Breakfast News - AIM Breakfast : Creo Medical Group PLC, Frontier Developments, Green & Smart, James Latham, Milestone Group PLC, Redx Pharma Plc, Tandem Group plc, Universe Group plc, Velocys


What’s cooking in the IPO kitchen?


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 containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America.  Offer TBA. Expected late June.

Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA

Touchstone Exploration— Oil E&P company active in the Republic of Trinidad and Tobago.  Interests of approximately 90k gross acres. Production c. 1.3k boepd. Raising £1.5m. Expected mkt cap £7.5m - 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 late June

Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Postponed.

Main Market Standard Listing

Rockpool Acquisitions—Northern Ireland based Company seeking  strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July.

Main Market Premium Listing

Residential Secure  Income -  social housing REIT  raising up to £300m Admission due c.12 July.

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.

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. Valuation range €10.6-€13.3bn. Admission end June.

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.

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

Main Market Specialist Funds

Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.   

Breakfast buffet

Velocys (LON:VLS) 48p £70.36m

AGM Statement from the Company at the forefront of smaller scale gas-to-liquids . "2016 was a busy year of change for Velocys. We invested significant effort into the commissioning and start-up of ENVIA Oklahoma, we identified our new growth strategy and have made considerable progress with its implementation. Internally we have driven greater simplicity and focus on what we do and we believe we have created the required platform to deliver future shareholder value.” "Our new strategy is for Velocys to be at the heart of building plants that convert woody biomass to high specification renewable diesel and jet fuel for the US market, our primary focus market.”

Green & Smart Holdings (LON:GSH) 9.38p £27.29m

The renewable energy Company generating power from biogas captured through the treatment of palm oil mill effluent in Malaysia, is pleased to announce the completion of the commissioning and interconnection works for its second fully-owned biogas power plant, the 2.0MW Malpom plant located in Nibong Tebal, Penang. Green & Smart is currently awaiting receipt of a certificate of initial operation date ("IOD"). The Group anticipates testing to be completed by the end of July 2017 when the plant will become fully operational at headline capacity. Shortly thereafter, the Group expects to receive the formal certificate of commercial operation date ("COD"), which will allow the Group to sell power to the local utility the full tariff rate.  HYMar17 results also today, rev+18% to RM25.8m, PBT down to RM3.8m from RM4.8m.

Electrical Geodesics (LON:EDI) 100p £27.53m

Recommended cash offer for the neurodiagnostic medical technology Company for a cash consideration of £29m (105.4p/share), a premium of approximately 36 percent to the closing price of £0.775 (77.5p) on 20 June 2017.  The Buyer is Philips, a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care.

Milestone Group* (LON:MSG) 0.13p £1.62m

The provider of digital media, technology and social impact solutions announces that Black Cactus Holdings, its joint venture partner in Nexstar, a subsidiary of Milestone, has launched a KYC (Know your customer) and AML (Anti Money Laundering) platform.

The new platform is part of a fintech solution designed to be used by those organisations involved in banking, gaming, insurance and card programmes amongst others. The platform ties into a number of major global databases to carry out background checks on both individuals and Corporates, these include criminal records, financial & personal history, sex offender registries, employment and payroll services databases, insurance and all other KYC and AML requirements.

Frontier Developments (LON:FDEV) 419p £142.93m

FYMay17 trading update  from the independent creator of video games. Good trading performance has continued since the last trading update on 19 April 2017. The Company expects to report revenue for the financial year ending 31 May 2017 of approximately £37.3 million, slightly ahead of previous guidance and a 75% increase over the prior year (FY16: £21.4 million). Operating profit margin for FY17 is expected to be towards the top of the 15-20% guidance range. The Company expects to report an operating profit (as calculated under IFRS) of at least £7.2 million, which is a 500% increase over the £1.2 million reported for the prior year. 

Universe Group (LON:UNG) 11.25p £26.05m

AGM Statement from the developer and supplier of point of sale, payment and on-line loyalty systems. "Trading in the first half of 2017 has been in line with management expectations. The Group is currently implementing new installations for recently-won contracts and therefore, like last year, the trading performance for the full year will be weighted towards the second half.” FYDec17E rev £21.98m, PBT £2.53m.

Tandem Group (LON:TND) 135p £6.64m

AGM Statement. "For the 24 week period to 16 June 2017 revenue was approximately 5.5% ahead of the comparative period last year. In our sports, leisure and toys businesses revenue was ahead of the prior year, driven by strong growth from both licensed and own brands.”  “Although revenue from our bicycles and mobility businesses was behind the prior period, following the restructuring exercise undertaken in the fourth quarter of last year, we are pleased to report that we have transformed the loss making bicycle business into profit.  We anticipate that we will be able to maintain profitability for the full year.” Sterling pressuring margins but order book +35%.  We could see no forecasts.

James Latham (LON:LTHM) 852.5p £167.4m

FYMar17 results  from the  timber and panel products distributor. Group revenue for the financial year to 31 March 2017 was £198.8m, 6.9% up on last year's £185.9m. The operating profit was £14.2m, up £1.0m from £13.2m. Final div of 10.85p vs 10.3p. This year like for like revenue, both in panels and timber, is 3% higher for April and May than the corresponding period last year which had two more working days. However the gross margin is still under pressure. Cash of £17.2m. NAV £73.3m. We could see no forecasts.

Redx Pharma (LON:REDX) In administration

The drug discovery and development company, is today providing an update on developments since the announcement of its suspension and appointment of Administrators. The Joint Administrators are working with the Company's advisers on proposals to rescue Redx and return the Company to the control of its directors, with the intention of lifting the suspension and restoring trading in the ordinary shares.  Discussions regarding these proposals are at a relatively early stage and there can be no guarantee that these will be concluded successfully in the short term.

Creo Medical (LON:CREO) 80p £63.36m

The medical device Company focused on the emerging field of surgical endoscopy announced the first clinical use of the Company's Speedboat device. The first patient with a large pre-cancerous lesion in the gastrointestinal (GI) tract was treated using Creo's Speedboat device powered by Creo's CROMA electrosurgery advanced energy platform.  The patient was treated by Professor Brian Saunders at St. Mark's Hospital in London, United Kingdom. The Speedboat device harnesses the precise cut and coagulation capability of CROMA to remove early cancerous and pre-cancerous lesions in the bowel.

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