What’s cooking in the IPO kitchen?
AIM
AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July.
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Offer TBA. Expected mid July.
NEXUS Infrastructure—Offer TBA. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m.
Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July.
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. Raising £59m at 150p. Expected 30 June.
QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission.
Verditek— Sch 1 update. 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
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
Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published.
Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00
Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July.
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
Westminster Group (LON:WSG) 14.91p £15.15m
AGM statement from the supplier of managed security services and technology based security solutions to governments and government agencies, non-governmental organisations (NGOs) and blue chip commercial organisations worldwide. “Our business is now in a better position than it has been for some time as we continue to expand our international presence including the establishment of subsidiaries and an operational office in Germany which will provide strategic support for our projected growth.”
“A defining and key focus for the Group in recent months has been on closing the long term Middle East project opportunity which is expected to result in revenues in excess of £35m per annum.” We could see no forecasts in the market.
Vianet Group (LON:VNET) 107.37p £29.23m
AGM Statement from international provider of actionable data and business insight through devices connected to its Internet of Things ("IoT") platform. "The Group's trading in the first two months of the current financial year is in line with expectations and our business areas are progressing well. The Smart Machines division, in particular with its coffee vending connectivity and contactless payment solution, continues to deliver growth. Whilst the economic uncertainty around Brexit is generally unhelpful, the impact on the Group's underlying performance should be limited as our products and services are focussed on improving customer profitability regardless of the economic backdrop. FYMar18E rev £14.5m and £2.7m PBT. PE c.14x yield >5%.
Zanaga Iron Ore (LON:ZIOC) 7p £18.45m
FY Dec 16 results. Highlights: Mining Convention ratified by the Parliament of the Republic of Congo, promulgated by the President of the Republic as a law, and published in the Official Gazette of the RoC. Work programme and budget for 2017 and 2017 Funding Agreement agreed with Glencore Project Pty Ltd. Cash balance of US$4.9m as at 2016 year end, and a cash balance of US$4.7m at 31 May 2017. Loss $3m. During 2017, the Project team will be progressing a number of important value-adding activities. These activities will be important next steps in allowing the Project to reach a position to seek financing and progress to development once market conditions stabilise. These include advancement of port and power agreements, and issuance of the environmental permit.
Origo Partners (LON:OPP) 1.5p £5.78m
FY Dec 16 results. Continued progress in realisation programme with a majority of the portfolio (in terms of fair value) now either publicly listed or subject to indicative merger or disposal terms. Net asset value of US$46.0 million as at 31 December 20161 (US$$26.5 million Jun 16). “The restructuring of the Company's share capital and settlement of disputes with Brooks Macdonald was a positive achievement in 2016 and ended a period of uncertainty for the Company. As a result, since the third quarter of 2016, we have been able to focus on the delivery of Origo's investing policy to divest the Company's entire portfolio by November 2018.”
Malvern International (LON:MLVN) 2.50p £3.06m
Trading update from the provider of educational services in the UK, Europe and Asia. The interim results for the six months ending 30 June 2017 are expected to show losses lower than the same period last year. The Board is confident that the trading performance of the Group will continue to improve through the second half of the year and will be enhanced further as certain initiatives start to take effect. Enhancing its offering by providing consistent products and services across all of its centres where possible. New courses include Cyber Security and English Language Training. In addition to the organic growth, Malvern is looking to make new acquisitions in the countries that it operates as well new targeted locations. We could see no forecasts.
Cohort PLC (LON:CHRT) 420p £178.58m
FYApr17 results from the independent technology group,/ Revenue flat at £112.7m, adj op profit up 22% to £14.5m div up 18% to 7.1p. Strong order intake for the year of £108.6m (2016: £94.8m). The closing order book of £136.5m (2016: £116.0m) provides a solid underpinning for the coming year. Although the UK defence market remains tight, the Cohort businesses have strong and relevant capabilities, established positions on some key long-term UK MOD programmes, and a good pipeline of new opportunities. FYApr18E rev £138.9m and £16.6m PBT.
AFC Energy (LON:AFC) 10p £38.23m
HYApr17 results from the industrial fuel cell company. AFC Energy is on track to reach initial demonstration of a commercially deployable fuel cell by the end of 2017 . "De Nora) collaboration continues to evidence improved performance in fuel cell longevity without compromise in power output, availability, cost or efficiency. Successful £8.1 million (before expenses) fundraise through a placement, subscription and shareholder open offer, with new institutional investors welcomed to the share register. Op loss down to £2.7m from £3.9m. Several works currently being integrated into the AFC Energy base design, which by the end of the year, should also include the engineering of a new 1MW system in the portfolio.
Sopheon (LON:SPE) 361p £26.79m
The international provider of software, expertise, and best practices for Enterprise Innovation Performance, today announces that California Olive Ranch Inc. the largest producer of extra virgin olive oil in the United States, has selected and deployed Sopheon's Accolade® Express software to enhance the management of its new product development (NPD) processes. "Sopheon is helping us to scale but still keep things simple," said Mary Bolton, Director of Technical Services. FYDec17E rev £20.32m and PBT £2.24m. PE.16x.
Hutchison China Medi (LON:HCM) 3,510p £2,133m
Chi-Med and AstraZeneca today announce that they have initiated a global pivotal Phase III, open-label, randomized multi-centre registration study of the highly selective inhibitor of c-MET receptor tyrosine kinase, savolitinib, in c-MET-driven papillary renal cell carcinoma ("PRCC"). This is the first pivotal study ever conducted in c-MET-driven PRCC and the first molecularly selected trial in renal cell carcinoma ("RCC"). The initiation of this Phase III trial has triggered a US$5 million milestone payment to Hutchison MediPharma Limited (a 99.8% subsidiary of Chi-Med) from AstraZeneca .
ReNeuron (LON:RENE) 1.90p £56.96m
The developer in cell-based therapeutics announce preliminary results for the year ended 31 March 2017. Highlights in the period showed CTX cell therapy candidate for motor disability as a result of stroke: Positive Phase II efficacy data in PISCES II, Phase I clinical trial data from PISCES I study published in The Lancet and Pivotal Phase III clinical trial planned to commence in US in early 2018. Moreover, hRPC cell therapy candidate for retinal diseases: Phase I/II clinical trial in retinitis pigmentosa ongoing in US with Phase I data expected later in 2017 and data from enlarged Phase II stage expected in H2 2018, Cryopreserved formulation of hRPC approved by FDA for use in clinical trials and Phase II clinical trial application planned later in 2017 in cone-rod dystrophy. Loss for the period of £15.57m (2016: -£11.35m); cash outflow from operations of £12.64m (2016: -£11.92m); cash, cash equivalents and bank deposits at 31 March 2017 of £53.06m (2016: £65.71m).