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.
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 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 Trus t—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
Character Group (LON:CCT) 482.5p £102m
DHX Brands (the dedicated brand management and consumer products arm of DHX Media (TSX: DHX.A, DHX.B; NASDAQ: DHXM), has extended Character Options Limited's (the Group's principal trading subsidiary) master toy license for Teletubbies for a further three years, following the current toys' retail success. The deal, which runs until 2020, is for worldwide manufacturing rights with U.K. distribution and will see Character Options adding further plush and plastic toys to the range. New lines (such as Tiddlytubbies) will be inspired by exciting new elements from season two, which launched earlier in 2017. FYAug17E rev£120m and PBT £15.4m. Pec.10x.
Iofina (LON:IOF) 12.75p £16.27m
The specialists in the exploration and production of iodine and halogen based specialty chemical derivatives, updated the market regarding its activities in the first half of 2017. Iofina produced 235.5 metric tonnes ('MT') of crystalline iodine in H1 from its Oklahoma based IOsorb® plants, exceeding the Company's expected output of 215-230 MT. During the Period, IOsorb® plant IO#3 was shut-in due to lack of brine supply and the Company continues to make positive strides in its intention to move this facility to a superior location in its core area. Iofina expects to produce between 225-240 MT of crystalline iodine in H2 of 2017. Prices stable but still below historical averages. Cautiously optimistic on pricing outlook. FYDec17E revs £16.9m
Botswana Diamond(LON:BOD) 1.32p £5.02m
Prospecting work on the Ontevreden licence held by Vutomi has identified a group 2 kimberlite pipe. Initial work indicates a size of 1.5 to 2.5 hectares in area containing high interest garnets. Detailed drilling of the area will follow to confirm the size and whether it contains commercial diamonds. Ontevreden is close to the Petra Diamonds Helam diamond mine in North West South Africa some 400 km from Frischgewaagt (FGT) in a separate kimberlite cluster. Helam has a grade of 85 carats per hundred tonne (cpht).
Camper & Nicholsons Marina Investments (LON:CNMI) 6p £9.95m
The specialist international marina company announced a fully-underwritten offer to raise approximately £3.3 million gross at 8p, a 33% premium to yesterday’s close. Open Offer on the basis of 1 New Ordinary Share for every 4 Existing Ordinary Shares. Net proceeds from the Open Offer to be used by the Company for general working capital purposes across the Company and the Group. In addition, the Open Offer will allow the Company to optimise value through the execution of its strategic plan to enable the Company to develop and reposition its assets.
ProPhotonix (LON:PPIX) 12p £10.9m
The high technology designer and manufacturer of LED illumination systems and laser diode modules notes that it’s term debt has been fully repaid following $3.3m of payments since the June 2013 restructuring. Revenue for the first half 2017 is expected to be approximately $8.3 million, an increase of 4% over the 2016 comparable figure. Impacted by one large customer switching to an alternate technology in Q2. Operating profit of c. $500k down by $245k reflecting increased investment. The order book for the second half 2017, as of June 30, 2017, is $6.0 million (2016: $5.7 million) and the Company continues to trade in line with market expectations for the full year. FYDec17E rev $17.9m, PBT $1.8m.
Crossword Cybersecurity (AQSE:CCS) 195p £6.2m
Launch of a major initiative, CyberAI, applying leading edge artificial intelligence ("AI") and machine learning techniques to real world cybersecurity challenges. CyberAI brings together world-leading academic researchers selected for their expertise in AI/ Machine Learning. Crossword has brought together four major companies: a global investment bank, a FTSE 100 retail bank, a multinational insurance company and a big four professional services firm to participate in the CyberAI initiative. “We are excited about the rich seam of intellectual property that will emerge from CyberAI, for our participants to leverage and for Crossword to commercialise globally."
Craven House Capital (LON:CVRV) $4.18 $10.43m
The merchant bank notes the fall in its share price. The Company can confirm that it was in dispute with a small unsecured creditor. This creditor had applied for a winding up order against the Company. The Company was made aware that certain historic documents in connection with this matter remain available on the internet.
The Company wishes to inform shareholders that the matter was resolved amicably and the petition withdrawn before any court hearing.
DX Group (LON:DX) 9.5p £19.05m
Update on trading, reorganisation of the business and Board changes. FY 30 June 2017 results are expected to show revenues of approximately £292m and adjusted profit before tax (before exceptional items) in line with market forecasts. Net debt at the year end is expected to stand at £19.1m. Reorganisation of the business to create two Divisions: DX Express and DX Freight. As part of the reorganisation, Chief Executive Officer, Petar Cvetkovic, and Finance Director, Daljit Basi, will be stepping down from the Board and the Company. James Hayward, FCA, has been appointed as interim Chief Financial Officer (a non-Board appointment). FYJun17E PE c.12x falling to c.6c for FY18E.
Touchstone (LON:IVO) 258p £415.9m
As at 30 June 2017, the Group's Net Assets were £502.2 million or £3.12 per share, up 10.2% (£46.3 million) since the start of the financial year (2016: £455.9 million and £2.83p respectively), primarily as a result of fair value gains in the unquoted portfolio. The Group's balance sheet remains strong with £142.9 million available for investment (2016: £198.3m). In addition, there are negotiations or other circumstances straddling Touchstone's year-end on 31 July 2017 in relation to five of the Group's portfolio companies that may lead to transactions resulting in fair value gains. Supported by valuation report as required by the Takeover Code.
Osirium (LON:OSI) 98.5p £10.24m
The UK based cyber-security software provider announced “that it has signed its first distribution partner in the DACH (Germany, Austria and Switzerland) region. Ectacom Gmbh will work closely alongside Osirium to build a broad reseller channel and develop business opportunities in the territory. With an established range of business partners, ectacom will first introduce the Osirium Privileged Access Management proposition to partners and customers. Channel recruitment plans and targets will be aggressive and all activities will complement the initiatives already in progress, following Riko Schick's recent appointment as Business Development Director.”