critical areas where mining will start.
· Results will be utilized during the DFS program to optimize the current mine plan.
The current PFS mine plan utilises only the Indicated Resource. The conversion of the 'no-class' and Inferred Resource in the immediate vicinity of the current mine plan will allow optimisation of the mine plan, in particular with respect to early years of mining, thus positively impacting the overall cost structure.
Leeds Group (LON:LDSG) 40p £10.9m
Trading update from wholesaler of fabrics and haberdashery. Identified that previously announced H1 performance (below expectations) was constrained by a shortage of double folding capacity. Leeds responded to this with a significant capital expenditure programme which eliminated the need for third party double folding and warehousing, bringing them inhouse to enlarged properties owned by the Hemmers business. Trading performance in H2 has been below expectations with the restructuring taking longer than expected. The Group profit before tax for the full year is therefore expected to be lower than what was reported last year. The Board is confident that the restructured business is well positioned to deliver future growth. We could see no market forecasts.
Young & Co Brewery (LON:YNGA) 1339p £397m
Results for 53 weeks to 3 April. ‘Another very successful year's trading, continuing the consistent run of outperformance driven by our premium estate of differentiated, individual pubs and hotels’. Total managed house revenues up 7.0%, and up 4.7% like-for-like; operating profit up 9.8% to £58.4m; Investment of £38.2m in acquisitions, transformational developments and estate upgrades; Record cash generation, with op cash flow up 5.1% to £63.5m and net debt representing 1.9x of EBITDA; Proposed 6.1% increase in final dividend to 9.62p, resulting in a total dividend of 18.5p; 20th consecutive year of divi growth; Positive trading since the period end; managed house revenue in the first seven weeks was up 6.1% in total, and 4.7% like-for-like.
Gateley Holdings (LON:GTKY) 167p £178.49m
FY Apr 17 Trading Update. “Trading in the second half of the financial year has exceeded expectations in revenue enabling the Group to further invest in the business. The Group is pleased to report that, subject to audit, revenue for the financial year ended 30 April 2017 will be not less than £77 million (2016: £67 million). Adjusted EBITDA” is expected to be in line with market expectations at not less than £14.7 million (2016: £12.9 million.”
“The Board expects to recommend a final dividend in line with its stated dividend policy of distributing up to 70% of the Group's after tax profits.”