What’s cooking in the IPO kitchen?
AIM
Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017.
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 raising £102.7m at 161p expected market cap £200m. 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 Early August.
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 raising €270m at €1 with expected market cap of €270m . Due 25 July 2017.
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, 25 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. There has been no official update here for a while.
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.
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.
Brunch buffet
Ace Liberty & Stone plc* (AQSE:ALSP) 110p £43.3m
The active property investment Company, capitalising on commercial property investment opportunities across the UK, announced they have secured funding by way of a £10m convertible loan note. The Loan Notes are subject to 6% annual interest, are convertible at a price of £0.7125 per Ordinary Share and are redeemable, to the extent they have not been converted into shares, on 23 May 2019. If the Loan Notes are all converted into shares this would result in the holder of the Loan Notes acquiring approximately 26% of the Company. “This investment is a big vote of confidence in Ace's portfolio management, consolidating our progress to date for further growth in future."
Science in Sport (LON:SIS) 91.25p £40.37m
The sports nutrition Company that develops, manufactures and markets sports nutrition products for professional athletes and sports enthusiasts provided a trading update for HY 30 June 2017. The Board reported another period of strong sales increases, and significant progress in execution of the Company's growth strategy. Sales increased by 28% to £8.27m, with the Company’s e-commerce platform growing by 78% across all markets. Additionally the Company has increased investment in its US and Italian businesses and they are trading in line with expectations, as is the Australian business. The science and innovation pipeline is healthy and revenues are expected to accelerate in the second half of the year, with a WHEY20 relaunch in July 2017, and both a premium recovery product and a novel immunity product to be launched in August 2017. The Board remains confident of the outlook for the full year and beyond.
MediaZest* (LON:MDZ) 0.12p £1.18m
The creative audio-visual systems integrator that specialises in providing innovative marketing solutions to leading retailers, brand owners and corporations announced that Volkswagen UK recently engaged the Company to provide audio-visual solutions for its new store at Birmingham’s Bullring shopping centre. The project was completed on 7 July 2017, following several months of development work, and features a unique 12 metre interactive projection wall to engage with customers, as well as traditional audio-visual elements such as video walls, car lecterns and audio systems.
eg Solutions (LON:EGS) 95.50p £19.05m
The back-office workforce optimisation Company provided a trading update for HY 30 June 2017. The Group reported that trading in the first half of the financial year has been strong. The Board now expects results to be ahead of market expectations with revenue for FY 31 Jan 2018 to be not less than £10.5m (2017: £8.2m) and Adjusted EBITDA to be not less than £1.9m (2017: £1.2m). Contracted orders of revenues to be recognised beyond current financial year increased by 14% to £21.2m due to the increase in sales of the Group's Managed Cloud Services, contracts for which are longer term in nature.
Dalradian Resources (LON:DALR) 91.50p £247.27m
The gold exploration and development Company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, announced that it has commenced its 30,000 metre surface drilling program as part of the Company's 2017 exploration program. The surface drilling will be primarily step-out holes, with the objective of investigating extensions of the Curraghinalt deposit, which is open in all directions. “The 2017 work program will enhance our Curraghinalt Gold Project through new drilling, geotechnical, geological and engineering studies. Infill drilling from our underground program has confirmed high-grade mineralization within the existing resource envelope. We are now stepping out of that envelope to test the extensions of those high-grade veins…”
Caledonia Mining Corporation (LON:CMCL) 492.5p £52m
Caledonia a Mining, Exploration and Development Company focused on Southern Africa, primary asset is a 49% interest in the Blanket Mine in Zimbabwe. The Company announced gold production from the mine for Q2 2017 remained fairly consistent with that of Q2 2016. Approximately 12,522 ounces of gold were produced during the Quarter (Q2 2016: 12,510 ounces). However, Gold produced for the H1 2017 was 25,316 ounces, an 8.5% increase on the 23,322 ounces produced in the H1 2016. Caledonia maintains its 2017 full year production guidance of between 52,000 ounces and 57,000 ounces and remains on track with progress towards its long-term target of 80,000 ounces by 2021.
PetroNeft (LON:PTR) 2p £13.79m
The oil & gas exploration and production Company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 announced that is has commenced drilling the S-375 delineation well at Sibkrayevskoye. If successful, it should lead to the development of the Sibkrayevskoye oil field commencing in 2018. Drilling has now commenced and it is expected to take up to eight weeks to drill and test the well. The Sibkrayevskoye oil field is estimated to contain over 50 mmbls of 2P reserves (>25 mmbbls net to PetroNeft).
HaloSource (LON:HALO) 3p £11.66m
The global clean water technology Company provided a trading update for HY 30 June 2017. Total revenues from continuing operations for the HY 30 June 2017 are expected to be $0.9m (H1 2016: $1.4m, H2 2016: $0.7m). Revenue during the period came primarily from established customers including Perfect, Lonsid, Midea, and Pentair. The Company continues to make significant reductions in its operating expenses and expects them to be reduced in H1 2017 by more than 30% as compared to H1 2016. Net cash as at 30 June 2017 is expected to be $2.1m. The Company expects that for the year ended 31 December 2017 revenue from continuing operations will be between $4m-$5m, operating expenses will be between $5.5m-$6m and the net loss will be between $3.5m-$4.5m. The Company also announced on 18 July that it has entered into a 3 year supply agreement with its manufacturing partner Chematek SpA for production of the Company's new lead reduction media. Commercial-level production of the media is expected to begin in Q4 2017.
Solo Oil (LON:SOLO) 0.24p £19.62m
The natural resources investment Company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, announced that it has been informed by Aminex plc, Operator of the Kiliwani North Gas Field, that it has now received a further payment from Tanzania Petroleum Development Corporation for Kiliwani gas sales. The Company is further informed that production from the Kiliwani North 1 well continues to average 15 MMcf/d during 2017. "We are pleased to see that TPDC have made a further US$ payment for our Kiliwani gas sales and that Aminex continue to work with TPDC to bring payments up to date…”