What’s cooking in the IPO kitchen?
AIM
Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July.
Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July.
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.
NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m.
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.
I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July 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— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options.
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
Europa Oil & Gas (LON:EOG) 6.62p £20.16m
“The UK and Ireland focussed oil and gas exploration, development and production company, notes today’s update from Egdon Resources (‘Egdon’) regarding its intention to appeal the decision of North Lincolnshire Council’s Planning Committee of 3 July 2017 to refuse planning consent for the development of the Wressle Oil Field (‘Wressle’) on PEDLs 180 and PEDL 182 (‘the Licences’) for a second time. Europa has a 30%* working interest in Wressle alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (30%, after the sale of 3.33% to Union Jack Oil PLC which is subject to OGA approval), and Union Jack Oil plc (15%, following the above sale).” 1st appeal scheduled for Nov 17.
Mercia Technologies (LON:MERC) 34.62p £104.08m
The national investment group focused on the creation/identification, funding and scaling of innovative technology businesses with high growth potential from the UK regions, has completed a £2.0 million follow-on investment into nDreams Limited, one of the UK's largest independent developers and publishers focused on virtual reality gaming and experiences content. As the VR market continues to expand, the additional capital will be used to support the release of new games and experience titles throughout 2017, including the latest of its five VR experiences, Bloody Zombies, which won a Best of VR Game Award at the 2017 E3 event in Los Angeles last month.
Genedrive (LON:GDR) 42.5p £7.9m
FYJun17 update from he near patient molecular diagnostics company. Group revenue was ahead of the prior year at £5.8m (2016: £5.1m) with diagnostic (Genedrive®) related revenue of £2.6m (2016: £1.9m) and Services revenue of £3.2m (2016: £3.1m). The Company closed the period with cash of £5.1m, (2016: £1.1m), compared to the unaudited 31 December 2016 cash position of £5.7m. The second half cash flows benefitted from the receipt of a £0.8m tax credit (2016: £0.7m) related to HMRC R&D tax relief. The Company submitted its Genedrive® HCV ID kit for CE IVD certification in March 2017 and has since been working closely with the certification body to achieve registration. Looking to resolve mTB sample preparation issue. Service business potentially seeking a disposal.
Dart Group (LON:DTG) 613.5p £909m
FY Mar17 results from the leisure Travel and Distribution & Logistics group. Group Revenue increased by 23% to £1,729.3m as strong Leisure Travel customer demand and resilient ticket pricing for the summer 2016 season gave way to heavier price discounting in the second half of the year to achieve the planned growth in customer volumes. Profit before taxation reduced by 14% to £90.1m impacted by investment in new Jet2.com operating bases. Final div up to 3.897p from 3.1p. 2018 trading in line. FYMar18E £2.21bn rev and £72.4m PBT.
Fletcher King (LON:FLK) 52.5p £4.84m
FY Apr 17 results from the property service providers. Revenue for the year was £4,094,000 (2016: £4,633,000). Profit on disposal of property investment was £nil (2016: £593,000). Profit before tax was £738,000 (2016: £1,355,000). Total div for year 4p down from 10p. “We have again started the year with a significant volume of potential sales and are hopeful that at least one of our current SHIPS properties will be let and sold, most likely in the second half. Brexit uncertainty and the outcome of the General Election will undoubtedly continue to influence the market and it is impossible at this stage to estimate that impact. Uncertainty is never positive and we expect transactions will prove more difficult to complete. However, this may produce interesting buying opportunities for SHIPS and other clients.”
Arian Silver (LON:AGQ) 0.675p £2.05m
Placing of £500k at £0.5p. 1 for 1 warrants at 0.6p plus 12m broker warrants issued at 0.6p. The Company intends to use the proceeds of the Placing to further advance exploration of its mining concessions in Zacatecas, Mexico, and specifically to further seek and assess the prospect of acquiring additional lithium projects, some of which are currently being negotiated, as previously stated.
Haydale Graphene Industries (LON:HAYD) 168p £32.92m
The nanomaterials group, announced the appointment of David Banks as Non-Executive Chairman. David is replacing John Knowles, who as previously announced, had decided to retire and has stepped down as the Group's Non-Executive Chairman. David Banks is a senior executive Investment Banker with over 30 years' experience in advising companies. He joins Haydale from Cantor Fitzgerald Europe, where he held the position of Managing Director in Corporate Broking.
Proxama (LON:PROX) 0.04p £0.9m
“The mobile location data and intelligence expert, is pleased to announce that a major North American bank has renewed its contract to use Proxama's location technology for a further 12 months. The contract renewal, commencing from July 2017, follows the success of the initial contract, and will generate further recurring revenue for the business. The renewal will see Proxama continue to maintain a network of location services for 10,000 mobile touch points throughout the bank's national branch network in Canada. The bank is using Proxama's mobile location technology to enable their banking customers to directly download their mobile payment app, enabling further engagement with the bank.
AdEPT (LON:ADT) 322.5p £76.44m
FYMar17 results from the provider of unified communications and IT services,. 14th consecutive year of increased underlying EBITDA up 27.2% to £7.83m. Revenue increased by 19.2% to £34.4m. 19.2% increase to dividends declared to 7.75p. “Confident that continued strong cash conversion of operating profit will support its intention of a progressive dividend policy. The focus for the coming year remains on developing organic sales through leveraging AdEPT's approved supplier status on the various public sector telecom frameworks, maintaining profitability and cash flow conversion, which will be used to reduce net borrowings and/or fund suitable earnings-enhancing acquisitions.
Origo Partners (LON:OPP) 1.88p £6.73m
Origo is pleased to announce the sale of up to a 5.9% beneficial interest in Jinan Heng Yu Environmental Protection Technology Co., Ltd. ("Heng Yu"), the operating company of Niutech Energy Ltd ("Niutech"), an Origo investee company, for gross cash proceeds of up to RMB 28.5 million (approximately US$4.2 million) in two tranches . Heng Yu listed on China's National Equities Exchange and Quotations (NEEQ), generally referred to as China's "New Third Board", in May 2016 and, prior to the Disposals, the Company held an 18.4% indirect beneficial interest in Heng Yu via Origo's 95.3% holding in Niutech.