What’s cooking in the IPO kitchen?
AIM
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 Early June
Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June.
Main Market Premium Listing
AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017.
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
Breakfast buffet
InnovaDerma* (LON:IDP) 311.5p £36.9m
InnovaDerma has secured a distribution deal with Boots Ireland for Skinny Tan. Skinny Tan will initially be stocked in at least 35 of the largest Boots stores across the Republic of Ireland. Boots Ireland is a leading pharmacy-led health and beauty retailer with 80 Boots Ireland stores and just over 2,000 employees. Trading continues to be very strong and revenue growth has continued on its positive momentum with May achieving the highest-ever monthly revenue. The Company will provide a pre-close trading update on 19 June 2017.
Touchstone Innovations (LON:IVO) 300p £483.6m
Publication of Chairman’s letter detailing reasons of rejection of IP Group merger proposal. Engagement had occurred at the behest of shareholders including Woodford and Invesco. Lack of progress cited on two particular issues, first, on the valuation of Touchstone, and second, on the need to retain and build on the best of both companies and to establish a clear understanding of joint strategy, corporate governance and management. “The Board has full confidence in Touchstone's future as a stand-alone business. We believe that Touchstone has the platform and portfolio to drive overall returns and generate cash over the next five years to deliver self-sustainability.”
HaiKe Chemical Group (LON:HAIK) 27p £10.36m
FY Dec 16 results from the specialty chemical company based in Shandong Province, China. Solid growth at all levels.
· Turnover was CNY728.3 million / GBP81.0 million (2015: CNY727.5 million / GBP76.3 million)
· Profit for the year was CNY16.9 million / GBP1.9 million (2015: CNY4.1 million / GBP0.4 million). 5.4xPE
· For the first four months of 2017 unaudited turnover of CNY302.8 million / GPB35.4 million (the first four months of 2016: CNY225.5 million / GPB24.2 million).
Continue to increase marketing investment and develop high-end product offerings. Further improving product quality through technical innovation. We could see no forecasts in the market.
Goldplat (LON:GDP) 6.88p £11.5m
The gold producer, has announced the Board appointments of Sango Ntsaluba as Non-Executive Director and Werner Klingenberg as Finance Director, both with immediate effect. Mr. Ntsaluba is Chairman of Goldplat Recovery and is a pre-eminent name in the accountancy profession in South Africa. Having previously held the position of Goldplat's Group Financial Manager, Mr. Klingenberg has a solid knowledge and understanding of the Company's gold recovery and mining operations. He takes over as Goldplat's Finance Director from Ian Visagie who remains on the Board as an Executive Director. FYJun17E rev £25m and £2.34m PBT. PE 10.4x.
Tern (LON:TERN) 8.62p £10.36m
The investment company specialising in Internet of Things, announced the appointment of Ian Ritchie CBE (aged 66) as Non-Executive Chairman with effect from 1 June 2017. Ian brings to the Board a breadth of experience and an extensive track record in the software industry, in which he has worked for more than 35 years. His career to date spans leadership roles in both growing and investing in technology businesses. Ian has been Chairman of AIM-listed cloud computing company, Iomart Group plc, during which time revenues have risen from £8m to £89m, and EBITDA has grown from a loss of £1.4m to a positive £36.6m (as disclosed in March's year-end trading statement).
BNN Technologies (LON:BNN.L) 70.31p £169.4m
The Chinese technology, content and services company, has successfully launched three microsites through the Xinhua News Mobile App for Manchester City FC, Arsenal FC and FC Barcelona. The microsites offer a combination of exclusive club content and unique promotions targeted at soccer fans across China and were supported by promotional activity around two soccer training camps recently held. The Board is extremely encouraged by the early results, which have significantly exceeded its targeted expectations, in terms of both the quality of the data generated and the quantity of customer acquisition. We could see no market forecasts.
AFH Financial (LON:AFH) 190p £57.19m
Acquisition of Parker Sage Independent Financial Advisers Limited ("Parker Sage"), an IFA providing independent financial advice in Canary Wharf, London and the northern home counties. The purchase price is £4.5m which may be increased to a maximum consideration payable by AFH of £5.6 million. For the 12 month period ended 31 August 2016 Parker Sage generated revenue of £2.2m of which £1.5m was recurring, and reported profit before tax of £1.2m. On the basis of trading since September 2016 the Company estimates that ongoing revenues could exceed £3m per annum in the 12 month period to September 2017. FYOCT17E rev £28m, PBT £4.4m, yield 1.9%.
Evgen Pharma (LON:EVG) 21p £15.39m
Update on its two Phase II clinical trials. The first patient to enter the STEM trial (Metastatic Breast Cancer) is now approaching week 24, having demonstrated no disease progression for three consecutive scans. On this basis, the Company has initiated a compassionate use programme, so that patients can continue to receive SFX-01 after week 24. On the SAS trial for Subarachnoid Haemorrhage the independent Data Safety Monitoring Board ("DSMB") has analysed unblinded data for safety and confirmed there are no safety issues attributable to SFX-01. Will follow a stratified trial design to ensure both arms of the trial are comparable and has initiated a second trial site in Birmingham.
Forbidden Technologies (LON:FBT) 6.25p £11.28m
Extendable two year contract with Deltatre for one of its clients. This contract is worth in excess of £100,000 spread over a two year period. Deltatre, a leading supplier of digital and broadcast services in the Sports market, will be using Forbidden's Forscene cloud video platform. Forscene is used by Deltatre to extend their OTT offering of editing services for live and on demand content. Use of the Forscene platform will start in July 2017. No market forecasts.
Filta Group Holdings(LON:FLTA) 101p £27.22m
AGM Statement from the provider of fryer management and other services to commercial kitchens. "We have enjoyed a strong start to the year with revenues for the first 4 months, on a constant exchange rate basis, over 25% ahead of the same period last year, with all of our business lines, franchise development, fryer management services and Company-owned operations contributing to the growth. During the period we have added £0.2 million to deferred revenue from franchise territory fees to be recognised during the remainder of the current year and in future years.” FYDec17E rev £12.1m and PBT of £2.3m, yield 2.1%.