Breakfast News - AIM Breakfast : Echo Energy Plc, EasyHotel, Ferrum Crescent Limited, Hornby Plc, Mercia Technologies PLC, Oracle Coalfields Plc, Walker Greenbank plc, Wynnstay Group plc


What’s cooking in the IPO kitchen?

AIM GYG —Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m.  Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m.

Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July.

FFI Holdings — Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Offer TBA. Expected 30 June.

QUIZ — Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA

Ethernity Networks —Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. Expected late June. Offer TBA.

Jangada Mines —Sch 1 advanced stage PGM exploration project 

Breakfast buffet

Echo Energy (LON:ECHO) 18.38p £66.4m

Further to the Company's recently announced onshore gas strategy across Latin America, Echo has made its first transaction in Bolivia.  Binding joint evaluation agreement with Pluspetrol Bolivia Corporation SA ("Pluspetrol") which positions the Company to secure an 80% operated interest in the Huayco block in Southern Bolvia. The Huayco block lies within the Tarija Basin, benefits from full 3D seismic coverage and, critically, the Company internally estimates it has significant multi-Tcf gas potential. The block spans 75 square kilometres and is close to key export gas pipeline infrastructure which would connect any discovery to high value gas markets in Brazil and Argentina. Both companies view this as the start of a longer-term partnership in which other. Echo is close to securing other exploration and production assets in the region.

Oracle Coalfields (LON:ORCP) 2.7p £24.6m

The UK energy developer of a combined lignite mineral resource and mine mouth power plant located in the Thar desert in the south-east of Sindh Province, Pakistan, announces that the Sindh Environmental Protection Agency ("SEPA") has set the date of 13 July 2017 for the public hearing of the Company's power plant Environmental and Social Impact Assessment ("ESIA"). The meeting will be held in Thar Block VI.  Final approval of the ESIA is expected to be received shortly after the public hearing and is given by SEPA by way of a "No Objection Certificate".

Wynnstay Group (LON:WYN) 567.5p £110.8m

HYApr17 results.  Results benefited from greater demand for agricultural inputs over the winter period but were affected by continued subdued trading at pet products business, Just for Pets. Revenue of £205.32m (2016: £193.24m) -  increase partly driven by higher commodity prices. Adjusted profit before tax, before goodwill & investment impairment charges, is £4.07m (2016: £4.08m) - excluding the pet products operation, the Group's performance for the first six months improved year-on-year, with profitability ahead. Interim dividend of 4.20p  +5%. NAV £85m. Net debt £8.3m. Cautious optimism given improving agricultural output prices but Brexit a worry for farming industry.  FYOct17E rev £410.4m and PBT £7.85m. PE c.18x yield 2.3%.

Hornby (LON:HRN) 32.5p £27.5m

FYMar17 results from the international models and collectibles Group. Revenue of £47.4m (2016: £55.8m).     Underlying loss before tax of £6.3m (2016: £5.7m loss).   Net cash at 31 March 2017: £1.5m (2016: £7.2m net debt).  First stage of Turnaround Plan completed.   Reductio­n of business scale and costs. Key UK brands maintained. Improving GMs. Stock levels down. Stage 2 to focus on core brands. More cost reductions. And improved cash management. On current trading stock liquidation reducing revenues but GM up 5% points. 11 weeks to 18 June.  Overall, trading is in line with expectations. FYMar18E rev £45m and £0.5m PBT.


HaloSource (LON:HALO) 2.5p £5.5m

The global clean water technology company, announces today has reached an agreement with Shanghai JiuBan Industrial Co. to distribute a new line-up of filtering water pitchers and bottles, marketed under HaloSource's new astreaTM brand via the e-commerce channel in China. The five-year exclusive deal for the e-commerce channel in China calls for JiuBan to purchase 360,000 pitchers and over 1 million replacement cartridges representing over $10 million of revenue to HaloSource in the first three years. The astreaTM line-up of bottles and pitchers will offer both disinfection and heavy metal removal benefits, one-of-a kind features in the Chinese market for portable and on-the-go drinking water devices.

Ferrum Crescent (LON:FCR) 0.09p £1.88m

Appointment of Myles Campion as Technical Consultant to Toral Lead-Zinc Project in northern Spain. Experienced Geologist with useful investment/ commercial experience.  Project update: Visual identification of lead-zinc associated minerals in the core extracted from the completed holes to date, confirms the main precepts of the Company's new geological model with respect to the near-surface target zone. More detailed geological and metallurgical analysis will be undertaken via assaying of the drilled core in order to determine more fully the quantitative characteristics of the lead-zinc mineralisation near to surface within the target zone.

easyHotel (LON:EZH) 106p £106.5m

The owner, developer and operator of "super budget" branded hotels, announces that it has signed a 25 year lease on a site in the city of Oxford, for the development of a new purpose-built easyHotel. The agreement is subject to obtaining planning permission. Well located, the new purpose-built 180-room easyHotel will occupy the first and second floors of the property and is expected to open in the second half of the 2019 calendar year. Oxford will be the Group's first leased site. The hotel will be let on a 25 year FRI (fully repairing and insuring) lease at an annual rent of approximately £1.2m.  FY Sep17E rev £7.92m and PBT £0.78m.

Mercia Technologies (LON:MERC) 34p £105m

The national investment group focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, has completed a £1.5m follow on investment into Impression Technologies Ltd ("ITL"). This investment is part of a £3.0m funding round with co-investor Touchstone Innovations Plc and as a result, Mercia's interest in the share capital of ITL increases from 18.2% to 26.4%.  ITL has a patented technology called Hot Form Quench ("HFQ®") for pressing strong, lightweight aluminium components for the automotive sector.

Walker Greenbank (LON:WGB) 197.5p £137.36m

AGM Statement from the luxury interior furnishings Group. "In the first four-and-a-half months of the current financial year, Brand sales were up 4.5% in reportable currency and up 1.1% in constant currency, with sales in Europe and the USA outperforming the UK, where sales were in line with the same period last year. Brand sales exclude Clarke & Clarke, which continues to trade in line with the Board's expectations and remains an exciting addition to our product portfolio. There has been a noticeable increase in export orders from new customers at both manufacturing sites, though it is too early to predict the strength of this trend. Final insurance settlement instalment of £2.4m to be received. PE c.13x.

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