What’s cooking in the IPO kitchen?
AIM
Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m.
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 . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 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 authorised financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July.
Breakfast buffet
Ganapati (AQSE:GANP) 55p £17m
FYJan17 results from the developer of software (Apps) for the social media and consumer games markets. The results for the twelve-month period ending 31 January 2017 show a loss of £9,459,100 (2016: £7,819,748) on turnover of £3,269,908 (2016: £2,296,739). Total assets are £17,270,415; (2016: £9,906,982). Adverse FX impact. Reports high interest amongst Japanese high net worth investors. Post period end online gaming license issued in Malta.
Jersey Oil & Gas (LON:JOG) 270.5p £26.87m
The independent upstream oil and gas company focused on the UK Continental Shelf (UKCS) region of the North Sea, announced that Statoil, operator of the UK Seaward Licence P.2170 Blocks 20/5b & 21/1d, has recently mobilised the semi-submersible rig Transocean Spitsbergen from Bergen, Norway. The rig will undertake a three well exploration drilling campaign in the UKCS that will be conducted on the Mariner, Jock Scott and Verbier licences (of which Statoil is the operator). Statoil will fund all costs up to US$25m in respect of the Verbier well, in addition to which JOG benefits from a further carry of 10 per cent. from its co-venturer CIECO Exploration and Production.
Nighthawk Energy (LON:HAWK) 1.48p £6.75m
Amendments to the Company's Reserve Based Loan include: $23m principal amount; Matures on 31 December 2017, with Nighthawk to provide CBA with a refinancing plan on or before 31 October 2017; the Company to remit cash payment of up to $1.75m to CBA prior to 7 July 2017, to be used as principal reduction; Interest will be at Libor plus 6% on the outstanding principal, payable monthly in cash; by 31 August 2017 existing unsecured loan note holders to agree to deferral of all cash interest and royalty payments for a 9-month period from 1 July 2017. Should allow the Company to continue to execute on its Pilot project. Expects that the water flood project will increase production, reserves and cash flows in late 2017 and beyond.
Faroe Petroleum (LON:FPM) 83p £304.25m
The independent oil and gas Company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, announced the results of the Drill Stem Test (DST) on the 31/7-2 S Brasse appraisal well in the Norwegian North Sea (Faroe 50% and operator, Point Resources 50%). High flow rates & excellent reservoir: the well flowed at a maximum stable rate of 6,187 bpd of oil. High quality light crude: similar quality crude to the nearby producing Brage field (Faroe 14.3%). Test free of undesirables: no undesirable components detected during the test which was sand- and water-free. Side-track next: a side-track well to be drilled following DST to further appraise reservoir distribution.
Burford Capital (LON:BUR) 901p £1.9bn
The global finance firm focused on law, announced that on 30 June 2017 its affiliate Burford Capital Investment Management LLC closed a new $500m fund to invest in litigation-related complex strategies. Burford has committed $150m to the new fund from its own balance sheet. Burford's employees and directors are similarly positive and have personally invested more than $5m in the new fund. C.12xPE for FY17E.
Xeros Technology Group (LON:XSG) 305p £262.4m
The developer and provider of polymer based technologies with multiple commercial applications, has agreed to acquire MarKen PPE Restoration (MarKen), which provides personal protection equipment (PPE), cleaning, inspection and repair services. MarKen will be acquired for an initial cash consideration of $750k with a further contingent cash consideration of up to $250k, subject to certain growth targets. The initial consideration has been funded from the Group's existing cash resources. For FYApr17, MarKen generated revenues of $686k generating an EBITDA loss of US$72k. Management believe that as a result of Xeros' ownership the MarKen business will be profitable going forwards.
AFH Financial Group(LON:AFH) 255p £77.25m
The financial planning led wealth management firm, announced the completions on 30 June 2017 of the acquisitions of the assets of three Independent Financial Advisory companies, Granville Bates LLP, Johnson Birkett Limited and G-Force Financial Limited, based in the Cotswolds, Yorkshire and Cheshire respectively. Under the terms of the Acquisitions, the combined maximum purchase price is £1.9m and the Acquisitions are expected to contribute an aggregate of approximately £500,000 of recurring revenue to the Company. FYOct17E rev £31.55m and PBT £5.22m. Div 3.5p.
Tlou Energy (LON:TLOU) 7p £21.28m
The Company focused on delivering power in Botswana and southern Africa through the development of coal bed methane (CBM), has lodged a Mining Licence Application for the Lesedi CBM project with Botswana's Department of Mines in the Ministry of Mineral Resources, Green Technology and Energy Security. The Ministry has indicated it will extend the closing date of the Request for Proposal (RFP) for the development of up to 100MW of CBM Power as it is yet to release some supporting documentation. ‘The issue of a Mining Licence will pioneer the development of a new and exciting natural CBM gas industry in Botswana, an industry that will lead to a new indigenous source of energy and employment for the country.’