What’s cooking in the IPO kitchen?
AIM
OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017
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.
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 15 September 2017
Breakfast buffet
Adnams (AQSE:ADB) £11.8 £33.7m
HYJun17 results. Turnover up 6% to £33.1m. “Our investment in the Adnams business will reach its highest ever level in 2017, a year in which we are once again seeing very strong growth in our beer and spirits volumes. As we indicated in our 2016 accounts and at our AGM, our profits have been reduced as a result of the investment that we are making in transforming the Swan Hotel in Southwold. We are writing-off GBP721,000 of costs as part of the Swan redevelopment, in particular the costs of removing asbestos. Operating profit before this write-off was GBP177,000, with an operating loss of GBP544,000 after these costs, compared to an operating profit GBP624,000 in 2016. The Swan has been closed since the start of the year and we envisage it reopening in the early Autumn.”
MySQUAR (LON:MYSQ) 4.3p £26.48m
The Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, announced the launch of a new hardcore game called Land of Magic and the addition of Nanbat Wingabar to the Lucky Wingabar casual gaming platform. Land of Magic (landofmagicmm.com
) is the first MMORPG (massively multiplayer online role-playing game) targeted at the Myanmar market, the game allows users to choose from among three classes of characters with each class offering 9 unique skill sets. This game will replace WuKong as the Company feels it will create greater revenue opportunities. We could see no forecasts.
Tavistock Investment (LON:TAVI) 5.6p £18.8m
Agreement for the sale of the whole of the issued share capital of Tavistock Financial Limited to Sanlam UK, part of Sanlam Limited. Completion is subject only to change in control approval being granted by the FCA, which is anticipated in the near future. The transaction will see Sanlam UK acquire Cheltenham-based Tavistock Financial's network of 158 financial advisers along with 25 support staff, for a total cash consideration of £1 million payable in full on completion, which will be used by the Group for working capital purposes. Anticipates that despite a reduction in the reported level of gross revenues, there will be no material impact on the flow of funds into the Group's centralised investment proposition or on the future profitability of the Group.
Global Invacom Group (LON:GINV) 8.5p £22.07m
The Satellite communications equipment provider , announced its net profit for the quarter ended 30 June 2017 ("Q2 FY2017") rose nearly four-fold to US$0.9 m from US$0.2m, lifted by sales of newly designed Low Noise Block ("LNB") products. Due to the lower Group revenues, Global Invacom's gross profit decreased by US$1.5 million, or 20.5%, to US$5.8. Although gross profit margin for Q2 FY2017 declined to 19.4% from 21.8% in Q2 FY2016 due to product mix variation, gross profit margin rose from 20.2% in 1H FY2016 to 20.6% in 1H FY2017. Admin costs down 19.5% to $5.2m. "We will continue to expand our product portfolio through ongoing R&D and execute our strategy to become the lead provider, designer and manufacturer of satellite ground equipment worldwide". FYDec17E rev S$183m, PBT S$5.63m. Yield c.4%.
Elektron Technology (LON:EKT) 13.25p £24.66m
HY Jul 17 trading update. Group sales up 1.9% to £15.3m. Bulgin organic order growth continued in Q2 with orders now substantially ahead of the prior year which will be reflected in H2 sales. IMC sales were reduced as a result of distributor destocking at EET as well as planned reductions in run off business.
Checkit continued to show early promise as described in the AGM statement dated 6 July 2017.
The Group continued to be cash generative and in addition during the period. £0.8 million was received in respect of the disposals of the Digitron and Titman Tip Tool businesses. Net cash as at 31 July 2017 was £2.0 million (31 July 2016: £0.5 million; 31 January 2017: £1.0 million). We could see no forecasts.
The international B2B gaming solutions and services provider, has taken its first real-money wager in the United States following the launch of its Evolve in-venue mobile games solution.
Through Nektan's US operating subsidiary, Respin Games LLC, a tribal casino in California has gone live with Rapid GamesTM, the certified Class II (Protected Tribal Gaming Category) proprietary in-resort Bring Your Own Device mobile platform. The solution gives customers the chance to play casino games on their mobile devices whilst on-premise.
Nektan expects to roll out the platform across a further three casinos in Northern California this calendar year. We could see no forecasts.
LiDCO (LON:LID) 9.38p £22.89m
The hemodynamic monitoring company, announced that it has signed its first US customer for its recently launched differentiated High Use Programme (HUP) business model. The customer, one of the world's largest and most respected cancer hospitals, has signed an agreement for 44 monitors on the LiDCO High Use Programme. The two-year agreement will commence on 1 September 2017 and enables the hospital to have unlimited use of LiDCO's non-invasive and minimally invasive technology. When annualised this agreement represents a 35% uplift in LiDCO's annual recurring revenues in the United States. We could see no market forecasts.
EVR Holdings (LON:EVR) 7.87p £81.2m
“The leading creator of virtual reality music content, is announced that its subsidiary MelodyVR Ltd has entered into 5 music licensing, collection and distribution agreements with European rights holders. Agreements with music publishers, collection societies and performance rights organizations are vital for the exploitation of the underlying musical works (e.g. Songwriter copyrights) featured throughout MelodyVR's substantial library of original VR music content. The agreements, which the Company believes are the first deals to license a virtual reality music service, cover rights in the following territories: Germany, The United Kingdom, Ireland, Sweden, Greece, Belgium, The Netherlands and Switzerland.”
BlueRock Diamonds (LON:BRD) 1.5p £1.02m
The diamond mining company which owns and operates the Kareevlei Diamond mine in the Kimberley region of South Africa, has raised an aggregate of £860,000 (before expenses) at a price of 1.25 pence. The funds will be used to further develop mining operations at Kareevlei Mine. The Company's blast programme, at the Kareevlei Mine, has now completed the removal of the calcrete cap (at a level of 0m to approximately 10m) from the entire kimberlite pipe and by mid-August 2017, the Company will have completed the blasting and processing of the entire first level of Kimberlite (10m to 20m) which comprised calcretised kimberlite. Thereafter, the Company will blast the lower level kimberlite where test results indicate a marked increase in grade is expected which should allow the mine to move into operational profitability.