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 8am 28 July 2017. 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. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 4 August 2017
Brunch buffet
Velocys PLC (LON:VLS) 45.5p £66.24m
The renewable fuels Company provided a business update. With the production of saleable products at ENVIA Energy's GTL plant in Oklahoma City, Velocys has successfully demonstrated that its Fischer-Tropsch (FT) reactors and catalyst meet the performance requirements at a commercial scale. The Company is now actively transitioning from its previous focus on technology development, to the commercialisation of its technology in selected high value markets. As a consequence it has decided that its Milton Park, UK research and development activities will close and certain related activities will cease at its Plain City facility in Ohio. The Company will continue to maintain an ongoing commercial and operational office in the UK. The above developments will reduce the operational costs of the business on an annualised basis.
Deltex Medical Group (LON:DEMG) 3.62p £11.1m
The Company focused on Oesophageal Doppler Monitoring provided a trading update for HY 30 June 2017. Overall revenues grew by 7% to £2.9m, with US probe revenues ahead by over 20%. Benefits from investments made in operating improvements are now starting to bear fruit. As at 30 June 2017 the Company had £0.2m in cash, however the Company also announced that it had raised £0.55m by means of a placing at a price of 3.375p per share (10% discount to closing price yesterday). The proceeds will be use for working capital purposes. "The improved trends seen in the second half of 2016 have continued into the first half of 2017 and driven a return to growth in Group revenues. Both the level and rate of cash consumption in the first half of 2017 were substantially reduced from the first half of 2016. We enter the traditionally stronger second half with underlying growth in all our key export markets, a more stable UK position, higher probe margins and lower costs...”
Gfinity Plc (LON:GFIN) 22.25p £40.80m
The eSports Company announced that it has signed a contract with Eleven Sports to broadcast its newly launched Elite Series, which commenced on Friday 7 July at the Gfinity Arena in London. Eleven Sports will broadcast the content on their TV channels in the United States of America, Belgium, Luxembourg, Italy, Poland, Singapore and Taiwan, bringing the action into more than 70 million homes. "We are very excited to work with Eleven Sports as they are an excellent partner to deliver top quality broadcasting to the key markets where eSports matters the most. Eleven Sports distribute some of the biggest sporting events which makes them a natural fit for all the competitive video game action that the Elite Series has to offer in full HD, globally."
Midwich Group (LON:MIDW) 383p £259m
The specialist audio visual and document solutions distributor to the trade market provided a trading updated for HY 30 June 2017. The Group traded well in H1, seeing good top line growth across all of its geographies on a constant currency basis helped further by the continued weakness of Sterling. This underlying revenue growth has been delivered whilst maintaining overall gross margins in line with those reported for 2016. Cash generation in the first half has also been in line with the Board's expectations. As a result of this strong first half performance and on the basis of current indications of positive sales momentum into the second half, the Board anticipates reporting results for the full year comfortably ahead of its previous expectations.
Tissue Regenix (LON:TRX) 11.5p £93.27m
The regenerative medical devices Company announced that is has raised £40m through a placing and subscription at a price of 10p per share. The proceeds from the Placing will be used to finance the conditional acquisition of CellRight Technologies, a US regenerative medicine business focused on the development and commercialisation of a range of human tissue products based on proprietary bone processing techniques and soft tissue products for clinical applications in spine, dental, sports medicine and general surgery, for a total consideration of up to $30m (£23m). The remaining funds will be used for working capital purposes.
Empresaria Group (LON:EMR) 154.50p £71.81m
The international specialist staffing group provided a trading update. Empresaria has delivered a record first half performance, with net fee income up approximately 26% on the comparable H1 2016 period, with the strongest trading in the UK, Continental Europe and Asia Pacific regions. As such, the Board confirms that the Group remains on course to meet market expectations for the full year. "Empresaria has delivered strong growth in net fee income in the first half year, which is testament to our strategy of building a multi-branded group that is diversified and balanced by geography and sector.”
SolGold (LON:SOLG) 38.75p £533.53m
The copper and gold exploration Company with assets in Ecuador, Solomon Islands and Australia announced that the revised magnetic model for the Cascabel porphyry copper-gold exploration tenement in Northern Ecuador has been completed based on ground magnetic data. Exceptionally high-quality ground magnetic data collected over Cascabel tenement allows upgrade of existing airborne 3D magnetic inversion models. Moreover, the Company announced it intends to cancel its quoting on AIM and intends to admit its shares on the Standard List of the Main Market. The Board believes that a standard listing will support the long-term strategy of the Company by providing the Company with a more appropriate platform for its growth and its market capitalisation. Cancellation on AIM and admission to the Main Market is expected at 8am 21 August 2017.
MetalNRG (AQSE:MNRG) 1.55p £2.1m
The natural resource investing Company announced that the Company’s investee, US Cobalt Pty Limited, has commenced the next stage ground exploration programme at their wholly owned cobalt project in Nevada, USA. These terms, announced 12 July 2017, provide MetalNRG with an immediate 18.18% holding in US Cobalt with an option agreement to acquire the remainder 81.82% through an entirely MetalNRG shares based transaction. “This is an exciting time for the Company, with our investee US Cobalt active on the ground with the next stage of their cobalt focused work programme. We have been able to meet the key members of the team, review the key project targets, consider strategic planning and further enhance our knowledge of this tremendous opportunity.”
Gama Aviation (LON:GMAA) 248.5p £108.01m
Gama Aviation, the global business aviation services Company, announced the signing of two new maintenance support agreements with European fleet operators. The deals cover ten aircraft in total, covering a range of services from inspections to AOG support for the two highly utilised fleets that include five Bombardier Globals, two Bombardier Challengers, two Hawkers and one Beech. “We are delighted to be able to support both operators through our European jet maintenance team based at Oxford Airport. Our team has had notable success this year, by focusing on delivering high levels of service and support, which has translated into increased aircraft availability for our clients.”
The fashion-forward business focused on the young Indian e-commerce market announced its intention to raise capital as previously announced on 22 May 2017. The Company announced that it proposes to raise up to £18.9m via the issue of secured convertible loan notes. The net proceeds of the total fundraising will be used by Koovs to fund the delivery of its strategic objectives and will primarily be invested in marketing to continue to build brand awareness and further enhance customer acquisition growth. With the proposed initial funding, together with the positive gross margins now being generated by the Company, the Directors believe the Company has the resources to continue to execute its strategic plan and the time required to close its remaining funding requirement.