Breakfast News - AIM Breakfast : EU Supply, Fastjet PLC, Horizon Discovery Group PLC, BlueJay Mining PLC, Magnolia Petroleum PLC, ProPhotonix, Stanley Gibbons, Crimson Tide, Flying Brands Ltd


What’s cooking in the IPO kitchen?


Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago.  Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June.

I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK.  Offer TBC, 7 June 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

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

Main Market Specialist Funds

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

Breakfast buffet

Magnoloa Petroleum (LON:MAGP) 0.1p £1.92m

The US focused oil and gas exploration and production company, is pleased to announce it has received proposals to participate (minority stakes) alongside Marathon Oil in the drilling of six low risk, high impact wells to the Bakken and Three Forks Sanish formations in North Dakota. These new wells represent a step up in the level of opportunities the Company has been seeing recently. Based on historic production of offset wells, each of the six new wells may generate: a Rate of Return of between 29.51% to 34.61% and Return on Investment over life the time of each well of between 2.29 and 2.47 times. $41/barrel breakeven.

Bluejay Mining (LON:JAY) 14.19p £103.3m

The Company with projects in Greenland and Finland, announced the completion of the public pre-consultation phase of the permitting process for the Pituffik Titanium Project in Greenland. Having confirmed that Pituffik represents the highest-grade large-scale ilmenite project globally, Bluejay is focused on the core deliverables for 2017. These include determining the volume characteristic of Pituffik, delivering a bulk sample to potential offtake partners, completing the Feasibility Study and lodging an application for an Exploitation Licence.   The next stage involves a public consultation of the final draft Environmental and Social Impact documents.  Accordingly, the Company is now preparing these documents and further updates will be made in due course. 

Crimson Tide (LON:TIDE) 3.42p £15.5m

The provider of mpro5 ‐ Smart Mobility as a Service, updated on progress with its international expansion strategy, which it has previously indicated will drive further growth opportunities. Strategic partnerships with tactical investments are being made in new geographies, complementing the organic growth being delivered in the UK.  200 subscriber deal closed through Vodafone partnership in Ireland with large state-sponsored company. Key appointment in US and participation in ‘CAIRN’ Alliance focussing on digitalised healthcare.  Pilot project in Netherlands. First contract in Denmark with global food processing company. Enterprise level opportunities in UAE. Good progress with new partner Mobilise IT.  Appointment of Barry Finnegan, an IoT strategist.

EU Supply (LON:EUSP) 15.25p £10.33m

AGM Statement from the e-procurement SaaS provider . "2016 saw the achievement of the Board`s target of monthly run rate profitability by 31 December 2016. The focus for 2017 remains to build revenue on this strengthened base to secure increasing European market share with a profitable future. I am happy to report that in the first four months of 2017, revenues have grown at over 25 per cent. compared to the same period in 2016.  As of 31 December 2016, 71 per cent. of revenues were of a recurring or repeated nature which, together with the Group's promising pipeline of opportunities, gives the Board confidence that the strong revenue growth will continue for the rest of this year. “ FYDec17E £4.3m rev and £0.15m loss.


ProPhotonix  (LON:PPIX) 14.12p £12.83m

The  high technology designer and manufacturer of LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom, is has now delivered more than 100,000 custom laser diode modules designed specifically for obstacle detection in a robotic guidance application.  Critical to ProPhotonix' success in this application is the ability to meet a number of demanding requirements of the laser beam to ensure successful obstacle detection. "This is an excellent example of how ProPhotonix works with OEMs to understand the key requirements for their application and then utilizes its strengths and experience to design a cost effective custom solution to consistently deliver on those requirements.” FYDec17E rev $17.9m, PBT $1.8m. 

Fastjet (LON:FJET) 16.37p £54.99m

FYDec16 results from the low-cost African airline. Revenues increased by 5% to US$68.5m despite route rationalisation.    Aircraft utilisation constant year on year at 11.2 hours during peak mths.   Costs increased by 29% caused by increased capacity and start-up losses on new routes in 2016.    Negative cash flow from operations of US$(52.3m) (2015: US$(36.9m)), primarily impacted by high costs. Cash of $12.9m as at 30 April 2017 benefiting from January fundraise. “The Board is pleased that the initial benefits of the Stabilisation Plan are already being realised and remains confident that we have the necessary industry and market-specific skills and platform to achieve our vision of being a successful pan-African airline, based on the Low-Cost Carrier (LCC) model.” No forecasts.

The Stanley Gibbons Group (LON:SGI) 11.5p £20.6m

Subsidiary Mallett & Son has sold its  25 per cent. interest in Masterpiece London Limited, the operator of the annual Masterpiece London art and antiques fair, to Masterpiece fo­r a total consideration of £1.4 million payable in cash. In the year to 31 March 2017 a dividend of £40,000 was received from Masterpiece and the 25 per cent. interest was held on the Group's balance sheet at £6,000. It is intended that the proceeds of the Sale will be used to further reduce bank debt, support the ongoing rationalisation programme and to provide additional working capital for the Group. This follows the announcement, on 9th May, of the sale of certain assets and liabilities of the Company's Interiors division for £2.4 million. We could see no forecasts.

Energiser Investments (LON:ENGI) 2.5p £3.1m

FYDec16 results. Gross rental up 3.9% to £160k. Administrative costs were £110,000 (2015: £50,000) due to the appointment of Dominic White and the resulting increase in activity. Finance costs fell to £208,000 (2015: £358,000) due to lower interest payments following the repayment of the funding for the development at Kingswood, Surrey. The loss before and after taxation was £211,000 (2015: £167,000) with a loss per share of 0.40p (2015: 0.38p). NAV/ share 1.41p. The Directors have decided that following successful asset management activity, rents and values have increased such that it is timely to consider a disposal.  The assets will be marketed for sale in 2017.

Horizon Discovery  Group (LON:HZD) 215.5p £207.84m

FY Dec 16 results from the specialist in the application of gene editing technologies.   Revenue of £24.1m in line with guidance up 19%. Gross margin improvement to 54% driven by increased volumes. Operational efficiencies as the Group progresses its Path to Profit strategy. EBITDA loss from Products and Services before exceptional items improved to £3.8m (FY15: £4.6m).   Closing cash and cash equivalents of £6.1m (FY15: £25.1m) underpinned by additional debt facility of £8m, undrawn at end of 2016. Q1 2017  revenue up c25% year on year, underpinning guidance of FY17 revenue between £30-35m.    Immuno-oncology set to be a powerful growth driver. FYDec17E rev £32.36m and £10.7m loss.

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