What’s cooking in the IPO kitchen?
AIM
GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business with over 110 full time employees, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m.
Work Group Plc—Sch1 from the Company that proposes to acquire the entire issued share capital of Gordon Dadds Group Limited (GDG). GDG is an acquisitive law firm and a group of other complimentary businesses, including Prolegal, an acquisition vehicle model focused on smaller law firm. Capital to be raised is £20m with anticipated market cap of £40m.
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. Issue price of 55p with anticipated market cap of £14.3m, 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 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.
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.
Lunch buffet
SerVision (LON:SEV) 2.62p £3.04m
The mobile live video streaming over wireless and cellular networks Company has been awarded a tender by Egged Israel Transport Cooperative Society Ltd, Israel's largest bus operator, for the supply of 247 IVG400-N units, including cameras, before the end of 2017. The total order to the Company will be US$247,000 and comprises two purchase orders from two suppliers of buses to Egged, both orders now having been received.
Judges Scientific (LON:JDG) 1,862.5p £111m
The Group involved in the buy and build of scientific instrument businesses, announced that its majority owned subsidiary Bordeaux Acquisition Limited has acquired 100% of the issued share capital of Crystallon Ltd, the holding Company of Oxford Cryosystems Limited. Oxford Cryosystems manufactures cryogenic cooling systems used for X-Ray crystallography and other applications. The Board expects the Acquisition by Bordeaux to be immediately earnings enhancing for the Group. The purchase price of Crystallon amounted to £4.495m in cash. In addition, an earn-out will be payable if Crystallon's adjusted EBITA in the FY 30 Nov 2017 exceeds £0.899m; the amount payable will be five times such excess, capped at £1.57m.
Midatech Pharma (LON:MTPH) 103.5p £50.40m
The specialty pharmaceutical Company focused on developing and commercialising products in oncology, announced a trading update for HY 30 June 2017. The Board expects revenue to increase by 37% to £5.2m compared to the same period last year, with the Company remaining on-track to deliver market expectations for the full year 2017. “We anticipate similar revenue growth for H2 2017 compared to the first half of the year and being able to deliver full-year revenues in line with current market expectations."
Access Intelligence (LON:ACC) 3.38p £9.71m
The corporate communications and reputation management software Company, announced it has raised £1.02m at a price of 3.25p per share. The first six months of the financial year have seen significant and continued improvement in new business sales performance and retention rates for the Group, resulting in a net increase in the size of its contracted SaaS customer base. At 30 June 2017, the Group's annualised customer contract value (ACV) was £8.1m. Management expects the ACV to continue to increase throughout the rest of the financial year and into 2018.
Premier African Minerals (LON:PREM) 0.4p £17.56m
The mining exploration and production Company reported that six new significant pegmatites zones have been discovered at the Zulu Lithium and Tantalum project during a field reconnaissance programme focussed on the eastern part of the license area. “These new discoveries when looked at in the context of the already very substantial maiden resource estimate and exploration target in the main zone, are just another step in the process of exploring what we believe to be one of the best hard rock lithium exploration projects today. Premier continues discussions with interested parties as previously reported and will update on this and assay results as they come to hand."
Ascent Resources (LON:AST) 1.72p £29.26m
The European focused oil & gas exploration and production Company provided an update on progress with its Petišovci project in Slovenia. The completion of the necessary infrastructure for delivering gas to the Customer, INA, is progressing well. The line from the CPP to the export line has passed the technical inspection and is ready for use. The flowline from Pg-11A to the CPP has been installed, tested and is ready to connect to the well once downhole operations have completed. “"We have made significant progress over the last three weeks in getting the infrastructure ready and look forward to commencing the supply of gas to INA shortly."
Synectics PLC (LON:SNX) 217.5p £36.48m
The Company focused in the design, integration, control and management of advanced surveillance technology and networked security systems, reported its unaudited interim results for the six months ended 31 May 2017. Revenue was up 5% to £33.7m; order book up over 28% since year end to £33.7m; profit before tax up 550% to £1.3m; underlying diluted EPS of 6.2p (2016:1.2p); and an interim dividend of 1p. "Supporting this proposition with the right people, technology and strategy has seen us secure significant contracts across all of our markets. This has resulted in a strong performance in the first half of 2017 and positions us for further growth."
Cello Group (LON:CLL) 125p £130.07m
The healthcare and strategic marketing group announce the acquisition of the assets of Advantage Healthcare Inc. The proposed initial consideration for the acquisition is US$1.5m, which is payable in cash. Further cash consideration will be paid to the vendors on a dollar for dollar basis to the extent that the acquired net current assets of Advantage Healthcare are over US$0.5m at the date of completion. FY 31 Dec 2016, Advantage Health had an unaudited turnover of USD$4.5m, gross profit of USD$3.0m and unadjusted operating profit of USD$0.3m. Advantage Health as at 31 December 2016 had unaudited net assets of USD$0.4m.
Safestyle UK (LON:SFE) 230p £213.27m
The retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, provided a trading update for the H1 30 June 2017. The trend from week to week during Q2 has been more volatile than the Company has experienced before. Furthermore, FENSA statistics for the five month period to the end of May 2017 shows a market decline in volume terms in excess of 10%. Against this backdrop of patchier consumer demand, it is clear that Safestyle continues to significantly outperform the market and to increase share. The Company expects to report marginal revenue growth in the first half of 2017, with reduced profits.
Allergy Therapeutics (LON:AGY) 28.25p £152.99m
The fully integrated specialty pharmaceutical group specialising in allergy vaccines, provided a trading update for the year ended 30 June 2017. Revenues for the year are expected to be ahead of market expectations at £64.1m (2016: £48.5m). The Company remains well cashed at £22.1m (30 June 2016: £23.4m). Allergy Therapeutics' market penetration has continued with strong growth in Pollinex Quattro and Pollinex. Venomil sales have also performed well due to the pre-stocking of raw materials, where there have been shortages worldwide. In Europe, recruitment of patients for the pivotal Phase III PQ Birch trial is on track with the trial still expected to start in the autumn of 2017. Likewise for the US, the Phase II Grass MATA MPL trial is also still planned to start this Autumn.