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
ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets
DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale.
Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’.
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.
Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Breakfast buffet
Sareum Holdings* (LON:SAR) 0.9p £23.8m
Update on CHk1 phase 1 trials from Sierra Oncology (licensing partner) earlier this week. Monotherapy– Well tolerated to date at doses well in excess of proposed minimum efficacious plasma concentrations. Cohort Expansion has commenced and is enrolling patients with tumours identified to have genetic aberrations hypothesized to confer sensitivity to Chk1 inhibition. Chemo Combo study now fully enrolled. Hopes to replicate synergistic activity seen in pre-clinical although initial focus on dose optimisation. "We look forward to the next update from these studies, which Sierra has indicated could potentially include preliminary activity data, in early 2018."
Northbridge Industrial (LON:NBI) 117.5p £30.4m
AGM trading update from Jan to May 2017 from the industrial services and rental company. Improving sentiment in the Oil & Gas sector. The Group is seeing a modest upturn in the investment plans amongst customer base. However, still believes that the pace of the recovery will be slow. Other areas of Northbridge's activities have proved resilient. Despite the continued trading losses in the period, EBITDA remains positive and the net debt position will continue to decrease during 2017. “Our performance will be highly sensitive to modest improvements in revenue. Whilst we believe this will be unlikely before the last quarter of 2017, we remain optimistic that Northbridge will benefit from this strengthened position when market conditions begin to improve.” FYDec17E
Share (LON:SHRE) 24.75p £35.55m
AGM statement from the independent UK Stockbroker. Trading has continued to remain strong, following a record first quarter when quarterly revenues reached in excess of £4m for the first time in the Group's history. As previously reported, The Share Centre Limited launched its Lifetime ISA product on 6 April and has commenced providing certificated dealing and corporate nominee dealing services for Computershare, one of the UK's leading share registrars and the largest registrar globally. The Board believes that the near term outlook for the Company continues to remain positive and expects to publish the Company's half year results to 30 June 2017 on 9 August 2017.’ FYDec17E £16.49 rev and £0.31PBT.
Minds and Machines (LON:MMX) 12p £84m
One of the world's leading owners and operators of Internet Top-Level Domains ("gTLDs"), announced that first year renewal rates for its .vip domain in China will be significantly ahead of those typically seen by new generic top-level domains in the region based on the manual renewals already processed on the first month of .vip registrations. First year renewal rates are an important internal benchmark for the Company. To date, actual deletions for the first 31 days of registrations for .vip from China are currently less than 1%, with manually confirmed renewals for the same period already at over 60%, with the remainder being placed on auto-renew by registrars on behalf of their customers. Overall renewals expected 70%+. We could see no mkt forecasts.
Water Intelligence (LON:WATR) 106.5p £12.78m
Acquisition of its Indianapolis, Indiana franchise. The current franchise owner will be staying with the business to grow it faster with corporate support. Indianapolis strengthens corporate presence in the midwest of the United States along with prior acquisitions of Detroit (2015) and Cincinnati (2016). In the year ended 31 December 2016, the Indianapolis franchise generated revenues of approximately $480,000. Water Intelligence is a provider of non-invasive leak detection and remediation solutions. FYDec17E rev £11.4m, PBT £1.42m.
M&C Saatchi (LON:SAA) 369.75p £285.3m
AGM Statement from the biggest Independent Creative Agency Network in the World. "2017 has started well and trading is in line with expectations. "Following our well-rehearsed slogan of New Business and New Businesses, here is the 2017 story so far:• We have expanded our successful brand identity unit, RE from Sydney to London. • We are taking our research agency, the Source, on its first expansion from London, to Melbourne. • We have spread Sports and Entertainment's wings to cover LA. •We are also taking our strategic consultancy Clear to LA, as well as opening in Berlin.• We are looking at expanding the advertising network to Mexico City. FYDec17E rev £227.38m and PBT £26.39m. Pec. 16x and yield 2.6%.
Audioboom (LON:BOOM) 2.7p £25.13m
Q2May17 update from the leading spoken word audio on-demand platform. The Company's strong performance for the first quarter of the year continued in the second quarter resulting in revenue for the six months ended 31 May 2017 of at least £1,800,000, an increase of 447% over the comparable period in 2016 (H1 2016: £329,000). "The significant revenue increase compared to the first half of 2016 is driven by a broad range of growing KPIs, but most significant has been the growth in our US "live read" fill rates over the last few quarters, rising from under 20% in Q2 2016 to just over 70% in Q2 2017 .” We could see no market forecasts
Scotgold Resources (LON:SGZ) 0.47p £7.57m
A sales agreement has been signed with two of Scotland's preeminent manufacturing jewellers. This agreement covers the first refining batch (approximately 16oz) of Scottish Gold made available for jewellery (and only the second refining batch produced to date) from Scotgold's Bulk Processing Trial (BPT) at the Cononish Gold and Silver Mine. The premium received was in excess of the 30% reserve stipulated for the Scottish Gold Rounds, auctioned in November 2016. The sales agreement includes detailed conditions for the use and marketing of the Scottish Gold, which are designed to protect the branding of this rare and precious commodity and will form the basis of all such future sales.
Distil (LON:DIS) 3.45p £17.24m
FY Mar 17 results from the owner of premium drinks brands including Blackwoods Gin and Vodka, RedLeg Spiced Rum, Blavod Black Vodka, Diva Vodka and Jago's Vanilla Cream Liqueur. Turnover, supported by increased marketing investment, increased 40% to £1,642k from £1,169k. Gross profit increased 40% from £681k to £950k. Operating profit of £10k compared to prior year loss of £97k. Cash reserves of £910k at 31 March 2017. “We anticipate sustained growth of premium spirits and will therefore build on our proven marketing strategies to advance our brands. In addition, we are also exploring new products to build on the success of our existing brands.” FY Mar18E rev £2.06m
SysGroup (LON:SYS) 45p £10.4m
FYMar17 results from the managed services and cloud integrator. Total revenue (including discontinued operations) up 65.2% to £7.87m (FY16: £4.76m). Revenue from continuing operations up 186% to £7.18m (FY16: £2.51m. Adjusted PBT growth of 45.1% to £0.45m (FY16: £0.31m). ‘Our sales pipeline has grown by 28.8% from 30 September 2016 to £3.49m at 31 March 2017, showing the tangible impact of our growth strategy. Due to operational challenges at Sys-Pro since its acquisition the Group expects growth to be slower than originally expected for FY 2018. The Board have taken the necessary remedial steps .’ We could see no forecasts.